For freelance translators, hearing people discuss the topic of diversification makes them very curious (and sometimes anxious) because isn’t freelance translation supposed to be a career within itself? Shouldn’t a freelance translator be able to succeed without having to diversify?

Over the past couple of years the topic of diversification has become very relevant, but it does come with some controversy. And the question still stands: ‘Isn’t diversification just for translators who are failing in their efforts to make their business succeed’?

Recent research shows that, when considering their professional future in the industry, diversification is definitely contributing to the increasingly positive outlook held by freelance translators. It seems that today, freelance translators are in an encouragingly positive mood, and apparently it’s due to the increased level of diversification translators are undertaking. It could well be that translators who are the most positive about the future of the translation industry are people who have not only achieved success as freelancers but have also welcomed the concept of diversification.

The following are some diversification strategies for freelance translators that may be well-worth considering –

Linguistic Diversification

Many freelance translators are already offering services which amount to the first level of diversification. Basically, linguistic diversification means expanding your portfolio around your translation services: this might include services such as transcription, editing, post-editing of machine translation, terminology management, linguistic validation, voice-over, subtitling, reviewing of non-native copy, cross-cultural consulting, and even online language teaching.

Extra-Linguistic Diversification

This type of diversification refers to the development of new business strategies. The options here might include providing clients with remote project management, offering clients a more effective package by forming strategic alliances with other freelance translators, specialising in a specific field and becoming a recognised expert, and changing your business model by diversifying your client base – meaning changing from agency-only clients to both agency and direct clients.

Passive Diversification

At one time or another, every translator will be faced with the question of how they’ll continue to manage if they are incapacitated, fall ill, or are otherwise unable to work for an extended period of time. And this is where passive diversification comes in. Many freelance translators create a passive income stream by turning their expertise into a product that can be purchased by clients. Some options for passive diversification might include teaching online training courses and selling publications.

External Diversification

External diversification is where a translator offers specialised services to other translation professionals and language service providers. The services might include business coaching, CAT tool training, and multilingual desktop publishing.

Distinctive Diversification

Some clever players in our industry have been able to provide the translation industry with an innovative service or product that probably every translator has heard of and/or actively uses. They’ve very cleverly created a service or product that previously didn’t exist in the translation industry but have today become very popular with freelance translators. Some examples of these are Translator Pay, Mox’s blog, and Translators without Borders.

The Future of the Translation Industry

In almost every industry the players need to embrace change and remain open-minded; and the translation industry is no different. Being clever in business means being able to create a secure income stream regardless of the situation. Obviously, diversification is not a ‘must’, but it does make good business sense to prepare for unforeseen circumstances in any area of industry. Our suggestion is that you keep an open mind and embrace new concepts for future-proofing your translation business. It’s definitely one way of creating a positive attitude towards the translation industry and the amazing opportunities that it holds for smart business people.