Globalization has led to increased demand for translators and language experts. Over the past ten years, the global language services market has doubled in size, hitting $49.6 billion in 2019. So, if you are passionate about language and fluent in more than one language, you can provide translation services to different clients from around the world. Just like any other business, a translation agency needs a lot of planning. If you’ve decided to venture into this field, here are some pointers.
1. Find a Niche Market
The translation industry is segmented into different parts. There are single-language vendors who translate text into one language and multilingual language vendors who translate multiple languages simultaneously. The first thing you should do is choose a niche to specialize in. When you have a target market in mind, you can start looking for specific clients to work with.
2. Find Clients
To grow your business, you’ll need to market your services to clients. Fortunately, most companies today require translation services, especially those with a global reach. In the US, there are approximately 68,385 translation agencies. This means you have many competitors. You need to come up with unique strategies for finding clients. You can use your own networks, social media, approach companies directly, join industry forums, or apply for translation jobs.
3. Create A Business Website
Approximately 71% of small businesses have a website. If you want your agency to be successful, you need to follow suit and create a business website that displays all your services. Hire a designer to make it stand out from others. Once the website is up, list all your translation services and publish content that appeals to your target market.
4. Create a Financial Plan
A translation agency makes money by charging a fee for each service. Plan how much you’ll charge for each service, how you’ll finance your business, and how you’ll cater for expenses. Whether you are a sole proprietor or have a team, your agency needs consistent cash flow to survive.
When you have sufficient working capital, your business runs without any financial hiccups. You may need money to pay employees, to pay for ads, or to update your website. If borrowing money doesn’t appeal to you, a small business loan can help. You can find one by searching for “title loan places near me” and finance your business.
5. Hire Translators and Linguists
Whether your business is a single-language vendor or a multilingual language vendor, you might need to hire reliable translators. To ensure you provide high-quality services to your clients, interview skilled translators before hiring them to help you with operations. Although there’s a lot of translating software you can use, nothing can replace a human translator. And apart from translators, you may also need other professionals, like an administrator and an accountant.
Starting a translation agency requires great focus and commitment. You need the right tools, software, and personnel. Due to globalization, translation services have become more important. The customers are there, you just need to build an agency that meets their specific needs.