The mindset shifts high-earning translators have made usually fall into one of the following three categories:
They diversify into other revenue streams. At this level some colleagues will have more entrepreneurial offers such as books and consulting or training courses. Remember that this is on top of their client services income.
They command premium fees. Most 6-figure translators I know have made a special effort to niche down and book out: the most popular niches are law, medicine and finance. Super niches may exist such as my own: clinical trials, medical reports and medical research articles. The more difficult the niche and the scarcer the number of competitors, the more fees you can aspire to charge. 6-figure translators also back up their premium price with a robust value-based services offer.
6-figure earners usually have savvy business skills in terms of negotiating contracts, upward pricing strategies and making sure they don’t leave money on the table as they take a long hard look at their client balance sheet to identify upside potential at the end of each year.
Finally, they will almost certainly have some higher paying direct clients in their client roster mix.
They work for high end agencies. Although not my favourite way of reaching 6 figures it is possible to simply do a high volume of work. However, you would need to be prepared to regularly churn out 2500 to 3000 words a day. Considerable extra care needs to be taken to look after your physical, emotional and spiritual health.