Transcription Industry Woes

The transcription industry has changed drastically over the past 10 years. I started transcribing full time as an independent contractor many, many years ago, too many to mention. I was a paralegal and working in law firms previous to doing this and got an opportunity to do legal transcription from home full time. I couldn't pass up the opportunity so I made the plunge, all the while doing freelance work for attorneys in my state. I made a very decent income at that time and continued to do so for many years. However, in the past few years, the rates have not gone up, but the cost of living continues to go up. In fact, it has been my experience that the rates are going down. How are we supposed to survive in this industry any longer unless we work 12 hours or more per day, 7 days a week just to keep our heads above water. It's getting more and more difficult and it is becoming a time where you must say to yourself am I better off getting a job outside my home where I am assured of a steady income? It has to be thought about. The transcription industry professionals all know this to be true now, whereas, this was not something we had to think about 10 years ago, or even 5 years ago. I am not going to say that this is with everyone or every company but it seems to be more prevalent now more than ever before. There are still some companies and individuals who recognize the value of a good transcriptionist and compensate accordingly, but for the vast majority this is not the case. This has been proven true in the MT industry, where the rates are continuing to decline instead of increase with the cost of living.
I believe that the worst part of the whole thing is the people and companies who hire the transcriptionists. I believe that they really don't know the true value of having a good transcriptionist or editor and don't compensate accordingly, or can't compensate accordingly because of what they are actually getting paid, which unfortunately, is the way things are these days. They have to be competitive in the market, and with that being said, have to accept lower rates for work where they may have gotten more before. You have to take jobs that don't pay well in order to keep up an income. You used to be able to do work for one company or one client, now you have to juggle two, three and sometimes even four or more companies and individuals in order to assure yourself of a decent income. It is becoming harder and harder and a daily struggle to survive in this industry. There are challenges we never had to face before but are now faced with, other than the daily challenges of "wow, where did this person record, in a car with the window open going through a tunnel at 70 mph." It's more food for thought, that's for sure.