2. Talk to the right audience
One of the money strategies being ignored is learning to say ‘no’. There are still a lot of general and medical transcribers who accept what is considered as peanut payments. For example, less than $0.50 an audio minute is too low. Remember, you are trading time for money. Give it a better price for you can’t buy back the time you have spent even at a higher price.
It is acceptable though if you’re starting out and doing it to get references and testimonials. But once you got them, embrace change. Don’t trap yourself with it. It’s time to give value for your minutes and to yourself. Ask a raise!
Furthermore, don’t waste on spending your time, effort and money with the wrong audience. Focus on building a strong relationship with the right audience. Exert your efforts to a very specific target market especially if you’re on your own. Try to avoid the temptations of going global if not prepared. It will only cost you wasted time and effort. Take very good care of your current customers. Try to build at least 50 loyal customers and you’ll create a money machine.
How can it help you make more money?
It adds more value to your time and to yourself as a person. An increase on your rate for each minute adds up to a huge increase in your income, even with the same workload.
Successfully building a group of loyal clients adds to income stability in the long run and increased orders with repeat customers and growing referrals.