Time management strategy: look at your rates

Here’s a time management strategy that, at first glance, doesn’t seem like a time management strategy. Make sure that you set your translation rates so that you have enough time for non-billable work. If you’re looking for the sound-bite version of this concept, you can stop reading! Otherwise:

This came to me while I was prepping for the work-life balance panel that my friend and colleague Eve Bodeux moderated at last year’s ATA conference in Chicago. I do a lot of work-related things that are not billable: of course marketing, accounting, billing and other administrative work, but I also spend a lot of time on work for the ATA Board, writing this blog, working on books and articles, presenting webinars, participating in professional development training and so on. Other translators ask me about this a lot. “Do you ever actually translate?” “Does your family know what you look like?” “Do you sleep three hours a night?” The answers to those questions are Yes, Yes, and No (I sleep almost as much as our cat does!) so here’s the trick.

I set my translation rates so that I can earn my target income if I am *actually translating* 20 hours a week. I’m a pretty fast translator, so I usually estimate that I can produce 500 finished words per hour including proofreading. I like to be able to take six weeks of vacation per year. So I look at my total output: say 20 hours times 500 words times 46 weeks=460,000 words. Then I take my target income, divide it by 460,000, and that tells me the average rate I need to charge in order to reach my target income. Then, and this is very important, *I do enough marketing that I have enough work at that rate, essentially all the time.* It’s definitely one of those “sounds simple, gets more complex when you try to do it” concepts, but I do think that at least having that calculation in your head is helpful. If you’re working for rates such that you have to translate 40 hours a week to reach your target income, either you’re going to end up working 60 or 70 hours a week and probably burning out, or you’re going to end up letting the non-billable work slide. No marketing, no training, no networking, equals a business that is potentially dying and at the least becoming stagnant. So, don’t do that. Step one: figure out what rate you need to charge in order to have enough time for non-billable work. Step two: market as assertively as you need to in order to fill your inbox with work at that rate.

13 Responses to “Time management strategy: look at your rates”
  1. Caroline Lakey February 10, 2015
    • Corinne McKay February 12, 2015
  2. Jayne Fox February 10, 2015
    • Corinne McKay February 12, 2015
  3. Julia Maitland February 10, 2015
    • Corinne McKay February 12, 2015
  4. J. Cohen Media February 10, 2015
    • Corinne McKay February 12, 2015
      • Jen Brickner June 29, 2015
  5. ktkaczyk February 10, 2015
    • Corinne McKay February 12, 2015