A New Year often means new professional resolutions. For some people it will be to get a better job, to have a better work-life balance, to increase their income and for others it will be to finally become their own boss… But how many people will actually take the plunge?
According to recent records there were 5239 new recruitment businesses opened last year. So it seems that many entrepreneurs have taken the plunge in 2016. They were right to do so because it is the perfect time to launch a recruitment business in the UK. The economy remains buoyant post Brexit, Employment levels are at their highest, Unemployment levels are dropping each month and the recruitment industry is recording record numbers of vacancies and placements. The future market looks very promising too. For more details, read our article “What is happening in the market and what trends are we to expect this year?”
So what is holding you back? How many years are you going to wait before living out your dream? Life is all about deciding where we want to go and who we want to be. Then, it is about finding the best road that will bring us there…
You want to start your own recruitment business in 2017? Then TAKE A DEEP BREATH, VISUALISE it and just DO IT!
The main reason people never take the plunge and set up their own business is because they find all the excuses in the world not to. I do not have time, I am not qualified, I do not have any savings, it is too expensive, what about if it doesn’t work, etc, etc, etc… In other words, your fears are telling you not to do it.
Everybody has fears, it is a natural human process operating within our minds trying to control our actions. But do you know why entrepreneurs have managed to set up their business and become successful? Because in addition to controlling their fears, they have armed themselves with a lot of positive thinking and have set up clear and concise business goals.
Focus on your goals and never give up. ” I want to start a recruitment business in 2017 and I am going to do it!” Now you have armed yourself with a lot of positive thinking and energy, you can concentrate on this exciting challenge and start organising yourself and your ideas.
The next step consists on doing as much research as you can about the recruitment market.
- Permanent vs temp – what is working best? What is the best to start with?
- Which sectors are profitable?
- Who are the main players in recruitment? Who are my closest competitors? How do they work? What do they do? How do they communicate? What kind of jobs do they advertise? What is their USP?
The more you get to know exactly how the industry works and where the business comes from, the more you will be able to implement a suitable offering to your own target clients.
To be successful as an entrepreneur you must be able to know exactly who you are as a person.
- What is your background? What is your story?
- What are your skills? What do you feel confident with? What are your fears and doubts?
- What are your main strengths and weaknesses? Where do you lack knowledge or experience?
Answering these questions is a vital part of the process. Not only will it help you to realise where you might need help and support in the future but it will also help you to figure out what kind of recruitment business would perfectly match your own competencies as well as the actual target market.
So now you have done your research and have a clearer picture of the ideal recruitment business that you would like to run, it is time to put together a comprehensive business plan to give you the clarity that you need. This written description of your business’ future represents a strategic document that is going to tell you what plans and actions you will need to set up in the coming days/weeks/months.
A business plan is your roadmap. A projection that is showing you how you will get from A (your current situation) to B (the launch of your recruitment agency). It is not a document you can complete in a few hours only. You need to take the time to fully analyse each aspect that will have an influence over your future company.
Your business plan should outline a great recruitment concept, demonstrate a real need in the market and show how you will execute your ideas. All aspects of your business need to be detailed – Overall vision, sales and marketing strategies, unique selling points, candidate attraction strategies, company values, organisation and structure etc…
Whether you are going to pitch your business to investors or not, your business plan should also show how profitable your business can be. What are the current and future funding requirements? How the funds will be use? What resources do you need to start your business and what is the detailed cost?
A financial forecasting model that details the performance of the business in the first 3 to 5 years is recommended.
Now that you have a focus, a clear vision and a strategic plan, your subsequent actions will make the difference as to whether you are going to be successful or not!
Before launching, you will need to have in place a services structure that includes the following: Accountancy, Payroll, Factoring, Branding, Website, Legal documents, Job boards, Social Media Maketing, Telephony, CRM, Training (…) This list can be long and scary if you are on your own.
But do not worry, the launch of a recruitment business is a step by step process and with the right help you can implement what you need at exactly the right time that you need it and without spending all your money saved in one go when you don’t have to either!
It is time to start your new chapter in life
as a Recruitment Entrepreneur.
At Recruitment in a Box, our team has over 25 years of experience in the recruitment industry. Our mission is to help entrepreneurs to get their own recruitment business off the ground and quickly into a profitable situation. We can help you to build a successful business plan and cash flow forecast that gives you clarity on your sales, marketing and financial strategies.
We can then design the perfect set-up and support package that will help you to make your business the success that you want and deserve it to be.
Get in touch today, we can help you turn your dreams into reality!
0203 417 3101 | firstname.lastname@example.org