The Pros and Cons of Starting a Translation Services Business
If you are fluent in more than one language and can efficiently translate from one language to another, a small business providing translation services could be the perfect small business for you. Here is what you need to know before you decide if this business idea is the right fit for you.
The Pros of Starting a Translation Services Business
Some of the benefits you may experience if you start a translation service include:
- Startup costs are very low.
- It's a great home-based business, especially because you can work via the Internet.
- Overhead costs are very low, and you have the potential to make significant profits.
- You have a very broad target market, including legal, commercial, medical, technical editing, interpretation and more.
- There is a growing demand for translators in our global community.
- You can operate solo, or manage a group of translators, even if you are not a translator yourself.
The Cons of Starting a Translation Services Business
Some of the potential challenges of starting a translation business include:
- You must have complete and thorough command of whatever languages you plan to offer translation services for.
- Among your competition may be computerized translation programs and voice recognition technology.
- It can take some time to establish the business, depending on your location.
- You may want to become certified before offering your services.
- You need standard office equipment, including a computer with an Internet connection and possibly transcription equipment if you will be doing audio translation from tapes.
- Business Opportunity in Language Translation Services
- How to Start a Home-Based Language Translation Service
- American Translators Association
- International Federation of Translators