Globalization has helped hundreds of businesses to expand and enter foreign markets. However, entering foreign markets is not as easy as people assume it to be. Because ultimately your aim is to be successful in your target market, and not just waste your time and money to advertise a service or product that the end consumer might not relate to.
Therefore, it’s imperative to localize your business, if you want to be successful. Localizing your business can be done by hiring freelancers who are part-time translators, or you can opt for a better approach and get help from Professional translation services.
On the other hand, you also have the option to start your own translation business if you want to be the middleman rather than the one who only asks for help. Now, you can also start your own agency and offer financial translation services or medical translation services. That’s entirely up to you.
Nonetheless, there are certain important factors that you need to take into account before you initiate your translation business.
Planning For Success
Every successful business needs a proper strategy and planning before it attempts to enter a market. Similarly, if you want to start a translation business you need to have a proper strategy in place.
Firstly, you should figure the costs that you would have to incur for hiring professional translators or the overall costs for opening up a translation service. Secondly, you would have to oversee the daily expenses for running a translation firm.
This may include advertisements, internet connectivity, and a quality control mechanism for documents translated. Thirdly, you should have a clear view of who your target market is and how you are going to translate the content to fit the customer needs, meanwhile, ensuring the charges are not too high or too low.
After understanding the prerequisites required for entering the business and then planning a strategy for it, the next step is to create a business name for your translation agency. People sometimes underestimate the importance of the name of the company. But in reality, experts proclaim that the name is the actual identity of the firm and is solely responsible for catapulting the power of the brand. Thereby, always choose a powerful name for your organization.
Moreover, also ensure that the name you choose has not been taken already. You need to position your brand in such a way that consumers can instantly recognize your company and what you do whenever they hear the name.
People who have no prior experience of starting a business and have no proper knowledge as to what legal duties they have to abide by before launching a company, need to understand this section very carefully.
There are certain business structure kinds. For instance; there is LLC, Partnership, and Sole proprietorship. These are the common ones. You need to transform your business into any one of them so that if by any chance your company gets sued, you will have legal protection. Moreover, you have to register yourself in order to pay taxes as well. Other than that, it’s important that you protect your personal assets while opening up a translation agency, especially if you are offering financial translation services. Hence, creating credit accounts would be an advisable thing to do.
Though globalization has played a huge role in helping businesses expand their scope. On the contrary, it has also created a very tough and competitive marketplace. Organizations are fiercely competing for the bigger piece of the pie by occupying more market share. Hence, its imperative for new upcoming translation agencies to create their points of difference.
You have to understand that translation companies are highly in demand. Hence, you have to market your company in an attempt to stand out from the crowd.
The first thing you should do is to offer your services to those organizations that are in communications or often require translations. These may be media giants or film agencies that want to dub their movies or videos. Then you can create a database of other clients that may belong to industries like law firms, hospitals, med-tech, fin-tech, and even end-tech companies. This will help you create diversity in your services and will eventually attract more people.
Achieve Fluency in One Language
A lot of organizations make one common mistake when they are starting up. They tend to offer multiple languages in their localization services. This is not a good strategy when you have just entered the game.
The important thing is to achieve fluency in one particular language first. Try to get the best translators available, who not only have experience in translating documents but also possess a deep understanding of the language. Such expert linguists will be able to clearly get the message across from one region to another. And that is what you should be aiming for. It’s good to have a wide variety of languages that you can offer to your customers, but that is for the later stage. First, perfect one language and then take the initiative to offer others.
Because there is no guarantee that your services will be perfect the first time you do it. You will definitely make mistakes. These mistakes will create the friction that you absolutely need to grow as a business.
Once you know what mistakes were made the first time, you will try your best to not repeat them. And the same attitude could be used when you offer more languages, eventually. This strategy will make your translation process more efficient and effective.
Every business endeavor demands proper planning and strategy before you take the initiative to compete in the market. You have to understand that globalization has actually created more competition. Market spaces have become tighter since the advent of the internet. Success is not guaranteed. Hence, a lot of startups fall apart just after one year of doing business. Therefore, you have to be very careful when starting a business.
The best practice is to take small steps and evaluate every aspect prior to taking it. In professional translation services, your clients are from all around the world. You should do your best to treat every single client like your last one. Ensure that your customer service is on point. Your aim is to create brand loyalty. And that is only possible if you adopt a customer-centric approach.
Helen Terry is a creative writer with a special interest in Culture, Tourism and Languages. Along with being associated with the translation industry for the past 7 years, she is working as a creative writer for CCJK, a known translation services provider.