Are you about starting a translation agency company? If YES, here is a detailed sample translation agency business plan template & feasibility report you can use for FREE.
If you can read and write two or more international languages and you want to become your own boss, one of the businesses that you should consider starting is a translation business. The truth is that as a translation agency, there are loads of clients you can work for.
You can work for people in your country, and also foreigners who might need a translator. If you are looking to go into the translation business, the good news is that you can’t get it wrong.
Starting a translation agency comes with its own share of challenges, but that does not rule out the fact that it is indeed a profitable business. An aspiring entrepreneur can either start by choosing a niche or offering general translation services.
Below is a sample translation agency business plan template that can help you to write your own with little or no difficulty.
A Sample Translation Agency Business Plan Template
1. Industry Overview
This industry includes companies that translate written material and interpret speech from one language to another. It also includes companies that provide sign language services.
The services provided by this industry include document translation and website localization, which is the translation of website information into languages that can be understood in other countries, taking into account any unique cultural and linguistic traits.
The industry’s downstream markets are many and varied, including government and legal clients; marketing and advertising companies; and operators in the medical, technology and science sectors. Over the five years to 2019, the industry is expected to increase at an annualized rate of 4.0 percent to $6.2 billion, including anticipated growth of 3.5 percent in 2019.
Statistics has it that in the united states of America alone, there are about 60,636 registered and licensed translation agencies responsible for employing about 93,421 people and the industry rakes in about $6 billion annually. The industry is projected to enjoy 4.0 percent annual growth between 2014 and 2019.
It is important to state that the companies holding the largest market share in the Translation Services industry in the US include TransPerfect and Teleperformance. The Translation Services industry is characterized by many small – scale consultants, often individual proprietors and partners who operate in narrow geographic markets.
Although a majority of industry establishments do not have a payroll, non – employers generate only about 10.0 percent of the industry revenue. The fragmented nature of this industry is also evident when comparing the size of enterprises that have employees.
The translation agency line of business cannot be said to be oversaturated despite the challenges most agencies are facing. With many people swapping to self – service internet websites, the number of available services and even jobs as translation agents are decreasing despite the fact that there are more travelers than ever before.
Some of the factors that encourage entrepreneurs to start their own translation agencies could be that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own translation agency from the comfort of your home. All you need to do is to create an office somewhere in your house.
Lastly, as a translation agency, you can afford to partner with other firms that are into translation and research services. The bottom line is that if you are have a robust network and you are well positioned, you can indeed maximize your translation agency services business.
2. Executive Summary
Bespoke Linguistic® Translation Agency, Inc. is a registered translation agency that will be based in Las Vegas – Nevada. The company will handle all aspects of translation related services such as translating written material and interpret speech from one language to another.
We will also provide document translation and website localization, which is the translation of website information into languages used in other countries, taking into account any unique cultural and linguistic traits.
Bespoke Linguistic® Translation Agency, Inc. is a client-focused and result driven translation agency that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will offer professional translation services to all our clients at local, state, national, and international level.
We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services. At Bespoke Linguistic® Translation Agency, Inc., our client’s best interest would always come first, and everything we do is guided by our values and professional ethics.
We will ensure that we hire professionals who are well experienced in the translation services industry. Bespoke Linguistic® Translation Agency, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
Our plan is to position the business to become the leading brand in the translation services business in the whole of Nevada, and also to be amongst the top 20 translation agencies in the United States of America within the first 10 years of operation.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are confident that Las Vegas is the right place to launch our business before spreading to other parts of the United States.
Bespoke Linguistic® Translation Agency, Inc. is founded by Morgan Brown and his immediate family members. The organization will be managed by Morgan Brown and other members of his family and partners.
He has over 15 years’ experience working at various capacities within the translation services industry in the United States of America. Mr. Morgan Brown graduated from both University of California – Berkley (First Degree), and University of Harvard (MSc.) and he is a Certified Linguist that can speak five international languages.
3. Our Products and Services
Bespoke Linguistic® Translation Agency, Inc. is going to offer varieties of services within the scope of the translation services industry. Our intention of starting our business is to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals. Our business offerings are listed below;
- Translate written material and interpret speech from one language to another
- Provide sign language services
- Provide document translation and website localization
- Translate technical, legal and financial documents
- Other related services
4. Our Mission and Vision Statement
- Our vision is to build a translation services agency that will become the number one choice for both individual and corporate clients in the whole of Las Vegas – Nevada.
- Our mission is to provide professional and trusted translation service that will assist individuals and organizations in their translation needs. We are to position the business to become the leading brand in the industry in the whole of Nevada, and also to be amongst the top 20 translation agencies in the United States of America within the first 10 years of operation.
Our Business Structure
Bespoke Linguistic® Translation Agency, Inc. will build a solid business structure that can support the growth of our business. We will ensure that we hire competent hands to help us build the business of our dreams.
The fact that we want to become one of the leading translation agencies in the United States makes it necessary to build a well-structured business from the onset. Below is the business structure that we will build Bespoke Linguistic® Translation Agency, Inc. on;
- Chief Executive Officer
- Admin and HR Manager
- Marketing and Sales Executive
- Customer Care Executive/Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Convert text and audio recordings from one language to one or more others
- Ensure translated content conveys original meaning and tone
- Prepare subtitles for videos and online presentations
- Cross-reference specialized dictionaries and translation tools to check quality of translation
- Proofread translated texts for grammar, spelling and punctuation
- Follow up with internal team members and clients to ensure translation meets their needs
- Edit content with an eye toward maintaining its original format (e.g. font and structure)
- Network with field experts to stay current on new translation tools and practices
- Conduct pre- and post – translation services
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defining job positions for recruitment and managing interviewing process
- Carrying out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversee the smooth running of the daily office activities.
Marketing and Sales Executive
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Writing winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive/Front Desk Officer
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels / documents for the company
- Distribute mails in the organization
6. SWOT Analysis
Bespoke Linguistic® Translation Agency, Inc. engaged the services of a professional in the area of business consulting and structuring to assist the firm in building a well – structured translation agency that can compete in the highly competitive translation services industry.
Here is a summary from the result of the SWOT analysis that was conducted on behalf of Bespoke Linguistic® Translation Agency, Inc.;
- Proven work experience as a Translator, Interpreter and similar role
- Each of our translators are fluent in at least two international languages in addition to their native language
- Excellent proofreading skills with the ability to identify grammar, spelling and punctuation errors
- Good knowledge of content editing tools
- Familiarity with translation software
- Time-management skills
- Each of our translators has a BSc in Translation, Interpreting or similar field coupled with additional certification in Linguistics.
As a new translation agency, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated industry; that is perhaps our major weakness.
Increasing globalization and trade increases demand for translation services. As the flow of imports and exports increases, the need for translation services will rise. Total trade value is expected to increase in 2019, representing a potential opportunity for the industry.
Immigration from non-English-speaking countries into the United States increases the need for documents to be prepared in other languages, thereby increasing demand for translators. This is reinforced by the fact that immigrants are entitled to have documents in their native languages, especially when accessing government services.
The number of immigrants is expected to increase in 2019, but at a slower rate than in recent years. In addition, the possibility of a new legislation that impedes immigration could pose a threat to the industry.
7. MARKET ANALYSIS
- Market Trends
The translation services industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years has seen the rise and proliferation of social media and new tech tools.
The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning translation services events. Increasing globalization and expansion overseas will drive demand going forward.
Social media has now become one of the most important tools translation services leverage on to disseminate information about their services, interact with clients, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for translation services agencies to gather all the needed data and information that will help them plan and project for the future.
Translation agencies can start their business from a small/shared office space and still make headway in the business. The truth is that, the cost of running a translation agency can be kept to the barest minimum because of the minimal overhead required.
As a matter of fact, most people that run translation agencies have abandoned the “brick and mortar” agency for a home-based business for the aim of reducing overhead, and maximizing profits.
8. Our Target Market
Although Bespoke Linguistic® Translation Agency, Inc. will initially serve small to medium sized business, but that does not in any way stop us from competing with leading translation agencies in the United States. Our target market cuts across people of different class and people from all walks of life, local and international organizations as well.
We are coming into the industry with a business concept that will enable us work with the highly placed people and at the same with smaller businesses. Below is a list of the people and organizations that we have specifically designed our services for;
- International students
- International businessmen, businesswomen and investors
- International research and marketing organizations
- Websites owners
- Film producers
- International Evangelists and Preachers
- International sportsmen and women
Our competitive advantage
The level of competition in the translation business depends largely on the location of the business and of course the niche of your translation agency. If you can create a unique brand identity for your agency or carve out a unique market, you are likely going to experience less competition.
For instance, if you are one of the few translation services agencies in your location that specialize in translating technical, legal and financial documents, you are going to scale up your earnings.
Bespoke Linguistic® Translation Agency, Inc. might be a new entrant into the translation services industry in the United States of America, but the owners of the business are considered gurus. They are highly qualified translators (translation service experts). These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiff competitions amongst translation services agencies in the United States of America, hence we have been able to hire some of the best business developers to handle our sales and marketing. Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis to meet their targets and the overall goal of the organization.
Our goal is to grow our translation agency to become one of the top 20 translation services agencies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.
Bespoke Linguistic® Translation Agency, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, migrant communities and key stakeholders in Las Vegas and other cities in Nevada.
- Promptness in bidding for translation services contracts from the government, religious organizations and other corporate organizations
- Advertise our business in relevant translation service magazines, newspapers, TV and radio stations
- List our business on yellow pages ads (local directories)
- Attend relevant international and local travel and tours expos, seminars, and business fairs et al
- Create different packages for different categories of clients in order to work with their budgets and still deliver quality services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
Sources of Income
Bespoke Linguistic® Translation Agency, Inc. is established with the aim of maximizing profits in the translation industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Bespoke Linguistic® Translation Agency, Inc. will generate income by offering the following translation services;
- Translate written material and interpret speech from one language to another
- Provide sign language services
- Provide document translation and website localization
- Specialized in translating technical, legal and financial documents.
- Other related services
10. Sales Forecast
One thing is certain, there would always be individuals, tourists, sports clubs and corporate organizations who would need translation services within the United States and to other parts of the world.
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base beyond Las Vegas and other states in the U.S.
We have been able to examine the translation market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below is the sales projection for Bespoke Linguistic® Translation Agency, Inc., it is based on the location of our business and the wide range of translation services that we will be offering;
- First Fiscal Year (FY1): $150,000
- Second Fiscal Year (FY2): $350,000
- Third Fiscal Year (FY3): $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown within the period stated above. There won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to take the translation services industry by storm which is why we have made provisions for effective publicity and advertisement of our translation service. Below are the platforms we intend to leverage on to promote and advertise Bespoke Linguistic® Translation Agency, Inc.;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events/programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Las Vegas – Nevada.
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
12. Our Pricing Strategy
Usually, translation services agencies bill on an hourly rate and depending on the type of task, service charges can fluctuate drastically. Other company’s bill a flat monthly fee based on the number of requests a client as the case may be is allowed to place each month.
At Bespoke Linguistic® Translation Agency, Inc. we will adopt both the hourly billing and flat monthly fee. We will ensure that we keep the prices of our services below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our customers at regular intervals.
We are aware that there are some one-off jobs or government contracts which are always lucrative; we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.
- Payment Options
The payment policy adopted by Bespoke Linguistic® Translation Agency, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that Bespoke Linguistic® Translation Agency, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our clients make payment for our services without any stress on their part.
13. Startup Expenditure (Budget)
Starting a translation services agency can be cost effective because on the average, you are not expected to acquire expensive machines and equipment.
What you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to equip the office, purchase the required software applications, pay bills, promote the business and obtain the appropriate business license and certifications.
This is the financial projection and costing for starting Bespoke Linguistic® Translation Agency, Inc.;
- The total fee for incorporating the Business – $750.
- The budget for basic insurance policy covers, permits and business license – $2,500
- The Amount needed to acquire a suitable Office facility in a business district for 6 months (Re – Construction of the facility inclusive) – $40,000.
- The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
- The cost to purchase the required software applications – $2,500
- The Cost of Launching your official Website – $600
- Budget for paying at least one employee for 3 months plus utility bills – $10,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous: $1,000
Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand (150,000) U.S. dollars to successfully set up a medium scale but standard translation service in the United States of America.
Generating Funds/Startup Capital for Bespoke Linguistic® Translation Agency, Inc.
Bespoke Linguistic® Translation Agency, Inc. is a family business that will be owned by Morgan Brown and his immediate family members. They decided to restrict the sourcing of the startup capital for the business to just three major sources. These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Bespoke Linguistic® Translation Agency, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to consistently offer excellent and error – free translation services at a very competitive prices than what is obtainable in the industry.
Bespoke Linguistic® Translation Agency, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken care of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry: In Progress