Skip to main content

Rates, rates, rates...

Talking about rates can be a delicate subject for many people in the translation industry. Pricing the services you offer is a very personal (and sometimes difficult) thing, both for freelance translators, and for agencies. Am I bidding too low? Will the client agree to my rates? How low am I ready to go? Per word or per hour?

Before diving in, consider, have you got the same rate for each of your clients? Do you offer discounts and surcharges on specific projects? Do you offer a different rate for each subject matter which you translate? Do you offer a customised rate for each project?


End clients set a yearly budget to spend on translation services. This starts what could feel like a race to find the supplier with the cheapest rates. Translators working with both end clients and translation agencies might see the difference between the rates paid. Translation agencies will use a fraction of the total paid by the client to cover the supplier's costs.

However, this doesn't always mean that the agencies will choose the cheapest supplier to work on their projects. Translation agencies will research the market rate for each language combination and assign a budget to cover the suppliers' costs for each project.

The Project Manager's responsibility is to deliver the project on time and stay within budget, while achieving the company's quality standards. Translation agencies not only consider suppliers based on their rate, but also on their communication skills, translation quality, and reliability, among other factors.

Translation agencies will ask you for a default or standard rate to add to your profile on their database. This rate is sometimes flexible and will position your profile within a pool of translators with similar skills. The order in the pool will change with every job, as Project Managers will weigh all the different factors, and prioritise accordingly.

Rates are important, but they are not the only thing translation agencies should focus on when assigning projects to translators. Thankfully, some don't. In fact, some translators are offered booking fees when there is an important job in the pipeline, retainer fees, and other privileges such as earlier payment or slightly higher rates.

What rate should I be charging? What rate is the best rate? Unfortunately, there is not right or wrong answer to those questions, but I hope this short article helped you considering that the value of your services is more than just your rate.
Labels:

Comments

Post a Comment

What everyone is talking about

What are the key skills needed for vendor management?

While browsing the Internet, I came across a list of attributes that a successful Vendor Manager should have, and I found it very interesting. Some of these skills are also important for other roles, but I find them especially important for any role within the translation vendor management field.  👋Excellent communication skills👋 Vendor Managers need to communicate with different parties: teammates, colleagues, suppliers and clients. Being the administrator of the database gives the Vendor Manager a lot of knowledge about the company’s suppliers (or what is missing), so they are the best people to answer their colleagues' questions. For example, when the sales team wants to check the number of resources the company has for certain language combinations, or when project managers can't find a suitable supplier for their job. 😀Ability to develop and maintain strong and successful working relationships😀 This is one of the main duties of the Vendor Manager. Recruiting suppliers ...
1 comment
Read more

Negotiation tips for Freelance Translators

In the translation industry, negotiation is sometimes a daily practice; vendor managers negotiate with potential suppliers, project managers negotiate with freelance translators and clients negotiate with LSPs to get the best deal possible.  I used to be the kind of person who shied away from negotiating at all costs. I felt uncomfortable and overpowered when trying to negotiate. That is why, in 2017, I attended a short negotiation course, and I realised that everyone in the room that day had the same problem as me. This course taught me some basic principles, so that I was able to build   my negotiation skills at my own pace. The truth is that the more you negotiate, the better you get at it.  In my opinion, preparing for a negotiation is key in order to get the best outcome. What could you do to prepare for a negotiation?  Learn as much as you can about the person/company you are going to talk to.  Think about the relationship you have...
Post a Comment
Read more

Seven things Vendor Managers look for in a Freelance Translator

I would like to share with you the seven main attributes a Vendor Manager wants to see when working with freelance translators, as well as the language combination and subject area. (No, "cheap rates" is not one of them!)  Good time management: All clients expect their vendor to meet all project deadlines. If this is not possible, I would advise the translator to reject the task, and wait for the next offer. Missing a deadline will discourage the LSP from sending the translator additional work, but rejecting an offer won't affect their chances of getting project offers in the future. Time management and multitasking are skills that can be easily learned and adapted to your way of working. Understanding the LSP's process and hierarchy: Addressing the wrong person and replying to the wrong email thread when contacting an LSP could mean your message never reaches the intended receiver or is not understood correctly. Make sure you know who is who to ensure the quickest re...
Post a Comment
Read more