The Translator's Handbook

will be available soon from The Language Mall

Below is a short article, an excerpt from Chapters 2 and 3, and the Contents. 

Chapter 3: A Freelancer's Business Plan

A Freelance translator, writer, or artist needs a good business plan, just as any company needs one. 

Find your niche area, such as Legal or Medical specialties, and model your business around your language pairs and your field.  Think of yourself as a company "Spanish to English Medical Translations"  or maybe "French to English Business and Legal, " and market yourself around that model. Surround yourself with the supplies and resources you need for that field, and stay current with developments in that area.

Now plan the finances of your "Company."  You are the company, and you need funds to survive. Remember that, while most companies pay invoices in 15 or 30 days, some companies pay in 45 or 60.  You might not get paid for the next job for 2 months. Sometimes there is even a 3 month gap until payment is actually cleared in your account. Wire transfers from other countries still take 7 days (scientists across the globe do not know why), but be prepared for this.  Any freelancer will need at least 6 months of reserve funding to keep his business alive between payments.  Plan this out and keep careful records.  Keep track of all the invoices yet unpaid, and keep tabs on your cash flow.  Also, take into account any foreign exchange that may occur.

Next, plan your schedule.  How much work can you do in an average week?  Will this amount of work provide you with enough income each month?  Find the rate and work flow that works for you.  If 5000 words per week is the minimum that will support you (at your rate, say .10 per word), then you should have a goal of finding 7000 words of work each week. Always shoot above.

Balance your finances. 

Write everything down! You need to see your goals and work scope in print... down on paper. This will help you to focus.  Write goals and completed amounts down on physical paper.  Of course, you should keep all your records on your spreadsheet (computers have made financial matters a snap for record keeping), but it also helps to actually use a pen and paper too.  Write down monthly goals and totals.  Looking at these, over several months, will clue you in on trends.  There will always be areas to "fine tune" or fix later. 

Seeing everything in front of you... helps.

Soon you are ready to market yourself.

(Excerpt)