Your Questions About Successful Trading Companies

William asks…

Starting a Transcription Service Business, how do I do it?

I type 110 words per minute, I hear this skill would allow me to start and run a successful transcription service business?

Where can I go and find out information on LEGIT transcription services online that I can do at home? Please, no scams (If I have to pay anything up front, it’s a scam).

This will be a business on the side that I can start and build along side of my full-time job. I work 40-50 hours per week, and this will be done on evenings and weekends. Any information, along with websites, potential scam information, would be greatly appreciated. Thank you my fellow business men & women.

John answers:

Typing speed alone does not a transcriptionist make. How are you with terminology? Are you familiar with what they call the basic four? Remember, these aren’t words that are in Websters. An esophagogastroduodenoscopy and colonoscopy are procedures for two separate ends of the body, and they evaluate the alimentary canal. That’s just GI physician procedures. In order to know how to type for them, you must know what they mean while they’re talking about the procedure. This also means that you can put a blank in where it doesn’t make sense to you and “flag” it for the physician when he clearly says something that doesn’t make any sense.

You will be responsible for spelling drugs (generic and trade name) correctly. The drugs vary widely by specialty. Go to drugs.com and take a look at the lists and lists of medications that you’ll have to look up, see if it matches the diagnosis if there are two close choices to choose from.

There is some investment required, too. You have, have, have to have good reference books and keep them updated, or buy them in CD form. Proficiency with word processing programs is a must, as many companies are picky about what word processing program you use.

Unlike many posts here, however, you have a better command of the English language than most. That’s a good start. Typing skills are very important, but it’s the details. It’s all details. It’s not an instant money maker, either, because when you get a new client, you have to make templates for them, get samples, see how they want you to print their notes, discuss sound file/tape transfers (and machines to play them). In addition, if you’d like to go out on your own, they’ll be tracking you down no matter where you are to find that document that you know you’ve typed, but they’ve lost, but they’ll insist you didn’t type it.

It’s very hard to start in this career, and I’ve been fortunate. Right now, getting into this field is really scary, because voice recognition could put all transcriptionists out of work and soon. Your choices would be independent contracting (you are responsible for all the work, i.e, you own it), subcontracting (you take work for an owner where you probably just type it up, but they’ll expect perfection), or an employee (hospital jobs are always held by the best of the best, because they offer fringe benefits). As a general rule, IC and SC positions do not provide benefits, and unless you can come up with a lot of paper purchases for your business, self-employment tax is a killer.

Geez, I’m re-reading this and I sound bitter. I love what I do, so that’s not it. It just seems that so many people think “hey, I type” so they can do this. There is probably a local transcription service in your area. You may very well be capable of doing all this, even if your background isn’t medicine. Just ask someone to give you a hard dictator, like Dr. Five-syllable-name-from-Malaysia and see if you can pick out what he’s saying. I’ve seen it. There are medically oriented people and as soon as they strap on the headphones, they’re leaving. You have nearly all senses working as you transcribe. You’re listening, you’re converting spoken word through your fingers onto the screen, and your foot is tapping a pedal.

I really don’t want to be discouraging, but it’s not a good field to invest so much time in right now. I know all the schools on TV are saying, “Make money working from home!” and their kids are playing oh-so nicely in the background while mommy is pounding on the keys, but the reality is: You’re trying to figure out what a drug name is, you finally think you’ve got all the syllables to make you get it when you use your VAST resources, and then the kiddo falls, the dog knocks over a vase, etc. There is something called a turnaround time, too. If you promise to get the docs’ documents to them, you have to do it.

I left ICing for good a couple of months ago. I don’t want to deal with doctors calling me all times during the day, nor do I want to be chained to a time to go do pick ups and deliveries. Please go to a local transcription company and interview someone, and listen to the hardest physician there. It will open your eyes. If you’re like me, you’ll tell yourself “I can do this” and go for it.

Thomas asks…

Should I move to Canada if I can’t find a job in the USA due to having a disability?

I’ve been fired because of the fact that my Attention Deficit Hyperactivity Disorder is holding back my ability to work since I am constantly bothering people due to excessive talking (I even tell them that it’s part of my ADHD to try to help my case, and they don’t believe me). I’ve heard that they have better disability laws in Canada, and I can find a job that would get me in. Could I become a lawyer or a police officer in Canada? Could I still live a successful life in the Canadian Forces if I can handle them? Could I become a Canadian news report there without my ‘behavior’ being judged?

John answers:

Canada has some serious immigration laws and procedures and it enforces them. Americans are free to visit Canada for a 180 days each year. Visitors may not attend school, work, or look for work in Canada. Nor can they obtain driver’s licenses, social insurance numbers, health care, open bank accounts, etc., etc.

In order to work in Canada you require a work permit or permanent residency. A work permit requires that you have a job offer from a Canadian company which has permission to hire foreign workers. Such permission is only given in professions which have a shortage of workers in Canada (i.e. Doctors, engineers, nurses, specialized trades, etc.) Such jobs are incredibly hard to find and competition for them is incredible fierce. Permanent residency is even harder to obtain with requirements such as: marrying a Canadian; a highly skilled job offer and then competing for one of 10,000 positions each year; investing $1.6M in Canada; a nomination from one of the Canadian provinces (i.e. Professional athlete, world-class performing artist, doctor willing to work in a remote area, etc.); etc. Waiting periods of five or more years. In both cases you much undergo background checks, medical exams, and financial checks. If you can’t hold a job in the United States, why would you think you can meet these types of requirements?

In order to become a lawyer in Canada you would need a Canadian law degree. That requires an undergraduate degree, applying for law school in Canada, and finally completing our Barr exam. Canadian law schools do not accept foreign students due to high demand from Canadians and the fact non-citizens can not work in Canada. Even if you could get in… Cost of a law degree would be running in the $300,000+ range. You must be a Canadian citizen in order to join the Canadian Armed Forces. You must be a Canadian citizen to join most polices forces and at least a permanent resident for others. There is no shortage of news reporters in Canada.

Sure… Canada is a wonderful country. However, its immigration requirements are beyond the ability of most people to ever qualify for. Finally, disability laws in Canada do not extend to an inability to perform your job. If you can’t control your ability to talk, employers don’t have to hire you.

Steven asks…

How do we go about paying our own payroll taxes?

My husband is currently working for a company that requires him to pay his own Federal taxes, as well as FICA and Medicare. Can we do this directly through the irs.gov website for all three taxes? We do not have our own business, he is not an independent contractor nor self-employed in any way. We live in Florida, so we do not have to pay State income taxes. Thanks!!

John answers:

The way that he is being treated and paid indicates that he will be receiving a 1099-MISC form with the amount of his earnings in box 7 nonemployee compensation.
If you do not believe this then he should contact the payer of the amounts to verify what I have just informed you about him being a self employed taxpayer independent contractor that has his own business operation going on at this time.
He will need to read and use the below information for that is enclosed for this purpose. Good luck.
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
The independent contractor self employment income will be reported on the schedule C of the 1040 tax form and you will be responsible for the 15.3% of the social security and medicare tax on your net profit from the business operation you also may need to make some quarterly estimated tax payments for the tax year 2010. The last payment would be January 18 2011.
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the www.irs.gov website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
2 of the seven tax tips for starting a business enclosed below.
#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material
*Starting A Business
*Operating A Business
*Closing A Business
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

http://www.irs.gov/

http://access.wa.gov/business/taxes.aspx

Michael asks…

If advanced skills are the key to success in the global economy how come China is doing well with manual labor?

Popular wisdom in the USA says that we need more and more skills and education in order to succeed as a country in the new global economy. Yet the most successful country in the world right now is doing it by taking all the low skilled manual labor jobs that other country’s don’t seem to want anymore.

John answers:

China was enjoying the early benefits of changing from an primitive society to an industrial one. But things are not going so well for the Chinese right now.

A lot of international companies are pulling out of China because of their lack of copyright and patent enforcement has produced a cottage industry in counterfeit merchandise. Here is an article about defective, counterfeit electronic components getting into the Pentagon supply chain.

Http://hosted.ap.org/dynamic/stories/U/US_MILITARY_COUNTERFEIT_PARTS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-11-08-13-41-48

Won’t remain a trusted international trade partner with anyone for very long at this rate.

*

Ken asks…

How do financial spread betting companies make money?

Do they bet against the customer or do they collect a commission from all trades.

John answers:

I believe some of them “hold your bets” so they can cover themselves ..etc

Although they may offer to help you get started, with a few, “nice successful trades” to get you hooked. Etc.

It is probably better to bet – long term – as apposed to day trading.

And their would be a delay, on “Live updates” you wouldn’t have the advantage on changes in markets..etc.

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