As a rule, when the translators start working as freelancers, they are very excited about changes in the career path. They enjoy working with a flexible schedule and spending more time with friends and family. However, inexperienced freelancers also face some difficulties, when it comes to the setting a selling price of their services.
If you have recently become a freelancer, and don’t know how to calculate your ideal translation rate, check out the following useful tips. There are a few ways, which can help you to charge an above-market price and to grow your monthly income.
Focus on the most profitable language pair
By Pick Writers translation rates always depends on the source language and target language. The cheapest languages to translate are Spanish, English, Arabic, Mandarin, Italian, and French. The most expensive languages are Norwegian, Swedish, Icelandic, Finnish, and Korean.
For this reason, if you are Italian and Finnish languages specialist, you should set two different translation rates. If you charge $0.10 per Italian word and, you can request up to $0.20 per Finnish word. So, if you want to maximize your income, you should focus on the language pairs, which are in high demand and low supply.
Be an expert in your niche
If you are a true professional, you can be sure that above-market translation rate will not scare your clients away. Reputable companies are ready to pay high prices to get a high-quality translation. So, you should use your vast experience as a tool to beat the competition.
However, if you want to become a successful freelancer, don’t pretend to be a superhero, who can translate any documents: everything from business plans to technical instructions. It would help if you chose the role of an expert in one specific niche, which matches your background and experience. If you focus on finding clients in one concrete industry: electrical, automotive, engineering, technical, IT, energy, or aviary, you will significantly boost your efforts.
Work unsocial hours
As a freelance translator, you can charge in twice more for urgent orders. If a client asks you to work 12 hours a day to translate 9,000 words, you should set a rush rate. For instance, if you usually work only 8 hours a day and your basic translation price is $0.10, then rush rate can be around $0.20.
You shouldn’t feel ashamed to ask your regular clients to pay a higher price when you are forced to work unsocial hours. When you put more efforts, you should get higher returns. That’s absolutely fair!
However, if you are a beginner translator, don’t hurry to accept any urgent orders. If you lack professional experience, it’s unlikely that you will be able to complete the task successfully. If you fail to submit an order on time, you will get a negative review, which will lower your chances to land a high-paying client in the future.
Upgrade your professional skills
Competition among freelance translators is tough. So, if you want to charge more than $0.10 per word, you should prove that you are an outstanding language specialist.
It’s impossible to become an overeducated person, so you should take a concept of continuous learning seriously. You should attend courses, workshops, and training, which can help you to boost your translation speed and improve overall performance. If you want to set an above-market translation price, be ready to provide your customers with recently obtained certificates and diplomas.
Target wealthy clients
The last, but not the least important factor, which influences the translation cost is the purchasing power of your clients. You should clearly understand who will buy your services and what price they will be ready to pay.
For example, if you translate English into French and back, your services will be in demand in developed countries like France, Belgium, and Canada, as well as in developing countries like Côte d’Ivoire and Madagascar. If you are going to target developed regions only, you can set a higher translation rate.
Working as a freelancer, you can set any translation price, which you find appropriate. If you are an expert in your niche, you will always find new clients, no matter how much you charge.
So, don’t be afraid to overprice your services. Your hard work must be rewarded with high returns.