The idea of establishing your own business is always very tempting, yet the actual execution seems to be much more complicated than you think. According to a recent report from Startup Genome, 9 out of 10 startups all around the world fail to survive due to various reasons. As you lay the cornerstone for your startup, you need to be carefully assessing your needs and thinking critically about how to spend your seed capital. If your business is meant to go global or address multilingual stakeholders, you should consider language services as one of the main pillars of your international growth strategy.
In fact, the need for proper multilingual communication is essential for nearly every business today, especially those newly-founded startups. In that sense, finding a reliable translation partner is a guaranteed way to break through the physical boundaries and unlock a world of new opportunities all over the globe. Translation services are something that small and medium businesses are usually in dire need of and choosing the right translation service provider is a massive step toward the achievement of your business objectives.
Facts & Figures About Entrepreneurship
The entrepreneurship pace has noticeably accelerated ahead of, and even during, the COVID-19 crisis. In the US, for instance, the number of business applications has maintained a steady rise since the beginning of the previous decade. Data from the US Business Formation Statistics (BFS) showed that over 4.4 million businesses started in the US alone during 2020, registering a whopping increase of 78.9% compared to the previous year.
Despite the negative impacts of the pandemic on stuff like customer demand and supply chains, the global startup economy remained strong, at an approximate value of $3 trillion. The effects of COVID-19 also varied from one industry to another, taming the fears of the flexible and passionate entrepreneurs, especially in Latin America.
Entrepreneurs in Latin America have proven to be less fearful of the challenges that come with starting a new business. According to the Global Entrepreneurship Monitor GEM recent report, the six highest levels of Total early-stage Entrepreneurial Activity (TEA), within the 50 addressed economies, were all recorded in the Latin America & Caribbean region, exceeding the percentage of 35% in both Chile and Ecuador. Pursuant to the report, the hyped entrepreneurial activity in Latin America can be attributed to the social and cultural norms, the lack of alternative income opportunities and the extent of competition, as well as rapid growth in economies.
In light of the above-mentioned figures, entrepreneurship, for the most part, stood resilient against the tough headwinds, particularly in the Latin American markets. Startups are constantly striving to find a way out. One common and proven practice is to target global expansion and tap into new markets. This, however, requires deliberate communication that can not happen without professional translation and localization services.
Nonetheless, there are some considerations to bear in mind, as a startup, when choosing your translation partner…
How to find the right translation agency?!
Now that you are aware of the importance of employing professional translation services to accomplish your business goals, you need to conduct a successful partnership that fulfills your specific needs. The following are some tips on how to choose the right language service provider and thus make the most out of your spend on translation.
- Reasonable packages
Unlike big corporates, most of the startups worldwide have budget limits and apply firm bootstrapping strategies. This does not mean you should look for the cheapest deals or the least per-word rates. In fact, you need to find the most cost-effective packages that suit your needs. Don’t hesitate to ask your partner for a detailed quotation and make sure you choose a deal that only includes the services that you really need.
- Relevant experience
It is always recommended to find a company that has already worked with small and medium businesses in the same or similar industries. Check out every company’s website and portfolio and make sure they have a reliable reputation and demonstrated industry-specific expertise. This will not only drive better end results, but also save you a lot of time.
- Comprehensive solutions
Partnering with a translation agency means that you leave the weight of translation off your shoulders and focus more on your core business. To ensure this is happening, you need to find a service provider that offers comprehensive solutions and specializes in the full spectrum of language services, including document translation, localization, desktop publishing (DTP), interpretation, among others.
- Native Linguists
A successful language partnership extends further beyond translation. The best language partner is always the one that has native linguists who are fully-versed in the local culture and able to conduct a holistic localization process for your brand. Your business needs to speak its new audience’s language and look like it is originally created for them.
Over the course of more than a decade, LatinoBridge has helped small and medium enterprises thrive within and beyond the Latin American markets. Backed by a team of experienced linguists and strong track record across various industries, we pride ourselves on providing high-quality and cost-efficient translation services that drive the biggest ROI to your startup. Partner with us today and take advantage of our professional and reliable language solutions in every Latin American language.
What are you waiting for? Contact us now and get your free quote!