Home-based Language Translation Business Idea
It is the wish of everyone of us to learn or speak a foreign language apart from their native language. If you are not in a position to learn a new language, and you find yourself in a different society you will need the services of a language translator to be able to convey your messages or speak with them.
There are numerous translators who set up shop as self- employed full fledged freelancers but few who have the guts to turn their business to an all round translation agency. This should not be surprising because establishing a full- scale agency is taking a giant step compared to launching a profitable freelance practice. Nevertheless the intellectual and financial rewards in starting one can be quite solid. Before starting your own professional and an all-round translation business, there are some factors you should take into account. These are:
ü Internal organization of your agency
If your dream is to establish a language translation agency, then it would be advisable to find yourself a competent partner. This is unless you are prepared to start hiring staff right away. This in most cases is not a recommendable procedure. The partner you are looking for should be an individual whose qualities should be ideally similar to yours. Separation of tasks should be laid down to remove any potential conflict of interest.
ü All –round Translation business
When we talk about an all round translation business we basically means the scope of your product which is language translation. As a single freelancer, the output will be confined to one language which you are competent in but as an agency you will be required to offer your customers with a whole range of different languages and discipline. These disciplines includes commercial, technical, medical and legal documentations. This means your range of products will only be limited by the available staff.
ü You should have by your sides a good Business Plan
The first step you take is to gather as much information as you can concerning all aspects of translation business. Afterwards, come up with a good business plan. You can find good business samples at your local branch Chambers of Commerce or download them over the internet. Structure your plan as you find on the samples. The main advantage of having a viable business plan is that it will aid you to come up with real estimates of the capital needed to start up your agency. If you find your estimate exceed your private available fund you will be able to go to the bank and present your plan for further funding.
ü Another area of consideration is marketing
Yes your agency may have come off the ground, but where do you get your clients? Your first priority should be systematically recruiting your clients. One very helpful tool in achieving this, is through direct marketing. There are two direct marketing strategies available. They are;
i. Internet direct marketing
This is normally through such cheap and reliable methods such as search engine optimization or what is generally known as SEO. This is a term used to refer to various techniques through which your presence over the net is felt in order for your prospective clients to find you and your agency.
ii. Database direct marketing
This is a more expensive method of client’s acquisition. You are supposed to create a database for all prospective clients in different governmental and private organizations or companies. An effective database should contain at least a 1,000 companies you can source clients from and should contain details of the person to contact. Your database should be kept up-to-date for it to be effective.
ü You should have a reliable network of suppliers
Suppliers to your agencies are normally your freelance translators. Others includes the bank, the accountant, the printer and the graphic designer to name but a few.
ü High quality team of translators
Translators are obvious the most important asset in an translation agency. Freelancers will usually present themselves to assist in your agency as soon as they get to know you have a translation agency .One can also recruit them though the normal recruitment channels. Some of the best places to recruit your translators is the internet. Another important source is through your own network of buddies and colleagues as mostly, they are highly educated speakers of the native languages
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ABOUT THE AUTHOR
Freddy Ngiam is the Founder & CEO of www.1homebusinesshub.com