With the tremendous growth potential in the BPO industry, starting an own BPO business is a lucrative proposition. The firm can be started on a small scale from one’s home also and can be expanded to a full-fledged business once the revenue starts flowing in.
Steps for Starting BPO Firm
Starting my BPO business is relatively simpler and it can start from home also. The key steps needed for starting own BPO business are as follows:
Decide on the Type of BPO Service
The first step is to decide the type of BPO services to be offered. The services can be inbound calls, outbound calls, telemarketing, and web-enabled services. The type of services to be offered depends on the expertise of the firm and their preparedness to provide specific type of services to the clients.
Prepare a Business Plan
A detailed business plan needs to be prepared. The business plan will consist of elements like potential clients, projected revenue and sales over a time period, operating and capital expenses, HR expenses, and overall financial projections. The plan serves as a guide for starting the business and making it grow. Preparing a comprehensive business plan reflects the seriousness of the entrepreneur and it is also needed for sanctioning of any business-related loans from financial institutions.
Registration of Company and Compliance with Laws
The next step is to ensure the company registration in compliance with the local and state laws. A consultant can be hired to help with the process of legal compliance and company registration. This helps to ensure that the newly formed company is legally compliant and the business can start.
Procuring Infrastructure and HR
The necessary infrastructure needs to be procured. The required hardware and software should be researched thoroughly before purchasing the same. Initially, the effort should be to procure more value for money infrastructure and as the business expands, higher-end infrastructure can be put in place. The HR should also be recruited in this stage. People with relevant experience and expertise of working in the sector should be hired so that they can start being productive immediately after hiring.
The startup BPO firm should now start to market itself. They can publish small advertisements in newspapers and technological journals to create awareness among potential clients. They can also arrange for walk-ins with the potential clients and make a presentation to them on the services to be offered. Social media platforms should also be explored as successful BPO firms like My BPO Business Facebook and My BPO Business Twitter pages.
Expanding the Business
After the business starts, the next thing to do is to expand it. The firm can take a bigger office and add more clients to their list. They can also invest in better infrastructure and workforce for enhancing productivity.
Starting a BPO is a great way to benefit from the outsourcing boom in the current times. The domain of the BPO should be finalized and the kind of work it will specialize in should be clear. With dedicated resources and infrastructure and a customer-centric approach, the BPO firm can be successful in a short duration. Firms like My BPO Business Delhi can be a role model for other budding entrepreneurs and BPO firms to follow and become eminent names in the industry.