Running a translation business or being a freelance translator can be challenging. Having no clients is terrible, but having too many clients is also problematic. You might spread your production capabilities too thin, lower service quality and damage your best accounts. Here are some tips that you may find useful for your business:

Avoid small accounts.  The small accounts usually stay small. The large ones start big to begin with.

Collect money in advance. If you do accept a small order, collect the payment in advance by credit card or bank wire. Chasing receivables is a waste of time and demoralizing to boot. Large companies don’t like to pay in advance but they are the ones that may turn into big accounts.

Raise your prices. Does an order seem to be more trouble than it is worth? Then charge a premium. That’s one way to check how serious the client is.

Downgrade faltering accounts. Some accounts run well for a while but then deteriorate. Symptoms of a faltering account: rejected bids, lots of quotes but few orders, significant drop in sales over a period of time. Losing a premium account always hurts but it is a part of life. Some people waste a lot of time and energy trying to woo fading accounts back. Sometimes it is best to just let go. The next big account is only a phone call away.

If all else fails, fire your client. If you feel that an account is not giving you satisfaction, that is taxing your ecosystem or getting you down then just fire them. It will give you a sense of control and help you focus on the business that is important to you.

See: GTS Blog