Today I want to talk about the ups and downs that we, as freelancers, can go through. Especially in times like these, with a global economic recession, and the smell of uncertainty in the air, we need to know which strategies to follow.
There is no denying that several factors are affecting inflation in most countries. From the pandemic to the war in Ukraine, there is a shortage of different raw materials. Plus, petroleum prices are at some of the highest ever. I am sure you can see that in something as simple as going to the supermarket to do some grocery shopping. It is amazing how much prices have increased in the last months.
So, if this is affecting many fields, is it affecting or will it affect the translation field? I think it probably is already affecting it or it might affect it further down the line. Clients, especially agencies, might start to lower their rates or they could stop recruiting too many new freelance translators.
When things get difficult, financially speaking, we all tend to tighten our belts, and companies are not different. They will make sure that they cut down their expenses.
And this is what can affect us as freelancers. We might be asked more often to lower our rates, or we might not get as many projects as usual.
Although we are used to high and low work periods, this might add to our low ones. So, what should we do to be ready in case the recession hits us?
There are several things, but two of the most important are: to save money and get more clients.
Save as much as you can. Don’t expend money on things that you don’t really need. Tight your belt as well. These savings can help you during a low work period.
Don’t stop looking for more prospective clients. If you only depend on one or two big clients as your main source of income, and those clients let you go or lower the rate they pay you… you are going to be in big trouble.
Like people say “don’t put all your eggs in one basket.” Make sure that you have other clients as a backup in case you lose your main ones. Also, don’t dedicate too much time to just one or two clients, divide your time so you can we working with four, five, or more clients at the same time. This will help you to always have a steady income.
And remember that it is a cycle. After a low work period, a high period will follow. So don’t worry, things will always get better!
Thank you again to Day Translations for sponsoring this blog post. Check out more about them and their services here: https://daytranslations.com/
What has your experience with the recession been like so far? Do you think it will affect the translation industry? I can’t wait to read your comments.
Until next time, don’t forget to subscribe and stay safe!