A community of 30,000 US Transcriptionist serving Medical Transcription Industry

PROS versus CONS...Is it worth it? - undecided

Posted: Nov 09, 2010

Do you think, with the current state of affairs with the MT industry, that it would be worth trying to start a transcription company? I'm torn. The only reason I would want to start a transcription company is to try to make what I use to make. I don't love being an MT, at least not anymore. In fact, I am growing to despise it. The thing is, I am a damn good MT, not that you would know it from looking at my paychecks since the big switch to VR and downgrade in pay.

Do you think a company can be competitive in this market and still treat MTs fairly and not use VR?

My family thinks that if I am going to start a business, it should be something I truly enjoy and that money should not be my motivating factor.

What are your thoughts?

If I don't start up a company, I am definitely leaving this field ASAP. I have wasted 20 years of my life in this deadend job. Career wise, I feel like I've been thrown out like a dog, forced to fend for self after giving the best years of my life, and for what...to fight for scraps...no thanks!

dont do it - all I can say

[ In Reply To ..]
Like you said, it is a deadend job. Why do you want to own a deadend business?

My opinion--you have to love it--- - typetypetypeaway

[ In Reply To ..]
I think your family is giving you good advice. If you are going to go to all the trouble of trying to start up a company, you have to really love what you are doing because that will be your driving force...starting a business is hard work ( I know I did it in another industry)and there is a lot to do and the payback does not come until much later. The passion of what you are doing will be what gives you the success. This industry is in such a quandry right now, so many MTs being laid off, moving around because of pay cuts, off-shoring to other countries, the list goes on and on. I don't know what part of the US you live in, it may be even more difficult.
I have always believed if you want something bad enough one can do it, but you have to really want it, and love it because you are putting yourself on the line for it.
I would give it some serious thought if I were you, maybe write down all the things you LOVE about MTing and then the cons of the things you don't like and see where you stand. I think if you despise what you are doing now, that is what you will carry with you and you will be much more discouraged trying to get your business off the ground.
I wish you a bundle of luck in your decision but think long and hard before you commit to it.

Reality of pay - x-MTSO

[ In Reply To ..]
Now you feel like you work for peanuts but someone else is footing the business bills.

Once you're the MTSO, it's 24/7/365. You have to invest in some sort of technology, and will likely be asked to provide VR or some other similar option, when a client chooses to leave it's felt like a tsumani unless you have many clients and can absorb the loss.

If you don't love it, I don't see going into it where you have to find the clients, fulfill the "orders", appease the clients, pay the bills.

I think I figured out once I was making $2.50 an hour when I added up my real hours. Later, I landed big clients and that changed, but then lost them when technology was changing and I wasn't willing to invest $100k and put my house on the line.

Good luck if you decide to go this way, just not sure it's the best idea.

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