What Rate Should Freelance Reporters Charge?

This is an interesting question for stenographers across the country. What rate should be charged? What is fair? What is a good amount of money?

I have often simply left the answer at: It should be more. I have a body of work on this site that talks about negotiation, inflation, and makes several cases for higher rates for New York freelance. It bears repeating that in New York, the current private regular rate mandated to be charged by officials is about $4.30 per page. If you’re a freelancer paying your own taxes, advertising, business costs, benefits, or workers compensation insurance, then you should consider trying to make more than that by any means necessary, including realtime, rough, daily delivery, and copy sales. The skills you bring to the table are as important as your ability to negotiate and seek out work.

Without more fanfare, let’s turn to what I did tonight. I designed a very small calculator program that takes the user’s input of how much annual salary they want to make, and divides that by all the different rates someone might charge per page to figure out how many pages you need to make that annual salary. It then takes the pages and divides those pages by 20, assuming that’s how many pages a person transcribes an hour. Then it divides  those hours by 7 to tell you how many 7-hour workdays you need to make that money. To tailor this to yourself specifically, you can either edit the calculator, do the calculations manually, or simply half, double, or triple your transcription speed.

I understand that most people do not really do anything with computer code, so I ran the program for several different salary ranges.

These are the calculations if you want to make:

$25,000 a year.

$50,000 a year.

$75,000 a year.

$100,000 a year.

$125,000 a year.

$150,000 a year.

$175,000 a year.

$200,000 a year.

The moral of the story is obvious: The lower your rate is, the more pages you need to make money. The higher your rate is, the fewer pages you need to make money. But to see this in action, let’s just take one point of data: $5.00 per page.

At $5.00 per page, you need about 35 days worth of transcribing to make $25,000 a year.

That’s about 70 days to make $50,000 a year.

That’s 140 7-hour days of transcription to make $100,000 a year.

Anecdotally, if we spend an hour transcribing for every hour we are on the machine, that’s 280 7-hour days of work. There are only 260 weekdays a year. That means to make that $100,000 a year you’re giving up 10 weekends a year at $5.00 a page. Increase the rate to 5.50 and you’re giving up no weekends. 50 cents makes that much of a difference.

Bottom line? Your rate is going to dictate not only your income, but your quality of life. Strive to be a good reporter, know your market, team up with a mentor, and make sure you’re getting paid enough to reach your goals.

 

 

Audio Transcription, Pricing, And You

First and foremost, happy Thanksgiving. As with most great writers, I’m going to take the time away from preparing to the holiday to write about something I know everybody will want to read about: Audio transcription and pricing. As stenographers, we tend to get very focused on a per-page pricing structure. This often leaves us trying to measure our time by pages, and is not always the most ineffective way of being paid.

For purposes of this post, let’s talk a little about CART, audio transcription, and pricing generally. CART and audio transcription are not the same thing, but they have similarities. One key similarity is that they tend to charge by the hour. For CART it’s per hour of writing, usually with a set minimum, and for audio transcription it’s money per hour of audio, sometimes prorated for audio that doesn’t last a whole hour or end exactly on an hour.

Succinctly, for CART, captioning, and audio transcription, despite having different prerequisite skills, the pricing for all of them must take into account the amount of work we’re doing, the quality of the work we’re doing, and ultimately the time it will take us to do the work. So speaking strictly for transcription: I’ve guesstimated that it takes me approximately one to two hours for every hour on the machine to transcribe with pretty close to 100% accuracy. That means for every hour of audio, there are about three hours of actual work involved. So, for me, honestly, working for less than $30/hr becomes painful, so the transcription deal isn’t sweet until maybe the $100-something range. The bottom line of this story? We must examine our time and really decide what it’s worth.

In examining our time, we can also consider other factors. For example, what are other people charging for the same work? As we can see from this Google search here, there are companies that boast a $1/minute transcription fee. So if we do an independent assessment of our time, and we come to the conclusion our time is worth $2/minute, that’s perfect, but just bear in mind that we may lose a couple of customers to the person who is half our price. A potential solution? Split the difference and charge $1.50 per minute.

There’s a lot that goes into economics, buying, selling, demand, supply, and no one blog post could ever impart all of that knowledge on anyone. Even top economists who have devoted their lives to understanding value and money disagree with each other. The best we can do is urge every reporter, where applicable, to look at what they charge, whether charging an agency, lawyer, or outside consumer, and consider how our pricing practices affect all different areas of the field. There’s tons of literature and articles on price matching and how it can help consumers, hurt consumers, help businesses, and hurt businesses, and the cold truth is that it’s up to us to take the time out and learn about these things, because many of us are our own business, and our business rises or falls on our willingness to learn beyond the machine.