| Pages in topic: < [1 2 3] | Poll: How profitable has translation been for you? Thread poster: ProZ.com Staff
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Laura Tridico wrote:
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Thoughts?
I took my pen and paper and added another week of holiday (5 weeks a year because I am my own boss), well deserved considering a 45-hour week.
You end up with 26 euros (35 USD) gross an hour. Before tax.
At 400 words an hour, that's 0.065 EUR or currently 0.087USD.
How's that?
The thing is, not a lot of people work productively for 45 hours a week. Those who can sustain such a pace actually do make a comfortable living with "low rates".
I am too old for that.
Philippe
| | | | Williamson 
United Kingdom
Local time: 00:15
Flemish to English
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| Translation is good basis to earn basic capital,but | Jun 4, 2008 |
Many do not "linger" in translation:
Which earns most: translation or interpreting?
Or freelance It-services/business consulting?
Except a few, I have the impression that most derive a decent income from translation, but don't make "big bucks" or should I say "big euros". In numbers: my acquaintance, IT,programmer with 10 years of experience makes 500 euro per day x 20 day on a freelance project basis for a big bank + the same rate if he works for another company during the we... See more Many do not "linger" in translation:
Which earns most: translation or interpreting?
Or freelance It-services/business consulting?
Except a few, I have the impression that most derive a decent income from translation, but don't make "big bucks" or should I say "big euros". In numbers: my acquaintance, IT,programmer with 10 years of experience makes 500 euro per day x 20 day on a freelance project basis for a big bank + the same rate if he works for another company during the weekends.
500x+20= ???? + 2x500 if weekend work. ▲ Collapse
| | | | Andrea Riffo
Chile
Local time: 21:15
English to Spanish
+ ...
| Money-wise, it's been OK | Jun 4, 2008 |
Translation allows me to live comfortably, but will in no way make me rich.
If I wanted that, I would probably have to outsource work at the infamous and all-too-frequent rate of 0.03-0.04 USD/word, and that goes against my work ethics. I refuse to dump the profession further, 'cause I intend to do this for a long time and such practices might come back and bite me in the a** at a later date.
Greetings
| | | | | Purchasing power parity | Jun 4, 2008 |
Laura Tridico wrote:
My own random idea: A very profitable freelance translation business would gross over $80,000 (or about 55,000 euros) per year, with deductible business expenses being less than 10% of that amount.
Ok, then based on this figure, let's say that "very profitable" means twice the GDP per capita of the country (US$ 46.000 in the US in 2007).
Now, based on that, let's see how much is "very profitable" in other countries (data taken from the World Fact Book, https://www.cia.gov/library/publications/the-world-factbook/:
- Spain, US$ 66.000 (GDP per capita, US$ 33.000)
- France, US$ 66.000 (same GDP per capita as Spain, apparently)
- Italy, US$ 62.000
- Germany, US$ 68.000
(Let's jump to the Americas)
- Canada, US$ 76.000
- Mexico, US$ 25.000
- Argentina, US$ 26.000
- Chile, US$ 28.000
(Now let's jump over the Atlantic)
- Japan, US$ 66.000
- South Korea, US$ 48.000
- Indonesia, US$ 7.000
I wonder, does this make sense to you? In the case of Spain I'd say that if you make US$ 66.000, i.e. some EUR 45.000, it's quite profitable in my opinion.
So check your country in the Factbook, double the GDP per capita and let us know!
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| Best regards from Ukraine! | Jun 4, 2008 |
Thanks for the poll. I've read all the posts. Let me put in my two cents' worth too.
After I joined ProZ.com my profit grew approx twice, but still as many of you I can't say it will make me rich even in Ukraine. Though now I can afford more rest, spending time with my son, going to the gym. Maybe, some day, I'll finish writing my thesis...
I get about 100$ a month for my part-time job as a teacher at the institute, but I'd rather not ditch that job as I practice and i... See more Thanks for the poll. I've read all the posts. Let me put in my two cents' worth too.
After I joined ProZ.com my profit grew approx twice, but still as many of you I can't say it will make me rich even in Ukraine. Though now I can afford more rest, spending time with my son, going to the gym. Maybe, some day, I'll finish writing my thesis...
I get about 100$ a month for my part-time job as a teacher at the institute, but I'd rather not ditch that job as I practice and improve my language skills together with students, learn new trends in philology, communicate a lot. And translation cannot give all that - you just work before the PC/laptop - the family sees mostly your back, you spoil your eyesight and curve your back. Of course, some translation projects a very interesting but at this phase I hunt outsourcers and get any job in the fileds I specialize in. I've been in transalting for six years now and a prozian only for a month or so.
So, the rates turned out to be 1,5 times less than I expected but twice higher than the rates of national translation agencies.
[Edited at 2008-06-04 20:36]
[Edited at 2008-06-04 20:49] ▲ Collapse
| | | | Oleg Rudavin
Ukraine
Local time: 02:15
Member (2003)
English to Ukrainian
+ ...
| Another opinion from Ukraine | Jun 4, 2008 |
A few years ago, I read somewhere, "One can make a decent living translating but it won't make you a millionaire."
Well well... I know a few (true, not many) translators who netted over $US 1,000,000 in less than 10 years, and many more whose annual net income is six digits, $US or EUR.
Indeed there's much larger financial potential in translation than many of us see!
Cheers,
Oleg
| | | | | 6 digits... and some calculations | Jun 4, 2008 |
Oleg Rudavin wrote:
A few years ago, I read somewhere, "One can make a decent living translating but it won't make you a millionaire."
Well well... I know a few (true, not many) translators who netted over $US 1,000,000 in less than 10 years, and many more whose annual net income is six digits, $US or EUR.
Indeed there's much larger financial potential in translation than many of us see!
Cheers,
Oleg
I guess what you mean is translation + other business, or those people work at a huge rate
To get the least 6 digits (100K) you are to work 12 months, 25 days a month and deliver over 4000 words a day provided that you work at the average rate of 0.08USD per word (which is no longer average as I see).
[Edited at 2008-06-04 21:40]
| | | | Laura Tridico
United States
Local time: 19:15
French to English
+ ...
| I think I need to revise my figures! | Jun 5, 2008 |
You're right Philippe, I think I undershot the target:
Assuming 48 weeks a year of work (6 weeks vacation, why not?)
At a rate of $0.12/word (not great, but quite reasonable)
12,500 words/week (I usually hit 2,500 a day at a minimum, usually working about 35 hours/week)
Comes to an annual income of $72,000. Not too shabby. Increase the average rate to $0.13 and you hit $78,000.
Just to address Jenny's point, there are about a million definitions... See more You're right Philippe, I think I undershot the target:
Assuming 48 weeks a year of work (6 weeks vacation, why not?)
At a rate of $0.12/word (not great, but quite reasonable)
12,500 words/week (I usually hit 2,500 a day at a minimum, usually working about 35 hours/week)
Comes to an annual income of $72,000. Not too shabby. Increase the average rate to $0.13 and you hit $78,000.
Just to address Jenny's point, there are about a million definitions of "profitable" - not just a gross income less expenses/taxes/etc. formula. For me, "profitable" means that I earn enough money to make my efforts worthwhile, while enjoying the fact that I work in an interesting career. Let's face it - the overhead in translation is pretty low, it isn't too hard to be technically "profitable" while still struggling financially. ▲ Collapse
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| Sensible approach, but | Jun 5, 2008 |
Tomás Cano Binder wrote:
So check your country in the Factbook, double the GDP per capita and let us know!
According to your criterium, my business is "very profitable" in Morocco since I earn more than USD7,600 net after tax a year. erm.
In many emerging countries, unqualified labour outnumbers qualified labour by far (literacy 52.3% in Morocco according to Factbook) and there is too large a gap between the earnings of unqualified labour and that of higher educated/qualified personnel. In Morocco for instance, the official minimum wage is USD250/month, and a good executive/engineer would probably earn in private companies something like USD2-3,000/month net (range ~1:20). The latter usually live the European middle-class style (car, properly-sized flat in a decent district and correlated mortgage, private schooling and hols), but nothing more extravagant.
I would rather compare my income to theirs to see how well off I am. But it has little to do with the GDP/capita.
At about 40 with higher education, supporting a family of 4 and living to European standards, I think that twice the France GDP/capita is closer to an indicator of material comfort. Neither very, nor incredibly profitable. I don't even own a 32-inch flatscreen.
| | | | inkweaver
Germany
Local time: 01:15
French to German
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| Is it only money that counts? | Jun 5, 2008 |
I started as a freelancer only about 7 months ago. Speaking striktly in terms of money I don't make much more money than before but I have gained in other ways: I am independent
I choose my working hours and to a large extent how much I want to work
I decide when I want to go on holiday
I am always at home, so I don't need to worry about who will look after my daughter after school
I can take a break and go for a swim in the morning (sheer luxury)
I don't feel uncha... See more I started as a freelancer only about 7 months ago. Speaking striktly in terms of money I don't make much more money than before but I have gained in other ways: I am independent
I choose my working hours and to a large extent how much I want to work
I decide when I want to go on holiday
I am always at home, so I don't need to worry about who will look after my daughter after school
I can take a break and go for a swim in the morning (sheer luxury)
I don't feel unchallenged and finally feel that my university degree is completely worthless
I don't have to think about what to wear to the office
I don't have to put up with office gossip and incompetent bosses
I don't have to spend hours commuting
and last but definitely not least - I enjoy what I am doing
So, even if I haven't gained that much in terms of money (I still may though, since I am constantly expanding my client base) I have gained a lot in terms of personal satisfaction. For me this is crucial. ▲ Collapse
| | | | Oleg Rudavin
Ukraine
Local time: 02:15
Member (2003)
English to Ukrainian
+ ...
| Clarifications | Jun 5, 2008 |
Mykhailo Voloshko wrote:
Oleg Rudavin wrote:
A few years ago, I read somewhere, "One can make a decent living translating but it won't make you a millionaire."
Well well... I know a few (true, not many) translators who netted over $US 1,000,000 in less than 10 years, and many more whose annual net income is six digits, $US or EUR.
I guess what you mean is translation + other business, or those people work at a huge rate
Translation alone; and the difference between "huge", "normal" or "low" depends on the reference point. When I joined ProZ.com I was happy to get jobs at $US 0.03 - now, my rockbottom rate is much higher
To get the least 6 digits (100K) you are to work 12 months, 25 days a month and deliver over 4000 words a day provided that you work at the average rate of 0.08USD per word (which is no longer average as I see).
It's impossible to charge average and earn high. For a translator that comes to the international market after working at the local Ukrainian market, 0.08 might seem average (or no longer average - whatever). But here's Laura Tridico saying a rate of $0.12/word (not great, but quite reasonable) - and Im' saying it again: in terms of finance, there's much more in it than most of us can see!
| | | | | A bit of theory | Jun 5, 2008 |
Dictionary of Accounting Terms, 3rd ed. (Barron's Business Guides), p. 344
PROFITABILITY INDEX: ratio of the total present value (PV) of future cash inflows to the initial investment (I), that is PV/I. The index is primarily used for ranking projects by attractiveness. If it is greater than 1, the project should be accepted. E.g.
Initial investment $12,950
Estimated life 10 years
Annual cash inflows $3,000
Cost of capital (minimum required of return) 12%... See more Dictionary of Accounting Terms, 3rd ed. (Barron's Business Guides), p. 344
PROFITABILITY INDEX: ratio of the total present value (PV) of future cash inflows to the initial investment (I), that is PV/I. The index is primarily used for ranking projects by attractiveness. If it is greater than 1, the project should be accepted. E.g.
Initial investment $12,950
Estimated life 10 years
Annual cash inflows $3,000
Cost of capital (minimum required of return) 12%
The profitability index is 1.31 (PV/I=$16,950/$12,950)
Since this project generates $1.31 for each dollar invested, it should be accepted.
My investments in translation projects 18 years ago were nearing zero (a couple of dozens of used dictionaries, the simplest office furniture, a typewriter, cheap presents to outsourcers from time to time, other dribs and drabs). As for profitability, no matter how much you earn, here the other factors are in play: speed of cash flow, required initial investment (hard and soft, subscriptions, tuitions, certifications, repairs, replacement, many other fees and expenses), ability to ensure for yourself a desired work load, ability to maintain desired rate. ▲ Collapse
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