Once we have talked about how important diversification is for freelance translator and interpreters, I would like to talk about the different methods that we can use to diversify our businesses. But before doing so, I would like to highlight that the perfect one does not exist. It always depends on our business and how we want to develop it. So I would recommend you to think about which method fits you best.
1. Horizontal diversification
To implement this method, we have to create a new product or offer a new service that our existing clients may be interested in. This new product or service is also related to the products/services that we are already offering.
For example, a translator specialised in business translation and interpreting might consider specialising as well in marketing, as business and marketing are related to each other and both might be interested for his clients.
2. Vertical diversification
In this case, we have to think about the stages of production of the services/products that we offer, and take advantage of the previous and subsequent stages of this cycle.
For example, a translator that translates copies of different websites might think about going a step beyond and also specialise in localising websites.
3. Concentric diversification
With this method, the aim is to take the most of the technologies that we are already using as a translator, although sometimes we will have to invest in them to reach our goals.
For example, a translator that has been translating financial texts for a multinational company, might also consider using his CATs and other software that he may already have not only to translate but to sell glossaries to this client.
4. Heterogeneous diversification
Here we have to provide new services or products which are not related to the ones that we are currently offer and which may be of interest to a new segment of clients.
For example, it is the case of a translator that diversifies his business by offering web design services.
5. Corporate diversification
In this last method, we would have to invest capital in something to create profitable goods.
For example, let’s think of a translator that invest money in creating a co-working space for his colleagues with which he will have a return of such investment.
Now it is up to you. Which one do you think that can be implemented in the translation industry? Have you tried any of them before? Did they worked?