What you charge for transcription really depends on the way the work is being undertaken. If you are contracting directly with a client then you need to charge a fee that covers the following things:
- Your time.
- Any overheads you may have relating to your equipment and premises.
- Cost of any insurance.
- The cost of getting the business in the first place (i.e. advertising or marketing).
If you are working as a sole trader, and the work is for a regular client then the going rate in the UK is anything from 70p per minute of recording through to £3 per minute of recording, depending on the type of transcription the work is (e.g. focus groups are more expensive, dictation is cheaper). If you are working via a platform and bidding for the work using one of the new transcription disrupter companies then your work can be anything from 10 pence per minute of recording through to about 45 pence per minute of recording, depending on the platform and how badly you want the work.
If you are sub-contracting to a transcription business then the rate will usually be set by the business at a level that is competitive in terms of other similar companies and work available, also reasonable for all parties concerned to generate a small profit, stay in business and provide a quality service.
If you are working in the USA then your chances of making that much money out of transcription are considerably reduced because the going rates for the work there are considerably lower than in the UK. This is because there is a huge amount of competition in the USA for transcription work and as a result the rates tend to be very low. Furthermore, a large chunk of transcription business from the USA is outsourced to Indian companies and the rates they charge are simply not comparable or economic with the rates charged by American or Canadian transcriptionists.