There are different approaches to transcribing audio or video material. Each approach has a slightly different focus and level of detail. Here are few of the most common types of outsourced transcription services. 

Verbatim Transcription 

Verbatim transcription is standard when transcribing legal proceedings and other situations where every detail needs recording. It keeps every spoken word, filler word, repetition, and even non-word sounds like laughter or coughing. 

Learn more about verbatim transcription. 

Intelligent Transcription

Intelligent transcription retains essential content from the transcript but eliminates false starts, filler words, and repetitive phrases. Business meetings, conferences, and presentations are transcribed this way to preserve the speaker’s intended message while editing out distractions.

Edited Transcription

Edited transcription services refine the spoken transcript more than intelligent transcription. Used commonly in media, publishing, and marketing contexts, edited transcription delivers a more readable, grammatically sound, and structured document from the original transcript. 

Legal Transcription 

Legal transcription services specialize in transcribing legal proceedings, such as court hearings, depositions, and legal dictations. 

Accuracy and attention to detail are paramount in this type of transcription to ensure that every word spoken is accurately captured, including nuances in language and tone.

Explore legal transcription services. 

Medical Transcription

Medical transcription involves converting audio recordings of medical reports, patient histories, and other healthcare-related documentation into written text. 

Medical transcriptionists must understand medical terminology well and adhere to strict privacy and confidentiality regulations, such as HIPAA, to ensure the security of patient information.

Business Transcription 

Corporate transcription, also known as business transcription, focuses on transcribing various business-related content such as meetings, interviews, focus groups, and training sessions.

These transcripts are often used within the organization for record-keeping, analysis, and reference purposes. 

Explore business transcription services. 

Financial Transcription 

Financial transcription involves transcribing audio or video recordings related to financial matters, such as earnings calls, shareholder meetings, investor presentations, and financial reports. 

Confidentiality and precision are critical in financial transcription to maintain the integrity and security of sensitive financial information.

Explore financial transcription services. 

When choosing between the right M4A transcription approach, it all comes down to your needs. There are two options to choose from: automated transcription, which is performed by artificial intelligence or speech-to-text technology, and human transcription.

Dive deeper into this comparison in our detailed guide to Human Transcription vs. A.I. Transcription!

Automated Transcription (A.I.)

Using artificial intelligence (A.I.) for transcription is fast and affordable but lacks quality and contextual understanding. You’ll spend more time editing the transcription afterward than you would if you used human transcription.

Human Transcription

Human transcription offers high accuracy and professional formatting, though it results in higher costs and longer turnaround times. If you have the budget and you can spare a few hours, it’s definitely worth the investment.

Starting a transcription side hustle in 2024 can be a rewarding and flexible way to earn extra income. Here are the steps to becoming a successful transcriptionist:

Step #1 – Learn what transcription involves. 

Transcribing audio to text requires strong listening skills, fast and accurate typing, excellent grammar, and attention to detail. Transcribing means developing a keen ear and fast fingers. It’s not just about speed; precision and meticulous attention to detail are your true assets. 

You’ll also need to know the different types of transcription: edited, intelligent, and verbatim transcription. What does an excellent transcription look like once the professionals are all done? Check out a few transcription examples here. 

Step #2 – Improve your transcription skills. 

Practice typing to increase your speed and accuracy. Regular practice through typing tests and exercises can help you reach or exceed the ideal benchmark of 60 words per minute. You’ll also need to understand transcription formatting best practices. 

You’ll also improve your skills by becoming proficient with transcription software. Hardware, like foot pedals, can significantly improve your efficiency. These tools help you play, pause, or rewind without taking your hands off the keyboard, enabling you to focus on accurate transcription.

Step #3 – Brush up on your grammar skills. 

Excellent command of the language you’ll be transcribing in is crucial. Refreshing your knowledge of grammar and punctuation rules ensures that the transcripts you produce are of high quality and require minimal editing.

Step #4 – Get the right equipment. 

• High-quality headphones are a game-changer. They allow you to discern every word, especially in recordings with background noise or lower quality. They can significantly reduce the time spent rewinding and deciphering audio, making your transcription process smoother and more efficient.
• A foot pedal acts like an extra set of hands for a transcriptionist. It enables you to control audio playback without needing to shift focus from typing to mouse or keyboard controls for the audio. This tool can drastically increase productivity by keeping your hands free for continuous typing.
• A dependable computer and a fast internet connection are the backbone of your transcription setup. They ensure you can access audio files swiftly, use transcription software effectively, and conduct necessary research without interruptions, contributing to a seamless transcription process.

Step #5 – Gain experience transcribing. 

Use online platforms offering practice transcription files to hone your skills. This hands-on experience can help you familiarize yourself with different accents, industries, and audio qualities.

Courses are great practice, too. Look for free online courses that can help you learn transcription basics. Transcription classes can also provide you with a structured approach to understanding the basics. Classes will help you gain mastery of the finer points of the trade. 

Step #6 – Find transcription jobs. 

Many transcription companies, such as SpeakWrite, are open to hiring transcriptionists with only one year of transcription/word processing experience in an office environment in the past five years. 

Transcription companies are ideal over gig websites like Upwork or Fiverr because they provide a steady stream of work and a structured environment to help you grow your skills. 

Find a transcription job!

Step #7 – Learn to manage your time wisely. 

Balancing transcription work with other responsibilities requires effective time management. Setting realistic deadlines and working hours can help you deliver quality work whenever you have the time to clock in. 

For instance, SpeakWrite operates 24 hours a day, 365 days a year, and typists choose their own shifts—no more than 12 hours in a day and at least 15 scheduled hours per month. You’ll need to be decent with time management to ensure you can hit the minimum number of hours. 

Additionally, most transcription companies offer clients a speedy turnaround time, so you should be able to complete jobs expeditiously. 

Step #8 – Build your reputation with quality work. 

Your reputation hinges on the quality of your work. Strive for accuracy and ensure that you meet or exceed your deadlines. High-quality transcripts will keep your side hustle strong and ensure you always have a steady stream of work (and revenue). 

Step #9 – Grow your side hustle, grow your network. 

Networking with fellow transcriptionists and potential clients in these spaces can lead to more job opportunities, valuable advice, and industry insights that can help you grow your side hustle. 

Join online forums and social media groups related to transcription to connect with potential clients and peers.