Small transcription agency with subcontractors

Universities and research teams, media and podcast producers, market research firms, councils and businesses with regular recording volumes.

You charge clients per audio minute and pay subcontractors a lower per-minute rate, keeping the difference for sales, review and management.

• Sales and client communication
• Proofreading and quality control
• Organizing workflow and deadlines
• Managing and paying freelancers

• Check how workers are classified: genuine independent contractors differ from employees, and rules vary by province
• You may need WCB/WSIB coverage if you hire employees, check with your provincial board
• Confidentiality agreements should cover everyone who handles client files
• Consider commercial general liability and errors and omissions insurance
• Late payment from large clients can strain cash flow when you pay freelancers first
• Register for GST/HST once revenue passes the small supplier threshold, and check whether a corporation suits you

Estimates suggest startup costs typically around $1,000 to $5,000, depending on your website, workflow tools and how you set up the business. Late payment from large clients can strain cash flow when you pay freelancers first.

Check how workers are classified, since independent contractors differ from employees and rules vary by province. You may need WCB/WSIB coverage if you hire employees. Also check GST/HST registration, whether a corporation suits you, and use confidentiality agreements.

Monthly revenue estimates are typically around $1,500 to $7,500, depending on your clients and file volume. Remember that revenue is before you pay freelancers, and you may pay them before large clients pay you.