I need some advice on starting my own small side business. sm

First of all, I have worked for several nationals in the past few years, and equipment has always been provided.  I currently have a f/t position with a national that I use my own personal computer for, they just put their software on it.  I had what I needed already, as far as foot pedal, Expander program, etc.

I have just been sort of rolling ideas around in my head about possibly starting up something small perhaps on a p.r.n. basis just to bring in a little extra income.  As I am still just mulling this around in my mind, my questions are:  How do I go about getting started? Do I try to purchase equipment first, or start out using tapes? I am worried about spending the money and not having any takers, so I am thinking, I should send out some sort of letters first; but, without having the equipment already, how do I tell them I plan on doing their transcription.  Maybe mention tapes first, and tell them I have plans to go digital after I get up and running? These are all just things I wonder about.  If anyone has any ideas, please feel free to email me with any advice. 

I have been an MT for 16+ years, but as I said, I have always had all of the stuff provided for me and just don't know how to start. 

Thanks in Advance!

• I need some advice on starting my own small side business. sm - inquiring mind
  • Hope this helps --- - Good Luck!

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I'm looking start up my own small bus., just a couple accounts, but I need to know if there are any HIPAA contracts or anything else that I should be providing for the doctor and myself to sign.  Any advice would be truly appreciated!!

Thnx, Rachel

I've been in your shoes, though many years ago, and I had 12 years experience before I had the guts to go solo. 

There is so much more that you need to know beyond the specialty you'll be transcribing.  You need to know how to run a small business.  Things like zoning laws - I kid you not; there are still places where it is technically illegal to work in your home.  Do you need a license?  Do you know the tax implications?  Do you know the insurance/liability implications?  Are you adequately capitalized?  You'll need backup equipment, supplies and something to live on until you start getting paid.  Banks don't like to lend to small transcription services because they so often fail.  As another poster said, contracts are difficult, if not impossible to enforce.  Are you aware of regulatory issues like HIPAA (especially for the speciality you have chosen)?  Are you technically savvy?  Not all offices use tapes with pick-up/delivery of work anymore.  Do you know what you need to make to live?  Sure you could undercut the competition, but can you live on what you'd make?  Do you have someone you trust to cover for you if you are sick, the power goes out or you just want a day off?  There's so much more, but I'm sure you are getting the picture.

Look for a business college, junior college/city college or regional state university in your area that offers classes for small business owners.  Is there an office of the Small Business Administration (government agency - your tax dollars at work) or SCORE (Service Core of Retired Executives) in your area that offers classes?

You are looking to do a tough thing.  I'm not sure I'd want to do it again, but I don't regret the years I did it.  Give it some more thought.  Best of luck to you.

MY SHRINK KEEPS ASKING ME IF I HAVE TRIED GETTING MY OWN ACCOUNTS VERSUS WORKING FOR A NATIONAL....(we are working on how to better handle life stressors).  (MQ?)  Anyway, I always tell him, yes, I have thought about it and I do know of two MTSOs as aquaintances.  I told him I am getting closer and closer to sending letters out to these MTSOs letting them know I am working as an MT and ask if they have any overflow work, to keep me in mind.  I told him I thought that would be the first step as I don't have a clue as to what equipment they use and how you go about the whole deal versus what I am doing now (wav files over internet). 

I am sure some of you who are or were MTSOs could clue me in as to how it is done, equipment wise, and what is involved.  I already know about the tax issues as we have had two small businesses previously. Is it still done with tapes that you pick up and what kind of equipment for that, or can it be done over the internet as per the nationals?

Thanks,

In the dark here.

Need some advice, please.  I am starting a small company and I want to market myself to be able to take overflow work from larger companies (or hospitals/clinics/medical centers) to give and send out to my group of MTs and QAs.  I do not want the hassle of trying to approach the large hospitals, clinics, medical centers, themselves and I do not have the capital to purchase my own dictation system or program. 

I was thinking of going to the MT conventions and networking there but was not sure who/what companies attend these conventions.  Does anyone have any ideas or can anyone point me in the right direction?  I would appreciate any advice anyone could give to me.  TIA

Maria Maz

You could do all kinds of stuff (do a Google search under virtual assistant, there are some webpages that explain stuff).  U-Haul I believe also hires people to do phone customer service from home.  If you look on guru . com they have people who advertise for odd jobs and lots of them are virtual assistant kind of stuff.

Just some ideas.  You could also do daycare, pampered chef, that kind of stuff.  :)

contractor you have NOT been in their emloyment.  You have worked as contract labor for them, whether it be 1 month, 1 year or 5 years.  They owe you absolutely nothing at any point in time of the contract.  However, should you contact their clients (as you mentioned below), there can be legal repercussions for you so I would seriously think twice about this before going forward.

As an IC, it seems you would know that you should not put all of your eggs in one basket. I would bet that most of us that are IC's work for at least 2 companies.  For the ones that don't, they probably work for 1 company and have their own accounts, OR better yet have all their own accounts.

TAT is of the utmost importance.  It only takes twice with me and I won't send anymore work to that particular IC anymore, which is my option.  I might give them a second chance IF their work was top notch.

It will walk you through everything and prepare a schedule C for you as well.  I would recommend this if you are going to prepare your own taxes. 

I am negotiating a contract with a clinic to be one of two transcriptionists.  I have typed for this clinic for several years as a sub-contractor, but the current contract holder is not renewing the contract.  The clinic's lawyer is not comfortable with "Independent contractor" as the contract would be for one year and for the usual questionable definition of an IC. 

I tried to research this and just became more and more confused.. so I hope I can get a little advice here..  I do not want to be employed by the clinic - I prefer to be self-employed.  Do I make myself a small business and get a license?  I do plan to meet with my accountant to ask some questions, but I was hoping to get a little info here so that I would not sound completely stupid!  (Doesn't seem as bad to sound stupid here rather than in person!)  I am used to getting a 1099 and paying self-employment tax. 

Are you an Independent contractor or a small business?  I do not plan to have any employees..I just want to type for this clinic and get paid! THanks!

Vonage nor Comcast work with all equipment (static, echoing, etc.) and I would be interested in learning more about what "the fine print" says for these two companies.  So, you must be misinformed because I have a sister who works at AT&T and no matter what package you buy, MT IS NOT ALLOWED.....and that is a FACT!   

Hi.

Was at my chiropractor's office today.  As the conversation progressed Dr. suggested that I might be able to get involved with their office doing MT work.  Offices in five states, new doctors that become busy need MTs to do their transcription.  I have owned my own business in the past and understand the in's and out's of that part of it.. My question is how would I set up a platform to do the work in case it would become busy enough to need another MT to help, software, expanders, etc.  I have a few very simple ideas like using MS Word and creating macros that can be sent to aother MT, etc.  but not sure that is what I would do.

Is there anyone out there with any suggestions or ideas?

need to stabilize.

Medical transcription is not a "living" - it is a sideline anymore, unless you can find a doctors office or hospital where you can count on an income and count on medical insurance.

Leave the BF - they are dead weight.  They wear you out and rarely help you find any solid footing.  If your's did you wouldn't be here asking for advice.

I used to think I need to be married - then I began to ask myself:  WHY AM I MORE BROKE AND MORE TIRED WITH A HUSBAND?

There were more hours in the day and more money in the bank when I was on my own with my children.  We may not have had fancy things but we were happy because their mom was happy - ME.

Again, don't use 3 PT/transcription jobs or even 1 FT and some PTs to say you are making it.  Either bring your budget down to living on the 1 FT and let the PT be the discretionary income (extra for savings, emergencies, etc), or leave transcription entirely.  MTing is a losing proposition at this time.  Unless of course, like I say, you are in a stable place like a hospital.  And don't COUNT on the PT to carry you through - these nationals and side jobs are playing fast and loose with paying people or providing any security at all.

GOOD LUCK. 

I have been an MT for over 10 years.  I also am getting burnt out, tired of my job, day in day.  However, I do love transcription and make excellent money at it, have grossed over $50,000 per year the last 5 years.  I decided to go back to nursing school and am very happy with my choice.  However, over these 10 years of transcription I have had my ups and downs.  My biggest issue with being at home working is lack of socialization, being home day in and day out with just the kids and the animals really gets to a person, sure hubby is home at night and thinks working from home is the easy life, thus the return to school and boy has my overall enjoyment of life changed once I realized I was the problem, not everyone else and I needed to find myself again.

Anyway, my biggest advice to you three-fold:

1.  Get into counseling for yourself, find out who you are and what your needs are, whether or not you think you need to, I sense you are feeling overwhelmed and need someone other than your family to talk to that can be nonjudgmental to your feelings and needs.

2.  If you're only making $100 after you pay preschool you can either keep doing it and be miserable, or quit because you are lucky enough to have a husband who can support the family without your income. (See how fast his mind changes just by losing the income you do have as to whether your job means anything.)  Or look for a different company or office that you like more and are more productive if you really want to do transcription (lots of fish in the sea as far as companies).

3.  Find a local "mom's" group where you can get out and socialize.  MOPS (mother's of preschoolers) is an excellent one that is nationwide, they have a website.  Also Mom2Mom is in a lot of areas.  They provide a once a week time for moms with kids the same age to get together, socialize, (some offer spirtual guidance some don't) and each week a different mom takes a turn watching everyone else's children at the facility that hosts it so the other moms can talk about things they have in common.  Every stay-at-home and work-from-home mom needs to socialize with adults, without their kids, or they will have a nervous breakdown eventually no matter how much they love their kids.

Sorry so long but it does get better but you have to take the first step at making yourself happy.

I am not a slouch MT, but I have seen a great deal of them.  Then they come on this board and anonymously pick away and ridicule.  My idea of a perfect world:  Hospitals would have to have their transcription departments on site.  Then there would be no outsourcing, no offshoring, and those who aren't so sure of what they are doing could ASK someone who DOES know what they are doing, like QA lady, and the report would be correct the first time and everyone would be happy except those in India who call themselves transcriptionists and I personally could care less if they are happy or not.