Increasing rates: how often & by how much
Thread poster: Trans7

Trans7
Local time: 21:55
French to English
Dec 29, 2010

Dear fellow Prozians,

I'd appreciate your views on this topic. I'd like to know how often and by how much do freelance translators usually increase their fees.

Like most professional translators, I feel it is good business practice to review one's rates on a three-yearly basis. The last time I revised my rates was three years ago when I decided to charge an extra 2 cent per word for translations (FR & DE > EN). Would it be appropriate to increase by the same amount again?

For revisions, I currently charge €30 an hour. Is this considered too low/high for revisions in English?

I deal mainly with direct clients based in the euro zone, and my fields of specialisation are tourism, entertainment and social sciences.

Many thanks in advance for your insights!

P.S.:
I have already seen this page:
http://search.proz.com/employers/rates


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Tomás Cano Binder, BA, CT  Identity Verified
Spain
Local time: 21:55
Member (2005)
English to Spanish
+ ...
Rates as a throttle Dec 29, 2010

I think that this is a very simple matter: if you have too much work, raise your rates and will have less work. If you have too little work, lower your rates and will get more. It depends on how much you want to work.

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Trans7
Local time: 21:55
French to English
TOPIC STARTER
Pay peanuts, get monkeys Dec 29, 2010

Tomás Cano Binder, CT wrote:

I think that this is a very simple matter: if you have too much work, raise your rates and will have less work. If you have too little work, lower your rates and will get more. It depends on how much you want to work.


Interesting comment, though not sure I agree with your logic. The last time I increased my rates I actually won new clients! If the rates are affordable and you provide top-notch quality services, this is what determines your ability to keep current clients and attract new ones. In my experience, (serious) clients look for quality above all else. Pay peanuts, get monkeys, as the saying goes.


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Laurent KRAULAND  Identity Verified
France
Local time: 21:55
French to German
+ ...
Relative Dec 29, 2010

Some colleagues I know are more than busy even with "high rates" (let's say rates starting at € 0.25 per word).

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Tomás Cano Binder, BA, CT  Identity Verified
Spain
Local time: 21:55
Member (2005)
English to Spanish
+ ...
Then they should... Dec 29, 2010

Laurent KRAULAND wrote:
Some colleagues I know are more than busy even with "high rates" (let's say rates starting at € 0.25 per word).

...raise their rates even more and work less hours!


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Trans7
Local time: 21:55
French to English
TOPIC STARTER
Health = wealth Dec 29, 2010

Tomás Cano Binder, CT wrote:

Laurent KRAULAND wrote:
Some colleagues I know are more than busy even with "high rates" (let's say rates starting at € 0.25 per word).

...raise their rates even more and work less hours!


Working fewer hours is a conscious decision on the part of many professional translators. No point burning the candle at both ends. After all, your health is your wealth.

This is getting a bit off-topic, I fear...

[Edited at 2010-12-29 21:26 GMT]


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philgoddard
United States
Member (2009)
German to English
+ ...
. Dec 29, 2010

I review mine on January 1 each year. I always increase them in line with inflation (otherwise I'm imposing a pay cut on myself), and if it's been a good year I increase them by a little bit more.

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