Let’s look at rate-setting, shall we? How does it work? I want to know of course, as someone who hopes to work my way into the freelance translation business. And many other first-timers would ask the same question.
So, you have done some practice translations. You’re feeling confident in your ability. You go looking for clients and one of the first things you will realize is that there is a marketplace in which potential clients are seeking out translators and vice-versa.
It is a competitive marketplace. Therefore, supply and demand is in effect. As well, these potential clients, they are looking for the most qualified translator they can find at the most reasonable rate. Hmm… so what is that rate? And how does one charge?
According to McKay’s book (How to Succeed as a Freelance Translator), one is generally paid per word although other variations exist. It isn’t as simple as it first seems, however. Consider: Is the word count in the source or target? Or is the rate calculated by line, by every thousand words, by how many characters are involved in the translation? I’d be curious to know how it’s working for you out there.
I assume, judging from what I’ve seen on sites such as ProZ.com, that most freelance translators have established a per word rate that is attractive to potential clients. So, naturally, I’m looking for advice. As a beginner translator, how does one come up with a rate to start off with? Just pick one based on what you see others quoting and then keep lowering it until you land a contract? And then once you build up a bit of a reputation you can subsequently increase your rate bit by bit? I’d love to get some input on this.
Of course, I’ve read that some contracts are paid by the hour as well, and that it’s a good idea to have a minimum charge for really quick projects. All this is great to know, but I have to admit, I’m most interested in knowing more on how to set your general rate when you are first getting your business off the ground. I’ll have to look around in the great blogosphere and on the web and see what others have had to say on the matter. If you know of any good posts or useful websites relating to this topic, please comment or email me.
Next post: I will either quickly raise the issue of certification – to be or not to be certified by some professional association or other recognized body – or I will move on to the next chapter of McKay’s book.
