When you decide to hire a translation agency, there are several things to consider. These include Business model, Pricing model, Quality management system, and the cost of hiring a translator. Read on to learn more about the different aspects of hiring a translation agency. Here are some tips to help you find the right one for you. You can also use this guide to find a
translation company near you. In addition, you can compare different companies to determine which one has the best reputation.
Business model of a translation agency
When deciding whether or not to open your own translation agency, you have to make a few important considerations. The industry is dominated by small – scale consultants, sole proprietors, and partners who work largely in small geographic areas. While most of these establishments do not have a payroll, they generate only about 10% of the industry’s revenue. Although the industry is fragmented and highly competitive, it is not yet oversaturated. While more travelers are traveling than ever before, the number of services has been shrinking.
A small beauty company might think about translation only at the last minute. It is often best to focus on other matters first – legal requirements, product development, and so on. After all, when launching a new product in Greece, for example, the packaging is still in English. If it isn’t translated well, this could cause the business to face a number of problems. In this case, a translation agency can help them.
Costs of hiring a translator
While you may think it is cost-free to hire a translation agency, you might be surprised to learn the true costs. These costs vary widely depending on the specific project. Some translation agencies use translators from countries outside of the United States or Canada, which can cost up to 80% less. In addition, you will spend many hours redoing a poor translation, causing a high turnover rate. These costs will add up fast.
One of the best ways to reduce the cost of hiring a translation agency is to negotiate with your vendor. While some translation service providers may be cash-poor, some will honor discounts if you pay them upfront. Some will even place the charge on a credit card so you can pay later. In addition, it will build a solid relationship between you and your translation vendor, resulting in further discounts, superior services, and other relationship-based perks.
When establishing a pricing model for a translation agency, the key is to consider what factors should be considered. In the case of CJK texts, for example, a flat fee for translating a document is a reasonable option. A per-word or per-page model creates ambiguity, and isn’t appropriate for CJK texts. A language service provider should explain to clients how they arrive at their flat fee.
A common pricing technique is mark-up, which allows agencies to set prices according to the going rate. This technique is fast, but often fails to consider customer demand. A translation agency might charge a higher price if the customer demands it, but the markup is arbitrary. In addition, this pricing technique is similar to target-return pricing, which aims for a companydefined return on investment. Many translation agencies end up applying a competitive pricing model, even though they may be better suited to the needs of different markets.
Quality management system
A quality management system for a translation agency must define quality criteria and reporting procedures. Without proper measurement, companies cannot manage quality. Without measuring quality, they will not know if there are problems during the translation or editing process. The process becomes even more complex if the company deals with multiple languages. By following a quality management system, translation agencies can increase the quality of their outputs and gain more satisfied clients. If you are interested in establishing a quality management system for your translation agency, read on.
ISO 17100:2015 sets the requirements for a quality management system for translation agencies. This standard sets a standard for a translation agency’s quality management system, and it displays a commitment to meeting client needs. The standard also applies to its processes and procedures for maintaining a Quality Management System. Morningside defines QA processes and conducts surveillance audits annually to measure the effectiveness of these processes. In addition to the ISO 9001:2015 certification, a translation agency may also use an industry-specific standard, such as ISO 13485:2016.