Having a startup business can be an exciting career path for anyone looking to make lucrative income in what they’re passionate about. But what happens next, after you’ve made your business stable?
Why not expand your business to the global market?
It might seem crazy, but many startups took the leap of faith and were successful. As the saying goes, “If they can do it, what’s stopping you?”
But before you get started in internationally expanding your business, why not hear some advice from someone who has worked with small and medium-sized businesses in attracting customers worldwide. Today, the founder and CEO of Tomedes, Ofer Tirosh will give you some insights into his experience of managing a translation agency that has helped businesses find their place in the foreign market they plan to enter.
To learn more about this, keep on reading!
A Startup Business Should Think Long-Term
Now, most startups fail because they base their decisions on short-term solutions and plans. Some businesses cut costs on their strategic issues, which saved you money but had a lasting negative impact in the short term. When planning your startup business for the long-term, you will need to hire and work with experts who may be the cheapest option but are worth the price as they specialize in certain fields that would be beneficial to your business in the long run.
Thinking and coming up with a long-term plan keeps you on your toes and ahead in your industry or niche. When creating a strategy for better managing your business, you will need to first evaluate your startup’s current situation. From here, you can get a great view on the different opportunities that would increase your productivity and gain more customers.
If you think that your business has the potential to flourish in a new market, don’t settle on just any translation agency. Go out and pick the best one that’s within your budget. As they can advise you on the best approach to creating a multilingual business strategy.
How Translation Can Increase Conversion Rates for Startups
Tirosh said that in the fifteen years he managed his translation agency, he noticed that small businesses and Fortune 500 companies had increased their demand for language solutions. It was concrete proof of how effective communicating and marketing in the native language of your target audience as his clients gained better conversion rates and signification growth.
This is backed by the expected market growth of the translation industry, which is valued to be 54.8 billion to 57.7 billion USD. It makes sense as our economies have become more and more globalized, the demand for professional translation agencies will continue to grow.
The rise of the internet made it possible for any startup business to enter any market and promote itself on an equal footing to large enterprises if they can create an achievable marketing strategy and business plan.
As a startup business owner, you might not have much experience when it comes to identifying your target market and coming up with a strategy. So, it’s in your best interest to look for experts in marketing to your target audiences, like professional translation agencies, who can assist you in your research and strategy building.
What to Look for in a Language Expert?
We asked Tirosh what qualities startup businesses should look into in a translation agency before making a partnership with them. He advised that you should consider the following:
1.) Customer trust – You can base their brand trust on their customer satisfaction rate and the number of companies that renew their contracts.
2.) Similar business principles – Professional translation agencies usually have their goals and objectives found on their agency websites. You can check it before you contact them to give you a better outlook if you can have a partnership with them in the long term.
3.) Quality of their service – You can determine the agency’s translations based on their certifications and expertise.
4.) Within your budget – Many agencies provide excellent translations and language solutions at a reasonable cost. You might have to pay a bit more than the cheaper ones, but it will be worth it in the long run.
Developing a Multilingual Business Plan with a Translation Agency
Tirosh explained that pre-planning is a vital part of the strategy when setting out to create a multilingual business plan. It helps you focus and narrow down on your objectives. During this period, you must obtain all the necessary information, like pros and cons, techniques, achievable targets and goals, actionable solutions, etc.
Professional translation agencies can provide expert advice on your startup business’s approach to entering a new market. We’ve listed a couple of suggestions that can help you build a plan.
Consistent Brand Message and Identity
During your pre-planning period, take the time to go over the brand identity of your startup business: your startup’s mission and vision, goals, and reason for being a company. Once you’ve narrowed down how you would like your business to be perceived, you can build your brand message.
There’s more to multilingual brand messaging than translating it for your international customers. The translation services agency you’ve partnered with can assist you in ensuring that the core meaning of your brand message remains the same while at the same time being relatable to your audience.
Creating the Ideal Client
When creating a profile on your ideal client, you will have to interview and research your top 10 best customers. Sure, you can find information online on what to do to attract your ideal client. But nothing beats first-hand information.
This allows you to have a better understanding of your ideal client. Like how they perceive your company and service, their problems in their niche, what kind of services they expect from your company, etc. Professional translation agencies can assist with the language barriers by translating the surveys and interview materials so that your non-English speaking client can express themselves in the survey.
Goals for Expansion
Tirosh’s advice when creating goals for your expansion is through categorizing them into three types:
1.) Short-term – these are immediate and achievable goals, like within two to three months.
2.) Medium-term – goals that have a time span of four months to two years.
3.) Long-term – these are goals that are around three years going up.
Your strategy can have all three types into your plan. Professional translation agencies can provide advice on your target audience’s cultural and linguistic preferences and have a more involved approach to how you would like to carry out your marketing and business operations abroad.
Business Compliance Through Translation
Another reason why professional translation agencies are essential for your business is because they ensure that your documents comply with the market you’re planning to enter.
If you’re planning to launch a multilingual website and app to target a specific market. You could deal with an expensive lawsuit by not complying with the local data privacy laws.
To avoid this, Tirosh explained that you should discuss the legal aspects with a local lawyer that’s from your target country and the agency you’re working with, as most professional translation agencies also offer translations for legal documents.
Many people think that once you establish your startup business, that’s its end. The reality is that it’s a lot harder to continue innovating and improving upon your business. By expanding your startup with the help of a translation agency, you’re ensuring that your business doesn’t become stagnant but continuously grows.