Turning a Freelancer into a Translation Mogul in 5 Steps
No other industry attracts people passionate about languages and culture as much as language services do. While turning your professional devotion into financial profit may sound amazing, cooperation with your end customers can make your work less about the passion and more about translation agency management. Since lots of language specialists find themselves facing this problem – and often wish to turn their passion into a business venture – we would like to present you 5 milestones on the road to success.
1. Let’s get it started!
With an ever-growing workload and demand for your services, it becomes necessary to establish cooperation with other freelancers to go through the day and satisfy your clients’ demands. That is usually closely followed by a moment when you decide to hire someone who will keep the paperwork neat. When your revenue does not anymore rely solely on the work that you yourself have to do, it is neither your passion nor a freelance stint – this is precisely where you start managing your own business.
Managing an enterprise stands in stark opposition to freelancer’s work. There’s a plethora of new challenges that one has to face; you have to work on your contacts and expand the list of potential co-workers, verify performed translations, create guidelines for processes and take care of mundane tasks. There is, however, one thing that constitutes a cornerstone of successful project completion, namely…
2. Setting your processes.
It is neither pure luck nor someone else’s good will that make up consistent success. It is a result of clearly-set guidelines and rigorously followed procedures – which have to be measurable. Start with determining Key Performance Indicators as they will be immensely helpful when it comes to realizing what constitutes the core of your success.
Company’s growth comes with emergence of specialised teams; one of these has to be devoted to attracting new clients. There’s no denying that a dedicated sales team is crucial for further growth of your business.
3. You cannot move on without a proper plan – orchestrate your growth.
All of the required elements ensure smooth operation of your business and make it clear that you are heading for further growth and success. You do not, however, achieve it overnight or accidentally – it requires some serious planning skills and meticulous arranging. Start with establishing your target market and recognising your strengths; boast about your one-of-a-kind values and highlight everything that makes you stay two steps ahead of the competitors. Last but not least, specify clearly your business goals and start steadily working towards achieving them (and that’s the moment when Key Performance Indicators come in handy).
4. Never settle for less – strive for constant advancement.
Before you leap forward, take your time to look back and reflect on your key factors. This way, you will make decisions that are best for your business – decisions that are strongly rooted in real data, not someone’s assumptions. An in-depth analysis of your successes makes it far easier to improve the processes that in turn bring in maximum profitability. Business is based on constant growth that could be easily summed up in five steps: setting up the goals and tracking the process; recognising the areas needing improvement, advancing the processes and redefining the goals. There, you got it.
5. Is there an end to that?
The constant improvement does not stop. Ever. There are many other factors, however, that influence the shape of your enterprise and may contribute to your decision to retire from business. This, on the other hand, does not equal the demise of your business! Business environment, inability to grow further and clients’ demands might result in making a decision to merge with another company – and while your business is not purely yours anymore, it’s still very much alive.
Whatever future holds for you might not be exactly what you expected; and sometimes it’s okay to embrace that and embark on a new adventure. Remember that great things require time and effort; stay flexible and open for new opportunities – and see how many things change for better when you learn to take them just as they are.