how to start a profitable freelance translation … to start a profitable freelance translation...

How to Start a Profitable Freelance Translation Business

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The translation industry is one of the fastest growing fields and has been dubbed "recession proof" by Bloomberg Businessweek.

The United States Department of Labor reports that the “Employment of interpreters and translators is expected to grow 42 percent from 2010 to 2020, much faster than the average for all occupations.”

But the question is: if the translation industry is rapidly growing, then why aren’t more freelance translators getting their fair share of business?

That is where “How to Start a Profitable Freelance Translation Business” comes in. I wrote this guide to shorten your learning curve so you can get an edge in the industry and avoid some of the common mistakes freelance translators make.


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Whether you’re a seasoned translator or you’re just starting out, this guide is full of easy and actionable tips to help you start a profitable freelance translation business or restructure an existing one.

I want you to work smarter and not harder. This step-by-step guide will teach you the tricks of the trade and give you the tools needed to get ahead in the industry. You'll learn the essentials of running a successful freelance translation business.

Congratulations on taking a leap of faith and doing something your future self will thank you for.


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Discover your Strengths

Before you can start a profitable freelance translation business, you have to identify what you want to do and what you are qualified to do.

Get a good idea of the type of tasks you will excel in and the ones you’ll have to outsource.

First, grab a pen and notepad and take five minutes to write down your key strengths and all of the things you noticeably do well.

Sample Strength Evaluation list:

Negotiation Communication skills (written/verbal)

Problem-solving Creativity

Selling Project management

Next, find out how your best skills will benefit your clients. How will this address their concerns, problems, and goals?

Once you’ve completed this exercise, you will use the skills you’ve written down to market yourself and increase the value of your freelance translation business.

You want to emphasize your strengths instead of working on your weaknesses. Build on what you know so you can get ahead of the crowd.

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Why You Should Specialize

I can’t think of any freelance translator that has become successful without specializing.

Specialists are sought after for their expertise. By using your industry specific knowledge you’ll elevate the reputation of your freelance translation business and become the go to person.

Yet, many freelancers feel that specializing is counterintuitive and they're hesitant to specialize in fear of limiting their business.

Be a Specialist and Not a Generalist

Specializing increases your earning potential. Similar to doctors and lawyers, freelance translators that focus on a particular field or industry get paid more.

When you are experienced in translating a particular subject you can command higher per word rates.

Specializing has helped many freelance translators take their business to the next level and succeed.

How to Specialize Your Services

Not sure what your specialty is? First, go with what you know. Look back into your educational training.


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What did you major in? Think of previous jobs you’ve held and industries you’ve worked in. This is a good starting point when choosing a specialty.

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Why You Should Specialize

I can’t think of any freelance translator that has become successful withoutspecializing.

Specialists are sought after for their expertise. By using your industry specificknowledge you’ll elevate the reputation of your freelance translation business andbecome the go to person.

Yet, many freelancers feel that specializing is counterintuitive and they are hesitantto specialize in fear of limiting their business.

Be a specialist and not a generalist

Specializing increases your earning potential. Similar to doctors and lawyers, freelance translators that focus on a particular field or industry get paid more.

When you are experienced in translating a particular subject you can commandhigher per word rates.

Specializing has helped many freelance translators take their business to the nextlevel and succeed.

How to specialize your services

Not sure what your specialty is? First, go with what you know. Look back into youreducational training.

What did you major in? Think previous jobs you’ve held and industries you’veworked in. This is a good starting point when choosing a specialty.

Passion Skills

Knowlege Experience

Specialization

The Three Spheres

Another technique you can use to develop a specialty is what I call the “Three Spheres.”

Ask yourself:

1. What you're good at?2. What you’d like to do?3. And what adds value to your clients?

You can have multiple specialties for your freelance translation business, but make sure they’re not ambiguous.

As you choose a specialization, don’t worry about "pigeonholing" your freelance translation business. Specializing makes you an expert and experts always make more money.


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The Riches are in the Niches

When you think of all the potential clients that could use your translation services, it’s incredibly tempting to want to advertise to all of them.

The last thing you want to do when you’re new in business is to limit your opportunities, but that is what you exactly must do! If you try to sell to everyone, you’ll sell to no one.

Identify Your Potential Clients

By now you’ve already established what industry you’ll be specializing in, it’s now time to identify your ideal client and where they look to find solutions.

Do they turn to search engines? Ask for referrals? Read industry magazines? You want to be as specific as possible.

Learn as much as you can about your potential clients, or you’ll be wasting your precious time knocking on the wrong doors and selling to prospects that don’t need your services.

Time is money and the last thing you need to do is spend countless hours only to get rejected continuously.

Laser Target Your Niche

In order for you to find out what your clients need, first you have to find out who they are.


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Learn as much as possible about your prospects. Find out who your ideal client is by using the following criteria:

Demographics: Age, gender, income Psychographics: Preferences, priorities, personality Behavior: hobbies, pastime actives, similar likes and dislikes

So you can maximize your chances of success ask yourself if the group you’ve selected has…

1. The ability to pay for your services2. The willingness to pay for your services

After you’ve verified that your niche has the ability and willingness to pay for your services it’s time to locate them.


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Locating Your Niche

Where do your clients go to spend their time? Where do they go to find solutions to their problems?

Do they spend their time online or offline? Do they read on their spare time? If so what papers or magazines? Where do they hangout?

By finding the answers to these questions, you’ll go after the prospects that are in need of your services.


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Getting paid what you are worth

As a freelancer you have the power to choose not only how much you work, but also how much you earn.

Determining your rates shouldn’t be a guessing game. Take into account your skills, knowledge, expenses, and profit when calculating your rates.

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Getting paid what you are worth

As a freelancer you have the power to choose not only how much you work, but alsohow much you earn.

Determining your rates shouldn’t be a guessing game. Take into account your skills,knowledge, expenses, and profit when calculating your rates.

Calculating your rate

Whether you are charging a flat fee, hourly fee, or per word you need to consider thefollowing before quoting clients:

Billable time

Before you accept a project, find out how long it will take you to complete the assignment. After all, time is money.

The hourly rate will be the basis of your per word or flat fee you charge for projects. To calculate your rate with the formula I use go to www.translatorsacademy.com.

Business Expenses

Keep track of all expenses that go into a translation project for a client. If the client hasn’t paid for expanses in advance, you’ll have to pay for it upfront and bill them at a later date.

Calculating Your Rate

Whether you are charging a flat fee, hourly fee, or per word you need to consider the following before quoting clients...

Billable Time

Before you accept a project, find out how long it will take you to complete the assignment. After all, time is money.


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The hourly rate will be the basis of your per word or flat fee you charge for projects. To calculate your rate with the formula I use go to www.translatorsacademy.com.

Business Expenses

Keep track of all expenses that go into a translation project for a client. If the client hasn’t paid for expenses in advance, you’ll have to pay for it upfront and bill them at a later date.

For example, if you were an interpreter that has to go out of town for an assignment, this would include your parking, lodging and transportation fees.

Overhead

We all have bills to pay. The overhead includes everything you need to run the business.

If you have a home based office some of your overhead will be your rent, Internet, and phone bill.

The following are other overhead fees that are important to consider:

Marketing Accounting Office equipment Health Insurance Software expense Sick/Vacation time


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Profit

Once you’ve calculated the overhead it is time to ask yourself the next question: How much profit do you want to earn?

The percentage you're going to charge for the profit is up to you and isn’t related to how much time a project is going to take to complete.

After you’ve estimated how much you’re going to charge for a particular project then you can add the profit percentage to the project fee.


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Working Smarter Not Harder

Are you busy for the sake of being busy? If so, then you’re not the only one. According to scientific studies, human beings have a desire to be busy all the time.

But, before you fill up every minute of your day reading emails and writing a to-do list you should instead try to accomplish more by doing less.

Quadruple Your Productivity with the 80/20 Rule

The 80/20 rule, also know as Pareto’s Principle, states 80 percent of your outcomes stem from 20 percent of your inputs.

In regards to productivity, this essentially means that 20 percent of what you do each day yields 80 percent of your results.

Any more work beyond the 20 percent will have a minimal effect on your overall productivity level.


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A Lack of Time is a Lack of Priorities

The objective is to free up your time, so you can spend it as you like. Start prioritizing and identify the critical tasks that will boost your income.

Next, set clear deadlines to focus on the important work to be completed. This ensures that you’ll do less and get more done.

Trust me, those e-mails can wait…

Get Organized

As a freelance translator you’ll wear many hats. You’re going to be the accountant, project manager, marketer, and more.

For that reason, getting organized is essential to the success of your freelance translation business.


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However, it doesn’t end there. All of your time won’t be billable. A sizeable amount will be devoted to administrative work. Handling these tasks is a necessary part of the business and will most likely be done by you.

Fortunately, there are tools to help simplify the process and boost your efficiency.

For a list of free tools to better manage you freelance translation business go to www.translatorsacademy.com

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Trust me, those e-mails can wait…

Get organized

As a freelance translator you’ll wear many hats. You’re going to be the accountant,project manager, marketer, and more.

For that reason, getting organized is essential to the success of your freelance translation business.

However, it doesn’t end there. All of your time won’t be billable. A sizeable amount will be devoted to administrative work. Handling these tasks is a necessary part of the business and will most likely be done by you.

Fortunately, there are tools to help simplify the process and boost your efficiency.

For a list of free tools to better manage you freelance translation business go to www.translatorsacademy.com


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Remote Office Essentials

The Internet has simplified the way we do business. The world is at your fingertips and you can work with clients anywhere on the globe.

For that reason, your headquarters will most likely be in the comfort of your own home. The majority of the time you’ll be able to run your business remotely, free to work anywhere you please.

Setting Up Your Workspace

I’ve listed some essential items needed to run your small business, including, but not limited to:

A good desk Desktop [preferably] Ergonomic Keyboard Ergonomic chair Cell phone/Land line Copier/printer/scanner [in one] Online fax service Relevant software


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Remote Office Essentials

The Internet has simplified the way we do business. The world is at your fingertips and you can work with clients anywhere on the globe.

For that reason, your headquarters will most likely be in the comfort of your own home. The majority of the time you’ll be able to run your business remotely, free to work anywhere you please.

Setting Up Your Workspace

I’ve listed some essential items needed to run your small business, including, but not limited to:

A good desk Desktop [preferably] Ergonomic Keyboard Ergonomic chair Cell phone/Land line Copier/printer/scanner [in one] Online fax service Relevant software

The New Mindset of Attracting Clients

When you’re pitching to direct clients, all of your attention should be on them. You don’t want to appear self-serving by only talking about yourself.

Your prospects only care about how you can solve their problems and help them attain their goals.

Get Inside Your Prospects Head

What are your client’s goals? What are they trying to achieve? What are their pains and problems?

Do your homework and learn as much as you can about your prospects. Look through their marketing collateral and their websites.

Pay attention to the industry specific terminology they use. Use some of this language in your sales material.

Unique Selling Proposition (USP)

How are your services different from what other freelance translators are providing? What are your specialties?

Example: I specialize in providing interpreting services for attorneys in personal injury and wrongful death cases.

This is how you’re going to set yourself apart from others and it’s a simple and concise method of letting your prospects know about the services you provide.


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The Key to Differentiation and Generating Profit

Now that you’ve narrowed your specialty and can tell prospects what you do, it’s time to explain how your services can benefit them by crafting a client value proposition [CVP].

Your offering has to be results oriented. Describe how your services deliver tangible outcomes.

Do your translation services minimize risk? Increase profit? Decrease costs? Increase their share of the global market?

Incorporate some of the information you've gathered from the prospect's website and marketing collateral and present a solution.

Sample CVP

My translation services help law firms like William Landry & Platt, LLP produce an outstanding resolution for each legal case by helping attorneys efficiently communicate with their limited English proficient clients.

After working with my business, one well known law firm was able to aggressively pursue the legal interest of their limited English proficient client and recover the maximum compensation without linguistic and cultural barriers getting in the way.


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Promote Yourself

Some of us cringe at the thought of self-promotion, but it's an essential part of the business.

Successful freelance translators are good at telling people what they do. So you can maximize your chances of success, learn how to sing your own praises.

Generating Word of Mouth Marketing

According to Jonah Berger, Associate Professor of Marketing at the Wharton School at the University of Pennsylvania, “Word of mouth is the primary factor behind 20 percent to 50 percent of all purchasing decisions.”

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Promote Yourself

Some of us cringe at the thought of self-promotion, but it is an essential part of the business.

Successful freelance translators are good at telling people what they do. So you can maximize your chances of success, learn how to sing your own praises.

Generating Word of Mouth Marketing

According to Jonah Berger, Associate Professor of Marketing at the Wharton Schoolat the University of Pennsylvania, “Word of mouth is the primary factor behind 20percent to 50 percent of all purchasing decision. “

Word of mouth can help your freelance translation business get new clients fromyour existing ones.

This is more effective than other methods of marketing because…

1. It’s more persuasive.2. It’s more targeted.


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Why is this important? That is because word of mouth can help your freelance translation business get new clients from your existing ones.

This is more effective than other methods of marketing because…

1. It’s more persuasive.2. It’s more targeted.

How to Get More Clients

Referrals are a powerful way to get more business. Anytime you get a client, ask them how they found you and chances are they were most likely referred.

It's more expensive and time consuming to seek out new clients. Referrals are the best way to generate business with little effort.

To get tested scripts for referrals that I use for my freelance translation business go to www.translatorsacademy.com

Social Proof

If a client shares encouraging words about your business with you, ask them to write their experience down, so you can produce a testimonial.

You can only toot your own horn so much. Testimonials are social proof and by displaying what clients say about your services on your website and marketing collateral you can get prospects to trust your business.


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Create a Presence

As freelance translators we don’t have a lot of money set aside for marketing expenditure. The good thing is marketing your services doesn't have to cost an arm and leg.

Identity

Creating a brand is essential for your freelance translation business. The first thing we think of when we hear branding is a logo.

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However, branding goes beyond that and covers both tangible and intangible elements of your business.

Examples of tangible and intangible elements of a brand are…

Tangible

• Logo• Business cards• Typography• Color palette

Intangible

• Image• Message• Promise

Positioning Your Brand

Strive to be unique so you can stand out from the crowd. It’s easy to get lost amongst other freelance translation businesses when you are offering the same services.

However, branding goes beyond that and covers both tangible andintangible elements of your business.


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Examples of tangible and intangible elements of a brand are…

Tangible

Logo Business cards Typography Color palette

Intangible

Image Message Promise

Positioning Your Brand

Strive to be unique so you can stand out from the crowd. It’s easy to get lost amongst other freelance translation businesses when you're offering the same services.

Competing on the same qualities will only commoditize your services. What you should do instead is break away from the competition.

First, focus on three unique factors that will differentiate you from other freelance translation businesses.

Ask yourself: What are three words you would use to describe your translation business? What do you want to be known for? Stand out from the crowd by branding yourself.


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Key Points

1. Evaluate your strengths and build on those skills to increase thevalue of your business.

2. Specificity sells. To find your specialty, look into where yourpassion, knowledge, experience, and skills meet.

3. Laser target your niche and then find solutions to their problems.4. Get paid what you’re worth by putting considerable thought into

your rate calculation, billable time, overhead, business expenses,and profit.

5. Work smarter and not harder by leveraging the 80/20 rule.6. Set up your remote office with the following essentials: A good

desk, desktop, ergonomic keyboard, ergonomic chair, cell phone/land line, copier/printer/scanner [in one], online fax service, andrelevant software.

7. Adopt the new mindset of attracting clients by getting inside yourclients head.

8. Promote yourself and get more clients through word of mouthmarketing and referrals.

9. Create an identity before you communicate with clients.10. Position your brand by focusing on three unique factors that will

differentiate you from other freelance translation businesses.

There it is! I’ve just showed you the basics of starting a profitable freelance translation business. Now it’s time to take action and implement the strategies of this quickstart guide.

Do you know someone that will find this guide useful? If so, send them this link: http://www.translatorsacademy.com/free-report/


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If you liked the material, I’d like to hear your feedback. Send me an email at [email protected], tweet me at Maryam_Abdi or say hello on the Translators Academy facebook page.

how to start a profitable freelance translation … to start a profitable freelance translation...

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