In the past few days, I have had several conversations with fellow (experienced) freelancers that went sort of like this:
“Until the past month, when I had a slow day or two, I actually enjoyed it. I would clean the house or catch up on my admin work or get together with friends. Now if I have a slow day I start to panic; I start thinking about what’s going to happen to my business if one of my major clients goes under…”
Unless you don’t read, listen to or watch the news, it’s impossible not to be a little on edge about the U.S. economic situation these days. While it seems that the bottom is unlikely to fall out of the translation market any time soon, some of us will surely see a major client declare bankruptcy or be bought out by a larger company. Here are some tips for eliminating that panicky feeling:
- Diversify. If there’s ever been a time to avoid having all of your eggs in one basket, it’s now. Mix it up: agencies, direct clients, revenue streams other than direct income from translation (i.e. teaching classes, writing articles, copy editing, etc.). If you earn a large percentage of your income from one or a few clients, think about branching out.
- Be a little more cautious than usual. I’ve started checking all of my clients on Payment Practices; I always did this for new clients, but now I do it for established clients too. As I wrote about last week, I’m now asking for some form of advance payment from all new clients who are not either ATA members or rated on Payment Practices; individuals must pay 100% in advance.
- Have a plan B in place. Don’t think of losing a major client as a catastrophe of unequaled proportions; strategize about what you’ll do if/when it happens.
- Spruce up your marketing materials. Now is the time that you want to be able to jump on a good opportunity when it arises. Update your résumé, cover letter, website, LinkedIn profile, ATA directory profile, etc.
- Widen the net. Amid news of financial bailouts, corporate bankruptcies and the plunging stock market, it’s easy to think that it’s gloom and doom all over the world. Not so, says the news. For example, a recent article in The Gazette highlighted the plight of Canadian textbook publishers, who can’t find enough French to English translators to get their books out on time.
- Market to industries that have to translate. Some industries may have the option of cutting or eliminating translation costs, but others (law, financial services and pharmaceuticals come to mind) don’t. Industries like this, especially if government regulations require them to provide their own translations, are excellent places to look for new clients.
Judy Jenner says
Very great point about diversifying — I have also talked with many fellow translators about that. Doing some freelance writing if one has experience in that area also is a great additional source of income, although oftentimes not very highly paid.
Of course, at this point in this bleak economic week, we are all a bit nervous about the economy and about how it will affect us. Time will tell — but I do have a feeling that some sectors are more recession proof than others in terms of translation. I totally agree with you, Corinne, and think that some industries (travel, tourism, perhaps luxury items) will probably see decreases in their desire/need to outsource any work that isn’t survival-related. Of course, if you are a German airline trying to break into flights from/to Spain, translation is survival-related, but that might be an exception. Here in Vegas, I am afraid that many casino operators will put their Hispanic marketing strategies on the back burner, which won’t be good for the Spanish translators in the state. Ergo, good advice on diversifying!
For the record, here in Las Vegas we have now come to the realization, despite many speculations to the contrary, that our beautiful city and its economy are not recession proof. It’s no surprise that people are traveling less.
MT says
This is very sage and needed advice: panic is the last thing a freelancer can afford. You really do just have to keep cool and keep taking advantage of work-free days the same as if work were pouring in.
The fact is, as an American translator, the weak dollar is our friend since it makes American translators VERY affordable to industries and agencies abroad. Leverage this fact. Consider this: if you charge $0.12 per word, that is only 0.08 euros, $0.12 (CAD), and 12 yen (as of today). I mean, wow–what a bargain we are! 🙂
Corinne McKay says
@Judy, you’re exactly right that the outlook depends a lot on your specializations. If you do a lot of work for a client or an industry that can potentially cut costs by eliminating or cutting back on translation, it’s a good time to spiff up your resume. Here in Colorado I am betting that the ski industry, as you commented about Vegas, is not recession-proof, and that it too will be cutting back on things like non-English marketing.
@MT, thanks for pulling everyone off the ledge 🙂 I think you’re right that for people who are feeling nervous, the best marketing prospects are clients in countries where the dollar’s value is steadily sinking; and you’re right, for those people, we’re really cheap!
Cortez says
That’s exactly what I’m doing, diversify the activities makes me forget my concern…
Jon @ ALTA says
We’re looking on the bright side too! Great article!
I am a says
Only a smiling visitant here to share the love (:, btw outstanding style and design.