As a freelancer, specialising doesn’t only refer to the sector you choose to work in but also the kind of clients you take on. Here are a couple of hard-earned lessons on pricing to make sure your clients are the keeping kind:
1. Don’t say yes to everything that comes your way. Remember, just because you can doesn’t mean you should. It may seem counter-intuitive (especially when you’re worried about keeping the wolves from the door) but if the price is not right, or if the work is bringing you into an area you don’t want to be in, then sometimes the best thing you can do is to turn it down. What happens if you accept the job, then the job of your dreams comes in tomorrow? Will you be able to give it the attention it deserves? Sometimes, no work really is better than crappy work.
2. Don’t worry about over-pricing. Clients won’t think less of you if you lower your rates, but it’s much, much harder to increase your rates after you realise they’re too low, – especially when you’re starting out. Premium rates will attract premium buyers (of course, it goes without saying that standard of your work is also premium). Peanuts, on the other hand, will only attract monkeys 
3. You can’t teach an old dog new tricks. So don’t make the mistake of thinking that after a few low paid jobs your client will suddenly see the light and start offering you better paid ones. In fact, the opposite usually occurs – your clients will see you as either someone naïve who doesn’t know the value of their work, or quite simply cheap. Not the personal brand any of us really want, now is it?
4. Work for free rather than for cheap. If you are really struggling to find work in your field and are tempted to take on a poorly-paid job, resist the urge and look for some genuine pro bono work instead. (And by genuine I mean not-for-profit organisations, not just unscrupulous agencies or cheap-scate companies looking for a freebie). There are lots of perks to this approach. Geniune pro bono clients are often more flexible with their deadlines and are usually generous with feedback, so you can really take the time to hone your skills. Even if it means taking a part-time job in another field to tide you over financially, you’ll gain a lot more than if you’d taken on work from some shark offering below industry rates.
There are companies out there who are willing and able to pay for excellent professional services. So put a price on your time, and stick to it – it will pay off.
*for a wordier version of this post, see What are you worth? Don’t be a monkey.
Hello, Sarah.
I couldn`t agree more with you. It is true: peanut attract monkeys. In Peru translation rates tend to be a bit low. But some translators charge so little, that the market is going to hell. I prefer to charge decent rates and work less. By decent rates I mean rates that cover my expenses and make the work worthwhile.
Point 3 is so true as well. Sometimes, clients want you to charge less for a 5-day interpreting assignment, because “we are giving you five days of work”. Congratulations for your post. Consuelo
Thanks for your comment, Consuelo. I wrote this post because I know it can be very dispiriting to hold your nerve on pricing when it feels like everyone else is taking the low road… but there are enough translators out there who do charge decent rates to show that it *is* possible.
Totally agreed, especially on #1 and #2, although I just voluntarily lowered my bid on a 200,000 word project because it was well, high. Bad idea — business lesson learned. It was a high quote because, well, it’s a lot of work, and I if I have to spend 1.5 hours looking for the Spanish common name of Dalmatian toadflax, I will. And I did that, yesterday.
One of my favorite lines that I don’t say enough out loud is the “peanuts/monkey” line. Amen, too! I think it’s only correct that language professionals working in highly specialized fields are paid like professionals, so thanks for your post. Unfortunately, when unscrupulous agencies make everyone compete on price, the results are (Econ 101)lower pay for everyone, and generally much lower quality, which is in turn bad for everyone, leading the general public to believe that translation is easy because so many people are willing to do it for so little. This is one of my biggest challenges in my profession — so I am glad you brought up the issue of pricing.
I ran the Spanish-language website of a big corporation here in Las Vegas for many years, and I just recently went out on my own. I am loving it, and until now, I have stuck to your advice #4, and it’s paid off. I do some pro bono work, as well, and have not worked with agencies. I am always shocked to see the low prices that they expect and demand. Next thing we know, we will be expected to pay to work. As you said, pro bono is better.
Here’s to higher prices and to translation being recognized as a professional service!
Amen!