It cannot be easy to figure out how to make money as a translator. It doesn’t mean that you must live a frugal life. Entrepreneurs looking to make a career in translation can look into freelance translation. While it is possible to have a part-time job while also freelancing, making a significant amount of money as an independent translator is not something that happens by chance. You need to be a freelancer translator if you want to earn more and provide income to cover your expenses.
Why should we aim for a high income?
No matter your career path, having a good income can be your greatest motivator. High salaries encourage a culture of high productivity. People often feel they get paid more than their colleagues at other companies. This can lead them to put in extra effort to prove they deserve it. Financial fulfillment is also a key to spending the excess to achieve their dreams. Many people want to become freelance translators. This job allows you to control the amount of your income by using basic techniques like maximizing your daily input, attracting clients through marketing, and selecting the rates that reward you for your hard work.
Why don’t freelance translators earn a good income?
Many freelance translators don’t have the right mindset to achieve their goals. They don’t see themselves as a business, so they settle for a lower income than they can earn by doing work requiring less effort. Common mistakes include not accepting lower-than-average rates, not being capable of generating a steady stream of clients, not managing time well, working too comfortably and slowly, and many other errors.
Tips to Make Money as a Translator
We have created a guide to help freelance translators make money as a translator by focusing on three aspects of their business.
- Your clients
- Your daily output
- Your financial management principle
It is important to have a long-term outlook when you are looking to grow your freelance client base as a translator. It is not a good idea to take on a lot of jobs for a few clients. While this can sometimes be acceptable, building lasting relationships with clients will make your business more profitable. These are ways to make more money as an independent translator by leveraging your clientele.
- Online networking
- Professional association directories
- Marketing via social media
- Content marketing
- ProZ Blueboard
- Cold email prospecting
Daily output: Freelance translators need to know that the simplest and most accessible way to increase their earnings is to multiply their daily output. It is not always a good idea to raise your rates. This can make clients more cautious and could lead to a decrease in your client base. You might consider increasing your daily word count by 10-15% if you have clients who provide a steady work flow. These are some ways to make money as a translators by increasing your daily output.
- Acquiring time management skills
- You can learn to type faster by training yourself
- Translation technology and translation memories: Making the most of them
- Identifying your areas of expertise
Your freelance translation business will thrive if you have a good financial management system. While some business owners have financial expertise, many entrepreneurs don’t have the necessary financial knowledge and can feel overwhelmed by the idea of managing their finances. If your revenues are not managed well or with care, they will not give you the peace of mind you desire. These are some ways to make money as a translators using your financial management principles.
- Separate your personal and business bank accounts
- Keep track of your incomes and expenses
- Financial projections
- Learn and meet your tax obligations as a business owner
- Make a budget, and make sure to review it often
- Standardize payment terms
- Invoicing is not something you should ignore