Adobe CQ provides an easy way to translate strings (fieldLabel) in a component. Inside the component folder, create the i18n sling folder. Then create language folders (sling:folder) and assign Mixins of mix:language type. In the language folder, add the jcr:language property and assign the language code.
Dake Smith blog, Internationalization within Sling (and CQ), has some great inputs.
In the image displayed below, the Localization component has two fields: first name and last name. They are localized in two languages: Spanish (es) and French (fr).
In each language folder, create two nodes of sling:MessageEntry type. In the first node, add Slig:key and Sling:Message as shown above. This is for the first string (First Name.) Repeat this for the second node.
After you are done with creating MessageEntry nodes for all the strings that you have in the component, go to the items in the dialog node, and change the fieldLabel value to the slingKey value you defined in the language node.
To test, go to useradmin, select the user. In the Preferences tab, change the language to the language of your choice.
See the component in French as displayed below: