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A friend of mine tried it and gave me the impression that, because you are competing with a worldwide remote workforce for work that does not require an on-site presence, translation work is extremely hard to come by, unless you have exceptional language skills.

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Exceptional language skills or specific domain knowledge. For many languages, it is incredibly difficult to find skilled translators with sufficient knowledge to make sense of technical, legal and medical documents.

You have to be good, yes. I think once you're good and you are also good at finding clients, you should be able to do well. Haven't done it myself though.

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