How can you maximize your translation earnings as a freelancer?

When you know how much you want to earn per month, and you know how many words you can translate per workday, then it's just math, right? Well, as long as you remember that there are 5 working days in a week (not 7), there are 48 working weeks in a year (not 52), there are 8 working hours in a workday (not 10 or 12 or 24) and there are taxes and costs to pay and time to spend on other stuff instead of translating like finding clients, sending cv-s, doing test translations, learning to use client's IT systems, reading styleguides, invoicing, buying new computer, installing updates etc.

When talking about rates, the terms "realistic" and "competitive" are the language of exploitation. Some other red-flag terms are "market average" and "best rates". More often than not, the average rate in a local market is not even close to the ideal amount for a qualified translator. You can find your ideal rate by determining the following: how much you want to work and earn on a daily, monthly, or yearly basis; your productivity (average word count translated); your expenses (including software costs and CPD); time spent for admin work (e.g. invoicing). A "unit rate" does not solely include words per se. It should cover your expert service as well as other aspects of your freelance business.

As a full-time freelance translator you must know your sustained capacity (in words, pages, characters or whatever). Use this capacity to set your rates for specific monthly / yearly income level. For example, you translate 2000 words per day, 5 days a week, 52 weeks in a year. This means, your yearly capacity is 520,000 words. If your objective is $50k/year - your target rate is $0.1/word. If your objective is $100k/year - your target rate is $0.2/word. The idea is to set your rate based on your desired income, not on "market average". This way you can also identify growth opportunities and your potential income in an ideal environment. Will it make you happy? Naturally, with high performance, you can be more flexible about prices.

In my experience, it is important to always realise that there are customers out there willing to pay your rates if they really value quality. Thinking the market is dominated by low prices is a fallacy: while there are agencies/customers whose sole business model is cutting costs at any cost (pardon the pun), there are equally as many who know what they are doing and value quality when they see it. As freelancers, we have to make a choice between the two: do we focus on the low-cost segment for the sake of easy jobs, or do we pursue the high-paying jobs at the expense of volume? Either way, this is something one needs to bear in mind and, after having made this decision, it is important to stay the course and trust the process.

Realistic and competitive rates are unlikely to be premium rates. To earn well translators need to offer a premium service at a premium rate, while ensuring a sustained output. It is a tricky balance. Don't be tempted to offer teaser rates to try to lure a big fish - they will expect them from you the whole time.

As nice as it is to suggest multiple services as a way to diversify income sources, many projects will require multiple services in the first place. The different areas of translations cited command vastly different rates in some locales and language combinations.

Diversify Your Clientele: While Upwork and many translation agencies have been fantastic platforms, consider diversifying your client base. This can include direct outreach to businesses, government agencies, or NGOs in need of translation services. A broader client portfolio can lead to more projects and better rates. Also, try to diversify learning new skills such as proofreading, subtitling, etc. Don't be afraid to explore other services you can offer, this will lead to many more possibilities.

Market your services everywhere because if people don't know who you are and what you have to offer, how will you get more and diversified clients? Promote yourself to the public, startups, companies, translation groups, government etc. You never know where the opportunities and income sources will come from but at least you will have done your part.

I'd contest whether quite a lot of CPD can really be considered an investment, since in many cases the return on that investment can be very difficult to see or quantify. Similarly equipment is hard to consider as an investment as it too is written off once it depreciates fully. I would proffer that one potential investment would be in a good desk (possibly an adjustable height one) and a good office chair: what they may save you in terms of reduced sick leave days and reducing lost earnings may be an excellent investment.

For freelance translators, staying updated and using the right tools is essential. To earn more, invest in your skills and tools. Keep learning about new trends and standards in your field. Enhance your skills through courses or certifications. Use software and apps for better productivity and quality. This investment makes you more professional and reliable, ultimately boosting your earnings.

It's quite important to stay informed and educated on the latest tools as well as resources available to produce better & quality content. Invest in those work tools and also keep on learning via online courses, webinars or conferences and not to forget Youtube tutorials along with tips & tricks!

It can be very difficult in certain fields of translation to build up a public portfolio or to publish testimonials - NDAs may restrict what can be shared. It may make sense to state the scope of "flagship" projects and broad subject areas. Blogging on areas of expertise can prove a useful way to highlight your reputation.

Improve Marketing and Branding: Creating a professional online presence is essential. A personal website or a well-crafted Upwork and LinkedIn profile can attract more clients. Sharing client testimonials and examples of your work can showcase your skills. Networking: Leveraging my extensive network within the translation industry has been a game-changer. Engaging with fellow professionals, attending industry conferences, and building valuable relationships has led to numerous opportunities. Word-of-mouth referrals can be a powerful source of new clients. LinkedIn, Upwork, TranslationDirectory, Proz, and many others are great places for networking.

Merely managing time and finances may not be enough. In addition you will also have to look after your wellbeing, to ensure that you do not become a victim of imposter syndrome, or are affected by burnout due to long hours coupled with a mentally demanding and potentially sedentary profession.

Efficient time management is crucial. With more than 12 years of experience, you understand the importance of meeting deadlines. Use tools and techniques to optimize your workflow and consistently meet client expectations. As a freelancer, there's nothing more difficult than to organize yourself and your time, so my recommendation is to prioritize time management as this will likely make your quality of life stress free.

Time and financial management are absolutely critical for success as a freelance translator. It’s essential to recognize that, in many ways, a freelance translator is running a business. The income you generate is not the same as the profit left after covering expenses. Understanding this distinction is vital. Many skilled translators struggle financially not because of their abilities, but due to poor management of time and money. Consider outsourcing tasks like accounting, which can be more cost-effective than trying to handle everything yourself. Focusing on what directly generates income while leaving specialized tasks to professionals can make a significant difference in your overall success.

Balancing work and money is vital for freelance translators. Keep track of your deadlines, quality, income, expenses, and taxes. This helps maximize your earnings. Set achievable goals and schedules, use helpful tools or software, and consider professional advice if needed. This balance ensures your success and financial well-being as a freelancer.

The issue of feedback is a contentious one, as frequently feedback is decidedly scant. If you deliver a translation that is fit for purpose, you will most likely receive little to no feedback. Similarly, the longer the chain of people involved in the translation process, the less likely you are to receive feedback from the person best qualified to provide the feedback. One approach you could take to obtain feedback would be to do a subject matter translation slam with other translators. You will be guaranteed to receive feedback.

Asking for feedback: If you're not asking for feedback from your clients, that would be your first mistake. The same goes for translation tests. You have to ask for feedback, and you have to understand that constructive criticism is normal, and that it helps your professional growth.

Specialize! Translating a bit from every field might make you some money, but think about the value you contribute to a project. Going niché used to be scary, now it's more sought out than ever. By getting specialized, you will be moving forward. Your clients will trust and respect you more because you will be consistent. Your prices will be worth paying because you will be an expert. You'll also be safer against AI developments. Specialization also means that you deal with similar types of content and clients. Your communication will be stronger, and you might just get faster in your work because you'll be in familiar territory. You know how generic MT engines don't really work? It's similar for language specialists of today.

A part from rendering other language services such as localisation, subtitling, editing, proofreading/reviews in addition to translation, been versatile in other fields of studies and/or human endeavours will add greatly to sources of additional income as translator. I am a trained scientist, journalist and language professional. My knowledge in sciences open doors for my being translator in field of medicine, environment, life sciences; and my training in journalism a waya for me to have a say in the field of humanitarian translation hence additional income source.

Focus on what you're really good at. Concentrate your efforts in the fields that match not only your qualifications but also your inclination. Overreaching into other fields and activities might be necessary at times but shouldn't be the rule. Fostering a real expertise in certain services and fields creates the building blocks for a solid reputation - an asset that always pays dividends. While consciously limiting certain aspects of your activity might feel restrictive, it will lead to greater quality and client appreciation. These factors are also key to justifying rates. Short-selling yourself will undermine long-term success. A precision- and quality-oriented focus in particular areas, however, produces sustainable results.

As a translator with more than 12 years of experience, my advice would be to diversify. For example, this year I started working as a LQA game tester, and subtitler. This has given more knowledge in other areas where I can offer services, which means more clients, more business, more earnings. Don't wait up to become what you want to be, take action now!