Transcription Service, 5 Minute Spotlight - Interview: Lindsay Smith, Business Owner


1. What would you say are the key benefits of working on a freelance basis?

For me, the key benefits were originally around my desire to build and run my own business. By working on a freelance basis, I had the time and flexibility to learn how the transcription industry works and to build the experience I needed to grow a small business within the industry.

2. Would you recommend freelancing?

Absolutely. It is a growing trend. In fact, I was recently reading a document produced by The Association of Independent Professionals and the Self Employed (IPSE) which states:-

“Since 2008, freelance numbers have increased by 36% in the UK from 1.40 million - 1.91 million, and constitutes 6% of all UK workers in employment.”

3. How confident are you that you can grow your business further?

LS Transcripts provide a transcription service that can be selected on a flexible basis. We meet client requirements on time and at competitive rates whether the job is a one off request or routine/regular requests. We are, in that respect, flexible and low risk as we are undertaking a task on behalf of the client and delivering it to the standards set out in our service level agreement – it is a simple exchange in that respect. I’m extremely confident that we can grow further in the current environment. I refer you again to the above document. It is called ‘Exploring UK Freelance Workforce 2015 Report (v.1)’:-

“Freelancers enable organisational clients in a wide variety of industries and occupational settings to adapt labour practices flexibly to meet operational requirements in order to increase efficiency and manage risk better.”

4. What are your main tactics for growth?

Our client base contains many self-employed and freelance workers, independent consultants and business owners from a wide range of industries. As the freelance sector increases, we will be monitoring the market to identify opportunities to grow that will be developed alongside that increase.

According to IPSE, the fastest growing sectors include the artistic, literary, media and sports & fitness sectors. We have clients in most of these sectors and our strategy development is around developing these relationships in response to the freelance growth indicators in these particular industries.

5. What would you say were the key skills you used to start up and now use to run your own business?

I think being able to undertake transcription work to a high quality standard is important because that is the standard that I have set and expect from people who work with me at LS Transcripts. Research is vital and being up to date with information about how the industry is performing within the labour market is important. I will build my business in a way that it can be flexible within the market so that LS Transcripts remains competitive. Equally, I would say building and maintaining positive business relations with people who have chosen us as their transcription service of choice is a key skill that pays high dividends. In fact, we have maintained the majority of our clients from the first point of contact, some of whom have been using our service since it was established in 2013. Lastly, being able to use business systems and tools is key - visibility and online presence is as important as having a robust business support system so our website and social media presence is aligned to all aspects of our development.

IPSE document link:(Source: https://www.ipse.co.uk/sites/default/files/documents/research/Exploring-uk-freelance-workforce-2015-report-v1.pdf [Accessed 12/01/2017])

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