So you have taken the all vigorous leap and started your own recruitment business, and now you are asking yourself – what should I do next? Setting up your business is daunting, so here are the next steps you should take as a recruitment entrepreneur.
Create a plan
A business plan should be in place before you even register your business. The plan doesn’t have to be a complete business plan, just enough to get you on your feet with as little stress about the next step as feasible. Moreover, map out where you want to see yourself in the next 12 – 36 months. There is no need for complications within the plan; make your goals clear. This will also help you in the future; when your business progresses and grows, you must adjust your plan to your growth. Another tip for creating a business plan is setting realistic goals. For instance, you wouldn’t be able to run a marathon after training for only a week.
As you get excited to get started, you may overlook some important factors; however, if you take a step back and analyse your current position, you can then produce a quality, realistic plan.
Recruitment Start-up Costs
At this point, you must evaluate the initial start-up expenditures and the costs of maintaining your new recruitment business. First, you’ll need to decide where you will be based – will you work from home or hire an office?
In addition, once you have set up, you will need to buy some necessities, you may already have some (phone and laptop, for example), and some are free, but these are the items you’ll most likely need before you open.
- Mobile phone
- Website software
- Domain & Website
- Brand design, advertising & print costs
- Company LinkedIn/ LinkedIn recruiter
- Job Board Costs
All these little expenses add up, and before you know it, you are dipping into your personal money pot. So make sure to plan these expenditures into your cash flow and finances.
Discover your recruitment niche
The current market is extremely competitive, given that it is a candidate-driven market in which they have numerous choices to work with. Therefore, you have to stand out from the crowd for the chance to win over the competition.
So the first thing to do is determine your niche. This specialised business strategy has been so effective that those attaining the best growth and profit statistics are now frequently operating in Ultra-Niches. The emphasis is no longer on IT, accounting, or engineering but particular abilities within a sector such as cyber security, avionics systems engineering, or cost and management accounting.
Next, research your competition and note what makes them stand out. Then, figure out how and where you can outperform them. Finally, distinctly display what makes you different and what you can do to add value to other businesses. Do you know where the skill gaps are in your markets? Niche Recruiters make the most of the supply/demand dynamic. They justify their higher rates by attracting rare/premium skills that other providers find difficult to attract. Therefore, you must understand where these ‘gaps’ in the market exist and how long they are expected to exist.
Finally, get ready to trade. Push your business plans ahead and into reality. Your recruitment business is now ready, and so are you to start placing candidates. So start doing what you do best and recruit.
Simplicity is here to help.
Funding for your business is another step within the setup process and sometimes can be challenging for some. As a start-up, your business will likely need some financial support to cover your costs and strengthen your cash flow, specifically when it comes to paying your workers. Fortunately, many options, such as a bank loan, overdraft and grants, are available to support your cash challenges. However, these options are typically costly in the long term and generally won’t help your recruitment business grow.
This is where Simplicity can help you; for over 18 years, Simplicity has supported the growth of thousands of recruiters. Our solutions include 100% finance, back-office support, recruitment technology, and more.
To find out how Simplicity can help you get started and support your recruitment agency’s growth, call us today on 01594 888518 or email email@example.com to find out more about our market-leading financial and back-office support services. Keep it simple. Get in touch.
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For more tips on how to turn your start-up dream into a reality, download our getting started guide.