Starting a business may begin with a good idea or a plan, but rarely does that plan take into account all of the hard work, effort, and patience that starting a business takes. More often than not, a significant challenge that many startups face is to develop an adequate and realistic growth plan for their business. There’s a saying that success can come in many forms and many places; unfortunately, many startups are ill-equipped to take advantage of the potential benefits of having a multi-faceted approach to business.
Within the last 25 years, the concept of small business ventures has drastically changed. In the past, small businesses were geographically and conceptually localized as they serviced a specific area and clientele. Today, small businesses are as globalized in their concepts, products and customer reach as big corporations are. While the framework for small business ventures and the opportunities that come with it have changed, small business planning, in many instances, is still stuck in an exclusively local mindset. Starting small doesn’t necessarily mean that you have to think small. While targeting a localized and familiar market initially can be an advantage for a new business, over-localization can come at the expense of greater international exposure. Previously, the argument had been that small business ventures, unlike their larger, more established (and more solvent) counterparts, can rarely afford the full expense associated with international business. However, this is no longer the case.
From the mindset of a startup or any small business venture, going global makes sense! First and foremost, in the age of digital accessibility, going global means more potential business. More sales, regardless of what part of the world they’re coming from, can be the deciding factor if a startup succeeds or slumps. Secondly, marketing your products globally can attract the attention of new investors, product and resource suppliers, and other beneficial business partners. Third, and most importantly, is market creation and cultivation, which generates unique, localized versions of your brand’s identity and allows you to connect with consumers and potential investors in foreign markets.
According to the Russell Microcap Index, small and startup businesses heavily concentrate in 5 main sectors: financial services, health care, technology, producer durables, and consumer goods. Inherently different, all of these sectors benefit from participation in the global marketplace. However, for small businesses there have always been two restraining factors: cost and availability.
Thankfully, in recent years, the translation industry has continued to grow and can meet the needs of startups and small businesses. The industry, valued at $33.5 billion in 2012, is expected to grow to $37 billion by 2018. The US Bureau of Labor Statistics is projection the industry to grow 42% through the decade ending in 2020. The overall size demonstrates a substantial and growing market with America and Europe currently possessing the largest translation markets and Asia being the fastest growing market.
For startups, the benefit of exploring international options should not be underestimated or overlooked. But with so many options for translation providers in a fragmented market, how can a company know that it is getting the best value for services provided? Startups need to seek a translation company that can provide the best of both worlds: widespread global communication experience and experience in dealing with the needs of small business.
EVS Translations is a DIN ISO 9001 and DIN EN 15038 certified international translation company. With 70 translators in 7 offices who cover 30 language combinations and the capability to work across time zones, EVS Translations is specifically set up to complete complex, high-volume multiple language translations.
Startup founders – learn more about how we can assist you through the process of successfully setting up, funding and marketing your new business on a global basis and give us a call TODAY.
Our USA and UK translation offices will be happy to answer all your questions!
Atlanta office: +1 404-523-5560 or send us an email: quoteusa(at)evs-translations.com.
Nottingham office: +44-115-9 64 42 or send us an email: quoteuk(at)evs-translations.com.
