Through offering a specialized skill, the average translator earns over €28,000 when working for a company.
However, as a freelancer, the earning potential is often higher with 60% of those who quit their job to freelance earning more as a result.
The main benefit of freelancing, however, is the flexibility it offers. This leads to increased income by allowing you to work when you feel most productive.
It also leads to a more balanced life, as you strip away office politics and commutes for the comfort of working from home. Here are some advantages to becoming self-employed while you offer translation services to different organizations.
Taking advantage of a global market
There are over 1.8 billion websites online, although less than 200 million are active. The most successful of these will be advertising and selling services to customers all over the world.
Furthermore, the top 500 multinational companies employ around 17% of the workforce, meaning that there are plenty of opportunities to work for a global organization.
As a freelancer, you’ll be able to work for several of these companies at any time. Most websites require a regular stream of content, but an international website will need this in several languages.
This is something a translation specialist can achieve without leaving the house. Take advantage of this global market by becoming self-employed.
Control over your finances
Being a freelancer requires a step up in terms of responsibility, but this can be to your benefit. You won’t have to rely on an employer paying you the right amount each month and making the relevant deductions.
You’ll be able to organize your finances in a way that works for you, taking control of your loan repayments, taxes, and savings. If you are smart – or can hire an accountant to be smart on your behalf – you’ll end up keeping more of your earnings.
Start by supplementing your income
Becoming a freelance translator requires a huge transition and reorganization of your life. Don’t expect to do it overnight.
At some point, you are going to have to take that great leap of faith, but don’t just quit your job with no plan in place. Carry on with the day job, but spend weekends and evenings picking up translation jobs online.
Over time you’ll get the hang of finding and completing work until you’re confident that you can quit your job and start working remotely full time.
Aim to have at least three month’s worth of living costs in savings before you switch to self-employed. This will give you a cushion while you settle into your new life.
Translation is more than just a job for many people. It is a passion for language combined with a desire to provide an essential service to individuals and organizations.
With so much business occurring over the internet, it is possible to apply these skills from home.
Get to know the global market and enjoy the benefits of having complete control over your finances.
Start off slowly if you want to, but rest assured that it is possible to earn good money as a freelance translator.