Being a freelance translator does not mean you have to lead a feast-or-famine life. Freelance translation is a viable option for entrepreneurs who want to try their luck on the translation scene. Having a part-time job and freelancing on the side might be a good beginning, but making an applaudable amount of money as a freelance translator does not happen by accident. If you want to learn how to make more money as a freelance translator, you have to adopt a freelance translator mindset and learn the right techniques to generate the income that can give you satisfaction and cover your expenses.
Why should you aim for a high income?
No matter what you are doing in life, having a good revenue can be your biggest motivator. Higher salaries tend to incentivize a culture of high output. When people perceive that they are getting paid more than their counterparts at other companies, it often compels them to expend extra effort to demonstrate that they deserve the additional pay. This financial fulfillment also provides the key to spending the surplus in making their dreams come true. This is why many individuals aim to learn how to make more money as a freelance translator. The nature of this job gives you full power over the size of your income through basic techniques such as maximizing your daily input, attracting more clients through marketing and choosing the rates that really reward you for your hard work.
Why can’t some freelance translators make a high income?
But many freelance translators make the mistake of not adopting the right mindset to reach their goals. They do not think of themselves as a business and therefore settle for an average income that they could have somewhere else by doing something that would probably require less effort. Typical mistakes include accepting less-than-average rates, not being able to generate a steady stream of new clients, not managing their time well or working too comfortably and slowly and the list goes on.
Tips on how to make more money as a freelance translator
For this reason, we have elaborated a guide on how to make more money as a freelance translator by focusing on three key aspects of your business:
- Your clientele
- Your output on a daily basis
- Your financial management principle
When you’re looking to expand your client base as a freelance translator, it’s important to adopt a long-term mindset. You do not want a bunch of one-off jobs from fleeting clients. That can be acceptable from time to time, but building sustainable and abiding relationships with clients is much more rewarding for your business. Here are a few methods for how to make more money as a freelance translator through your clientele:
- Offline networking
- Professional association directories
- Social media marketing
- Content marketing
- ProZ Blueboard
- Cold email prospecting
Output on a daily basis:
Freelance translators should be aware that the most logical and accessible way to increase their income is by multiplying their daily output. Raising your rates might not always be a wise move since it can intimidate clients with a modest budget, which would in-turn narrow your client base. If you have a few clients providing you with a steady workflow, try to increase your daily word count by 10-15%. Here are a few methods for how to make more money as a freelance translator through your output on a daily basis:
- Acquiring time management skills
- Training yourself to type more quickly
- Making the most of translation technology and translation memories
- Identifying your fields of expertise
Financial management principle:
Effective and efficient management of finances is critical to the growth and success of your business as a freelance translator. Some business owners are financial experts, but a few other entrepreneurs have little-to-no financial experience and the thought of managing their finance can make them feel overwhelmed. Your revenues will not bring you the peace of mind you need if they are handled poorly or recklessly. Here are a few methods for how to make more money as a freelance translator through your financial management principle:
- Separate your personal bank account from your business one
- Keep track of your income and costs
- Make financial projections
- Understand and fulfill your business tax responsibilities
- Create a budget and review it regularly
- Standardize payment terms
- Don’t get slack on invoicing
Additional comments on how to make more money as a freelance translator
Remember that the best thing you can do for your business as a freelance translator is to improve your translation and writing craft on a permanent basis. No amount of marketing or networking can be more important than the quality of your work. Networking is the second best thing you can do for your business to create a good reputation for yourself. There are also a few measures you can take to boost the quality of your services and learn how to make more money as a freelance translator. Read more about this topic here: https://pangeanic.com/2019/07/10/freelance-translator-tips/