Key Points
- Sy has about 40 years’ worth of experience in multiple industries such as hospitality, manufacturing and production.
- He set up his firm in 2020 and has helped about 300 clients from various sectors.
- For Sy, establishing a customer base is the biggest challenge for a consultancy firm.
LISTEN TO
Pandemic lay-off : Negosyante bumangon para tumulong sa maliit na negosyo bilang gabay o business mentor
SBS Filipino
10:30
This is why consultant Alex Sy, focused on extending his services in mentoring mom-and-pop stores in his firm, after being laid-off in 2020.
Mindset made it happen
With four decades of entrepreneurial experience, Sy initially targeted corporate clients but changed his strategy when he didn’t get enough traction after six months. At the time, a friend connected with him and asked for help pertaining to his business.
Given that Sy has built businesses from the ground up, he was confident that he can help family-run businesses expand. He also found it more beneficial and fulfilling.
You need to prove to yourself that you can do the job. You have to have confidence in yourself that you can do the business.Alex Sy
"You also need to tell yourself that I can be successful in doing this. And that I can use my experience and skill sets to help them set-up and grow their business.”
Building your customer base is the biggest challenge
Establishing a customer base is the biggest challenge in setting up a consultancy firm.
Without disclosing the exact amount, Sy poured in a considerable amount in getting the word out about his company.
The cost went to setting up the website, marketing, branding, advertising and data-mining to establish leads.
Social media was also a significant help in the promotion of his business, as well as LinkedIn.
When asked about how one can earn from consultancy, Sy says, “I normally structure my fees to suit them (the clients). For instance, for the first two months, this is the fee. And as you grow, we can negotiate from there. It is results- based.
"My focus is to help them. Get them going. Make them sustainable and for them grow. And If that happens, I’m happy to exit the contract.”
Sy offers some advice for those who are keen on starting a consultancy firm. These are:
· Just get started– start with the funds that you have in your bank account. You can build your capital from there.
· Prepare to spend for permits, compliances and setting up the business –this includes cold calls, introductory emails and targeted campaigns.
· Build a customer base – use LinkedIn and social media to establish leads and connections.
· Seek help from people who are better than you – ask for advice and try to implement them in your business.
· Value customer service - be honest in what you do. Be open and transparent in dealing with clients.
· Stay humble – not all entrepreneurs are good with everything. You can always learn from others.
