Startup Costs: $2,000 – $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? Yes
THE BRIEF
If you have a facility for languages, launching a translation service could be for you. You can at first offer languages that you are fluent in, and as you grow, you can bring on other employees who can cover the languages that you are not as well-versed in. Translation services can have a variety of clients, in both the public and private sectors, including medical offices, law practices, media businesses, government agencies, financial institutions, insurance firms and more. While not required, you can be certified as a translator. And depending on the abilities of you and your staff, you can also provide interpreter services.
ASK THE PROS:
How much money can you make?
Interpreters and translators made a median salary of $47,190 in 2017 according to U.S News and World Report.
What’s the most important thing to know about this business?
“Translators convert written material from one language (the source language) to another (the target language), while interpreters perform the same task orally. It is imperative to understand that most interpreters do translation work, but translators are not interpreters. It takes training and experience to be able to perform simultaneous interpretation. It is also necessary to understand that some translators become highly specialized in a certain field of work, which makes them the best choice for specific types of translation such as sensitive legal subjects or precise medical reports. Some translators do liaison interpretation, which ensures communication between two people or among a small group.” – Maria Elena-Kassab, writer, interpreter and translator
