| Breaking loose – Research | | | | translation agencies. This enabled me to eradicate any |
| | | | such grievances from our practice, before they even |
| David Salter, founder and director of the boutique | | | | arose.” |
| translation company Linguistico, talks about his journey | | | | To ensure you have all your bases covered you could |
| from solicitor to business owner. | | | | consider consulting an accountant or professional |
| Any ex-lawyer wanting to start their own business | | | | business adviser and there’s plenty of advice on |
| venture should easily be able to organise business | | | | the internet (see or Contacting knowledgeable friends |
| essentials such as registering and protecting a trading | | | | and family is a good idea too. As a lawyer, you may |
| name, buying a computer, software, printer and fax | | | | already have a number of contacts able to offer you |
| machine, organising stationery such as letterhead, | | | | free advice. |
| business cards, invoices and balance sheets, and of | | | | “I had a group of friends who I’d met during legal |
| course having a website with email. They might also | | | | practice, all of whom could offer me good advice. |
| know the growing importance of Twitter and | | | | They worked in accountancy, insurance and marketing, |
| Facebook to business enterprises. | | | | as well as in general commercial businesses. I formed |
| But many aspiring entrepreneurs, even ex-lawyers, | | | | a sort of an unofficial board!” |
| often fail to properly research their relevant markets. | | | | “My wife was also very supportive. Coming from a |
| Researching your vision | | | | legal background herself, she came up with lots of |
| “Before I even approached the market with my | | | | ideas and has been an integral part of our success |
| idea,” explains David, “I spent six months doing | | | | – without being paid a cent! I couldn’t have done |
| full-time research into the translation industry. My | | | | it without her.” |
| research showed me what I needed to do and how I | | | | Development research |
| needed to do it, the types of work Linguistico would | | | | As most business owners soon discover, there is clear |
| need to undertake, the languages we’d need to | | | | difference between working in the business (such as |
| work in and whether there were any competitors in | | | | completing the day-to-day administration and finances) |
| the Australian or, because of its similarities to Australian | | | | and working on the business (such as seeking out new |
| legal practice, English markets.” | | | | business and promotion). If you spend too much time |
| Before trading, you need to have a clear idea how | | | | working in the business, and not on where your |
| you’re going to develop, price and market your | | | | business needs to grow, the development of your |
| products or services; whether you need to base your | | | | business will plateau. |
| business close to competitors; if you need start-up | | | | “If you don’t keep your systems and research |
| capital, a loan, approved overdraft or credit card; and | | | | up-to-date,” David warns, “you run the risk of |
| how you’ll manage cash flow. An analysis of the | | | | being reactive to your business rather than proactive |
| current market conditions and competitors can give | | | | about its growth. You need to be able to anticipate |
| you the answers. | | | | your clients’ needs, not just respond to them. |
| “But I don’t necessarily believe in writing a | | | | Otherwise you won’t have the staff or resources |
| detailed ‘business plan’. Sometimes I think you | | | | in place to service their needs when they arise and the |
| can get side-tracked by spending too much time | | | | quality of your client service will suffer.” |
| writing a business plan, whereas just getting on and | | | | You always need to know when the business should |
| doing the research can be more productive.” | | | | push forward into its next stage of growth and what |
| “Also, where we are now is so completely different | | | | the goals of that next stage will be. David |
| to where we were when we first launched Linguistico | | | | recommends always having a clear vision as to where |
| that a fixed, formalised document would not really | | | | your enterprise will be within three months, six months |
| have helped us.” | | | | and twelve months, and then within three years and |
| Researching contacts | | | | five years. |
| Research can also tell you what kind of business | | | | “In five years’ time, our vision is that Linguistico |
| partner(s), if any, you’ll need. Who will set up your IT | | | | will be the chosen supplier of translation services to the |
| systems, who will complete the ATO’s e-records | | | | legal and insurance industries in Australia and the UK, |
| and who will find new clients? What skills are you | | | | and at the forefront of English-speaking lawyers’ |
| missing and what roles need to be filled in order to give | | | | minds when they think of translation work. This will |
| you a viable business? | | | | require a combination of consistently high client service, |
| “Researching contacts, partners and suppliers is | | | | marketing and continuing to develop our business to |
| very important so I spent a lot of time building up | | | | match the needs of the market.” |
| relations. I had lots of open and frank discussions with | | | | |
| translators already working within the industry so they | | | | Next time, David talks about building a reputation and |
| could tell me what they did and didn’t like about | | | | what it’s really like to aim high. |