Financial tips for freelancers
Translation freelancing can be a highly lucrative career since freelancers get to control their pay rates, the hours working and the number of projects they take. For many, being their own bosses is the most attractive thing about being a freelancer but there is always some doubt when it comes to the financial aspect.
For instance, most translators study Translation, Linguistics or Interpreting, which does not necessarily mean mastering Finances. Fortunately, freelance translators do not have to become experts in Finances, instead some dose. The following tips will help translators ensure their finances are in top shape.
Use professional invoices
Invoices are one of the best ways to approach a client for the first time. Translators that focus on delivering the highest quality should make sure their level of professionalism show on every detail, including invoices.
Invoicing programs are great to give a professional look to the documents but also to calculate applicable tax and avoid any accounting errors when it comes to sending the bills.
Place prices up
For most translators, especially the beginners, establishing prices is a challenge and even more, putting the prices up. Many freelancers are reluctant to raise the idea of prices for their existing clients because they fear they will go away and look for a cheaper translator. Nonetheless, it becomes a need in order to cover the rising cost of living. It also happens for employers, they get a ‘cost of living allowance’.
Charge extra for jobs in a rush
In the translation world, it is rather common to find clients who want jobs in a rush. From last minutes calls or emails to documents that need to be printed in time, urgent translations are always there.
The good thing is translators can charge extra for rush jobs because most of the time they will have to reorganize themselves or reschedule some other clients in order to be able to meet the deadline. Actually, clients are also aware that urgent tasks most likely mean premium prices because of the rush, so freelancers should not be afraid to charge extra price.
Plan for ups and downs
Most freelancers do not have access to sick pay so it is important for them to build a ‘rainy day fund’ for unexpected situations, it should be a priority and the more they can save the better.
Freelancing means earning vastly different amounts from month to month depending on the number of projects received. Instead of considering the productive times as ‘normal’ and others as a fluke, it is important to accept slower months and plan for them.
