Want to start a translation agency. Profitable? Advice? Pointers?

[mariusjacobsen]

Hey everybody!

Here's the deal: I am currently 25 years old (turning 26 soon) and for the longest time, I've wanted to become my own boss. I worked as a freelance translator for a while and really enjoyed it. Eventually, I ended up working as a Technical Writer for a big software company.

I want to get back into the translation business, because I see that the demand for translation and localization work is high. However, this time, I want to take it to the next level and start an agency and employ freelance translators.

Now I have two questions:
1. Do you think it's a profitable business?
2. What general advice can you give someone who has never run their own business?
Here's my list of (very trivial) points:
- Register the business.
- Create a database of freelance translators and their corresponding rates.
- Create a website, logo, letterheads, invoicing system.
- Rent an office in an office community (I could work from home, but I find it difficult to separate my business and personal life).
- I need to handle my own taxes and keep all receipts.
- Open a corporate bank account for all business transactions.
- Pension fund.

Anything else? It's a jungle out there and I must admit, I am a little nervous. I appreciate any all feedback

Thanks!