Are You Ready To Set Up Your Own Translation Business?
Are You Ready To Set Up Your Own Translation Business?
At some point, you may feel that you are ready to make the move from freelance translator to director of your very own translation company. This will probably after you have been working as a freelancer for a few years and know your trade inside out. But are you sure that you are totally ready and prepared to make this move?
Sure, creating your own business is something that you will be able to feel really proud of. However, there is a lot that you will need to organize and plan before you commit to this new career move. So how do you know if you are ready to run your very own company? Hopefully, this blog post will help you figure that out.
You Need To Be At The Top Of Your Game
If you are thinking about creating your own translation company, you need to make sure that your skills are as good as they can be. You will be competing for clients and customers a lot more fiercely when you have a company, so it is important that you stand out from all the other translators. It could also be worth thinking about adding more languages to your portfolio. Generally speaking, the more languages you offer, the more attractive you will look to clients. That’s because you will be able to do a lot of work in various languages, and they won’t have to seek a different translator for each language they need work on. If you start hiring staff, you should aim to find staff who can translate to and from a variety of languages.
You should Probably Hire Staff
Once you become a company, you will be able to hire staff. This will be a necessary move if you are planning on growing and developing your company at some point in the future. Firstly, you need to make the decision between taking on freelance contractors or employing full-time staff. More often than not, contractors will be a lot cheaper for you as you will not have to pay for sick leave and holiday leave. However, full-time staff is usually a lot more dedicated as they have an invested interest in the company. Taking on staff will help you accept a lot more projects and work from clients, which can help increase your overall revenues.
Think Carefully About Location
What about your office location? Up until now, you were probably working from home. Once you have a company and staff, you won’t be able to carry on with that setup. So you are going to need to start looking for office space. It is worth considering a central location that would be convenient for both your employees and any clients who want to meet with you. If you can’t afford an office in the city center just yet, make sure you find one that is close to public transport links. That way, people who don’t drive will be able to easily get to you.
Be Prepared To Network
You will already be used to networking from your time as a freelancer. But it is more important than ever once you have set up your very own business. Hopefully, you will be able to keep on some of your current clients once you are trading as a business. But you will also start to find some more, especially if you want to afford new office space and a team of employees. The best way to find all these extra clients is to get out there and start networking. Most towns and cities across the country hold specialist business networking events. It is important that you go to as many of these as possible and hand out your business card to everyone you meet. As a translator, you will want to also try and find as many international clients as possible. For this reason, it could be worth going to international networking events and translation conferences that are held around the world.
You Need To Hone Your Management Skills
When you were a freelancer, you would have needed to effectively manage your various clients and accounts. This is still the case once you have set up your translation business. However, now you have the added extra of managing your employees as well!
Thankfully, there are various tools and resources that can help you while you try and gain experience in this department. Such as the critical incident stress management programs that are offered by various firms.
Becoming a good manager is something that you will learn over time. This is something that should put you off making the move into a translation company. At first, managing your staff may prove to be a headache, but over time you will become very skilled at doing just this.
Know How To Register Your Business
Freelancers don’t need to do much when it comes to registering themselves as a sole trader. As long as they have told the taxman, then they are pretty much good to go. However, things are a lot different when you create a business. You will need to make sure that you register it in the correct way so that you can legally trade. You will also need to inform that taxman that you are moving from a freelancer to become a company. You will almost certainly need to fill out quite a bit of paperwork to get all this done, but it will certainly all be worth it in the long run!
Get Your Business Plan Started
It is very important that you don’t overlook a business plan. Even though your business may only start off very small, you still need a business plan. This will keep you on track throughout the first few years of trading. In your plan, you need to include a lot of detail about your finances and where you expect to get business funding from. Not only that, though, but you should also list a few short term and long term goals and how you expect to achieve them.