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first investment to raise a translation agency
Thread poster: Millan Gonzalez

Millan Gonzalez  Identity Verified
Spain
Local time: 09:50
Member (2006)
German to Spanish
+ ...
Dec 11, 2006

Hi there,
I am planning to create myself a translation agency in the next months, could you please tell me approx. how much should reach a first investment, including a good website with high level of appearance in google, yahoo, etc., official registry, advertising...

Thank you very much


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Mikhail Kropotov  Identity Verified
Russian Federation
Local time: 11:50
Member (2005)
English to Russian
+ ...
Just a small question Dec 11, 2006

Are you sure that you want to start an agency without knowing the answers to these questions first

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Millan Gonzalez  Identity Verified
Spain
Local time: 09:50
Member (2006)
German to Spanish
+ ...
TOPIC STARTER
of course, hehe Dec 11, 2006

Yes, I have now a quite comfortable situation, and I want to grow. Maybe you know more or less an approximate quantity to start??

Thanksss ..


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Madeleine MacRae Klintebo  Identity Verified
United Kingdom
Local time: 08:50
Swedish to English
+ ...
Have you got the experience and the capital? Dec 11, 2006

Having "a quite comfortable situation" is not on its own a good reason to start an agency.

From what I can see you are approaching this thing from a very strange direction. The cost of setting up a website should be your very last consideration.

Most agencies grow organically - you have more work than you can undertake and find a few other freelancers you trust to whom you outsource.

Once you are in this situation your next consideration should be whether you have ENOUGH CAPITAL. Your client might default on payment - but you, the agency, have an obligation to pay your translators for work completed.

So your first question should be - have I've got enough capital to pay my translators whilst going through the process of reclaiming the money owed by the client?

If your answer is yes (and feel you have enough project management experience) - go ahead. The cost of buying and hosting a decently named site is comparatively minor and it only takes a couple of weeks to learn enough html and css to create a somewhat decent site yourself.

You can simplify the website creation by using a program such as Dreamweaver (although that comes at a cost) and there are free scripts to be found all over the internet to create forms, etc.

My advice however, before you try to start a serious (?) business on a shoe string budget (?), is for you to consider the consequencies of: non-payment by clients, non-delivery by translators and any other "nons" you can think of.


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Sergei Tumanov  Identity Verified
Local time: 10:50
English to Russian
+ ...
it depends Dec 11, 2006

I pay for my site www.translations.ee about 20 euro per 3 months.
I paid 150 euro for proz membership p.a. and as a result I receive 10 visitors to the page with my proz profile every day (about 300 visitors monthly who are definitely interested in translation services)
I prepared the web page myself for free, it is simple. But you can prepare a page in MS Word processor yourself, which will look much much better.

I am based in Estonia, but I think you will be able to find reasonably priced solutions for your website in Lithuania too.

[Edited at 2006-12-11 22:04]

[Edited at 2006-12-11 22:06]


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Ralf Lemster  Identity Verified
Germany
Local time: 09:50
English to German
+ ...
Financial resources are crucial Dec 12, 2006

Madeleine has raised some very important points - in particular:


Once you are in this situation your next consideration should be whether you have ENOUGH CAPITAL. Your client might default on payment - but you, the agency, have an obligation to pay your translators for work completed.

So your first question should be - have I've got enough capital to pay my translators whilst going through the process of reclaiming the money owed by the client?

This is an issue that is often discovered too late, i.e. when facing payment delays. You should be able to meet all payment obligations vis-à-vis those you have outsourced to, regardless of whether payment from your client(s) is late. For me this is the only reason why my company needs an overdraft facility.

Best regards,
Ralf


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