More and more businesses these days are working with international clients, customers, and partners and so it is very important that they have accurate translators. Starting a new translation business is a great way to take your language skills and make some real money. With the world looking to bounce back from the Covid-19 Pandemic, there has never been a better time to offer your translation services, but there are many important steps you need to follow.
Here are our top tips for starting a small translation business.
1. Make a Business Plan
Whether you are starting a translation business, a beauty spa, or a new restaurant, the first thing you need to do is make a detailed business plan. This will enable you to plan every minute detail of your new company to ensure that you don’t miss a single thing. Your plan should include the name of your translation business, your budget, your target customer, the exact services you will offer, your marketing strategy, and your earnings forecast. If you are hoping to secure external investment to help fund your new venture, you will need to present your business plan to potential investors, so make sure it covers absolutely everything.
2. Choose a Business Structure
Choosing the right business structure for your new business is very important as it will shape the way you run the business. Many small businesses operate as sole proprietorships where you as the founding owner are in control of all the operations and decisions. While this gives you total autonomy, it also leaves you liable for any debts or financial difficulties. Another option is to register your new business as a limited liability company (LLC). This structure of the business will give you the same control as a sole proprietorship but won’t leave you personally responsible for any debts or losses.
3. Get Funding
If you are planning to fund your translation business with your own savings then this step is simple enough but many new businesses seek outside investors to help with the startup costs. There are many different business funding options available and as evidenced at DyerNews.com, you can find a lot of information about what you can do to raise money. Business loans, angel investors, and equity shares are all potential options, and choosing the right source of funding for your business can really make or break it in the early stages. Assess all your options, get advice from a financial expert if necessary, and secure the money you need.
4. Open a Business Account
Whatever your source of funding, it is really important that you set up business accounts that are separate from your own personal finances. Business bank accounts have many benefits compared to personal accounts such as bigger overdrafts and business credit cards. Many people who start a new business make the mistake of not separating their finances from those of the business but when you do this, it is difficult to get a true measure of how the business is going and how much money you are actually making or losing.
5. Decide on Your Services
There are many services which a translation business can offer and all of them have the potential to make some serious money. First of all, you can offer direct translation for businesses who are working with international partners or customers. It is important that you are not only fluent in both languages, but also that you understand the different cultures in the two countries. This is crucial in business because it ensures that your client will not cause offense by making a cultural faux pas.
Another lucrative service to offer is document translation as there are many businesses who are looking to go international and move into new markets and so they will need all of their materials translated for a new customer base. If you can bring SEO and copywriting skills to the table, you can make a lot of money translating business websites into other language versions.
6. Hire Translators
The last thing you will need to do is hire skilled translators to expand your business. If you are well established in the translation industry, you may already know the ideal people to bring on board. If you are totally new to translating, you can advertise the positions online and search for translators on social media platforms like LinkedIn.
An effective translation service can help to improve your customers’ communication, understand other business cultures, and build new relationships with international clients and partners. As well as hiring the best translators with great language skills, you will need to look at every aspect of your new business from funding to advertising. Follow this guide and you will have a great chance of being successful.