More than 80% of the content available on the internet is written in the English language. But what is more shocking is that only 10% of the total population possesses English language skills.
Though 22 languages are included in the viii schedule of the Indian constitution, there are as many as 750 languages spoken all over India.
Such linguistic diversity has created a golden opportunity for new entrepreneurs to start their new translation businesses.
It will help business owners localize their products into native languages to reach the maximum number of potential clients.
Besides the globalization has enhanced the importance of foreign languages like Chinese, French, and Spanish, etc. Foreign companies are eagerly waiting to reach every native speaker to market their products.
So, you have here good opportunities to grow your business.
As an owner of a translation agency, you will have to require to translate various documents into different native languages while keeping the confidentiality of the content and keeping the subject and context intact.
Scope and Future
India has seen a huge growth in the technology market. It is expected to go high in near future. Companies are taking many methods to adapt to the Indian market.
A company like Microsoft has already started to localize its products into some Indian languages like Assamese, Bengali, and Gujarati. Hindi, Kannada, Nepali Punjabi, etc.
Besides these, tech companies like Google, Adobe, Sony, and Oppo are on their way to localizing their products to survive in the Indian market.
Publishing houses like Person Education, Oxford University Press have been doing considerable business in the translation industry.
Content consumption has been growing rapidly over the internet. Many website owners are trying to translate their content into the native languages as much as possible. They are outsourcing their tasks.
So, a new startup in the translation business can meet their requirements.
The income from the translation business in India is generally determined by assignment, not by the hour.
A translation of web ads can bring you nine hundred to one thousand approx. Even you can demand 5k to 7k to translate some big projects like academic papers or thesis of 2000 to 2500 words.
You can initially expect 35k to 45k per month. With experience gaining, the sky is the limit.
Steps To Get Started
Setting a blueprint and having a proper plan is a vital key to the growth of any business. You should follow the given steps before plunging into your new business.
Have some experience
You should work as a freelance translator for some time. It will help you realize the workings of the industry. Then, you can launch a translation agency and hire freelancers or full-time employees to expand your business.
Getting your business registered
You must acquire a trade license from the concerned authority. It follows getting GST registration and opening a current account.
Estimating minimum capital investment
Translation business requires minimal investment at the initial stage.
The basic requirements are:
- A desktop or laptop with high-speed internet
- A digital printer
- Some advance cost for office room- rent
- Essential furniture
- Some reference books and dictionaries for translation
- Payments for freelancers and employees.
You can promote your service through the following steps:
- Opening a business website
- Run Google Ads
- Offer your services on social media like Facebook, Instagram, Twitter, etc.
- Direct contacting potential clients
- Send Cold Emails and offers in Discount
Thus you may need one lakh to one and a half lakh to start your new business. Initially, you can hire freelancers to grow your business.
After few months, you can opt for full-time employees who would be much more helpful to the growth of your business.
Always try to shift from the general translation market to the specialized translation market.
If you can show your expertise in a specific area, your demand will be high. If you are comfortable with technological topics, you should give prior importance to them.
That’s why you should be very careful while recruiting staff.
You may have to face some challenges in the translation business. In India, the translation industry is rather fragmented.
Lack of universal standards of scripts and fonts, the regional difference in the meaning of different languages, lack of proper language-based training, low penetration of computers and the internet are some issues that are hampering the growth of the translation industry in India.
As a new entrepreneur, you have to overcome these hurdles.
You can get an edge in this industry by:
- Hiring some specialized translators who are apt enough in handling the colloquialism of a native language.
- Deploying high-quality software and processor.
- Developing a good team of translators.
- Reducing excessive work pressure on employees and having a healthy work environment.
- Give timely payments to your employees.
No one gets success overnight. It is time and experience that play a crucial role in developing a business.
If you are true to your business and can handle it with the utmost professionalism, you will see unprecedented growth in your business.