As the world continues to shrink, more Australians are doing business overseas. Put your bilingual skills and other language skills to work and earn outstanding profits.

Language translation services are in constant demand today by everyone from multi-national corporations to small business owners.

With just a phone and a fax, you can become a part of today's global business world.

Start-up costs for a translation service are minimal since there is no stock involved and supplies consist of basic office necessities (paper, cards, brochures, invoices) and reference materials. For the cost of a computer, fax machine and office supplies, your business can be underway.

Language translation remains a profitable venture with limitless possibilities for someone able to provide the human elements of the trade which are necessary for success: knowledge, instinct, practice and an understanding of various cultures and people.

To make sure your business is viable, you will need to thoroughly investigate the possible demand for your services and who your prospective customers will be. This means undertaking market research.

Market research can mean the difference between success and failure and many a business has folded because business owners failed to properly consider their target market prior to starting their business.

It will also be important to make sure this type of business is operating efficiently as a whole. Our guide explains how to assess the effectiveness of your business operations and helps you work out how much you should charge to make sure you are earning sufficient revenue to cover your operating costs as well as generate a profit.

Additionally it helps you to investigate market potential, advises what to consider when choosing business premises and location, outlines what equipment you will need, and what to consider when it comes to costs and stock, how to effectively operate your business and the tax and legal issues you should be aware of.

Remember, not only is starting a business a major life-changing decision, it is also a major financial investment. As a result, you will need to make sure you are fully aware of the commitment you are about to make and what is involved.

This guide will help you to arm yourself with the appropriate information. Information that is accurate, up-to-date and applicable to your individual circumstances.