For someone who is fluent in more than one language, starting an online translation service is a good business idea. There are numerous automatic translation engines online but they can be inaccurate and extremely literal, making them fairly useless for a company wishing to write copy in another language.  Personal translation services are therefore in high demand amongst companies wishing to expand to other countries.  

Skills needed: You need to be highly fluent in the languages involved in the translation, both orally and in writing. It will be helpful if you are familiar with writing professional copy and have basic web publishing skills to keep your website updated.  

Business environment and set-up cost:  You will have high international potential in countries that speak your languages. If you already own basic computer hardware and software then you will not have high start-up costs. You will need to pay someone to professionally design and host your website. The overall start-up cost will range from £1,500 to £2,500 (2,000- 3,000 EUR, 3,000-5,000 AUD/USD).  

Marketing Techniques:  

• Participate in the pay-per-click schemes of the popular search engines
• Use keywords and other techniques to optimise your website for search engines
• Place online links to your business at websites, directories and cybermalls related to conducting international business
• Pay for banner advertisements at websites related to conducting international business
• Become involved in newsgroups and forums related to conducting international business. Make sure you attach a signature to your posts with a clickable link to your website
• Use OnlineOffice to set up web-site, blog and online shop to promote your business online

Complimentary business ideas: You could partner with companies selling translation software to earn commission.  

Notes: If sensitive material is to be translated, privacy of the information may concern the company. It is important for you to provide secure transfer of the finished product, whether it is a hard copy (via registered mail) or digital (using encryption).  

Online examples & resources:  

• Wise Translations – An example of this type of business
• SDL Free Translation – An example of this type of business (with a free text translator)
• Yahoo! Babel Fish – The most popular free translation tool

For previous SME start-up ideas, look through the archive here 

Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from India:

• Small Business Guru Share How to Make a Million:The Principal® Women in Business Teleclass Series Features Susan Wilson Solovic and her “Girls Guide” to building a million dollar business. The Principal Financial Group® will feature Susan Wilson Solovic, chief executive officer of SBTV (Small Business Television) and author, as guest presenter for its complimentary teleclass, “A Discussion with the Author of The Girls’ Guide to Building a Million-Dollar Business.”
• Valley to get 2 industrial clusters soon: Srinagar, May 13: The Valley would have two developed industrial clusters for bat manufacturing and furniture soon. The development of these clusters would be supported by MSME (Micro Small and Medium Enterprises).
• Secretary MSME calls Mangat: Srinagar, May 13: Secretary Ministry of Small and Medium Enterprises (MSME) Government of India Dinesh Ray, who is on two day visit of Jammu and Kashmir state today called on Minister for Health and Medical Education and Labour and Employmentandnbsp;
• Marriott India ranked 2nd Best place to work: Mumbai, May 20 (ANI/Business Wire India): Marriott India has garnered recognition for its human resource practices throughout the Indian sub-continent region, most recently being named as the 2nd ‘Best Place To Work’ as well as winning the stand-alone award for ‘Creating a Great Workplace for Generation Y’.
• Free MBA Training to Backward classes by Assocham: New Delhi, May 14 (IANS) The Associated Chambers of Commerce and Industry of India (Assocham) Wednesday launched its own foundation to impart professional business management training to candidates from scheduled castes and scheduled tribes.

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

A small business quote a day keeps you thinking, inspired and entertained 

“They have no fear of failure. It’s not part of their make-up.”

Abraham Zaleznik (b. 1924) US psychologist 

To find previous Quotes of the Day look here 

It can be easy to neglect risk planning when you first open your start-up. However, it is very important to attempt to assess the levels of risk involved in your business activities in order for you to try and come up with ways to reduce them. This article will mainly cover general risks involved with business, although your enterprise may have additional specialised risks related to the industry you are in.  

Risk management is a process of continuous analysis of your business practices and a lot of communication at all levels of your organisation. You also need to identify potential hazards and a ‘worst case scenario’, and then work on devising contingency plans in case they ever occur. If something goes wrong it can be very reassuring to have a plan to work from to restore the status quo.  

Business insurance is an integral part of risk management in order to make sure that you are compensated or protected if something goes wrong. You must first consider what needs to be insured (e.g. equipment / inventory / property / vehicles / employees / liability or business interruption) and decide upon a realistic amount that it is worth. It is then possible to decide what you wish to insure each item against (e.g. fire / theft / accident / everything). Make sure you get multiple quotes and choose the best one.  

Things to remember:  

• Identify Risk – If you are unsure about this, a good place to start is reading through your business plan
• Measure Risk – There is computer software that can calculate risk well, in addition to specialised risk consultants
• Decide how to Limit Risk – Brainstorm some solutions to the risk issues which are identified
• Implement Solutions – Put the solutions in place e.g. install a fire alarm
• Monitor Risk – Review the situation at regular intervals

For the previous stages of this checklist look here

Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from Australia and New Zealand:

• Dismay at funding cuts: SMALL business owners have borne the brunt of Prime Minister Kevin Rudd’s inflation-warring razor gang, industry advocates believe.
• Xero happy with first-year results: Xero founder Rod Drury is totting up the early numbers from his start-up accounting software firm, saying they are small but better than expected at the end of its first year. The company had expected to have 1300 small businesses…
• Innovation grants slashed to save $707m: Budget 08: Commercial Ready, a SME grants program that subsidised innovation and commercialisation, was scrapped in this week’s federal Budget — a move that will save AU$707 million over four years.
• Sick ?Tell the lie detector: BUSINESSES are turning to new lie detector technology to check if their employees are ill or pulling a sickie when they ring in.
• Budget 08: Business face new budget burden with tax changes: To offset spending, the Government has introduced changes to Fringe Benefits Tax claims and software depreciation for purchases made after 13 May 2008.
• Do kids have a place in small business: Many people choose to become small business entrepreneurs for lifestyle reasons. They want to create a business that can be designed around being able to take the kids to school or spend more time with the family. And that’s one of the great things about being your own boss - you can do what you want. If you want to bring the kids to work, great. But is it really?

As always this list is not exhaustive, but I hope it will give you a little overview. — ST. 

A small business quote a day keeps you thinking, inspired and entertained

“Well sometimes you just don’t like somebody.”

Henry Ford (1919-87) US car manufacturer 

To find previous Quotes of the Day look here 

The competitive job market makes it important for applicants to have a résumé that stands out from the pile. Many people have trouble writing a successful CV or cover letter, so if you have excellent writing skills and know how to effectively create a résumé then this business may be for you.  

You will operate through your website and have a number of options (e-mail, fax or phone) about the way you collate personal data (such work experience and qualifications) from your client. Another option would be to develop a questionnaire page on your website which would allow the client to enter all the details you will need. This would save time and cut down on the level of involvement you would need to have in the process.  

Skills needed: The only essential skills for this business are knowledge of CV writing and the ability to write well.  

Business environment and set-up cost:  Other than language, there are no major barriers to this business being successful internationally. You can easily attract clients from all over the world if you are good enough. However, do first make sure that the conventions of writing a résumé are not different in the other country. If you already own all the necessary computer equipment, scanner and printer then your only start-up cost will be the design and hosting of your website. It may also be wise to invest in very high quality paper. The overall start-up cost will range from £1,500 to £2,500 (2,000- 3,000 EUR, 3,000-5,000 AUD/USD).  

Marketing Techniques:  

• Participate in the pay-per-click schemes of the popular search engines
• Place online links to your business at websites, directories and cybermalls related to job-finding and recruitment
• Pay for banner advertisements at websites frequented by university graduates and job seekers
• Become involved in newsgroups and forums related to job-seeking. Make sure you attach a signature to your posts with a clickable link to your website
• Have a ‘blog’ section to your website that offers advice to job-seekers, as this will encourage repeat traffic
• Use OnlineOffice to set up web-site, blog and online shop to promote your business online

Complimentary business ideas: Partnering with employment websites to allow them to advertise vacancies will generate an additional revenue stream.  

Notes: It seems obvious, but do not deliver the finished product until you receive payment. Take extra care with regards to packaging if you need to physically ship the product to them.  

Online examples & resources:  

• CV Service – A good example of this type of business
• The CV Centre – A large UK CV consultancy

For previous SME start-up ideas, look through the archive here

Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from Canada:

• The CEO Poll: Red tape: Canadian business leaders are skeptical of government plans to reduce the paper burden on small business.
• Comcast pushes for small business telephone customers: Comcast Corp. isn’t stopping at winning residential phone business away from traditional telecommunications companies. Now, the Philadelphia-based cable television company seeks to lure small business customers by increasing its business Internet speeds and beating phone companies such as Qwest on price.
• Tax thicket entangles Canadian companies: Canada is laden so thick with business taxes it requires the average major company 11 employees working full-time, year-round simply to comply with them, says a study by PricewaterhouseCoopers.
• Online service caters to MBAs: It’s about to become a lot easier for Canadians with a Masters of Business Administration to find a job that fits their skills.
• When ingenuity is all business: A creative business plan and a team of dedicated employees can go a long way towards starting a successful company.
• New small business role for Prodonvich: Kalgoorlie identity Kitty Prodonovich has been appointed to the board of the Small Business Development Corporation.
• Rising Small Business Finance: Raising small business finance isnt an easy process, particularly in light of the recent credit crunch and the liquidity problems experienced across global financial markets. Of course thats filtered down to small business loans, which are now less easy to come by, particularly at start-up stage. Yet, ironically, getting any business off the ground requires money and a bit of faith from those with the resources to spare.

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

A small business quote a day keeps you thinking, inspired and entertained 

“Marketing is not a function, it is the whole business seen from the customer’s point of view.”

Peter F. Drucker (1909-2005) US management consultant 

To find previous Quotes of the Day look here 

This checklist will hopefully give you a guide to some of the stages involved in starting up.  

1. Choose a Business Type – Once you are clear about what your start-up will be, try to also think about an appropriate catchy business name
2. File a ‘Doing Business As’ (DBA) Form – This form (also known as ‘trading as’ in many countries) will allow you to open a business bank account
3. Open a Business Checking Account – Look around for a bank that is sympathetic to the needs of a small start-up
4. Write a Marketing Plan – It is useful to have a strategy about how you plan to promote your business once it launches
5. Brush up on Accounting Techniques – You can use the free accounting software within OnlineOffice
6. Contact the Small Business Administration – If you are in the United States , the SBA may be able to assist you by providing advice or even a loan
7. Consider Further Education - If there are some areas of business you are unsure about, you may find it helpful to attend classes at a local college
8. Visit a Bookshop – It can be handy to collect a library of business books over the years to inspire you or as a source of reference
9. Create a Business Plan – This will not only aid you in borrowing money from banks but also exists as a road-map to keep your business on track
10. Decide Long-Term Goals – Think about where you want your business to be in five or ten years from now and keep these goals in mind when you make strategic decisions