Archive for April 2011
For Freelance Translators: Standard Payment Terms and Methods in Translation Business
April 18, 2011 | 
Author In translation business the most common payment terms when freelance translators work for translation agencies are that the agency will pay you within 30 days of the date of your invoice, referred to in the industry as Net 30. These payment terms are good for translators (or at least better than Net 60 or 90!) because your cash flow is only a month behind your work flow; if you send in an invoice on March 30, you get paid by April 30, at least in theory. In practice, many agencies will pay a little later than Net 30, or may ask you to invoice them once a month for all of our work, and they will pay you 30 days after that, referred to as 30 Days End of Month or Net 30 EOM.
Most U.S. agencies will pay by check in U.S. dollars, so you just deposit the check at your bank. Some will pay by PayPal, and this is a good way to ask clients who aren’t established agencies to pay since you receive the money right away. Some U.S. agencies are starting to pay by ACH transfer, for which most banks will not charge a fee.
In other parts of the world, payment terms vary widely. Payment terms in Europe are almost invariably longer than Net 30. Many European clients will want to pay you Net 60, 60 Days EOM, or even Net 90, and may not be willing to pay sooner. As long as you get paid eventually, the only issue with these payment terms is that you wait a long time for your money, and if there is a problem with the payment you may wait even longer. For example if you work on a translation project from March 2-5 with terms of 60 Days EOM, you send the invoice March 31 and the payment is scheduled for June 30, by which time it is almost three months since you started the translation. If you live in the U.S., most agencies in Europe will pay by wire transfer, so it is important to find out what kinds of fees your bank charges for wire transfers. Normally an agency will ask for your bank’s routing number (also called ABA code), Swift code (call your bank to 102 RATES, CONTRACTS AND TERMS OF SERVICE get this) and your account number in order to complete a wire transfer.
Currency exchange fluctuations are another issue to consider if you work for clients outside the U.S. For example, as discussed above, many agencies in Europe will pay up to three months after the project is completed, which can leave quite a bit of room for exchange rate fluctuation before the job is paid. If you’re dealing with clients in a country where the currency could potentially fall against the dollar, or with a very large project where even a small fluctuation could make a big difference in your pay, it’s important to plan ahead. For example, you might agree on a rate in dollars, which effectively asks the client to absorb the risk or benefit of a currency fluctuation. Or, you might keep a separate foreign bank account in a country where you do a lot of business; if you do this, make sure to check with an accountant as to your tax responsibilities for accounts held outside the U.S.
Some clients will tell you up front that due to either the size of the project or their own cash flow situation, they cannot pay you until the end client pays them. If you agree to work for this client anyway, you are going into the situation knowing that there is a chance that you will not be paid on time or maybe at all. If you loan a friend money until his or her next paycheck, you know that you may not be repaid-the friend could lose the job, the paycheck could bounce, or other expenses could be more important than paying you back. Likewise, if you agree to get paid when your client (usually a translation agency) gets paid, you are knowingly taking a risk, so resist the urge to blame the client if you don’t get paid!
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Small Business Ideas to Make Money – How Small and Simple Things Make a Big Difference
It could only be fair to say that small and simple things in life sometimes make a big difference. `Translating that to opportunities that allow you to make money, you would find that small business ideas to make money often end up making a whole lot of difference to you. Coming to think of it, you would need to note the simplicity in the operational models of these business opportunities.
Here are some small business ideas to make money
o Start your own boutique from home – Do you have a passion for collecting flowers or other artifacts? If you do, then you should seriously translate your hobby to a business. Open a small boutique at your home itself. This could give you an excellent alternative for you to earn money as well.
o Run an origami course for kids – All parents would want their kids to be creative. Come summer time and you would need to see the anxiety on the faces of the parents to get their kids active. If you decide to organize an origami course for kids in your locality, trust me, it would be one of the best small business ideas to make money.
Who said your business idea must be big, almost of gargantuan proportions? With small and simple ideas, you could realize so many opportunities for you to make money that you would be amazed. The problem is – not many people in this world people think in the simple direction and often go for more complex and complicated ways.
The Business Transition Crisis – Book Review
Who is this book for?
This book is a must read for entrepreneurs and business owners who are thinking about their succession plan or drafting an exit strategy. Every business owner must plan for that transition. Unfortunately not everyone does. If you don’t plan your business transition someone else will make the decisions for you.
What is the urgency?
This book sounds a timely warning to the baby boomers within that group. Many of those business owners will be forced into a fire sale. Baby boomers have affected so many aspects of our culture and economy as they’ve grown older.
If you are a boomer you might recall the mortgage rates of the eighties hitting the high teens. I felt lucky to lock in at 14% for five years. Prices skyrocketed when boomers were ready to buy – and they will plummet when they are ready to sell.
This book offers some startling statistics. One that might chill you is “71% of business owners plan to retire within the next 10 years, yet only 7% have a written plan for succession.”
Imagine the financial, emotional and health tolls on the unprepared business owners. Perhaps the most traumatic issue for entrepreneurs is to let go of the business they built. That’s the case at the best of times. Imagine the pandemic when the massive baby boomer crowd decides to exit en mass. That’s the crisis.
Why should you read it?
The Business Transition Crisis is a good read for any business owner even if the only thing it does for you is to help you recast your business as a product – not as your baby. That major perspective shift is necessary for you to begin and successfully complete your transition.
The book continues to offer perspective checks and guidelines for the successful business owner. You can follow this systematic approach to prepare yourself and your business for successful transition. Even if you think that it’s too early to start planning your transition it will be worthwhile to read the book, address the questions and start preparing yourself for the process.
The book is written in a business-owner-talking-to-business-owner candor. Wayne Vanwyck offers you insights from his experience as an owner of three businesses. That includes lessons from his mistakes and successes. He reveals his own painful wake-up call that forced him to address his business transition.
The author provides insights from the interviews that he conducted with hundreds of business owners across North America. The excerpts from some of these conversations are revealing. Some examples will make you cheer while others might sadden you. In every case the lessons are clear and simple. This is reflective experience speaking to you.
If you are thinking about your business transition then this book is a powerful yet clear and simple step-by-step guide to personal and financial success. You are presented with probing questions that must be addressed at each step of the process. There are checklists, action lists and tips.
There’s help on how to build your transition team and ensure that all the relevant players are working for your best interest. The book introduces the intriguing concept of working with a Business Transition Coach. This is a role that offers more comprehensive support than one would receive from a lawyer, banker, accountant or business broker.
The book lists and explores several options of retiring from your business. In each case there are important steps you must follow to ensure the success of your health, financial security and important relationships. The Business Transition Crisis is a book that every business owner needs to read before they retire so they can retire successfully.