 Hi, this is just a short video where I wanted to talk about diversification. Now, diversification is something I've mentioned in the past in that I suggest you have more than one client. For example, if you have a client, you might have a client that you think is a very good client and that Paisiewell gives you stuff that you like working on, stuff you're comfortable with, and you can earn a living from it. And that's great. The problem with having just one client is that you basically become their employee. Paisiewell, they're going to pretty much realize that they're your only client, and so they might start making demands that are more and more demanding. They want you to work later, maybe on weekends, et cetera, et cetera. But they kind of know they can get away with it a bit more since they're your only client. Also, if they go out of business, or if they don't need your language combination anymore, if they find another translator they can work with besides you or any other number of reasons, they might not use you anymore, in which case you've lost 100% of your income. So while it can be comfortable, it can also be very dangerous to have just one client. And since you're a freelancer, you have the freedom to get more than one client. So my advice has always been that you should get more than one client. If you have two clients, then that's 50% of your income coming from each client. And there, even if you lose a client, you're still making 50% of your income. If you have three clients, that's an average of 33% of your income, and that already starts becoming manageable. There, even if you lose a client, you're still making 66%, and you can use that time to find another client in the meantime, so you can bring things back up. But today I wanted to take diversification a step further. I obviously think you should diversify, but you don't only have to diversify in terms of number of clients. Why not diversify in terms of the type of clients? Maybe your clients are in the financial industry, but if you can do financial translations, chances are maybe you can do general business translations, and you can translate websites for financial firms. Maybe you can do accounting translations. Maybe you can even do certain types of legal translations. It might be worth looking at different sectors. Once you're working in any industry for a while, you notice that there are ups and downs. When certain sectors have less demand for a translation because they're going down, another sector might be going up, so it can always help out to even this out. But you can take this even a step further, and you can diversify in terms of not only doing translations. Maybe you can do editing. Most translators can also do editing. Most translators, by the way, also many times want to avoid editing because it pays less, because if you're an editor, you get paid less per word than as a translator. However, this might be an opportunity for you to pick up some slack where other people don't. And since it's something extra, if you're already earning a living from translation and you want to diversify a bit, then you can afford to be a bit more picky. Maybe you can charge a bit more, or maybe you can find a special deal where you have a set minimum price or a set price for one-page certificates or diplomas or something like that. Or maybe it can be something that you do with a bit more flexibility, you know, in your spare time or on weekends, because it's something that doesn't have a very strict deadline. But as long as you can do it at some point, it can always bring you in something extra from a different source. And if this can create a steady stream of income, then it's always good to have it. You can also diversify even a step further and, say, get into something like transcription. People who translate very often are quite decent at transcription. But there again, they tend to avoid it because they think, oh, I have to listen to the audio, how many times do I have to keep listening to it because I don't type quickly enough. But once again, if this is an extra form of income, you can kind of be a bit more picky and see if there's something that suits you. I worked on a transcription job. It didn't even involve translation. It was just purely transcription. So yeah, the pay wasn't all that good, but it was something I could do in my spare time. And it was interviews with sword fishermen from Boston, Maine, from Halifax, you know, basically all along the coast. I found it fascinating. It was a world I knew nothing about. And there was all these fishermen who got to talk about their lives. I also did another job that I know I've mentioned before, where I was translating letters. These were letters from a family that immigrated from Italy into the US and the letter span from the 1890s until the 1970s. All these things that happened throughout the world, there were some letters from a prisoner of war camp during World War II, and it was extremely interesting. But once again, these were jobs that I could do in my spare time. There was no set deadline. It was for a family that had saved these letters and they just wanted them translated at some point. Obviously it didn't pay as well, but overall, I mean, there were tons of letters and it gave me something to do in my spare time and it was an extra source of income. But the fact is, you might be good at something else entirely. Many translators are good at writing and love writing, or maybe you're good at designing, maybe you're good at photography. Something along those lines, diversification can also mean just another source of income, basically another hedge, another cushion. And all of this provides more of a safety net for when you're working so you don't fall into the trap of the full-time employee. The full-time employee has one job with one company and if they get fired, if the company downsizes, if the company goes out of business, or if something happens just to their boss, they might be out of a job. When you become a freelancer, you have the option because you can find different sources of income. Once you do find a source of income, that's when you should try to start working on diversifying because that makes your future that much more secure. So I hope you found this useful. If you did, please click like. Give me a thumbs up because those always help. Let me know if you have any other advice along these lines, maybe or maybe you disagree with me completely, then feel free to let me know in the comments and I'll see you in the next video. Thanks, bye. Just a second, let's see who that was. Oh, I have a message. Hopefully it won't be too taxing.