If you are considering having your own medical transcription home business, it is important that you are well prepared for all the duties that are involved. Not only will you have be your own supervisor, you will also be your own accountant, health insurer and 401K plan. It is important that you are willing and ready to take on all of these roles to make your business a success. Being your own boss can be very appealing, but the lack of supervision can make one slack sometimes. Try to set up timelines, so that you have daily goals to reach. This will help to make sure you are productive. One way of doing this is by setting up realistic goals, such as completing an hour of audio every 2 to 3 hours. At first, it may take a bit longer to transcribe an hour of audio, but it depends on how much talking is done within that hour and if the doctor is speaking clearly enough so that you wouldn’t have to keep rewinding.
When it comes to finding clients, you will need to advertise your services actively. Try to place weekly and daily ads in various venues. First, you can start by placing your medical transcription business ad in your local newspaper. Then you can move on to networking web sites that allow you to post your information and services. You can also advertise your medical transcription company on job boards; just post your resume and contact info. Once you begin getting phone calls, you will begin booking clients. Some of them will be long-term clients and others will have short-term projects. Then you may have some clients that have part-time work and others that have full-time work. By having a couple of part-time projects, you will be able to juggle more than one client.
There is a difference between being an employee and being a contractor. As an entrepreneur, you would be a contractor. This means you are responsible for all of your taxes and benefits. You do the work, they pay you. The doctor’s office will only report what they’ve been paying you through a 1099 tax form. Then there is the W-9 form, which is a contractor tax form as well, but they do take out taxes from your wages.
Managing your income is very important, especially if you don’t have a steady stream or a big stream of money coming in. It is good to budget yourself and save money as best you can. Owning a business can be tricky – some weeks you may make lots of money, while other weeks may leave your bank account a bit dried out. It’s a good idea to try to lock in long-term full-time doctors, so that you will always have money coming in from that one source. Then anything else you do on the side is extra money for the household. Make sure that you handle your taxes accordingly to avoid being audited by the IRS.
Once your business becomes profitable, it’s important to learn how to save money. Groupon is an excellent way to find deals from brands like The Children’s Place, JCPenney and Best Buy.