How did you get into the industry?
Back in 2009, Precise Translation was born after finding a growing need for translation services in the local pharmaceutical market. It started out as a side business, but it quickly became our main focus. We grew from word of mouth among the most important companies in the industry and from there we moved to other fields, such as legal, finance, and immigration law.
What’s New in the Business or in the Franchise Model?
In recent years, we have added artificial intelligence technology to make our processes even more efficient and reliable. We are taking this technology and the expertise of these last 13 years in operation to develop and guarantee the success of each of our franchisees.
Where do you See Opportunities or Challenges for the Franchise/Business Moving Forward?
Opportunity lies in any market that has an ongoing relationship with other countries, either through a high number of immigrants moving in, or companies doing business abroad. The main challenge is competitors that already have a strong presence in such markets, the reason why it is important to analyze competitors in the area from the beginning and establish a strategy to win accounts.
What is your Goal for the Business Moving Forward?
Help our franchisees position their business in their local market in the shortest time possible. The success of each of them will be our own.
Talk to us About Training and Support, How Do You Deliver?
We have a strong operations team. Each of our team members has gone through training, in some key positions, such as Project Managers, for 3-4 months to guarantee that they each have the required knowledge to assist a client, carry out their translations observe the client’s specific termbase requirements, or knowing the protocols to perform a live interpreting service directly with clients.
Define your Franchise Model:
- Training and Support Model? We work closely with franchisees both in person and from the corporate headquarters to provide the tools, technology and systems they need to successfully build and scale their translation services franchise.
- What is the Fee Structure? The Precise Global Translations franchise operates with a $25,000 franchise fee for a unit Territory and an 8% of Gross Sales royalty fee.
- Day in the life of a Franchisee? This is a professional services franchise business model. Our days are filled with strategic discussions, professional business relationships and the delivery of professional services to businesses. It requires consistency, focus and a passionate operator to manage the business effectively. It is a wonderful business and one in that a franchise owner can see great profits along with creating goodwill and having fun in the business every day.
What does Your Franchisee Do in the Business Every Day?
Attends networking events, make phone calls and follows up on previous opportunities to bring a client to the franchise.
Who is the Ideal Franchise Candidate?
A couple or a person can spend time making contacts, attending networking events, joining chambers and making calls to firms and companies to promote the translation services. Once there’s interest and a quote opportunity, the operations team can take it from there.
What Goals Do You Have for the Franchise Model in the Future?
Replicate the model successfully with great franchisees and excellent partners who share our vision, motivation and commitment to excellence in the translation services market. We aim to change the industry and create a globally recognized brand in the market.
For more information on the Precise Global Translations brand, visit the corporate site: https://www.precisetranslations.com/