How to set up a translation and interpreting studio?
A globalized world requires a perfect understanding that allows the mythical Tower of Babel to be brought down, which can only be done by the much sought-after live translators and interpreters, capable of transforming from one language to another, phrases, text and even entire volumes. These architects of understanding and communication have a place where they come together, which is why we show you how to set up a Studio of Translators and Interpreters and start a profitable activity in high demand in our society.
We want you to know the best businesses about services
Why set up a Translation and Interpreting Studio?
Companies produce and sell their products, but the local markets are no longer sufficient to give them a profit, either because they are saturated with products of the same kind or because they buy so many other things from abroad that they are left without any reason to acquire what these companies offer. What to do? Look for markets on the other side of the shore, or rather, the shores.
This implies contacting potential buyers from China, Brazil, Russia, Japan, Argentina, etc., etc. Such buyers may speak English, so we have to assume that the company trying to sell is fluent in all its forms or, in the worst case, they are not moving from their own native language.
If this is the case, there is no other option but to become a polyglot or use a translator or interpreter, as the case may be.
So, starting a Translation or Interpreting Studio is a very good business that can give you big profits.
Advantages of a translator or interpreter studio
Globalization has given this business a big boost, due to the demand for translation services. Many companies such as publishing houses, companies, banks, institutions and individuals need the translation of documents such as literary works, technical, medical, administrative, commercial and legal texts.
Likewise, English continues to be the main language of international translation, followed by other European languages that have also become relevant through the process, such as French, German, Italian, Portuguese, Spanish, Chinese, Japanese and Korean.
Likewise, there are subjects that, given their importance and the way they have been constituted in the world, have relevant languages, some of them such as German and Italian in religion, German, English and Spanish in literature, Spanish and English in History and Geography, among others.
In this sense, the translation agency values the fact that the translators are native speakers of the target language, as well as their specialization in specific areas. Likewise, translations have increased due to the demand for content in new technologies, such as multi-language websites, e-commerce, video games, software, among others.
Requirements for a Translator and Interpreter Studio
The requirements for opening a successful Translation and Interpreting Studio are
Local: Settle in a physical location from which to carry out work that is written translation and in which customers can locate you when they need the services of your translators or interpreters.
Staff: Make sure you hire staff with university degrees in translation and interpretation. Although many people offer this service, not so many do so with a university degree, which gives them greater professionalism and, therefore, an unbeatable quality to their work, which will have a positive impact on the prestige and turnover of your Translators and Interpreters Studio.
Software: although translations must be done by people, that is why you set up your studio based on human capital, right? certain software is a great facilitator of the translator’s work, so we recommend it as a working tool for your staff.
Attractive salary: although it may seem obvious, the only thing that is really obvious is that translators and interpreters work independently and their caches are high. So if you find a team that is capable of taking your company forward, keep them. How? By paying them competitive salaries that will keep them from going to another studio or making their particular job more profitable than being part of your enterprise.
Problems of a translator or interpreter studio
One of the problems this business can present is that those who work as translators and interpreters must be career professionals. Presenting their credentials to gain the credibility and trust of customers.
At a time when extensive use can be made of technology to offer this service over the internet, the problem can arise that many translators and interpreters do not have sufficient expertise and offer low quality service which can somewhat damage the niche, to the detriment of trust towards true translators and interpreters.
Therefore, if you are opening a business from a Translators and Interpreters Studio, it is highly recommended that you have your career certifications up to date and that you can attest to their authenticity.
Another problem to take into account is that in some cases you have to present documents in a bilingual format, because they are presentations before institutions, in that case the translation must be certified, especially when the purpose is only informative, a simple translation is enough.
In the context of investment in international companies such as mergers and acquisitions, purchase of shares or investments in general, balance sheets, profit and loss accounts, statement of changes in equity, cash flow statement, among others, need to be translated. These documents have a very technical vocabulary and interpretation, so it is necessary to be precise in the translation.
In the case of the incorporation of companies in foreign countries or the signing of international agreements, the translation of documents such as purchase and sale contracts, franchise agreements, joint venture agreements, agency agreements, lease agreements and confidentiality agreements is required, for which there are very specific formats and forms of interpretation.
One of the success stories is the Exchange Franchise, which, although not directly related to translation and interpretation, is a successful company in consulting and financial intermediation at an international and global level.
Aimed at investors with professional experience, emphasizing the required training not with a single criterion, but extending its spectrum to diversity. Therefore, professional experience in financial institutions and other sectors is required, which can be a great advantage.
Another successful company that is worth highlighting in the sense of globality is Action Coach Iberoamérica. This company focuses on guiding and training business owners, boosting results through its own Actioncoach methodology, with more than 20 years of experience, putting at their disposal an experienced team that has supported thousands of businesses around the world.
Tips for starting a translator or interpreter study
This business is very profitable for people who are fluent in several languages and have a university degree in them. Also for investors who are interested in the field and have the possibility of hiring very high quality multilingual staff.
One of the main challenges to overcome is to assemble a team of good professionals to perform quality translations. Most of the staff is almost always hired externally, according to the needs of each project. Therefore, it is essential to have a good
Therefore, it is essential to have a good portfolio of high-level collaborators.
Another important piece of advice is the speed and precision in the delivery of the work, this is another key point. Because to work with agility, it is important to have the tools provided by new technologies, such as a state-of-the-art computer, printer, scanner, Internet connection, fax and e-mail, mainly.
However, the activity can be started without large installations, because most of the time, you do not even get to know the clients personally. What is important is to make a quality space, with all the latest tools that allow the entrepreneur to create a brand and prestige.