Nowadays, starting a small business is much easier than it used. Besides, you can start an online business without having any kind of prior experience, so a translation agency will be quite easy to maintain. Here’s everything you need to know about having a translation agency as a small business.
Make a Plan
First, you will need to put together a plan that will guide you. It is a common practice to have a business plan before you actually start your business. You will need to do some market research to make sure that there is a demand for the services you want to provide (in your case, it’s translation services).
Think of who your potential customers will be and what their demands and needs are. Carefully calculate your budget in order to be aware of all the expenses you will have. You want to be sure that you know what you are doing rather than going into it completely blind.
Sort Out Translation
Next, you will need to think of the more technical and practical aspects of having a translation agency. Obviously, your primary services will include translation, but you might want to expand this a bit further too. Think of the languages you will be translating from and to as well as the types of texts you will translate.
In addition to that, you might decide to outsource the translation. In this case, use an online translation service like PickWriters to do the job for you while you find clients and promote your agency.
Form a Legal Entity
Now, you will need to form a legal entity such as an LLC. This will prevent you from being personally liable in case your agency gets sued for some reason. Alternatively, consider forming a corporation or a DBA if you don’t want to form an LLC.
Think of whether or not you want to be using a registered agent who will help you protect your privacy and stay compliant. It’s an important aspect of forming a legal entity, so keep that in mind.
Register for Taxes
It is very important that you register for taxes. Otherwise, this might get you in trouble at some point. You have to register for a variety of federal and state taxes before you will be able to open for business.
Apply for an EIN before registering for taxes. You can do this by registering (for free) through the IRS website, by email, or via fax. An EIN will greatly benefit you especially if you formed an LLC.
Set Up Accounting
The next thing you want to do is set up your accounting. First, you will need to open a business bank account and get a credit card. This is essential for protecting your personal assets. This means that if your agency issued, your home, car, and other personal assets won’t be at risk.
Second, you will need to make sure that you have your accounting sorted. This will allow you to keep a record of all the transactions including payments and expenses. You can use an accountant for this or simply do it yourself through an accounting app.
Then, you will need to obtain all the necessary licenses and permits in order to be able to run your translation agency smoothly. If you don’t do this, you might end up with huge fines and your business can even get shut down eventually.
You will need a business license, but there might also be some local licensing requirements that apply to you. Do your research on the subject and possibly get in touch with an expert who can guide you through the process.
This is not exactly a mandatory step, but it is highly recommended as most entrepreneurs decide to get business insurance. This will help you get out of unexpected and unwanted situations, so consider it.
For example, if you hire employees at some point rather than doing everything yourself, you will need to have workers compensation insurance as a requirement in some of the states. Once again, think about this carefully.
Lastly, you will need to start acting and launch your business. It is crucial to start promoting your translation agency early on so that you get as much exposure as possible. Think about your marketing campaign and create a plan for yourself.
The Internet is the best place to advertise your services, so digital marketing will be quite suitable for you. Establish yourself online and you will definitely have clients throughout the whole year rather than struggling with it offline.
In conclusion, by following the steps outlined in this article, you will be able to successfully start your own translation agency and maintain it as a small business. Use the advice provided here to get the most out of your company.
Donald Fomby is a communications professional with more than five years of experience. Donald runs his own blog BestWritersOnline and is proud of his uncanny ability to explain the most complex subject in simple terms.