The Philippines is one of the leading countries in the business process outsourcing (BPO) industry. That is in terms of workforce availability, professional skills, business environment, and market attractiveness. The country is currently home to over 1,000 BPO companies, which mainly consist of call centers and IT-related service firms.
If you are a business investor, it is a great idea to start investing in the Philippine BPO industry. You get to have affordable resources and labor costs, an abundant workforce, and steady industry growth. But before you start planning your investment, you need to understand first the basics of putting up a company in the country.
Determine your niche
Make sure to choose a niche within the area of your expertise. For example, if you have experience with game development, you might want to invest in the game industry. If you are passionate about handling customer relationships, you might want to start your own contact center company.
After deciding on what niche to specialize in, start checking out the competition on that specific industry. Plan how your new business will stand out compared to other existing companies with a similar niche.
Find a great office location
Metro Manila, Cebu, Baguio, and Davao are some of the major cities in the country where you can put up your business. You just need to decide on a space that your future employees and business partners can easily access.
For starters, you can check out office spaces for sale in Ortigas or commercial property rentals in Makati. These are two of the most popular places for startups in the metropolis.
Prepare enough business capital
You need to allot enough budget to start your business. Keep in mind that you will need to take care of a lot of expenses. These include property acquisition, legal document and permit processing, employees’ salaries, and utility bills. You also need to make sure that you have enough savings to serve as a backup budget for miscellaneous expenses.
Build your team
Start building your workforce by planning your organizational structure. Find credible people who can oversee business operations. Choose managers and other key people who can help you build a strong and competitive team.
Make sure that you have enough manpower before officially starting business operations. This way, you can rest assured that you can provide the best services to your clients.
Educate yourself on the country’s laws and regulations
Do not forget to check the laws and regulations in the Philippines. Learn about the requirements that you need to prepare before running your business in the country. Make sure that you register your business to avoid any legal disputes in the future.
Keep in mind that starting a BPO company is similar to other types of investments. It will require a lot of research, planning, and preparations to ensure the success of your investment. Make sure to submit all the legal documents and fulfill the necessary requirements before starting your business operations. Also, ensure that you provide high-quality and impeccable services to your target clients to achieve success for your business.