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:
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.
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.
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.
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).
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.
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.
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.