A Business Plan Sample for a Translation Agency

Note: Here is a sample translation agency business plan and feasibility study that you can use for free if you are about to start a translation agency company.

Of course, starting a translation agency has its difficulties, but that doesn't make the industry any less lucrative. Starting with specialized or general translation services is an option for aspiring business owners. Here is a business plan Sample for a translation agency that will make creating your plan simpler.

Translation Agency Business Plan and Feasibility Study Template

1. A brief industry overview

Businesses in this industry offer sign language services, simultaneous translation from one language to another, and translation of written materials. Document translation and website localization are additional services in this industry. Website localization involves translating site content into languages used in other countries while taking specific cultural and linguistic features into account. The markets for this industry are numerous and diverse, including government and legal clients, marketing and advertising companies, as well as the technology, science, and medical industries.

Statistics show that there are approximately 60,636 registered and licensed translation agencies that are in charge of employing approximately 93,421 people and generating approximately $6 billion annually in the United States of America alone. Industry inflation over the five years to 2026 is projected at 4% annually and $6.2 billion, including projected growth of 3.5% in 2026. Between 2021 and 2026, the field is anticipated to expand at a rate of 4% per year. It is also significant to note that TransPerfect and Teleperformance hold the largest market shares for translation services in the US.

Although the majority of businesses in this industry do not have a payroll, non-employees only receive about 10% of its revenues. The presence of many consultants on a small scale, typically sole proprietorships and partners working on a constrained geographical area, is what distinguishes the field of translation services. When comparing the size of the companies with the number of employees, the fragmented nature of this industry is also clear.

Despite the difficulties that most translation agencies face, it cannot be said that the scope of their work is sufficient. As more and more people turn to self-service websites, the number of services that are offered and even the number of jobs for translation agents is declining. This is in spite of the fact that there are more people traveling than ever before.

Entrepreneurs are encouraged to start translation agencies for a number of reasons, including how simple it is to get one started and how little capital is needed. You can also start a translation agency from home if you only need to turn a portion of your house into an office. A translation agency can collaborate with other businesses providing research and translation services, so if you have a strong network of contacts and a good location, you can grow your business by offering translation services.

2. Executive summary

Based in Las Vegas, Nevada, Bespoke Linguistic® Translation Agency, Inc. is a registered translation company. We will offer all types of translation services, including written translation, language-to-language interpretation, document translation, and website localization that translate website content into foreign languages while taking into account local linguistic and cultural features.

Bespoke Linguistic is a translation company that puts the needs of its customers first. We strive to provide our clients with high-quality results in a variety of subject areas at prices they can afford. All of our clients will receive expert translation services from us on a local, national, and international level, and we'll make sure to go above and beyond to fulfill their requests for our services.

At Bespoke Linguistic, the interests of our clients are always put first, and everything we do is guided by our values and professional ethics. Therefore, we will make sure to hire qualified experts in the field of translation services. Participating in our communities and incorporating sustainable business practices whenever possible are two ways Bespoke Linguistic consistently demonstrates its commitment to sustainability as an individual and a business. By accurately and completely meeting our client's needs, we'll make sure that we hold ourselves to the highest standards.

Within ten years of operation, our goal is to grow our business to become the top provider of translation services in Nevada and one of the top 20 translation companies nationwide. The fact that we have done the research and feasibility studies and are confident that Las Vegas is the best place to launch our company before expanding to other parts of the United States may make this sound like a far-off dream, but we are optimistic that it will come true.

Morgan Brown and his close family members founded Bespoke Linguistic Agency, and he and other members of his family and associates, currently run it. In the United States of America, Mr. Morgan Brown has more than 15 years of experience working in a variety of positions in the translation services industry. He holds a degree from the University of California at Berkeley, a master's from Harvard University, and a certificate in linguistics. He is fluent in five different languages.

3. Products and services we offer

A range of translation services will be offered by Bespoke Linguistic. Our company was founded to make money in this industry, and to do so, we will adhere to all legal requirements in the US.

Our company will offer the following services:

Interpreting and translating written content between two languages.
Services for sign language.
Document translation and website localization.
Technical, legal, and financial document translation.additional associated services.
Our vision is to create a translation agency that will be the top choice for both individual and business clients in the Las Vegas, Nevada, area.
Our goal is to position our company on the path to becoming the top brand in the industry throughout Nevada and one of the top 20 translation agencies in the USA within the first ten years of business. Our mission is to provide a competent and trustworthy translation service that aids people and businesses with their translation needs.

4. A statement of our mission and vision

Organizational structure of our business:

Bespoke Linguistic will create a solid organizational structure to support the expansion of its company and make sure to hire qualified employees who can work with us to create the company of our dreams. We need to establish a well-organized business from the beginning if we want to rank among the top translation companies in the US.

The framework on which our Bespoke Linguistic Agency will be built is as follows:

CEO.
Translators.
The human resources director.
Accountant, CEO of marketing and sales.
Front desk/customer service executive.

5. Job responsibilities and roles

CEO

The CEO is responsible for the following:

Increasing management effectiveness through hiring, selecting, and introducing new managers to the workplace, training, coaching, expressing values, strategies, and goals, defining responsibilities, and planning, monitoring, and evaluating work outcomes.
In charge of creating the company's vision, as well as its mission and overall direction. He also oversees the creation and application of the overall strategy.
In charge of setting prices and concluding business agreements.
In charge of managing the business.
In charge of executing checks and other legal documents on the business's behalf.
In charge of assessing the success of the company.
Transform text and audio files between one language and one or more others.
Making sure the translated text accurately expresses the original meaning and uses the same tone.
Prepare the subtitles for online presentations and videos.
To ensure the accuracy of the translation, compare it to specialized dictionaries and translation software.
Verify the grammar, spelling, and punctuation of translated texts.
Verify that the translation satisfies the client's needs by following up with both the company's team and the client.
Edit the text while maintaining its original font and logical structure.
interacting with subject-matter specialists to stay current on new translation software and tools.
offering both pre- and post-translation services.

Translators

Transform text and audio files between two languages or more.
Make sure the translated text accurately expresses the original meaning and uses the same tone.
Prepare the subtitles for your online presentations and videos.
To ensure the accuracy of the translation, compare it to specialized dictionaries and translation software.
Verify the grammar, spelling, and punctuation of translated texts.
Verify that the translation satisfies the client's needs by following up with both the company's team and the client.
Edit the text while maintaining its original font and logical structure.
Make connections with industry leaders to stay abreast of new software and tools for translation.
Offering both pre- and post-translation services.

The human resources manager

The Human Resources Manager is responsibile for the following:

supervising the organization's administrative tasks and ensuring that HR operations run smoothly.
Hold recurring meetings with important stakeholders to assess how well HR policies, procedures, and processes are working.
Manage the company's supply chain by inspecting the inventory, placing rush orders for missing items, and testing out new products.
Make sure the equipment is operating properly by carrying out the necessary preventive maintenance tasks and placing repair orders.
Identifying openings for hiring and overseeing the hiring interview process.
Introducing new members of the team.
Responsible for staff evaluation and training.
Responsible for scheduling appointments, meetings, and travel.
Ensuring the efficient operation of the business's daily operations.

Marketing and Sales CEO

The Marketing and Sales CEO is responsible for the following:

Prioritizing tasks, coordinating with new partners, exploring job opportunities, and more.
Identifying and pursuing potential contacts and development opportunities.
Writing persuasive offers and negotiating prices and fees by corporate policy.
In charge of managing client feasibility studies, pointer surveys, and company research.
Defending and communicating with clients while supervising the implementation of their needs.
Develop, carry out, and assess fresh strategies to boost sales.
Keep a record of customer contact details.
Attending strategic meetings as the company's representative.
Aid in business expansion and sales growth.

Accountant

The accountant is responsible for the following:

Responsible for creating the company's financial statements, budgets, and reports.
Financial analyses, development budgets, and accounting reports should be delivered to departments.
Responsible for risk analysis and financial forecasts.
Responsible for one or more properties' cash management, periodic ledger, and financial reporting.
Responsible for creating and overseeing financial systems and regulations.
Responsible for overseeing payroll.
Ensure that all tax laws are followed.
Oversee the business's financial transactions.
Work for the company as an auditor.

Front desk / Customer Service Executive

The Front desk / Customer Service Executive is responsible for the following:

Answering the phone and extending a warm welcome to clients and visitors.
Ensuring that every customer interaction, whether by phone, email, general center, SMS, or other means, offers a unique and excellent level of customer service.
Using every chance to interact with customers on the phone in order to increase their interest in the company's services.
Manage administrative tasks delegated by the manager quickly and effectively.
To guarantee that customers are given accurate and helpful information, stay up to date on new information regarding company promotions, etc.
Receiving packages and paperwork from the business.
Distribution of mail within the business.

6. SWOT analysis

To create a well-organized translation agency that can compete in the fiercely competitive translation services market, Bespoke Linguistic hired a qualified business consultant and structure. The findings of the SWOT Analysis performed on behalf of Bespoke Linguistic Agency are summarized below.

strengths

Reputable professional experience in translation, interpreting, and related fields.
In addition to their mother tongue, all of our translators are proficient in at least two other languages.
Excellent grammar, spelling, and punctuation checker with the ability to identify mistakes.
Excellent tool knowledge for content editing.
knowledge of how to use translation tools.
Possess time management abilities.
All of our translators have a linguistics degree and a bachelor's degree in translation, interpreting, or a related field.

Weaknesses

As a new translation agency, it might take some time for us to break into the market and win over clients, particularly companies in this competitive industry. This is probably our biggest weakness.

Opportunities

As globalization and trade progress, there is a rising demand for translation services. The demand for translation services will rise as import and export activity increases. The field may have an opportunity in 2026 as the total trade value is anticipated to rise.

Risks

As more immigrants from non-English speaking nations move to the United States, there will be a greater need for translating documents that were originally written in other languages. The right of immigrants to obtain documents in their native tongue, particularly when utilizing government services, serves as further evidence of this fact.

In 2026, there will likely be more immigrants than in recent years, but at a slower rate. The potential passage of new legislation that forbids immigration could also be a threat to the industry.

7. Market Analysis: Market movement

The translation services industry is constantly evolving, so the strategies and concepts that were effective in the past are no longer as effective. The growth of social media and new technological tools has been clearly seen in the field over the past few years, when the prevailing trend has been closely observed. When organizing events for translation services, the new trend has increased interest in interacting with new market segments and implementing sustainable and green practices. Future demand will rise as a result of this globalization and expansion abroad.

Social media is now one of the most crucial tools that translation agencies use to advertise their services, engage with clients, get feedback from them, and stay in touch with their target market all year long. Modern technology and new software programs have also made it simpler for translation service providers to gather the data and information they need to make future plans.

Although it is true that translation agencies can start in a small or shared office and grow, the reality is that the cost of running a translation agency can be kept as low as possible because it only needs a small amount of overhead. As a result, the majority of those who run translation agencies have given up on the idea of operating out of a separate corporate location in favor of working from home to minimize costs and increase profits.

8. Our target market

Bespoke Linguistic will initially focus on serving small to medium-sized businesses, but this won't stop us from competing with the top translation companies in the US. We will enter the market with a business model that enables us to work with people in prestigious positions and, at the same time, with small businesses, and our target market includes people of different categories and backgrounds, local and international companies.

The groups and individuals for whom we have specifically tailored our services are:

Immigrants.
Diplomats.
Students from other countries.
International investors, businesspeople, and businesswomen.
International marketing and research companies.
Websites owners of.
Movie makers.
worldwide clerics.
Male and female international athletes.

Our benefit in the marketplace

The level of competition in the translation industry is greatly influenced by the location and area of specialization of the translation agency. You will have less competition if you can establish a distinctive brand identity for your business or a new market. For example, your profits will rise if you are one of the few translation service providers in your area who specializes in translating technical documents, including legal and financial documents.

Despite being a new part in the United States of America's translation services market, Bespoke Linguistic's owners are highly qualified translators with extensive experience in the field, which gives us a competitive advantage.

Last but not least, we will take care of our employees, and their care system will be among the best in our class in the industry. They will be prepared and motivated to work with us to build the business and help us reach our objectives.

9. Marketing and Sales Plan

We are aware that the competition among translation services agencies in the United States of America is intense. As a result, we have hired the best business developers to handle our sales and marketing. We will select the sales and marketing team based on their extensive industry experience and regularly train them to achieve both their individual and the company's overall goals.

We have put strategies in place to help us take advantage of the market and develop into a significant company in Las Vegas and other American cities. Our goal is to grow our translation agency into one of the country's top 20 translation services agencies.

To draw customers, Bespoke Linguistic uses the following sales and marketing techniques:

Promote our business by distributing cover letters and our brochure to Las Vegas businesses, schools, immigrant communities, and important stakeholders.
Speed in making contracts with the government and other cooperative organizations.
Promote our business in publications, newspapers, radio, and television that feature translation services.
Include our offerings in regional directories.
Attend local and international travel-related seminars, trade shows, and other events.
Offering various packages to various customer categories that fit their budgets while maintaining the quality of services.
Use money to advertise our business online.
Use direct marketing strategies.
encouraging satisfied and devoted customers through word-of-mouth advertising.

source of income

We founded Bespoke Linguistic to make as much money as we can in the translation industry, and we'll make sure to do everything in our power to bring in new customers consistently. Bespoke Linguistics will make money by offering the following translation services.

Interpreting and translating written content between two languages.
Offering services in sign language.
Document translation and website localization.
Translation of technical, legal, and financial documents.
Additional associated services.

10. Prediction of sales

Certainly, there will always be people, tourists, sports clubs, and businesses that need translation services in the United States and other parts of the world. After we have been able to examine the translation market, analyze our industry opportunities and come up with sales forecasts, we are in a position to enter the market in the United States and are optimistic that we will succeed in generating enough revenue and profits during the first six months of operation and growing our business so that our client base extends beyond Las Vegas to other states in the United States.

According to our company's geographic location and the extensive range of translation services we will provide, the sales forecasts for Bespoke Linguistic are as follows:

$50k for the first fiscal year.
$350,00 in the second fiscal year.
$750,000 for the third fiscal year.

In addition to assuming that there won't be a significant economic downturn during the time as mentioned above frame and that there won't be any significant competitors offering the same services we do in the same location, these expectations are based on the field's current capabilities. The expectations as mentioned earlier could be met or exceeded.

11. Promotional Plan

To create advertising strategies that would effectively reach the target market's core, we worked with branding and advertising consultants. We started effectively publicizing the translation service we offer because we are committed to making a strong entry into the field of translation services. The platforms listed below are those we plan to use to promote and advertise our company, Bespoke Linguistic.

Placing advertisements online and in local publications like newspapers and magazines.
Sponsorship of neighborhood activities and initiatives in the area.
investing in social media and the internet to promote our brand on sites like Instagram, Facebook, Twitter, YouTube, and Google +.
building billboards advertising our services in key locations all over Las Vegas, Nevada.
Distribute our publications in the targeted areas.
Ensure that all our workers wear our branded shirts and that all our cars have our company logo, etc.

12. Our pricing strategy

Prices for translation services agencies are typically hourly, and thus fees can vary greatly depending on the type of task, whereas invoices for other companies are monthly and steady based on the number of requests that the client is permitted to submit per month.

Bespoke Linguistic will use hourly billing and steady monthly fees, and we'll make sure that the prices of our services are below the going rate for all of our clients by keeping our cost of overhead low and by collecting payments in advance. In addition, we'll also give all of our regular clients discounts, and since we recognize that some one-off jobs or government contracts are always profitable, we'll stick to the pricing we've established for those.

Options for payment

Bespoke Linguistic has an inclusive payment policy because we are fully aware that different clients prefer various payment methods depending on what works best for them. However, we will also comply with all applicable financial rules and regulations in the United States of America. The payment methods that Bespoke Linguistic will offer to its clients are listed below:

Banking transfer payment.
Pay in cash.
Credit card payments and point-of-sale devices.
Paying by bank transfer online.
Paying by a check.
Payment via mobile money transfer.
Given those as mentioned earlier, we have selected banking platforms that will allow our clients to pay for our services whenever it is most convenient for them.

13. Budgeted Construction Costs

Since there is no need to buy expensive machinery and equipment, starting a translation agency is moderately cost-effective. However, office space must be secured in a suitable and busy commercial area, the office must be equipped, the necessary software must be purchased, invoices must be paid, the company must be promoted, and the proper business license must be obtained. To sum up, these are the financial costs. Establishment of the "Bespoke Linguistic" agency is anticipated:

The total cost of establishing the company is $700.
The estimated cost of a basic insurance policy, licenses, and permits is $2,000.
A six-month rental agreement on a suitable office space in a business district will cost $40,000, including the cost of facility renovation.
A $5,000 investment was required to equip the office with computers, software, printers, fax machines, furniture, telephones, filing cabinets, safety equipment, and other electronics.
The price of the necessary software applications is $2,500.
Launching the company's official website will set you back $600.
The budget for paying one employee's salary and utility bills for at least three months is $10,000.
Additional costs, such as business cards, banners, and promotional advertising, total $2,500.
Other costs are about $1,000.

According to our market research and feasibility studies, we will require more than $150,000 to successfully launch a standard, medium-scale translation service in the United States of America.

Capital raising and revenue generation for Bespoke Linguistic

Bespoke Linguistic is a family business owned by Morgan Brown and his immediate family. They have decided to limit the company's capital to three main sources. These are the areas from which we intend to generate our new capital:

Generating a portion of the startup capital from personal savings.
Soft loans from family and friends.
Applying for a bank loan.

Note: We have raised approximately $50,000, divided between $40,000 in personal savings and a $10,000 soft loan from family members. We are in the final stages of obtaining a $100,000 loan facility from our bank. All paperwork and documents have been signed and submitted, and the loan has been approved. The funds will be credited to our account shortly.

14. Sustainability and Expansion Strategy

The future of a business lies in its loyal client base, the capacity and competence of its employees, and its investment strategy and structure. If all of these factors are lost, it will quickly fail.

Therefore, one of our primary goals in launching Bespoke Linguistic, a translation agency, was to create a company that would operate on its own cash flow without the need for external funding once it was officially operational. We know that one of the ways to gain customer satisfaction and loyalty is to consistently provide excellent, error-free translation services at highly competitive prices compared to others in the industry.

Bespoke Linguistic will ensure that it is properly established and has the necessary structure and processes in place to ensure that our employees are well taken care of. We have designed our company culture to advance it to the next level and to train and retrain our workforce to deliver optimal performance. We know that by implementing all of the above, we will be able to recruit and retain the best talent in the industry, and our employees will be committed to helping us build the company of our dreams.

Checklist

Checking company name availability: Done.
Incorporating the company: Done.
Opening company bank accounts: Done.
Opening online payment platforms: Done.
Requesting and obtaining a taxpayer ID: In progress.
Applying for a trade license and permit: Done.
Registering the company with the Social Insurance Authority: Done.
Conducting feasibility studies: Done.
Generating a portion of startup capital from the founder: Done.
Applying for a loan from our bank: In progress.
Writing a business plan: Done.
Drafting an employee handbook: Done.
Drafting contract documents: In progress.
Designing a company logo: Done.
Printing promotional materials: Done.
Recruiting employees: In progress.
Purchasing software applications, furniture, office equipment, and electronics, and renovating facilities: In progress.
Creating the company's official website: In progress.
Raising awareness about the company: In progress.
Health and fire safety arrangements: In progress.
Establishing business relationships with vendors and key players in the field: In progress.