Due to an increasing demand for translation services, a new career avenue for translators is being opened for aspirants, and to cater the demand, translation experts are joining hands with translation franchises by taking up their franchise business.
The world has become a global village indeed. Companies are moving beyond international boundaries and are experimenting with cultures that are different from theirs. While languages become a constant barrier for them to tapping different cultures and markets, the scope for translation is widening.
Translation services are on the brink of disrupting the economy in different ways. Be it a learning platform like Byju’s providing lessons in regional languages or social media platforms like Healofy aiming to connect 100 million women with their native languages, brands are taking translation services more seriously than ever. That’s why the demand for language translators is surging.
Due to an increasing demand for translation services, a new career avenue for translators is being opened for aspirants, and to cater the demand, translation experts are joining hands with translation franchises by taking up their franchise business. If translation business excites you, then read on how translation franchise could be a profitable opportunity.
Translation services in India: An overview
The Indian translation industry is like a dark horse in the race; it doesn’t seem like having such a wide scope but is, in fact, one of the fastest growing sectors in terms of economy. The industry is witnessing a major hike due to the ever-increasing demands of language content-creation and content consumption in many disciplines. In today’s time when content is the king, every other content creator wants to reach as many readers as possible, and they do not want language to be a hindrance. From IT to manufacturing, medicine to advertising, content is being generated and is important to be translated to reach masses.
Another point to be noticed about India’s translation industry is the linguistic plurality of the nation itself. The official count by Census of India is 122 languages, while ethnologue counts it to be 454. The People’s Linguistic Survey of India found that 780 languages are being used in the country. Regardless of the complexity in the counts of language, one thing is quite clear that many of the Indian people will be multilingual as the regional language differs largely as we go a few kilometres away. So, the linguistic plurality suggests us that the knowledge of multiple languages is a plus point if a translation franchise plans to foray in the Indian market.
The localisation is another aspect that affects the translation industry of India at large. Nowadays, technology is penetrating deeper than ever and is entering the lives of people of all background. But almost 80% of content available in internet is in English while only 10% of population possesses knowledge of English. Therefore it is important to translate content in the local languages to ensure a wider reach among wider target customers.
Major Players in the Translation Market
As mentioned already, India is considered to be one of the fastest growing markets for the translation industry. Many companies are looking at India with a perspective to grow the reach of their brand and are taking translation as one of the biggest tools to do so.
One of the biggest players that are getting their products localised in Indian languages are tech giant Microsoft Corporation, which are available in Assamese, Bengali, Gujarati, Hindi, Kannada, Konkani, Marathi, Malayalam, Nepali, Punjabi, Telugu and Tamil. Samsung has also invested huge money to make its products localised in Indian languages.
Talking about recent players that are making their products available in Indian languages is Xiaomi with their mobile interface UI localised in 10 Indian languages. With every single day new companies joining the bandwagon, the translation market in India is expanding at an accelerated speed.
Looking at such a huge potential of the translation market, many aspiring entrepreneurs who are into translation services are plunging into the competition to make their mark in the market. Many are taking franchise route to trigger the expansion, which is yet another easier way of enjoying huge profits in a translation business. Translation franchises don’t require much of an investment, and that’s why it becomes a lucrative business model for most aspirants.
Speaking about the franchise requirements that prevail in the market, we have calculated an average of the certain facts and requirement that a prospective franchisee might need to be certain of their investment.
Typical Franchise Requirement
Investment: Rs 20-30 Lac
Area: 400-1000 sq. ft.
Expected ROI: 65%