Business Process Outsourcing, or BPO, is a growing industry that offers staffing solutions to businesses worldwide. A BPO company provides remote workers or virtual assistants to foreign businesses in various fields, such as administration, customer service, technical support, web development, and more. In recent years, the industry has grown rapidly, and with the pandemic, more and more companies are looking to hire workers outside their local jurisdiction. This creates a unique opportunity for entrepreneurs looking to start a BPO business in the Philippines.
Why start a BPO business in the Philippines?
There are several reasons why starting a BPO business in the Philippines is a good idea. First and foremost, the country is home to a large and talented workforce of English-speaking professionals. Filipinos are known for their excellent communication skills, and many are college-educated, making them ideal for the BPO industry. Additionally, the country has a cultural alignment with Western countries, which makes it easier for Filipino virtual assistants to adapt to the business culture of foreign clients.
Another benefit of starting a BPO business in the Philippines is the recurring income stream that comes with it. BPO companies can be valued at a reasonably high multiplier when selling the business, making it an attractive long-term investment.
Key considerations before starting your BPO business.
Before launching a BPO business in the Philippines, there are several key considerations to keep in mind. First and foremost, it is crucial to identify your target market. Being a generalist and trying to service all fields can be challenging when it comes to recruiting and finding customers. Instead, identify a niche and build your BPO business around that particular industry. For example, you may decide to specialize in a real estate outsourcing company, real estate virtual assistant services, or even accounting and bookkeeping services. It is really up to you, but best to be specific.
It is also essential to have the necessary capital to start your business. Incorporating the company, finding office space, buying computers, internet infrastructure, electricity, and other essential expenses require a considerable amount of investment. If you’re starting alone, you may want to consider finding investors or partnering with people who have already started a successful BPO business in the past. Additionally, consider your influence in the industry you’re targeting. If you’re starting from scratch, it may be challenging to attract customers without an existing network or brand reputation.
Securing your first BPO customer
Finding your first customer can be a significant challenge when starting a BPO business. The best way to acquire customers is through outbound outreach using targeted strategies such as LinkedIn, cold calling, data scraping, and more. Once you’ve landed your first customer, you can leverage that success to attract more business.
However, it’s important to note that customer acquisition is an ongoing process, and you should always be working on refining your marketing strategies. Utilizing referral networks, attending industry conferences and events, and creating effective marketing materials are all strategies that can help you acquire new customers.
Recruiting your first BPO employee
Once you’ve secured your first customer, it’s time to recruit your first employee. Ideally, you should have thought about this strategy well before securing your first client. Building a strong team is crucial for the success of your BPO business. Recruiting your first employee should be simple if you have a large network of people.
If you’re a Filipino starting the business, your recruitment strategy will generally be easier, but your customer acquisition strategy will be more challenging. To attract your first employee, you can sign up with job listing sites like Indeed, run Facebook ads, and utilize referral networks.
Scaling and marketing your BPO business
Scaling and marketing your BPO business is a significant challenge, but it is essential for the long-term success of your business. To scale, you need to have a steady stream of clients and a team of talented employees. You can consider offering specialized services in specific industries to differentiate yourself from other BPO companies. For example, you could offer niche services like legal virtual assistant services or e-commerce customer support.
Marketing your BPO business can also be challenging. To reach potential customers, you can use digital marketing techniques such as search engine optimization, social media marketing, and email marketing. Attending trade shows and conferences can also be an effective way to network and find new clients.
One critical aspect of scaling your BPO business is to prioritize your employees’ happiness and well-being. Ensuring your employees feel valued and supported can help increase employee retention and attract new talent to your business. Offering employee benefits, flexible working arrangements, and professional development opportunities can show your employees that you value their contributions to the business.
Conclusion about Starting a BPO Business in the Philippines
Starting a BPO business in the Philippines can be a rewarding and profitable venture. It’s important to do your research, identify your target market, secure your first customer, and recruit a strong team of employees. Scaling and marketing your business can be challenging, but by offering specialized services, prioritizing employee happiness, and implementing effective marketing strategies, you can grow your BPO business and achieve long-term success.
About The Author
Meet Stephen Atcheler, the Managing Director of a Real Estate Virtual Assistant Company. Stephen has been working in the industry since 2013 and has a wealth of experience in making outsourcing work for real estate businesses. He fell in love with real estate at a young age and has been working in the field since 2005. Stephen’s passion for real estate and helping other business owners thrive led him to start his own real estate business in 2012, and eventually, to establish a real estate virtual assistant company to take it to the next level. Stephen’s wealth of experience and knowledge in real estate and outsourcing make him the perfect person to guide you in setting up your own virtual assistant team. Feel free to reach out to him on Facebook, LinkedIn, Twitter, or Instagram.
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