Welcome to our industry group for professional services. Discover a wide range of resources including articles, Q&A and community discussions to start or grow your business in the vast and competitive professional services industry.
The best way to start any research is, to begin with, your goals. First, outline clearly what you are aiming to achieve with your research. This will ensure your research has a clear scope and direction. Some broad areas of research are outlined below.
The best way to start any research is, to begin with, your goals. First, outline clearly what you are aiming to achieve with your research. This will ensure your research has a clear scope and direction. Some broad areas of research are outlined below.
Customers As with any venture, it is vital to understand your customer when beginning a new professional services venture. Create a clear outline of your customer to help direct your business. Some questions to ask include:
What is the size of your market?
What are the demographics of your market?
What do your customers value?
Speak to customers The most direct method of research is speaking directly with customers. This can be done via a phone call, in person, or online (eg via a survey). Review existing customer research An alternative method is reviewing existing customer research. Research that has already been conducted may be sufficient to satisfy your research goals. Search online, or contact industry bodies to see if there has been previous research conducted. Competition Consider the level of competition that already exists in your intended industry. For example:
How many other companies exist with the same services in your area/ geographic region?
What is the pricing range in the industry?
Demand An important element to consider is the demand for the services you intend to offer. Research how much demand there is for your offering. Google Trends can be useful for this type of research.
For me as a marriage celebrant, it was a bit of a shock at the beginning of the lockdown as we really didn't know what we are facing, as well as weddings were limited to only 5 people for some time, then 10, 20 and we can now see how it's slowly opening up for outdoor venues - at least in NSW.
For me as a marriage celebrant, it was a bit of a shock at the beginning of the lockdown as we really didn't know what we are facing, as well as weddings were limited to only 5 people for some time, then 10, 20 and we can now see how it's slowly opening up for outdoor venues - at least in NSW.
So I actually used this situation to develop the option of the small wedding at my place in my backyard garden, of course, following the Covid regulations, as they change. Surprisingly enough this alternative actually worked for many couples. Whether it was because of the mandatory regulations, or because couples actually liked the idea of avoiding the big demanding wedding scenario and going with a small intimate wedding ceremony. At least this way, I could offer couples a nice alternative option to tie the knot.
Social media and technology are 24/7 so it is easy to get sucked into it but you do not have to let it run your life! My advice is to pick a few things you enjoy doing and do them really well. You cannot be everywhere all the time so choose high impact ... expand
Social media and technology are 24/7 so it is easy to get sucked into it but you do not have to let it run your life! My advice is to pick a few things you enjoy doing and do them really well. You cannot be everywhere all the time so choose high impact activities that work for you and play to your strengths. For example, Thought Leadership is a great way to build your brand, increase your visibility more broadly, raise your profile and attract more clients. Activities like speaking at a conference, writing articles, building your following on social media all contribute increasing your awareness with potential customers and building your credibility with a larger community. Instead of trying to start your own blog or newsletter, try contributing regularly to existing well trafficked blogs in your industry or newsletters of likeminded organizations reaching the same target audience as you. Make sure you put your URL or contact info on it so they can find you and follow up. When your articles or talks become available online, make sure to send them out via social media to all your friends, followers and contacts.
Don’t let social media drive you crazy, you do not need to be everywhere, it does not matter which platform you choose just pick one or 2 that are authentic to you. It should look and sound like you and the brand you have built. Whether yours is polished or more informal, chatty or academic, humorous or snarky, it is a way for your personality to come through. Everyone is not going to like you or hire you but for the ones who would be a great fit for you make sure they feel and keep a connection and give them a reason to remember you so that when they need your help they think of you first. Start small and build as you go. For me I started speaking at local events and then submitted proposals to speak at industry conferences and trade shows nationally and eventually global events too. Same advice goes for writing start with small publications then move up the food chain to reach bigger audiences.
Key people need to be on LinkedIn so that they can be found too. It adds credibly and transparency when you know the people you are meeting or working with know people in common. LinkedIn has become more than an online resume or rolodex, it is the foundation for building relationships in the digital economy. You do not need to blog or be on all social media platforms but make sure you are active on the ones where you are. If your customers do not use Facebook, Twitter or Instagram to find you then you do not need to make them a priority. For many professional service businesses like mine, LinkedIn matters the most.
Most new businesses have to bootstrap, and this is a good thing, as it makes you more creative. Look for ways in which you can pay for services after they have been done; for example, would you pay a salesperson or influencer $100/week to market your product (and possibly blow $400/mth if it didn't ... expand
Most new businesses have to bootstrap, and this is a good thing, as it makes you more creative.
Look for ways in which you can pay for services after they have been done; for example, would you pay a salesperson or influencer $100/week to market your product (and possibly blow $400/mth if it didn't work), or would you rather pay the sales team 10% of sales once customers have purchased?
Google competitors to your existing services; eg. "best alternatives to MailChimp", "free alternative to CRM software" and so on. In one of my businesses, we were able to save $2400/mth by using a Google software solution rather than our old Microsoft solution.
Hold off on getting angel investors or VC's for as long as you can. When you have other people's money, it is easier to spend, and possibly waste. You will also have to give up part of your business and your future earnings. Companies such as Netflix, Airbnb and others went a long way on their own capital and resisted giving up 25% of their equity (which would soon be worth $Billions$
See if you can hire an external consultant or business coach who will work on a profit share arrangement: eg. if they help you to bring in more revenue, you pay them from the increase, instead of a monthly fee
Talk about thinking out of the box! Bringing in an external consultant or business coach on a profit share arrangement, that's brilliant! I wonder how many stories we have of people who have done just that.
When you speak of holding back from giving equity, @Jeremy Britton "Flick Your Rich Switch" , how much of your capital would you invest on a fund, even in the early stages, when SMEs are strapped for money?!
@Minessa Konecky , the last sentence made me think of you! Is this an agreement you've ever done with clients?
@Benjamin Lai , how do you "sell" yourself and your business to suppliers and partners to make creative arrangements in the start of a business?
I have used several services including Elastic Email, Mailchimp, SendInBlue, Mailshake, and Hubspot. If you want to generate much interest there are several key points to remember before choosing sending automated emails.
Get personal, use their first name when contacting
Choose an interesting subject line
Write the message as short as possible
Follow-up to them
In case you want to get more options to understand who are your subscribers, I would suggest using Hubspot.
According to the Australian Bureau of Statistics (ABS), the professional services industry has grown by 30% since 2010. The data shows that the professional, scientific and technical services sector employs over 1.1 million people. The market size has also grown substantially and is now worth over $179 billion with average industry growth of 2.1% between 2015-2020 (IBIS World’s Professional Services in Australia - Market Research Report, 2020).
Professional services is an umbrella term that encompasses a vast and diverse range of industries, services and skillsets. People in the professional services sector have expertise in a particular field or niche. As opposed to selling goods and products, people in this sector sell their knowledge and skills. They have usually undertaken tertiary education or training and are required to pursue continued professional development. Some of the industries included in the sector are:
Legal
Accounting
Public relations
The arts
Environmental development
Business management
Science
Technology
Professional service providers may work as freelance consultants, start private practices or hire a small team in a firm. Most of our professional service members include:
Architects
Engineers
Lawyers
Market researchers
Advertising professionals
Writers
PR consultants
HR consultants
Scientists
Photographers
Business and management consultants
Some of our most common Q&As from members in this sector include:
How do I create a business plan?
How do I find more clients?
How do I establish a good professional network?
How do I price my services?
How do I compete with the rise of remote working tools?
How do I find and retain good staff?
How do I manage cash flow?
How do I create a strong professional resume/portfolio?
As a leading platform for startups, entrepreneurs and small business owners, SavvySME has a large community of like-minded professionals that come together with a common vision of helping each other grow. It’s easy to connect with fellow professionals in your industry, or find solutions for both the practical side of running and business and for other challenges and issues you may be experiencing. This includes discovering the latest ideas, getting advice on regulatory compliance, engaging in peer discussions and finding suppliers to kit out your office.
Regardless of which professional services sector you come from, there are some key steps to take to start a business:
Legislations and industry standards/codes of conduct
Licenses/permits
Insurance
Register for tax
Hire employees
Workplace health and safety
Business finance and government funding opportunities
Intellectual property
Set your consulting fees
1. Legislation
All businesses in the professional services sector need to understand the following legislation:
You will also need to research the legislations that apply to your particular field, e.g. marketers and advertisers need to understand the Spam Act 2003 and accountants will need to know about the Australian Accounting Standards.
Learn more about the legislation that applies to your industry on Business.gov.au.
2. Licenses and Permits
Licenses and permits are regulated by each state and allow you to operate or practice in a particular field. You can find out which licenses and permits you need by searching on the Australian Business License and Information Service (ABLIS) website.
3. Insurance
As a skilled professional, your clients come to you for your knowledge and expertise. No matter how much training and experience you have, sometimes it takes one disgruntled client to make a claim and put you in a difficult situation. It’s important to take out the relevant policies to protect your business. This may include:
Professional indemnity insurance
Public liability insurance
Management liability insurance
Business insurance
Cyber insurance
4. Tax
The ATO has specific tax requirements for professional services income (PSI), or income generated from your personal skills. PSI is only applicable to those who are operating through a business entity, i.e. as a sole trader, company, partnership or trust. Check out the ATO’s website to learn more about PSI, how it works and how to calculate it.
You may also be entitled to small business tax concessions that can reduce the total amount of tax you’re liable to pay including:
Income tax concessions
Fringe benefits tax (GBT)
Capital gains tax (CGT)
Goods and services tax (GST)
Pay as you go instalment (PAYG) concession
Superannuation concession
5. Hiring employees
If you hire staff you need to ensure you follow the guidelines set by Australia’s national workplace laws for the professional services industry. This means understanding the award rates specific to your sector, ensuring your office or workplace is OHS compliant, setting up payroll and developing a staff handbook/employee guidelines.
6. Health and safety
Every business must follow the occupational health and safety regulations that apply to your specific industry, business type and where you operate from. As an employer it is your responsibility to ensure you provide and maintain a safe working environment for your employees. You can learn about the state and industry-specific WHS requirements that apply to your business with Work Safe Australia.
7. Business finance
There are many costs involved when starting a business, the most common being:
Business registration fees
Insurance
Office space, furniture and supplies
Utilities
Equipment
Marketing
As well as the option to apply for business finance and loans from banks or seek investor funding, you may be eligible for government grants for your industry. To find out if you’re eligible head over to the Australian Research Council or business.gov.au.
8. Intellectual property
Intellectual property (IP) broadly refers to the work that someone creates. For example, graphic designers, copywriters, IT professionals and architects regularly create IP. As a professional service provider, IP is an issue that you will have to face regularly in your work and you’ll need to take the relevant steps to determine ownership issues relating to IP.
9. Set fees
Setting your service and consulting fees can be tricky. This is because your clients may have a different perception of value than you, and there is no one-size-fits-all pricing model for project-based work. You don’t want to set the price too high and deter or lose clients, but you also don’t want to sell yourself short.
The Barolsky Advisors have outlined a simple way to price your work which involves being completely clear on your objectives, identifying the factors that impact your decision and deciding on the price, price structure and pitch.
Source: Barolsky Advisors
Similarly to other industries, professional services are being impacted by issues of a much larger scale. Digital disruption and the rapid advancement in technology is changing the way businesses interact with each other. The information age and knowledge sharing may also change the way businesses view and engage with you. Artificial intelligence (AI) will also change, complement and even replace certain professional services.
Globalisation and the rise of remote working platforms and tools mean the market is becoming increasingly competitive across all sectors. As the market becomes more saturated businesses are being pushed to restructure their business model and lower their prices to compete. Client demand and expectations have also changed, and clients are looking for more value for money service offerings.
In addition to some of the wider issues affecting the industry, you may also experience issues such as:
Scope creep (a term used in project management and refers to the continuous growth and changes to the scope of a project and its requirements)
Building expertise in your field
Cash flow management
Unpredictable work schedule
Finding and retaining good employees
Pressure to leverage the latest technology
Delegation of work
If any of the above issues resonate with you, we would love for you to join the conversation with other industry professionals. In doing so, you will gain access to a wide range of resources and find tools to manage and grow your business. You can connect with experts in over 400 business solutions including regulatory compliance, employment law, human resources, digital marketing and IT support.
If you operate from an office, you can also connect with professionals that specialise in setting up office spaces including office-related supplies and equipment. Whether you operate remotely or from an office, professional indemnity insurance is one of the most vital things to consider to protect businesses that provide professional advice and services to clients. Learn more about the suppliers, support and resources that can help you start and grow your business.
