| Pages in topic: < [1 2 3 4 5] > | Worldwide crisis = higher demand for translation services? Thread poster: Viktoria Gimbe
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| Diversification | Feb 27, 2009 |
Tomás Cano Binder, CT wrote:
From some replies I see that some people are in a challenging situation as they relied too much on one customer or one market. I think diversification is a good long-term goal to achieve.
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Over here in our team we evaluate diversification numerically every year, based on a simple measurement: the amount of our income attributed to customers whose individual business with us is less than 20% of our total income.
I make the same observation. This is a point I make which gets argued a lot, but some of the arguers (on- and off-line) are paying the price now. Unfortunately. But fortunately this can be dealt with; it's not a permanent disability like linguistic incompetence. As you know, I am even more extreme about the revenue percentages from clients. It's not how many are under 20% for me, it's keeping ALL of them under 20%. No matter how much I like them. Last time I ran the numbers (which has been a while, and with a changeover from LTC to TO3000 and yet another switch impending, it's hard to get consolidated figures for recent periods), one of the top 10 was around 15% or a bit over and the rest way below that. The top 10 accounted for 70% of the business and 30% came from a large pool of regular others (like companies that do one report in English per year on a certain schedule or catch-as-can agencies) and "passers-by".
Keep two kinds of diversification in mind: customers (number and distribution in sectors) and subjects. The customer numbers part is obvious and has been mentioned here. The need for subject breadth comes up, though less often and less obviously as far as I can see, bcause it tends to get drowned in the specialisms discussion. Rod Walters in particular has expressed his reservations about specializing from the perspective of the demands of Japanese corporations for generalists. A lot of what he says reflects his experience as an in-house translator where one seldom is able to be anything but a generalist, but his skepticism about over-specialization is certainly appropriate if you are specializing in areas subject to cyclical problems. A generalist may not rise to the top of the rate scale (though with good service, PR and CRM anything is possible I suppose), but s/he should weather the storms better than someone whose income relies 90% of translations for the tourist industry and restaurant trade, for example. I know a superb translator who does that and almost nothing else, and she is in deep trouble. I had no idea how narrow her scope was until I started asking about possible subject areas in which I could refer clients to her and I learned that she only did tourist stuff. Ouch.
Carefully chosen specialties and a mix of these that is designed to be "recession-proof" is just as important a diversification strategy as a long client list. Having both is my goal and practice.
| | | | Nigel Greenwood (X) 
Spain
Local time: 19:15
Spanish to English
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| Now I have a break I can add my comment | Feb 27, 2009 |
I read the Topic at about 04:00 hours this morning, 'YES' 4 o'clock in the morning, I was awake and working like crazy.
Now, I have a short (10 minutes) break -oh by the way it's now a quarter past nine- I can include my comment:
Personally, I had a slow first two months of the year, after working all through Xmas. However, things are beginning to look-up again. This week I have worked an average of 20 hours a day. (I like to sleep now and again). And I have 3 jobs on the waiting li... See more I read the Topic at about 04:00 hours this morning, 'YES' 4 o'clock in the morning, I was awake and working like crazy.
Now, I have a short (10 minutes) break -oh by the way it's now a quarter past nine- I can include my comment:
Personally, I had a slow first two months of the year, after working all through Xmas. However, things are beginning to look-up again. This week I have worked an average of 20 hours a day. (I like to sleep now and again). And I have 3 jobs on the waiting list. Yes I see a tremendous change; more quality and more diversification, meaning I have to take on other 'specialities'.
But, as my doctor insists, I am a Workaholic, so I can't moan can I? As long as the 'Stress pills' work, all is fine.
Well, all of you, have a great time, and “be happy” .
Nigel
[Edited at 2009-02-27 08:29 GMT] ▲ Collapse
| | | | | Entirely agree | Feb 27, 2009 |
Kevin Lossner wrote:
Rod Walters in particular has expressed his reservations about specializing from the perspective of the demands of Japanese corporations for generalists. A lot of what he says reflects his experience as an in-house translator where one seldom is able to be anything but a generalist, but his skepticism about over-specialization is certainly appropriate if you are specializing in areas subject to cyclical problems. A generalist may not rise to the top of the rate scale (though with good service, PR and CRM anything is possible I suppose), but s/he should weather the storms better...
I entirely agree with this.
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As I had said also in previous discussions, it's been up for me since I raised my rates last September (due to the crisis). I came to the conclusion that by raising my rate, I entered into the high-end segment of the market within the translation business, where clients despite (or more likely, due to) the crisis, have been looking for high quality translations in order to survive and thus, are willing to pay for it.
My “0.12 €” cents.
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| Increased here too | Feb 27, 2009 |
My workload has increased somewhat since the "credit crunch" was announced around October 2008. February is usually a slow month for me, but not this year. I've invoiced about £1,000 more than average this month, mainly due to completing the translation of a book, so perhaps that figure is not normal.
I've even gained a couple of new clients recently - who contacted me through Proz - hooray!
However, I have noticed that several of my UK clients who used to send me masses of work now... See more My workload has increased somewhat since the "credit crunch" was announced around October 2008. February is usually a slow month for me, but not this year. I've invoiced about £1,000 more than average this month, mainly due to completing the translation of a book, so perhaps that figure is not normal.
I've even gained a couple of new clients recently - who contacted me through Proz - hooray!
However, I have noticed that several of my UK clients who used to send me masses of work now send very little.
I still think it's a bit soon to say whether this trend will continue. Dire news about the b****y banks in the UK is announced practically every day, so who knows?
As to the BBQ, I'll bring some nice, warm British beer - the perfect accompaniment to fricassée of field mouse.
Best wishes,
Jenny
[Edited at 2009-02-27 09:39 GMT] ▲ Collapse
| | | | | Travel to another planet | Feb 27, 2009 |
Penelope Ausejo wrote:
I came to the conclusion that by raising my rate, I entered into the high-end segment of the market within the translation business, where clients despite (or more likely, due to) the crisis, have been looking for high quality translations...
No kidding. When I started out freelancing full time some years ago and followed the lead of a friend who severely underpriced her services, I was charging a range that bottomed out around 8 or 9 cents (rare) to around 14 euro cents on the "high end". Dumping rates for my language pair, actually, though I didn't realize it at the time. I still have a few old friends that fall in that range when I write the bills, but that old high end has long since dropped below today's bottom end. This started before the word "crisis" was the talk of the day, and I discovered something very, very, very odd - or so it seemed at the time until I thought about it. Nobody argued price any more, or if the subject came up, compromises (if any) were easy to reach. The focus really was on quality and service - at last! Now when I mentioned this in the whine threads here - not to brag, but simply to indicate what is possible and how different the various strata of the market behave - I was roundly criticized by a number of the usual suspects, called a liar and other things. I don't really give a rat's tail what anyone thinks, but I can understand the lack of belief. In the beginning if I offered to do a job for 10 cents, the outsourcer often asked for 9 and if I said no I missed out. At 12 cents they would ask for 11 (less often), and usually settle for what I wanted. At 14 they wouln't argue much but would use me only for "special cases" like new customer acquisition. At 15 to 20 euro cents or more, sometimes much more, the typical response to a rate quote is "OK, when can it be ready without compromising quality?". It is like being on another planet, quite literally. And it's not my specialties either, because my partner isn't half as technical as I am, and she pulls it off just as well or better now that she believes the higher rates are possible and she believes in herself. The biggest change there came after an outsourcer flatly told her that her highest rate was far to cheap for her experience and quality, and he upped the ante. That did more to convince her than anything I ever said.
I know that a number of you are sure I'm nuts, and once again I don't care. I just report what I see. The interpretations may be BS, but the facts themselves will stand up to any audit.
********
Edited once again for sloppy typing
[Edited at 2009-02-27 09:57 GMT]
| | | | | Large projects on the increase | Feb 27, 2009 |
Kevin Lossner wrote:
Hang on. It'll be an interesting ride, and a profitable one for some. I'll keep the BBQ ready and fatten up the mutt just in case I don't make the post-Apocalypse cut.
I won't stand for it! No mutts to be BBQed ever. Go and catch a rabbit or a pidgeon. You'll have plenty of time. Use the mutt if you have to (I'd do him good).
On a more serious note, I have seen an increase in large projects the past few months (10,000 words or more). They seem to be coming in non-stop. They are all documentation of companies related to health and safety, pensions, work instructions, etc.
| | | | Nicole Schnell
United States
Local time: 10:15
English to German
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In memoriam
Company mergers and acquisitions...
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Latin_Hellas (X)
United States
Local time: 19:15
Italian to English
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| Translation is too good | Feb 27, 2009 |
For years I have been trying to diversify outside of translation, and every time there is a slowdown I investigate or even take concrete steps.
But, so far at least, any slowdown lasts only a few weeks, a month at most. When I am fully employed, translation pays more than any alternative that I look at, even if I were a CPA, at least in the first few years and after two years of study and a $25,000 investment plus opportunity costs (much more than $25,000).
I h... See more For years I have been trying to diversify outside of translation, and every time there is a slowdown I investigate or even take concrete steps.
But, so far at least, any slowdown lasts only a few weeks, a month at most. When I am fully employed, translation pays more than any alternative that I look at, even if I were a CPA, at least in the first few years and after two years of study and a $25,000 investment plus opportunity costs (much more than $25,000).
I have been a finance specialist, so in the eye of the storm, had down months in September, October and January, rebounds in November and December and a spectacular recovery in February, and despite some major projects being canceled.
To be sure, diversification in terms of subject matter (being a generalist and one or two other specialties) and customers is important and that has helped tremendously.
I expect the rest of the year to be volatile, based on January/February combined, but I would be very satisfied to maintain the pace of the past two years, and based on February alone it could even accelerate a bit (capacity utilization 125%, lots of OT). ▲ Collapse
| | | | | Everybody wants to sell | Feb 27, 2009 |
And for that, a good translation is a must. Right now I'm looking at (another) very busy weekend.
| | | | Edward Vreeburg
Netherlands
Local time: 19:15
Member (2008)
English to Dutch
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| Higher rates to save money! | Feb 27, 2009 |
Yep pretty much what I've seen sofar,
People are shopping around to find new (and cheaper? or better?) translators and are willing to pay top dollar (better make that euros) for top quality translators. Even agencies simply cannot afford to submit average work at low prices to clients. They need the best to survive. I've already been contacted by agencies willing to pay for test documents... (no more "see it as an investment..").
...bring on the crisis!
Ed ... See more Yep pretty much what I've seen sofar,
People are shopping around to find new (and cheaper? or better?) translators and are willing to pay top dollar (better make that euros) for top quality translators. Even agencies simply cannot afford to submit average work at low prices to clients. They need the best to survive. I've already been contacted by agencies willing to pay for test documents... (no more "see it as an investment..").
...bring on the crisis!
Ed "guess my prayers have been answered" V. ▲ Collapse
| | | | Ivan Patti
Italy
Local time: 19:15
English to Italian
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| Nuts are for squirrels | Feb 27, 2009 |
Kevin Lossner wrote:
I know that a number of you are sure I'm nuts, and once again I don't care. I just report what I see. The interpretations may be BS, but the facts themselves will stand up to any audit.
********
Edited once again for sloppy typing
[Edited at 2009-02-27 09:57 GMT]
As far as I'm concerned, I don't really think you're nuts Kevin I do agree with what you (and Viktoria, Nicole and other fellows) have said so far in this thread and even in others, and I like the style you use to express your opinions, which I find valuable.
[Edited at 2009-02-27 14:59 GMT]
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Jon O (X)
United Kingdom
Local time: 19:15
Dutch to English
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| 20-hour working days? | Feb 27, 2009 |
Are people really working so much? I'm astonished and slightly awed to read that. What's the reason? Can you really work those hours without the quality of your work suffering? I personally find it next to impossible to work more than about 6 hours per day without my brain simply giving up and going into stasis. And I still make a pretty decent living that way. Is it the irregularity of workflow which makes people work such insane (from my perspective at least) hours?
How many hours per d... See more Are people really working so much? I'm astonished and slightly awed to read that. What's the reason? Can you really work those hours without the quality of your work suffering? I personally find it next to impossible to work more than about 6 hours per day without my brain simply giving up and going into stasis. And I still make a pretty decent living that way. Is it the irregularity of workflow which makes people work such insane (from my perspective at least) hours?
How many hours per day of work do colleagues think is sustainable over the long term? Interesting to know.....
Maybe I'm just lazy...... ▲ Collapse
| | | | Textklick
Local time: 18:15
German to English
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In memoriam | Is your glass half full or half empty? (or indeed overflowing) | Feb 27, 2009 |
There have been a few forums/mini polls recently along the lines of "Was January your worst ever month", "Have you been evicted from your house yet this week" etc. etc.
Generally, they turned out to be a whinger's paradise.
Thanks, Viktoria, for the sensible way in which you worded your header. It only goes to show that the answer depends upon the question.
Hopefully, all who read this forum will either take heart (or maybe ask themselves what... See more There have been a few forums/mini polls recently along the lines of "Was January your worst ever month", "Have you been evicted from your house yet this week" etc. etc.
Generally, they turned out to be a whinger's paradise.
Thanks, Viktoria, for the sensible way in which you worded your header. It only goes to show that the answer depends upon the question.
Hopefully, all who read this forum will either take heart (or maybe ask themselves what they are doing wrong).
Maybe some will also realise that freelancers ain't ready for being dictated to! I'd say now less than ever.
Salut
Chris ▲ Collapse
| | | | liz askew
United Kingdom
Local time: 18:15
Member (2007)
French to English
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| French and Spanish into English | Feb 27, 2009 |
I have lots of work, and could quote for more, but haven't enough hours in the day...
Liz Askew
[Edited at 2009-02-27 16:57 GMT]
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