The translation industry has not only remained unaffected by economic recession, but it has also experienced growth despite events such as the worldwide financial crisis. As businesses are looking to expand within foreign markets and improve their international relations, its services are being increasingly sought out. Due to social and economic trends such as increased population growth, transnational communication, and the rise of the multi-channel e-commerce, reliable translation services have a bigger role to play than ever before. Therefore, it’s not surprising that many businesses are looking to expand within the translation industry, the size of which is predicted to reach $37 billion this year. When one is looking to establish a profitable translation business, however, there are several aspects they should consider, to see their ideas come into fruition.
1. Determine the form and associates for your business
Depending on whether you want to start a business as an individual translator or you have brought together a team of professionals, there are certain rules for regulation and taxation that you would need to consider and choose from. If you are building your business with a partner, it is important to, first, distribute the responsibilities and rights between each other and then determine which legal form fits your needs best.
2. Have a suitable name
The name of your business needs to be easy to remember and also represent the main message and ideas of your business. Think about what the names of your competitors within the industry are and how you’d like to differentiate your company from them. Overall, your translation business’ name should create positive associations and emotions within your clients, even if it is not directly related to the service you offer. Finally, make sure no one has already claimed the rights to your chosen name, as this will make it impossible for you to use it without facing legal troubles.
3. Have startup capital
As a new-found business, having certain startup capital will help you in providing the technology that is necessary nowadays to be competitive in the industry and differentiate yourself from other translation providers. While this is a costly investment, it will give your business the competitive edge it needs and will make acquiring customers that much easier.
4. Have an action plan
The services of a translation business can be employed within multiple different industries, which is why it is important to pinpoint the market your company will be geared towards. The best and easiest way to establish a reputation of an expert is to operate within a market you are knowledgeable about and with languages you’ve had experience with.
5. Have a growth strategy
Even though you’ve just started, it is useful to set the frameworks for a strategy that would guarantee your business’ long-term growth and sustainability. Whether you are considering international expansion, consolidation, or investing in marketing, your business’s longevity depends on the goals you’ve set up to achieve.
6. Develop your website
Often, your website is the first point of contact between your business and potential clients. That’s why you should ensure that your landing page provides the most important information about your services and about yourself, as a professional and individual. Think about the kind of image you want to build for your translation business and make sure that your website reflects that same idea. Furthermore, including testimonials from previous clients will help your reputation and will make more people choose your service.
7. Social Media Presence
Nowadays, it is essential for businesses from all industries to have a clear voice on social media and engage with their customers on multiple platforms. By being active on the websites most frequently used by your target customers, you will be able to establish long-term relationships with them and, additionally, attract new clients who might be interested in your services.
8. Join translation-specific networks
A good way of gaining knowledge through others’ experiences and mistakes is joining an online translation network such as Proz, which will let you make industry connections and gain some insider knowledge of the industry.
9. Be patient
Regardless of your enthusiasm and effort, a business can’t be developed overnight – it takes a while for one to establish themselves as a reliable source of knowledge and expertise, which are two of the most important skills that people look for in translators. Be patient and make sure that every aspect of your growth strategy is executed in the way you’ve got planned. Consistency and hard work is what will attract more customers.
Starting your own translation business as a freelance translator or in cooperation with other professionals can be intimidating, requiring a lot of time and effort. That being said, the industry has a bright future ahead, provided the increasingly globalized environment in which we live in and the high expectations of customers from every industry to receive products specifically tailored towards their needs.
Within translation, what remains most important is having the sufficient cultural background and linguistic skills to bring optimal results for your clients. High-quality translation is at the heart of every enterprise looking to expand into foreign markets, so having these qualities will ensure your success.