Freelance Translators from Scratch

What do successful freelance translators have to say about establishing personal translation rates? Here’s what I’ve heard:

1. From Corinne McKay at Thoughts on Translation: “I think that the best way to set your rates is to use objective data; figure out your target income and divide it by your productivity, then look for clients who will pay that rate. For example, a translator who is a die-hard perfectionist and wants to limit himself/herself to 1,500 words a day but still earn 60-70K USD simply has to look for high paying clients, and will be priced out of the range of most agencies. On the other hand, someone who can reliably produce 600-800 words per hour and takes 2 weeks of vacation a year but is still satisfied with that same income will be open to a wide range of clients. Google other translators in your language pair and ask what they charge; or ask for people’s rate sheets. As long as you don’t engage in anti-competitive practices (price fixing, etc.) there’s nothing wrong with stating your rates.”