The Six Key Steps to Starting Up a Recruitment Business

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Let’s take ‘Start with an idea’ and assume it’s a given. You’re probably a recruitment professional who wants to use your experience to ‘do it your way’. You’ll be looking to reap more of the rewards of your own hard work, and you’re probably bursting with ideas on how to run your own consultancy. So far, so good.

‘Funding’, is next, and it’s essential. You may of course be massively wealthy and want to run a recruitment business to relieve the boredom of daily golf rounds, but it’s more likely that you’ll need funding to start up. Interest rates might not be at their highest, but you still need realistic terms, and, dream ticket, not have to plunder any of your own funds. Totally dream ticket is if you cambodia whatsapp phone number can find finance that covers not only the initial injection for set up costs, but also continued support to smooth out the peaks and troughs of cash flow that are inevitable in the first few months. And you probably don’t want a franchise, because you really want to go it alone. The right funding takes research.

Which leads us to ‘Research your market’. You’re going to know a bit about the recruitment market. Why else would you be doing this? But, now that you’re planning to be your own boss you need to really know the market you can best aim at and service. What geographical area can you cover? Are there any specific industries or recruitment requirements that are prevalent on your patch, and can you take advantage of them? Do you have special knowledge of any market sector that you can exploit? Who is already operating in your area, and how much competition do they represent? And when you’ve answered all those questions you can start to think about your brand, and what it should convey. Getting through those stages takes time, and it will pay to take professional advice to supplement your own knowledge.

‘Develop and plan’. Sounds obvious, and covers a multitude of sins, but it makes real sense to lay down a proper business plan. Work with experts and advisors to prepare a strategy that sets out achievable goals and expectations. Plan your marketing and get your message out there. But also, and crucially, plan your income and expenditure forecast, and establish how you’ll be able to sustain yourself financially from the outset.