| Pages in topic: < [1 2 3] > | Poll: How profitable has translation been for you? Thread poster: ProZ.com Staff
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Erzsébet Czopyk 
Hungary
Local time: 08:28
Member (2006)
Russian to Hungarian
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SITE LOCALIZER
Cristina Heraud-van Tol wrote: There's not the option "Incredibly profitable" over there? 
Hi, Christina, you did not see it, because it was hidden according to request of the big translation companies ))))
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Erzsébet Czopyk wrote: Cristina Heraud-van Tol wrote: There's not the option "Incredibly profitable" over there? Hi, Christina, you did not see it, because it was hidden according to request of the big translation companies ))))
I don't think 'incredibly profitable' was hidden but maybe they are saving that option for a poll aimed at outsourcers only.
| | | | | Very profitable! | Jun 4, 2008 |
My goal when I started studying for my bachelor's degree in translation studies was to be independent and to work as little as possible and earn as much as possible, so that I could have more time for my voulenteer work. It's worked out great! I've been freelance translator for two years now and altough we pay a lot of tax in Norway, I only have to work three days a week and I get a long just fine. I can even travel once or twice a year!
| | | | Parrot
Spain
Local time: 08:28
Spanish to English
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| Very profitable | Jun 4, 2008 |
Growth has not dropped less than 20% for the past four years, but let's see how it does in a year of global crisis (or so it's claimed).
I'm basing this on a 220-day/year availability with almost all working days booked. (More wouldn't make too much sense, the taxman gets it all).
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Williamson
United Kingdom
Local time: 07:28
Flemish to English
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Interlangue wrote:
To live off and take a break once-in-a-while. Not quite as lucrative as being a teacher (my previous job) and much more time consuming, but so much more gratifying and brain stimulating (mind you, I enjoyed teaching: just got tired of it and didn’t like what things were coming to).
A pity so much has to be paid on taxes, social security, (compulsory) insurances of all kinds (all in all 70%+ of my turnover) in this country.
On one of the websites of the EU, there is a comparison of taxes within the E.U.
Free movement of persons is one of the essential principles of the E.U.
The new island member-states are the cheapest "tax-store" available. : 10% in Cyprus... The British Isles and Ireland have a reasonable tax-rate too.
| | | | Lia Fail (X)
Spain
Local time: 08:28
Spanish to English
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Johan Venter wrote:
Profitable, at what price?
the long hours required ...need to find more time somewhere to spend with my family...
I agree with Johan, that there are hidden costs, like to one's health, to one's family, in terms of one's vulnerability, etc.
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writeaway wrote:I don't think 'incredibly profitable' was hidden but maybe they are saving that option for a poll aimed at outsourcers only.
I read some time ago a colleague stating a quote: "the translation business is very profitable, providing you're not a translator".
I don't earn 50kEUR cash in hand p.a., but I am not complaining either (which, for a Frenchman, does mean something).
Congratulations to translators who get this kind of money with expenses/taxes paid.
Philippe
| | | | | I couldn`t agree more!!!! | Jun 4, 2008 |
[quote]Philippe Etienne wrote:
"the translation business is very profitable, providing you're not a translator".
Philippe
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| I'm amazed... | Jun 4, 2008 |
...just because 70% of people think their work is profitable or very profitable. So after all rates are not making us sleep under a bridge as fast as everyone reports over the last year or so, right?
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Tomás Cano Binder wrote:
...just because 70% of people think their work is profitable or very profitable. So after all rates are not making us sleep under a bridge as fast as everyone reports over the last year or so, right?
Good point. The thing is, profitable (especially when qualified with "very" or similar) can mean lucrative, or it might just mean earnings > expenditure.
So, what did the question actually ask, and what did the respondents actually mean....:-)
| | | | Laura Tridico
United States
Local time: 02:28
French to English
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| My personal standard of "very profitable" | Jun 4, 2008 |
My own random idea: A very profitable freelance translation business would gross over $80,000 (or about 55,000 euros) per year, with deductible business expenses being less than 10% of that amount. In addition, this would involve working less than an average of 45 hours a week (including administrative work) and assumes 4 weeks vacation. I'm also assuming that the freelancer isn't outsourcing.
To clarify, I'm not including medical insurance costs in the above 10%. That's a signific... See more My own random idea: A very profitable freelance translation business would gross over $80,000 (or about 55,000 euros) per year, with deductible business expenses being less than 10% of that amount. In addition, this would involve working less than an average of 45 hours a week (including administrative work) and assumes 4 weeks vacation. I'm also assuming that the freelancer isn't outsourcing.
To clarify, I'm not including medical insurance costs in the above 10%. That's a significant expense for freelancers in the U.S., but if I'm not mistaken most health insurance costs are incorporated into the income tax structure in continental Europe (???)
To me, an income target isn't "profitable" if I have to sell my soul to reach it.
This is based on me living in the U.S., obviously "very profitable" means different things in different countries.
Thoughts?
[Edited at 2008-06-04 16:11] ▲ Collapse
| | | | | Not too shabby | Jun 4, 2008 |
Laura Tridico wrote:
My own random idea: A very profitable freelance translation business would gross over $80,000 (or about 55,000 euros) per year, with deductible business expenses being less than 10% of that amount. In addition, this would involve working less than an average of 45 hours a week (including administrative work) and assumes 4 weeks vacation. I'm also assuming that the freelancer isn't outsourcing.
Thoughts?
[Edited at 2008-06-04 16:11]
At this point, that sounds like a dream to me... but then again, within just a few months of testing the freelancing waters, I have gone from projects that worked out to less than minimum wage to what now looks like a very reasonable living (by my currently undemanding standards- and IF everybody pays) at a pace that is usually livable, and I can see there's very realistic potential to do a lot better as sharpened skills allow me to work faster and as I build up contacts. Maybe this will be a lifetime career, maybe it won't, but I certainly wish that I had looked into this earlier.
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Mike Hunter (X)
United Kingdom
Local time: 07:28
English to Flemish
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| interesting topic - here is an agency perspective | Jun 4, 2008 |
As an agency we want translators to earn a good living (yes honestly)! My philosophy is that you should pay a fair rate for a professional job. I think one issue is the global nature of this business. We often get offers of very low rates, especially from agencies in other parts of the world. Some of the worst offenders are agencies in the Far East and India, if they can offer $0.02 per word and still make a profit, its quite scary. More to the point who is doing the work, and how are they earni... See more As an agency we want translators to earn a good living (yes honestly)! My philosophy is that you should pay a fair rate for a professional job. I think one issue is the global nature of this business. We often get offers of very low rates, especially from agencies in other parts of the world. Some of the worst offenders are agencies in the Far East and India, if they can offer $0.02 per word and still make a profit, its quite scary. More to the point who is doing the work, and how are they earning a living?
So how do we select translators? Well obviously we have to consider rates, but its by no means the major consideration. Specialism, qualifications and relevant experience are very important. I need confidence that a translator will do a good job, and these factors are very important.
Hope this is of interest, and yes we do accept CVs! Please remember that we match translators to jobs on area of specialism as well as linguistic ability and qualifications, so we sometimes get CVs from excellent translators who we can't use, simply because they don't match available assignments.
Hope this is of interest
Mike ▲ Collapse
| | | | | What your translation can buy ? | Jun 4, 2008 |
Laura Tridico wrote:
My own random idea: A very profitable freelance translation business would gross over $80,000 (or about 55,000 euros) per year, with deductible business expenses being less than 10% of that amount. In addition, this would involve working less than an average of 45 hours a week (including administrative work) and assumes 4 weeks vacation. I'm also assuming that the freelancer isn't outsourcing.
To clarify, I'm not including medical insurance costs in the above 10%. That's a significant expense for freelancers in the U.S., but if I'm not mistaken most health insurance costs are incorporated into the income tax structure in continental Europe (???)
To me, an income target isn't "profitable" if I have to sell my soul to reach it.
This is based on me living in the U.S., obviously "very profitable" means different things in different countries.
Thoughts?
[Edited at 2008-06-04 16:11]
Let's adopt universal equivalent: purchasing power of half million words per year (2thou words daily x 250 working days)
| | | | | Yes, profitable, because overheads are low | Jun 4, 2008 |
To answer the poll literally, yes, freelance translation (for me at any rate) is profitable because my overheads are low. I work from an office in my own house so don't have to rent premises for the purpose. That is the true meaning of a good profit - when the income considerably exceeds the outlay.
This does not mean that I earn vast sums or don't have to work hard. What constitutes a living wage where or what working hours are involved was not the question.
Jenny
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