Do you dream about leaving your office job to become a freelance translator? And what is a major reason, which stops you from making your dream come true? Most of the office workers say that they are afraid to lose a stable income.
The truth is that a qualified freelance translator can earn as much as in-house translators or even more. If you set an adequate translation rate, you will get enough orders to achieve your profit goal. If you wonder how to price your services, check the following useful tips.
Decide how to charge
Working as a freelancer, you can charge payments in a few different ways. You can set the following translation rates:
- Rate per word
- Rate per hour
- Rate per project
- Rate per page (number of words per page should be mentioned in the contract)
It all depends on your preferences as well as on requirements of your client. If you translate texts fast, it’s better to choose the rate per word. But if you are going to work on a complex project and translation will take you more time than usual, you should charge rate per hour.
Calculate your target income
You can price your freelance translation services higher or lower depending on the income you aim to get. Whether you are going to work full-time or part-time, you should clearly understand how much money you want to earn monthly and annually. According to PickWriters the optimal translation cost answers the following questions:
- What is your monthly target income?
- How many hours per week are you going to work?
- How fast do you translate texts? How many words do you translate per hour and per day?
Let’s consider an example: you want to earn $5,000 per month and work seven hours a day and five days a week. If you solve this simple equation, you will find out that you need to charge $34 per hour.
But keep in mind that you will also spend extra hours promoting your services, getting new orders, and communicating with your clients. For this reason, you should add 5-15% to the rate to cover the time spent on tasks other than translation.
If you prefer to set the rate per word, you should take the speed of your performance into account. According to this example, if you translate 300 words per hour, the price of your services will be around $0.13 per word.
Add freelance platform fee
If you collaborate with your clients via freelance websites, don’t forget that you should pay a small commission. As a rule, most of the platforms charge a transactional fee every time you get a payment.
For instance, PeoplePerHour charges £0.6+10%, Upwork – from 5% to 20%, and Freelancer –10% or $5.00, whichever is greater. Don’t forget to include this cost to your translation rate. Otherwise, you will not be able to achieve your target income.
Take into account the rush charges
Are you ready to work unsociable hours? If your answer is yes, then you can price your services higher. When you get an urgent order and work at nights and during the weekends, you are eligible to set rush rate.
For example, if your basic translation rate is $0.13 per word, then the rush rate should be at least $0.17 per word. You should let your clients choose how soon they want to get their documents translated.
Keep in mind that the high speed of work shouldn’t influence the quality of the final results. If you are not able to translate documents fast and correctly, then you shouldn’t accept any urgent orders.
If you lack experience and are not able to set high translation price right now, don’t worry. As soon as you better your performance, you will be eligible to request more money for your services. Keep improving your skills, and your income will continuously rise.