Are you looking to share your industry-specific experience, skills, and expertise with others? Having your own
consultancy business is a great decision. Aside from providing the freedom and the flexibility to work on your own
time, consultancy services are usually high in demand.
If you plan on putting up your own consultancy business in the Philippines, here’s everything you need to know:
Find your niche
Consultants are experts in a specific field. When setting up a
business in the Philippines, you’ll be providing your special skills and knowledge to other companies or
individuals. Your outside eye gives clients a fresh and different perspective on how to solve their current
problem.
Deciding on the type of company to register is the first step to
establishing your consultancy business. What particular field do you want to specialize in? What kind of
professional service or solutions do you want to provide? What are your passions and skills?
In the
Philippines, some of the most common fields include management and strategy development, human resource management,
IT and website development, and public relations.
Research well
Starting a consulting business requires plenty of research and
preparation. Since you plan to set up one in the Philippines, it’s important to understand that particular industry
well and the latest market trends. Once you understand the needs and challenges of the industry you plan on
entering, you’ll know how to help clients and provide the solutions that they need.
Specify your services
As a consultancy business, it’s important to identify the
services that you’ll be providing. Aside from letting potential clients know what to expect when working with you,
it also gives them an idea on how you can provide a solution to their problem. There are a variety of reasons why
individuals and organizations use the services of a consulting firm. Completing or managing a project, initiating a
change, and implementing a new product or service are just a few of the reasons.
Prepare the required licenses and permits
Needing a license for your consultancy business depends on your
industry or business activity. Different fields require different licenses and permits. The local permits, for instance, must be renewed every year. The
Barangay Clearance, Mayor’s Business Permit, and BIR Registration must all be renewed yearly.
You also need to register your consultancy business at the right government agency. Sole proprietors
must register at the Department of Trade and Industry (DTI) while partnerships and corporations must register
with the Securities and Exchange Commission (SEC).
Create a contract template
When it comes to starting a consultancy business in the
Philippines, it always helps to know what kind of contracts and legal documents you’ll be needing. Have a consulting
contract or a contract agreement template that outlines the work to be done, the terms of agreement, timelines,
deadlines, and payment terms. To avoid misunderstandings, make sure that the contract is clear, specific, and
detailed.
Grow your network
Making connections is essential in growing your consultancy
business and getting it off the ground. Aside from building your reputation, having a large database of contacts
gives you that much-needed access to various opportunities.
The best time to network is now. It’s no secret that networking
takes time. But if done well, it can take your consultancy business to the next level. Attend networking events,
search for networking organizations, and focus on social networking. Always be on the lookout for various networking
opportunities.
Have a game plan
More often than not, many entrepreneurs
jump right into the business without having a plan. Having a short-term and a long-term plan allows you to
thoroughly prepare for the different aspects of the business. It also gives you a better understanding of your
business and what you plan to do.
For short-term plans, be prepared for
when you work on your first project. Come up with a timeline and the materials you’ll be needing. For long-term
plans, on the other hand, determine how to establish your consultancy business in the market. Set goals and take
note of how to plan to make your business grow.
When creating a long-term plan, there
are several questions that you need to ask yourself. What is the purpose of your business? Who are you catering to?
How much money do you need to start the business? What are your business goals? Once you have answers to these
questions, you already have an idea of where your consultancy business will be going.
Set your consultancy up for success with
the help of FilePino,
the top team to call when it comes to forming or registering a
business in the Philippines. Get in touch with us
at +1.806.553.6552 or send us
a message here.
