Pros:
1. Flexibility – You can work when and where you want, allowing for an increased level of control over your schedule.
2. Low overhead costs – An agency typically involves minimal start-up costs such as a computer, printer, phone line and internet access.
3. Low risks – The translation industry is recession-proof, so there is little risk of financial loss associated with starting an agency.
4. High earning potential – With the right clients and service packages, you can earn a significant income from an agency.
Cons:
1. Low barriers to entry – The translation industry is highly competitive and anyone with the right qualifications can enter the market.
2. Lack of experience – Starting an agency requires knowledge in marketing, business operations, sales and customer service as well as translation itself.
3. Limited resources – Many agencies rely solely on freelancers to complete projects and lack the staff or budget to take on larger jobs.
4. Cash-flow issues – Long payment cycles and declining industry rates can make it difficult to stay afloat financially.