Translation Service Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Translation Service Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Translation Service business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Given the complexity of many specialized documents, translation services remain popular. Although there have been substantial technological advances in the way that translation is provided, these businesses still thrive given the fact that these businesses are able to capture some of the subtleties that technology has not yet been able to capture when translating a document or conversation from one language to the other. one of the nice things about owning and operating a translation service is that they are able to generate revenues not only from translating documents, but also by providing direct translation services when two people need to meet in a meeting.
These businesses can generate revenues on a per project basis for document translation as well as a per hour basis for providing direct translation services in a live setting. The startup cost associated with a new translation service are relatively low given that this is a service focused business. The startup cost typically range anywhere from $50,000 to $100,000 depending on the number of translators that we hired at the onset of operations. Most of these businesses are started when the owner operator directly provides their services to the general public.
One of the nice things about these businesses as well as that they are relatively immune from negative changes in the economy. People are always going to require business meetings among individuals that do not speak the same language. As such, there is always a strong market for the services. The gross margins from sales typically ranges anywhere from 90% to 95% depending on whether or not bad debt and travel expenses are factored into the cost of goods sold.
Given their economic stability, most financial institutions are willing to provide a working capital line of credit in order to finance the underlying expenses while the translation service becomes profitable. Of course, a translation service business plan is going to be required. This document should feature a three year profit and loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. As it relates to industry research, there are approximately 60,000 translation services in operation in each of these businesses generate about $6 billion of revenue. A demographic analysis should be included as well that showcases the types of companies will be targeted for translation services. This includes taking look at companies that frequently do international business, their annual revenues, annual profits, and amount of money that they will spend each year on translation services. A competitive analysis can also be included, but this can be done so on the lighter side given the fact that these businesses are usually in demand and face very little ongoing competition.
A translation service SWOT analysis should be produced as well. As relates to strengths, the barriers to entry for new translation service are considered to be moderate given the fact that an individual must be fluent in several languages in order to effectively provide the services. Additionally, the startup costs are low in the gross profits from sales are very high.
For weaknesses, technology is going to take over a substantial portion of translation services moving forward. However, there is still a substantial amount demand among companies that directly one have a person directly translate important documents as well as for meetings. In cases where there is a substantial amount of sensitive information being discussed, the demand is going to come to remain high and high to have a person complete these tasks.
For opportunities, these businesses can readily expand by simply hiring additional translators that are fluent in specific languages. Additionally, additional offices can be created in various locations.
For threats, there’s really not too much it is going to impact the way that these businesses conduct their operations outside of major technological changes. An economic recession rarely has a major impact on a translation service.
A translation service marketing plan also needs to be developed in order to ensure that the business can immediately develop ongoing relationships with companies that have specialized needs. Foremost, a substantial online presence should be developed in order to ensure that the business can showcase its operations, languages that can be translated, services offered, fees of translators, and information about how to use the service.
This website to be mobile friendly, endless among major search engines and business directories so that customers can quickly find the company. Most importantly, many translation services will work with human resources departments that major corporations in order to provide the services on an outsourced basis. Once these relationships are developed, there is very little need for ongoing marketing at these companies will typically use the same service on an ongoing basis. This is the way that many translation services get their initial contracts and are able to reach profitability quickly. A presence on social media platforms like FaceBook and Twitter is recommended, but is not entirely necessary for the company.
Translation services, completed by a human, will always be in demand among certain corporations as well as government entities. For an entrepreneur that has extensive experience in the field of linguistics or is fluent in several languages – these can be highly lucrative business opportunities.