Startups are armed with the idea, the technology and the drivers within their founding team to pursue market success with their innovative products. While you may have heard of the most successful startups that have earned market distinction as their product has become a platform for productivity, the other side of the story is littered with startups who have failed to launch and ever since have disappeared from the startup scene.
What can go wrong in a startup is the story of how technology outpaces even the radical idea or simply, the lack of funding has doomed many startups. Even when a startup secures funding through crowdfunding or public pledges, the rising overhead cost to sustain operations become a factor of strain where it impedes growth as rising overhead costs in western countries has made the startup or fintech scene a very challenging landscape to traverse.
Offshoring for Startups
With the growth of technologies such as cloud computing and collaboration tools, outsourcing and offshoring has become a viable scenario for startups in the west. The Philippines, situated in the heart of the Pan Asian Pacific, have a young workforce that speaks English and the majority holds a university diploma.
Over the years, outsourcing and offshoring to the Philippines has become viable for medium sized businesses. In the early 2000s, large businesses and tech companies were the pioneers when it came to the venture of establishing an offshoot centre in the Philippines that supported global operations. The ability to shed cost while intaking skilled substitution of technical roles sourced within the Philippines have enabled growth for these pioneering companies and are still operating in the country today.
In recent years, outsourcing or offshoring have become even more viable where small to medium sized companies have also opened up either a small office or a dedicated virtual team to start their operations.
In most cases, outsourcing and offshoring has been the turning point for a business. Take for example, the case of MiniMovers where its founder Mike O’Hagan, credits Philippine based dedicated support that was instrumental in saving the enterprise.
In 2007, Mike O’Hagan decided to source back-office from the Philippines as the global financial crisis then had a rippling effect in the local market where the rate to support local operations had put a strain in the financial health of the business. Soon, MiniMoves managed to offset the cost and get back into the track of profitability. To add, Mike O’Hagan managed to sustain the business further by intaking talented staff to oversee digital marketing and accounting.
Wade the Waters with a Local Partner
When business owners do decide to explore and test the waters when it comes to outsourcing / offshoring, Mike O’Hagan advices that companies must search for a tie-up partner where that local partner can help set up operations by registering the business and setting up the necessary infrastructure from the office space and establishment of the communications network.
For companies looking to benefit and grow by establishing an outsource or offshore operations in the Philippines, Ezy Outsourcing Hub is one of the trusted gateway service that helps foreign businesses set up operations in the Philippines. Included in the service is the transition blueprint, local business registration, talent recruitment and co-managing the operations. To get started, call +63 917 5680402 and +63 917 5166897 or email us contact@ezyoutsourcinghub.com.
Ezy Outsourcing Hub
contact@ezyoutsourcinghub.com
Philippines / International
+63 917 5680402
+63 917 5166897
Australia
+61 419 200 663
1300 77 88 62
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