Don’t Get Lost In The Business Of Translation
Translation services are a very particular type of business. That means to run them successfully and make a profit you need a very particular set of skills. Of course, part this is your talent in understanding something in one language and being able to convey it in another. However, don’t forget the business side of the equations either, as that is vital to thriving too. So, with that in mind read on to find out more about how to make the business side of a translation enterprise go well.
Get your pricing right
The first thing about having a successful translation business that you need to do is to get you pricing right. Remember that you are offering a problem-solving service to your clients and so it’s vital that you don’t under price your skills.
After all, it has probably taken you a fair bit of time to get your academic training and real-world experience and that need to be reflected in the remuneration that you ask. Also, even if you are just starting off don’t charge too low a price, because once you have established clients, it’s very hard to then up what you are asking for without it being super awkward, and you running the risk of losing them.
To help you with this you should do a little research on what other translators are charging. Take the highest and the lowest, and price yourself somewhere in between to remain competitive, but not make it impossible to make a profit.
Look after your business interests
Next, to ensure that you don’t get lost in the business of translation and thrive instead, you have to look after your business interests. This means being proactive about asking for referrals and repeat business, as well as having the right infrastructure and procedures in place to deal with all eventualities.
In particular, it’s important to look into the different types of business insurance policies that you might need for your venture. Policies such as liability insurance, just in case anything happens when you visit a client at their premises.
Explore new markets
One way to be successful in the business of translation is to expand into additional markets. These may include medical and academic translation, financial translation, or even technical translation.
Yes, you will need to expertise in these fields that are separate to your language skills. However, this is well worth investing in, as such field are often filled with clients that will reward you handsomely for your time.
Keep your skill set up to date
You probably find yourself in the business of translation because of your love of language and different cultures. It is important to hold onto this passion, as this is what will help you keep your skill set relevant and allow you to stay the top of your game.
To do this, you may choose to take training courses in different languages or advance the ones you already know. You may even choose to visit places to get practical experience of your craft wherever possible, and if it’s something that keeps you on the ball and enthused about your business, then it’s well worth it.