If you are looking for a great way to make money that you can do from anywhere and at any time, then transcription is something you definitely want to look into.Over the past three weeks I’ve studied the job/bid listings on Elance (a freelance site that brings together buyers/employers and providers/freelancers) and compared the number of project listings needing transcription compared to the number of project listings requesting virtual assistant services (a category which includes personal assistants, data entry, customer service reps, telemarketing, bookkeepers, and numerous other services).What do you think the result was?

The number of buyers requesting transcription services versus other administrative services was . . . over four times!That means for every job listed requesting an administrative service there are four asking for transcription services.And that is just one service site! So let’s take a closer look at transcription . . . where you can do it and what skills you will need.

Well the “where” is the easiest to answer - thanks to technological advances you can do transcription from the comfort of your own home. There are a number of open source or shareware software programs available at no charge.I recommend Express Scribe because it is so easy to use and you don’t have to have special equipment.

While there is no real required training for general transcription work, it does require a great deal of accuracy while typing at a decent speed. Typing speeds for transcription should be no less than sixty-five words per minute but higher is recommended. Don’t let that scare you away though, anyone can learn to type fast enough to still make a good living as a transcriptionist.You must also have a good solid foundation in spelling, grammar, editing and proofreading.

If you are planning to go into a specialized field of transcription such as legal or medical, you may want to consider one of the available training programs. These programs are designed to teach you terminology, abbreviations, and other important information necessary to the specific field. There are a number of programs available for certification and the majority of people looking for medical or legal transcription are going to want to see that you have been certified.

If you are wondering about pay, the pay scale of a transcriptionist varies based on a number of factors. The first factor is experience. You are going to probably end up being paid less when you first start out than when you have some experience under your belt.The industry average is $45 an audio hour.Now pay close attention to that “audio” hour – that does not mean the number of hours it takes you to type a transcription.What that means is the length of the audio you are transcribing.So let’s say you’re just starting out and trying to build up a clientele and you’re charging $25 an audio hour.On average it takes about 4 hours of work per audio hour.Is it worth it?It is if you can deliver a quality product.You will never have to search for work if you can transcribe with accuracy and quality and within the given timeframe.Other factors that affect the pay scale include certification, typing speed, and accuracy.

It’s a good idea to have some samples available to show prospective clients.

As far as equipment goes, other than a decent computer and internet connection (I would definitely recommend DSL or cable/broadband because of the size of the average audio file), it is also a good idea to invest in a decent set of headphones. There are many types available and depending on your setup it might be a good idea to invest in a wireless set.You may also want to consider a foot pedal which will allow you to stop the tape without having to move your hands. This allows for accurate stopping so you do not have to constantly rewind that last little bit.

Okay, let’s sum it up . . . in order to become a transcriptionist you need decent typing skills, a good ear for language/grammar, a decent computer, software, high speed internet, and headphones. What can you expect?You can expect to start out at a lower rate and work your way up through client retention and referrals.This is a field that is wide open and the best thing about it is that you can be working from home as a transcriptionist within days of deciding to become one.