Translation Agency Malaysia: Risk Factors You Should be Aware
- Malay Translation, Translation Agency Malaysia
- Translation Agency, Translation Agency Malaysia
- April 24, 2020
Translation Agency Malaysia: The Industry
Are you working in the translation industry? Whether you are working as an employee or an employer, in this field and industry, there is some risk factor that should be known.
It doesn’t matter what language you are handling. English, Tagalog, Indonesian, French, or Malaysian.
If you are going to start a translation agency Malaysia, then you need to read and consider five major risks.
The risks that will hinder the development and process are listed as follows.
Translation Agency Malaysia: List of 5 Major Risks
1. Market Risk
The first to be aware of is market risk. Just as the name indicates, there will be a high challenge in the market.
In this case, this risk will involve all the marketing aspects. From how you offer the works, where you put an advertisement, promos, competitive price, etc.
At the same time, it involves the practice, industry, and the number of rivals in translation services Malaysia.
2. Financial Risk
Financial risk mostly involving profit of your translation activity. The financial problem can occur along with the life of your company.
At some point, there will be problems such as low income or orders, yet you have to pay your employees and workers.
In this kind of condition, you have to make a decision. The ups and down in foreign exchange also have a big impact on your company.
3. Project Risk
This risk refers to each project you accept, that can affect the profitability of your company.
The project risk includes all project difficulties, project needs, client reliability, word count, human resource, hardware resource, deadline, etc.
For example, if you offer a certified translation service, that means you should have an employee with a certain ability and required certificate.
4. Production Risk
All the risk in the process of translating will be production risk. Which means referring to the actual act of translation.
It can be said that during the progress or translation process, there will be a lot of things going on, from the expected to the unexpected factors.
For example, a sudden sickness or hardware problems. The way you treat and solve the problem will highly affect the success or failing product.
5. Final Product
The last thing to consider about your translation agency Malaysia development is the product.
The previous risk can affect negatively or positively the final product risk.
In this case, you will be dealing with the acceptability of your works. It is also related to the formatting and DTP issues of the translated product.
This risk can affect the quality and the company’s rating.
That should be enough to introduce you to the risk. Those risks will always follow in all kinds of business, including translation agency.
You may reside in Malaysia and want to start the company, but you should consider and prepare for those risks.
Whether it is about market, financial, project, production, or the final product you should be able to withstand.
Imagine the risk as challenges, if you can get through, then you will arrive at the winning point.