As more and more businesses are growing globally, the need to understand the other country’s language and translate it in your language is increasing. It is required to translate and communicate with your international clients. As the demand for translators are increasing in business, demand of translation agency is getting increased and translation industry is also picking up the boost.
This thing is increasing opportunities for people in translation sector. A person who can understand different languages easily can make easy money by his this type of skill. And if one doesn’t want to work under pressure under any organisation, then he can become an independent freelancer and can earn within his own comfort zone.
If you are thinking to start your own translation agency, then firstly you must have to know that.
Start a translation agency by following Below Steps
What is a translation agency
Translation agency is a term used in earlier times, nowadays it is commonly known as Language Service Provider (LSP).
A translation agency is an organization which provide professional translation services to their clients.
Translation business is translating data from one language to another without any mistakes for your clients.
The translation agency is a service provider and it provide its services to various different businesses, companies, organizations and so on.
They have to translate different types of documents while maintaining the confidentiality of their client. In addition, they have well qualified linguistics and translators who translate and check the documents for mistakes.
How to become a translator
For doing freelancing or starting your own agency, both of them require skills. Skills to understand other languages and skill to convert the data from one language to another.
You have to brush up your own skills to be better in your work. And if you don’t know other language, then firstly you have to learn it to become a translator.
To become a translator, you can take admission in several universities which teach other languages.
You can take either free or paid courses to learn how to speak in other language, what to speak, which time to speak, etc.
And, you must have excellent writing skills, the more you write in other language, the more stronger your grip will become in that language.
You have to search organisation which can give you certification of your mastery in a particular language. Certificates will be very useful if you want to go work on any company or somewhere else.
How much profitable is translation agency in future? What is the market growth of translation industry?
More and more businesses are going worldwide nowadays to increase their profits. And so there is a need to communicate in other language and here the translators are required.
It is estimated that the need for translators will increase with 29% in the next seven years. The translation market was expected to grow at a CAGR of 25% from 2021 to 2027. This market was valued at 650 million US dollars in 2020.
How much it costs to start a translation agency
The investment you have to put in translation business depends upon how you want to do it. If you want to freelance your work, then you only require a computer or a laptop with high speed internet connection and nothing else.
But if you want to start an agency, then firstly you have to rent an office. After that, you have to invest you money in buying computer systems and high speed internet connection.
Then you have to buy printer and furniture for the employees in your agency. Now when you are an employer, you have to give salary to your employees.
If you have freelancers as your employees then you have to give them their payment according to them. They can charge per project or per word or per hour for their work. And if you have full time employees then their monthly payment have to be fixed by you.
What are the licenses and registrations are required to start a translation agency
The licenses and registrations are very important in this industry to develop faith in the client.
Some of the major registration and licenses are required to start a translation agency are:-
1) You have to make your agency a separate legal entity, for that you have to register it as OPC, LLP or private limited.
2) Further, you have to register you business for taxes under GST and have to get GST number.
Taking GST number is mandatory in starting a translation agency.
3) If you are thinking to start a translation company, then acquiring trademark will ensure your brand safety.
4) It is advisable to take MSME certificate to avail the benefits offered by government later in the future.
What are the hurdles you have to face in starting a translation agency
1) While translating something, you have to make sure that you must add humour in your translation. It should not be too much or too little and must be in adequate amount.
Without humour presentations may become cold and offendable for the clients.
2) The language structure should be such that the target language does not face any difficulties while passing from one origin to another.
3) Various majority languages have words and phrases and one may mistakenly ignore some words, And it may happen that the missing words can create a huge difference in the sentence.
So, you have to take care that not even a single word is missing in any sentence.
4) One words may have different meanings in different countries, so you have to make sure that the word you have written was correctly fitting in that particular sentence.
How to start a translation agency
Step by step guide:-
1) Registration of your agency must be your first step while starting it. Registration helps your clients to trust your agency in any situation.
2) The infrastructure of your agency must be in a well built manner. It doesn’t matter that your infrastructure is digital or traditional, It must be in a proper way.
3) You have to built a proper language translation system in your agency. Without a proper system your agency will not go far more ahead in the business.
4) You have to provide your employees and computers highspeed internet connection.
It should not happen that your translation softwares are not working, due to poor internet connection.
5) You have to take care of your budget in starting,
Do not invest extra money which is more than enough in the agency in the beginning. It may create chances of losing them in starting.
6) Selection of language is very important, you have to select which are the languages that you can easily translate.
Do not try to jump in the business with too many languages in starting,
You can start with the languages which you perfectly understand and then later you can try something new. You also have to see that the language you are ready to translate must be in demand.
7) An optimum team is a power of your agency.
If you have a team where every member was responsible for his/her duty, then your business will soon start taking boost.
It should not be like you have to translate translation again done by your translator.
8) Make a full proof business plan for the future of your agency.
You plan must include revenue models from more than one source.
9) making a website of your agency will help your clients to understand your working process. They can see your previous work performed by you, you accuracy in that language.
They will also have come to know that what are the languages are you translating. Website can also serve as a marketing tool for your agency.
How to search a right translator for your translation agency
You have to keep in mind that the translator you are selecting should be a master in that particular language. It should not be like you have to translate translator what the other person is saying.
If possible, then you must have to hire professional translator. You can find them on social media by sending posts in requirement of translator. Or else you can approach to the universities where different languages are taught.
And from there your can hire a perfect student which can also meet your financial requirements.
What are the different revenue models of translation business
1) If you are dealing directly with the clients, then you can charge them according to your hourly rate or per word rate or whatever it is.
2) If your deal is with companies and other businesses, then you don’t have to decide your prices, they will give you some percent of commission of the project.
3) Now when you know different languages, then you can teach potential students.
This can be a revenue source for you, you can start teaching students the language you know in exchange of tuition fees.
This strategy was new and people are using it to earn some side income.
4) If you don’t want to take tuition, then you can put your some of your time or of routine and make language learning courses.
You can set the value of those courses according to the knowledge you have given in them. You can even hire affiliate marketers, whenever they make someone buy your course, you can give them some commission out of your earning.
5) You can make website to translate languages. You can write books which teaches people how to learn different languages.
Both of them can become a good source of passive income for you.