The benefits of a work from transcription business

For me, one of the principle benefits of running a transcription services company from home is earning more than I could make per annum from a regular job.  What’s more I only have to put in a few hours work every week.

Other benefits of working from home include:

  • Reduction in travel time
    The average daily commute is about 50 minutes, with some people spending even longer in their cars or on public transport.  That can equate a lot of your waking hours spent doing nothing productive.
  • Reduction in daily expenses
    There are instant savings to be made.  Commuting costs are slashed and money is saved on food expenses as you probably won’t be eating out as much at lunchtimes.  Work at home mums often save money on childcare costs as well.
  • More time with family
    By being at home more often you will automatically see more of your family, and be more involved in their daily lives.  This is a huge positive.
  • Reduced stress levels
    The office environment is loaded with gossip, intrigue, power play and backstabbing, let alone the work that actually needs to be done as well.  The stress levels start their inexorable rise upwards the moment you sit in your cubicle and log onto your computer.  Yet you hardly (if ever) hear of anyone suffering from fatigue and burnout because of their work at home job.   Moms who work out of the house can experience a drop in stress levels when they get into the groove of actually “being there” to get things done.  Tossing in laundry before starting the day’s transcription work, for example, can become second nature. So, too, can taking the time to greet little ones at a bus stop and so on.
  • You are your own boss
    For me, the best part about working for myself is that I never have to listen to anyone else barking orders at me, or turn up to interminably long meetings.  I also don’t have to worry about co-workers who I might not like either.  In fact, I can choose exactly who I want to work with on all of my transcription projects.
  • Increased productivity
    With the time you are saving in not having to commute to the office, and not engaging in idle gossip with your colleagues, you can get more work done.
  • Flexible to work when you like
    Unlike those who work the nine to five your schedule is easier to bend.  If you need to attend appointments, get the car fixed or buy something urgently from the shops, you can do so without having to book half a day’s leave.  It is much easier for the home-based worker to tie in their personal schedule with their professional one.  You call the shots on when you work and how many hours you put in.
  • The personal rewards
    Whether you launch a transcription services business, a typing company or a freelance data entry company, when you taste success it will be truly yours. Creating even a modestly successful at home business can be incredibly rewarding on a personal level.

The bottom line is that working at home can be very, very rewarding both financially and on a personal level.

The Potential Pitfalls

Whilst working from home can be extremely beneficial and rewarding, there are also some potential pitfalls to be aware of.  Knowing what they are will help you to prepare accordingly and meet the challenges head on.  Some of the more common problems with a transcription services company that could crop up include:

  • A failure to balance work and life
    Some people do not know how to balance their work life and their personal life. They either spend too much time working (and neglect their family and friends) or not enough (and neglect their work).
  • Isolation
    Most people view the office environment as a place to socialize.  This option is not open to you.  Will you be able to handle the loneliness?
  • Guilt
    One of the motivations for working at home is to spend more time with the family, but during working hours, typing work needs to be the top priority.  This means there will be occasions when you just have to say “no” to the children who want to play with you, or to your wife who needs help with the shopping.  You may feel guilty at not giving them the time they want, but your work won’t magically complete itself.
  • Professionalism
    Background noises in a home can be a little embarrassing and may even come off as unprofessional.  Talking on the phone to a client while a child is crying or a dog is barking loudly doesn’t “sound” very professional.
  • Overdoing it
    One of the biggest pitfalls facing home workers in a transcription business is the feeling of not being able to ‘leave the office’ at the end of the day. They stop work for dinner and have every intention of unwinding, but then a couple of hours go by and they decide to ‘quickly’ check a couple of emails or perform a task to get ahead the next day.  Before they know it, they’re back at work when they should be switching off.
  • Letting oneself go
    While it is certainly nice to be able to roll out of bed in the morning and “report” to the office in the living room, this can be a double-edged sword.  It’s all too easy to still be sitting in your bathrobe at 6 p.m.  This can have a negative impact on self-esteem.

Notice how I have referred to these as potential pitfalls.  If you are determined to make your new transcription services career or typing business work for you then you will overcome these challenges.  Having a plan in place will help. My manual on Time Management is a good resource for dealing with testing issues that might come your way.  In the meantime, I will use the next chapter to discuss some of the initial difficulties you might face.

Overcoming Obstacles

Every typing business venture has its fair share of obstacles, but there are always ways to combat each and every one.  With an arsenal of strategies and techniques at your disposal, you remove impediments and the pathway to success becomes clear.

When you are working from home, rather than just being at home, you need to create a business-like environment.

  • Establish set hours for most days
    Flexibility is one of the principle benefits of working for yourself, but you will still need to establish a schedule.  Decide how many hours you want to work each day, and stick to it.  You can still work when you want.  If you find the best time to work is early in the mornings or late in the evenings, work then.   If your day has to be planned around taking the children to and from school, so be it.  Establish your schedule around their needs.  You will work more efficiently and effectively if you create a schedule.  And let your family know what your schedule is so as to minimise distractions.
  • Create a home office
    You need your own space; sharing the sofa and coffee table will just not cut it.  Even if it’s a closet that you stake out as your own, you must have your own office space.  This includes a desk where you keep all your business-related materials.  Having your own office helps you to separate your work life from your family life.  It also helps you to mentally prepare for work each day when you are able to go into your office environment.
  • Have babysitter backups
    If you are going to be a work at home parent with young children, it is imperative to have sitters or day-care lined up for when it’s needed the most.  No matter the type of home-based transcription services business you are in, there will be occasions when urgent deadlines call and you won’t be able to give your family the time it needs.
  • Focus on the prize
    Create some powerful goals that really get you fired up for success.  When your children see you passionately working hard for your family they will also learn by example. Installing a strong work ethic early on can point youngsters on their own path to success.
  • Establish a dress code
    Sure, you can get up and move from the bedroom to the computer to work and stay in your pyjamas bottoms and slippers, but you should follow a dress code. If your attire is for lounging and too casual it will make you feel lethargic.  When you dress for work it puts you in a positive and ‘go get ‘em’ frame of mind.  You feel better about yourself and more motivated for success.

If you are focused setting up a transcription services business can work out really well, but keep in mind some of the points references above and you should see success.

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