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Freelancing

Aug 22 2008
Corinne McKay

Some thoughts on financial solvency

Beth Hayden’s blog on blogging recently led me to a fantastic blog on personal finance, Get Rich Slowly (isn’t that a great title?). Although this blog is obviously not related to translation or even specifically to self-employment, it’s loaded with great advice for people in all types of financial situations; and of course, a big part of sustaining your translation business is managing your money.

In addition, I was pretty captivated by an article in the New York times last April, Don’t Hate Me Because I’m Solvent, which addresses some of the same topics.

Both of these items highlight that financial solvency is all about priorities and choices, which I think are very important concepts to most freelancers. In the case of our household, we are extremely frugal about many things; we probably average one dinner out per month, our house holds the distinction of containing not one item (excluding mattresses) of furniture that was purchased new, and we recently upgraded our only car after it reached age 17 and 224,000 miles. However, sports/outdoor equipment and travel are big priorities for us; at last count I think we collectively owned 13 pairs of skis and 7 bicycles, and we travel extensively, both around our home area and outside the U.S.

In large part, this is because when my husband and I decided that we both wanted to work as freelancers, we also resolved that we would never carry any debt other than one mortgage, and that we wouldn’t use self-employment as a rationale for going deeper into debt. So, over the years we’ve had to prioritize; a new couch might add some pizazz to our living room, but is it a better choice than a plane ticket to Mexico? Get Rich Slowly (which I wish I had known about when I first started freelancing!) offers some great tips on how to sustain this kind of financial strategy, including how to save money on your hobbies (maybe I should Craigslist some of those skis?) and how to avoid the psychological trap of spending more when you use credit cards. Give it a look!

Written by Corinne McKay · Categorized: Freelancing, Money

Aug 22 2008
Corinne McKay

Hire yourself

An excellent piece of advice that I’ve seen in various places (such as the Business Smarts column in the ATA Chronicle) is for self-employed freelance translators to “think of yourself as your own employee.” Taking a third-person look at your business, as if you’re the boss and some other person is the employee, is a great way to keep your productivity and motivation up and help yourself avoid burnout. Following are a few tips that may help:

  • Emulate your best boss. If you’ve ever had a boss who you really liked, think of what made that person so good to work for and treat yourself the same way. In my case, this was a boss who held employees to very high standards at work but insisted that everyone needed a fulfilling life outside of work. This boss was uncompromising about the quality of our work, but also forbid us to work past 4:00 on Fridays, which was a good lesson in the “smarter not harder” strategy.
  • Use objective measures to review your performance. Rather than praising or lambasting yourself based on your unscientific impression of how you’re doing, gather some data. How much of your work comes from repeat business, indicating that clients are happy with your work? How often do clients contact you with questions or corrections? Have you missed any deadlines? How much of your new business comes from word of mouth, indicating that you are building a good reputation for yourself? Are you earning enough income for the amount you are working? Are you expecting too much from too little marketing effort?
  • Objectively track your commitments. As a freelancer, the temptation to take on more and more work (thus earning more and more money) is always there, but we also know that work overload leads to poor quality which leads to a lack of repeat business. To keep this impulse in check, keep a list of the number of words or hours of work that you are committed to, just as a boss would track what employees are working on. For more on this, see Jill Sommer’s post on job tracking systems.
  • Give yourself as much interesting work as you can. In surveys about what employees want from their jobs, interesting work consistently ranks above a high salary. Admittedly, a lot of what we translate isn’t scintillating to read, it’s just the documents that make up the everyday worlds of business, medicine, finance, law, etc. However, it’s worth trying to find an intersection between what you like to work on and what clients will pay for; if the specialization you really love doesn’t pay well, think of a next-best option. For example, if you would really like to translate literature, think about contacting non-fiction book publishers. If your real passion is art history, maybe a local museum could use your services to translate its art loan agreements.
  • Reward yourself unexpectedly. Books like Punished by Rewards have made the case that incentive plans and pay-for-performance schemes don’t work, so when you act as your own boss, avoid setting up this type of system. Instead, infrequently and spontaneously reward yourself for good performance with an item or an experience that is really valuable to you.
  • Plan for your future. One of the most important things that a boss does is to set you up for professional, personal and financial growth. When you hire yourself, set up a fund for continuing education and professional development; contribute consistently to a retirement plan; look over your health insurance policy yearly and make sure you’re getting good coverage for your money
  • Give yourself a pleasant working environment. You would despise a boss who made you come to work in a dark and depressing office with an out of date computer setup and potato chip bags on the floor, so don’t do this to yourself. Make your office a place where you feel comfortable and where you can work effectively.

Written by Corinne McKay · Categorized: Freelancing

Aug 20 2008
Corinne McKay

Online translation income calculator

Thanks to ATA member Dorothee Racette for sending the link to the new income calculator on the ATA website. This is a helpful tool that allows you to calculate your monthly and annual gross translation income based on how much you work and how much you charge.

The income calculator is good food for thought on a variety of fronts, because it’s always important to be thinking about translation rates. Also, I think that while of course we all want to avoid antitrust and price-fixing violations, it’s important to talk to other translators about rates too.

First, if you do an income calculation and feel that you will be earning too little, I think it’s almost always more effective to look for new and better paying clients than to try to convince your existing clients to pay you more. If you’ve been working for a client for a number of years and they are happy with your work, they might go along with a raise of a few cents per word, but it’s unlikely that they will willingly go along with a raise from 14 cents a word to 20. Likewise, if your target income level prices you out of the rate range that most translation agencies will pay, you simply have to start marketing yourself to direct clients, rather than looking for a few elusive agencies that will pay very high rates.

Second, don’t get fixated on the per-word rate when what really matters is the hourly rate. You can afford to take a lower hourly rate on a project where you produce 600 finished words per hour than on a project where you produce 400 translated words per hour, so focus on your hourly or daily earnings rather than on the per-word rate.

Third, don’t underestimate what your services are worth when you market to direct clients. A customer who wants to be your “drop everything” client should be willing to pay a “drop everything” rate. In this 2004 article from Business Week, well-known French to English translator Chris Durban comments that “The problem with most translators is that they make themselves too small. They have stuck with 12 cents a word for far too long. The top of the market is 50 cents or 60 cents a word — and it’s empty! There is very little competition at that level.” While I haven’t yet had the courage to ask a direct client for 50 cents per word, I know a number of highly skilled translators who are very busy at 25-40 cents per word.

So, however you calculate your income, make sure that you are basing your rates on objective data; the online income calculator is a great way to do that!

Written by Corinne McKay · Categorized: Freelancing, Translation industry news

Jul 16 2008
Corinne McKay

Some thoughts on translation specializations

One of the issues with which beginning translators most frequently struggle is specializing: what to specialize in, how to decide what to specialize in, what the most/least requested specializations are, how important it is to specialize, etc. While there aren’t too many hard and fast rules when it comes to translation specializations, here are a few general guidelines.

  • The larger the language, the greater the need to specialize. Here in the U.S., translators in smaller-diffusion languages like Finnish or Thai often don’t need to specialize at all, because there are so few of them that specializing would be impractical. On the other hand, French, German and Spanish translators must specialize in order to find a niche in a rather large market.
  • Pick a specialization that you enjoy researching. This advice comes from Jill Sommer, who teaches in the graduate translation program at Kent State, and I agree completely. Think about picking up a news magazine; which section are you most likely to read first? Business? Finance? Health? Technology? Any area that you enjoy learning more about is a potential specialization.
  • Realize that for better or for worse, many translators are self-taught in their specializations. Many people seem daunted by the idea of specializing, fearing that they need to go back to school and get a nursing degree to be a medical translator, or become a paralegal to be a legal translator. Certainly, many translators do have a strong background in their areas of specialization, and if you come into the field as a former financial analyst, physician or attorney, you are likely to command a higher income than a translator who learned that terminology on the job. But if you’re entering the market with a general liberal arts background, don’t be intimidated by the idea of selecting a specialization.
  • Oddly enough, specialization can lead to more work rather than less, as clients think of you as the go-to person for documents in your area of expertise. Also, as several people have commented on this blog, one way to make more money as a freelance translator is to work faster, and the better you know the terminology of the documents you work on, the faster you can translate.
  • While it’s theoretically possible to specialize in almost anything (I’ve met translators specializing in horses, philately, and fisheries, to name a few), you’ll probably want to pick an area that you know is in demand. A few such domains would be medicine, medical instrumentation, pharmaceuticals, law, finance, automotive, computer hardware and software, engineering, environmental science, patents, advertising, technology, the hard sciences and general business documents.
  • Consider delving deeper into a specialization that you enjoy. A great way to position yourself ahead of your competition is to take courses in the terminology of your specialization, or to spend a day at a place of business or an industrial facility that works in your specialization, then let your clients know about it!

Written by Corinne McKay · Categorized: Freelancing, Translation quality

Jul 08 2008
Corinne McKay

A little bit of this, a little bit of that

Gabe Bokor’s blog post “Specialist or Generalist” gives some excellent insights into the fact that translators need to be both specialists and generalists. Gabe gives the example of a medical translator who also needs to be familiar with electronic instrumentation, or an environmental translation project that might also include subjects like chemistry and meteorology. I think that Gabe’s point holds true for most translation specializations, and emphasizes the need for all of us to be well-informed about a range of topics that are seemingly unrelated to our stated specializations.

In the case of legal translation (so to speak!), high-level lawsuits are about laws. That’s how you end up with the late Anna Nicole Smith at the Supreme Court. When Justice Ruth Bader Ginsburg wrote that opinion, the primary issue before the Court wasn’t whether Anna Nicole was entitled to her late husband’s vast fortune, but whether state probate courts have the authority to oversee wills and the execution of estates. In other words, a legal question.

However, lower-level lawsuits don’t deal with the intricacies of the law so much as they deal with a specific factual question. Did the landlord know about the asbestos-laden tiles when he put the office building up for rent? Was the employee fired because she was a woman, or because she didn’t produce results? Did the company increase its cash reserves to deliberately mislead investors? And how thick was the sheet metal on the hull of the ship that sank? So, although a legal translator certainly has to be familiar with legal terminology, the translator also learns something about a very wide range of topics along the way.

Likewise, patent translation deals partially with the terminology specific to patents, like inventive step and prior art and the European Patent Office Oppositions Division, but a patent is also about something, like a car part or a cancer drug or an ergonomic computer mouse. So, the “patent translator” may be what we would call highly specialized, someone who translates nothing but patents, while in reality the translator works in a new “specialization” nearly all the time.

To me, this aspect of translation work is one of the most interesting. Although about 60% of my work is discovery documents for corporate lawsuits, these lawsuits involve something different nearly every time. So, instead of feeling like “same old, same old,” this variety keeps things fresh!

Written by Corinne McKay · Categorized: Freelancing

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