How much should I charge for translation + market research? Thread poster: Nestinar
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Nestinar
Local time: 22:04
English to Bulgarian
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Hi all. I am Bulgarian and I've just moved to UK. I haven't worked here yet, but I just got offered a freelance job and I'm unsure how much should I charge for it.
Basically, I have some experience with the Bulgarian clothing market, so my client asked me to do a research for him - I'm supposed to end up with a list of Bulgarian clothing manufacturers that would be willing to work with my client who wants to import their production in the UK and sell it here. After the research is d... See more Hi all. I am Bulgarian and I've just moved to UK. I haven't worked here yet, but I just got offered a freelance job and I'm unsure how much should I charge for it.
Basically, I have some experience with the Bulgarian clothing market, so my client asked me to do a research for him - I'm supposed to end up with a list of Bulgarian clothing manufacturers that would be willing to work with my client who wants to import their production in the UK and sell it here. After the research is done, I'll have to help my client do the bargains, etc.
I already got idea how should I charge for my translation work when my client already has the list of possible partners, but I'm unsure how much should I ask for the research itself - I don't want to undervalue my work, but I also wouldn't like to offend my client offering too high price for it.
With my knowledge of the market and my contacts in Bulgaria, I presume the research would not take me more than two weeks.
Please advice me how much should I charge my client for this. Thanks in advance. ▲ Collapse
| | | | | How much is your time worth? | Jul 21, 2010 |
If you know approximately how many hours the job will take, then multiply it with your desired hourly wage.
If you don't know how much that should be, sit down and crunch a few numbers. For example, calculate your living expenses, including food, rent, car, insurance, healthcare, transportation, entertainment, vacation, etc. Estimate your taxes and other payments deducted from your earnings. Decide how much you want to save. Do this on a yearly basis to see how much money you need ... See more If you know approximately how many hours the job will take, then multiply it with your desired hourly wage.
If you don't know how much that should be, sit down and crunch a few numbers. For example, calculate your living expenses, including food, rent, car, insurance, healthcare, transportation, entertainment, vacation, etc. Estimate your taxes and other payments deducted from your earnings. Decide how much you want to save. Do this on a yearly basis to see how much money you need to earn in a year. Decide how many hours you want to work in a year, and divide the yearly earnings by the hours to get your desired hourly rate.
You may want to look around the site, and also on the Wiki for related articles, and if you are thinking about an actual translation career, take a look at the Rate Calculator (under Tools).
Katalin ▲ Collapse
| | | | Stephen Franke
United States
Local time: 14:04
English to Arabic
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| Agree with Katalin Horvath McClure's good advice - value your time spent in research | Jul 21, 2010 |
Greetings.
May I support and agree with Katalin Horvath McClure's good advice - value your time spent in doing that research, and charge for your professional services provided per an hourly rate.
If your customer also wants some analysis and recommendations on the meanings, complexities, and opportunities for that customer to introduce & establish a market presence, all based on results of your research, also charge for your time and attention spent in preparing those ... See more Greetings.
May I support and agree with Katalin Horvath McClure's good advice - value your time spent in doing that research, and charge for your professional services provided per an hourly rate.
If your customer also wants some analysis and recommendations on the meanings, complexities, and opportunities for that customer to introduce & establish a market presence, all based on results of your research, also charge for your time and attention spent in preparing those products.
Hope this helps.
Regards,
Stephen H. Franke
English-Arabic, Persian,
and Kurdish [Kurmanci dialect only]
San Pedro, California, USA ▲ Collapse
| | | | | Don't undersell yourself. | Jul 21, 2010 |
Your skills are extremely valuable to your client, and you could help them make them a lot of money. You must be worth at least two or three hundred pounds a day. Good luck!
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| Charge for your expertise, not hourly rate | Jul 22, 2010 |
In a joke, a mechanic charged USD 100.00 for mending a car horn by only tightening a bolt.
He said USD 0.50 for the new bolt and USD 99.50 for his technical experience (where no one else had ever mended the horn successfully).
I realize that our specific identity should be very valuable for our earning.
| | | | | If you have extra know-how, you can sell that, too | Jul 22, 2010 |
In my previous reply I was talking in more general terms, assuming it is a job that requires some new research, not something that you already know because you have learned or experienced it before (like the car mechanic with the magic screw).
If you have some specific knowledge that you can present in a ready-to-use form to your client, that would be something to sell separately (like a product). How to price that? Good question. You can ask as much as you think your client is willing to ... See more In my previous reply I was talking in more general terms, assuming it is a job that requires some new research, not something that you already know because you have learned or experienced it before (like the car mechanic with the magic screw).
If you have some specific knowledge that you can present in a ready-to-use form to your client, that would be something to sell separately (like a product). How to price that? Good question. You can ask as much as you think your client is willing to pay for it. You can even ask how much it would worth for him. If he cannot tell, or says a very little amount, ask, how much would it worth for him to get it before his competitor gets it? In other words, how much money can he make in his business if he has that info vs. if he does not, but his competitor does.
But I think a consulting type of arrangement is the easiest one, you can talk about what you know, he can ask questions, and you charge for your time. It is a discussion in order to help him with his business. This is what other business consultants do, as well as lawyers, personal trainers and shrinks.
Katalin ▲ Collapse
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