Starting a business

• Starting a business - Lisa
  • under the influence... - Old MT
    • Yea, could't have said it much better - Patti

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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.  :)

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!

Please note there have been so many people apply in the last 24 hours ..its been a bit too much..please do not email me about this...thank you. mtgal847

Don't know if you've heard the world news about the remarkable stem cell therapy that is being done in Russia and London where people will start flocking for treatment who have no hope to walk again.

Also something called Planet Hospital where there are offices being set up where people can get insurance and go to other countries for surgeries and take a short vacation while they are there, they are doing this for dentistry also.

For people who cannot afford insurance this is a great deal.  I know my hairdresser went out of the country to have a bridge done and she said they did a great job.

Yes, this is an excellent field to get in no doubt.  I would love to start a self-paced training program, but around here it is a vigorous 2-year course.  I cant' see myself doing this before my school-aged children are out of school (another 7 years!)  I will be 49 years old!  YIKES.

How old are you?

Good grief, I must be older than God!  Anyone else start Mt-ing with a standard typewriter, the kind you had to reach up and fling the return lever at the end of every line? 

Before white out you had to actually erase and if it wasn't completely invisible, you had to start over.  White out was the greatest thing since sliced bread!  And ah, the selectric!  Nope, I sure wouldn't want to go back.

Anyone else remember when the only reference books were a Dorland's and a PDR?  Of course you also had your fellow MTs AND nurses and doctors and could actually look at the chart for help?

The only school was the school of hard knocks or OTJ training at minimum wage.  There was no "proper training," just whatever it took to get the job done right.  If you couldn't cut it , you were let go.   I dare say there were way more errors in those days of "untrained" MTs.

Yep, I think it's about time for me to retire.

I was told that I need to get a DBA for a business name unless I run under my own name.  My question is, can I use my last name and not register for the DBA.  Also, do I need a license to run a business?  Thanks in advance.

We as MTSOs absolutely have to start the pay lower and I'll tell you why.  Hiring and training is expensive.  We are paying editors by the hour to proof new hires 100% so we actually lose money on every report a new hire does.   3 out of 5 people we hire lie about their experience and are not qualified to do the work so it requires extensive editing and in a lot of cases, total retyping.   Over half of the people hired do not do their required lines or hours per day, some are scheduled to start and just do not even show, do not contact us or anything.  I get emails from people saying they are losing their home, their children, etc., and are desperate for work and then do 100 lines a day.  It is not cheap to advertise, it is not cheap to pay man hours to test and train. So we start lower, and in the 20% of the time we get somebody who 1) does have the required experience, 2) really does want to work and does the required hours or lines, and 3) proofs their own work so it's not a total wreck when we get it, THEN we give raises, and good ones.  

You want to know where all the 10-12 cpl pay per line went?   Get out your map and look at India, Phillippines, and Pakistan.   On the 11 facilities we have, the highest paying to us is 13 cpl.  Try renting an office, keeping the equipment updated, paying employees, etc., on that amount of money.  If we try and get a raise, they talk about other companies who have already contacted them and how they can outsource and pay only 8 cpl total.   I understand now why companies are outsourcing.  We can't find qualified workers or those who even want to work so it's easier for companies to outsource and pay to have the work proofed before being sent on to the facilities.  We do not outsource at all, but we have hired so far 19 people for FOUR positions and only 2 remain.  That's how bad it is for us.