Do you have a plan B?
Of all the colleagues I know, no two stories are the same when it comes to how one becomes a freelancer. Yes, most of us attended the same 5/6 universities all over Europe or even further apart, but after graduation our paths start to separate and take the most unexpected turns. What’s funny, however, is that in the end we all ended up in the same spot, once again: we’re all freelancing and making a living out of it, even if our businesses are at different levels and stages.
I suppose the point I am trying to make is that there is no fixed way of doing things when it comes to finding your way in the market, as there isn’t one way of running a business. What all stories of freelancers have in common though, is one important thing: having a plan B, and sometimes a C, if not even a D.
There is no need to preach to the converted: we’ve all been there, right at the beginning of our careers. Some of us arrive coming from some years of in-house work, some having done something completely different to save up, others dive in head-first after getting their diploma. Business plans are drafted or completely ignored, CVs are sent and test pieces are submitted. The first assignments and projects start coming in and all seems good and well. We’ve made it: we’re now making enough money to pay our bills and expenses, saving up and work seems to be coming in at a steady pace – that’s exactly the most dangerous moment of our career. The natural instinct is to park the bus, rest on our laurels and enjoy the fruits of our good and hard work. Alas, things are not meant to last forever, especially in our sectors: projects are cancelled, clients become non-payers, budgets are cut – you name it.
Now, here is my question: do you have a plan B? I’m not saying this because I have a natural (and slightly worrying) inclination towards planning and lists, but because survival depends on preparation. Being good at what we do is only the tip of the iceberg for us interpreters and translators, it’s ok if you want to get by on a project-by-project, month-by-month mentality. We have to look 6 months/1 year/5 years ahead if we want to stay i
n the business, both in terms of personal career advancement and business vitality. What are the things to take into account to create a plan B? Doing some brainstorming and browsing the net, here is what you can find in terms of advice:
- Diversify. Always diversify. This doesn’t only mean have more than one client, but have more than one type of client, and more than one type of client working on different subject matters: the language industry is not limited to translation and interpreting – copywriting is more and more in demand for example. Don’t just specialise in that super-niche subject, but reach out to clients that work in different domains, so you can make sure you benefit from thriving sectors even if one (or a few) starts suffering. Make sure that those clients are different from each other: translation agencies, direct clients, broadcasting agencies, publishing houses, digital content companies. Never be in a situation where your income is affected by one or two clients suddenly not being in the picture anymore.
- Live in the present, think about the future. We’ve already established that things are not set in stone forever, both because the market is dynamic and because you want to progress and find better clients, with better projects and better money. Do you know who do you want to work with in 1/2 years? Do you know what you have to do to get there? Better start thinking and draw up a list (oops, I did it again…).
- Put the 'work' in network. Contacts are paramount in our industry: I recently read in a tweet that up to 70% of a freelance income might depend on work that came in thanks to a colleague’s referral. Networking and a good interactive online presence can work magic and might help you out of a dry patch, both in terms of support and workload.
- Save up. Create a pot of money for “rainy days”, because sooner or later they will come. This should be separate from your personal savings, and should be used to invest in CPD, new certifications and marketing when business is slow to keep yourself relevant in the market and enhance your CV/profile.
So, what does your plan B looks like?
