How To Start A Profitable Freelance Translation Business

How to Start a Profitable Freelance Translation Business
How to Start a Profitable Freelance

Translation Business
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 arent 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.
Whether youre a seasoned translator or youre 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.
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 youll
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 youve completed this exercise, you will use the skills youve 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.
Why You Should Specialize

I cant think of any freelance translator that has become successful without
specializing.
Specialists are sought after for their expertise. By using your industry
specific knowledge youll 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.
How to specialize your services
Not sure what your specialty is? First, go with what you know. Look back into your
educational training.
What
did you
Think of jobs
previous
jobs youve
heldindustries
and industries
What did you
major
in? major
Thinkin?previous
youve
held and
youve
in.starting
This is a good
when a
choosing
a specialty.
worked in. youve
This isworked
a good
pointstarting
whenpoint
choosing
specialty.
Passion
Knowlege
Specialization
Skills
Experience
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 youd like to do?
3. And what adds value to your clients?
You can have multiple specialties for your freelance translation
business, but make sure theyre not ambiguous.
As you choose a specialization, dont worry about "pigeonholing"
your freelance translation business. Specializing makes you an expert and
experts always make more money.
The Riches are in the Niches

When you think of all the potential clients that could use your translation
services, its incredibly tempting to want to advertise to all of them.
The last thing you want to do when youre new in business is to limit your
opportunities, but that is what you exactly must do! If you try to sell to
everyone, youll sell to no one.
Identify Your Potential Clients

By now youve already established what industry youll be specializing
in, its 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 youll be wasting
your precious time knocking on the wrong doors and selling to prospects
that dont 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.
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
youve selected has
1. The ability to pay for your services
2. The willingness to pay for your services
After youve verified that your niche has the ability and willingness to pay
for your services its time to locate them.
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, youll go after the prospects that
are in need of your services.
Getting paid what you are worth

As aGetting
freelancer paid
you have
the power
choose
not only how much you work,
what
youtoare
worth
but also how much you earn.
As a freelancer you have the power to choose not only how much you work, but also
how much you earn.
Determining your rates shouldnt be a guessing game. Take into account

yourDetermining
skills, knowledge,
expenses,
and be
profit
when calculating
your
your rates
shouldnt
a guessing
game. Take
intorates.
account your skills,
knowledge, expenses, and profit when calculating your rates.
Calculating your rate
Calculating Your Rate
Whether you are charging a flat fee, hourly fee, or per word you need to consider the
following before quoting clients:
Whether you are charging a flat fee, hourly fee, or per word you need to
Billable
consider
thetime
following before quoting clients...
Before you accept a project, find out how long it will take you to complete the
assignment. After all, time is money.
Billable Time
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 useit go
www.translatorsacademy.com.
Before
you accept
a project,
find
out
how long
willtotake
you to complete
the assignment. After all, time is money.

Business Expenses
Keep track of all expenses that go into a translation project for a client.
10 If the client
hasnt paid for expanses in advance, youll have to pay for it upfront and bill them at
a later date.
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 hasnt paid for expenses in advance, youll 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
11
Profit
Once youve 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 isnt
related to how much time a project is going to take to complete.
After youve estimated how much youre going to charge for a particular
project then you can add the profit percentage to the project fee.
12
Working Smarter Not Harder

Are you busy for the sake of being busy? If so, then youre 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 Paretos 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.
13
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 youll do less and get more done.
Trust me, those e-mails can wait
Get Organized
As a freelance translator youll wear many hats. Youre 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.
14
As a freelance translator youll wear many hats. Youre 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 doesnt end there. All of your time wont be billable. A sizeable amount
it doesnt
end there.
All ofHandling
your time
wont
be billable.
A sizeable
will beHowever,
devoted to
administrative
work.
these
tasks
is a necessary
part of
the business
likely
be done by you.
amountand
willwill
be most
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.
Fortunately,
there
are tools
to help
thetranslation
process and
boost your
For a list
of free tools
to better
manage
yousimplify
freelance
business
go to
www.translatorsacademy.com
efficiency.
For a list of free tools to better manage you freelance translation business go
to www.translatorsacademy.com
15
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 youll be able to run your business
remotely, free to work anywhere you please.
Setting Up Your Workspace
Ive 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
16
The New Mindset of Attracting Clients

When youre pitching to direct clients, all of your attention should be on
them. You dont 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 clients 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 youre going to set yourself apart from others and its a
simple and concise method of letting your prospects know about the
services you provide.
17
The Key to Differentiation and Generating Profit

Now that youve narrowed your specialty and can tell prospects what you
do, its 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.
18
19
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.
Yourself
Promote
So you can maximize your chances of success, learn how to sing your own
Some of us cringe at the thought of self-promotion, but it is an essential part of the

praises.
business.
Successful freelance translators are good at telling people what they do. So you can
maximize
your chances
learn
how to sing your own praises.
Generating
Word ofofsuccess,
Mouth
Marketing
Generating Word of Mouth Marketing
According to Jonah Berger, Associate Professor of Marketing at the Wharton
According to Jonah Berger, Associate Professor of Marketing at the Wharton School

School at the University of Pennsylvania, Word of mouth is the primary
at the University of Pennsylvania, Word of mouth is the primary factor behind 20
decisions.
factor behind
20 percent
50 percent
of all purchasing
percent
to 50 percent
of allto
purchasing
decision.
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. Its more persuasive.
2. Its more targeted.
20
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. Its more persuasive.
2. Its 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.
21
Create a Presence
As freelance translators we dont 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.
However, branding goes beyond that and covers both tangible and intangible
elements
of your
business.
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
22
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. Its 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.
23
Key Points
1. Evaluate your strengths and build on those skills to increase the
value of your business.
2. Specificity sells. To find your specialty, look into where your
passion, knowledge, experience, and skills meet.
3. Laser target your niche and then find solutions to their problems.
4. Get paid what youre 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, and
relevant software.
7. Adopt the new mindset of attracting clients by getting inside your
clients head.
8. Promote yourself and get more clients through word of mouth
marketing 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! Ive just showed you the basics of starting a profitable
freelance translation business. Now its 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/
24
If you liked the material, Id like to hear your feedback. Send me an email at
maryam@translatorsacademy.com, tweet me at Maryam_Abdi or say hello
on the Translators Academy facebook page.
25

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How to Start a Profitable Freelance Translation Business