Starting a recruitment agency in 2019 isn’t easy. At the last count, there were somewhere in the region of 28,000 recruitment agencies in the UK – all competing for the same pool of candidates.
On the plus side, there’s always room at the top for another innovative and dynamic recruitment company. In addition, the availability of 100% recruitment finance from specialist setup agencies can simplify the financial complications of launching a new business.
Otherwise, it’s a case of progressing through the 10 most important stages of successful recruitment company start-up, which look a little like this:
Stage 1. Choose your niche
First up, you’ll need to decide which specific area (or areas) of recruitment you intend to focus on. Not to mention, what makes you different from the competition. Isolating your unique value proposition from the earliest possible stage is essential, in order to avoid becoming just another generic recruiter that fades silently into the background.
Stage 2. Establish your objectives
You need to have a clear idea in mind regarding what you intend to accomplish and when. Your goals should be time-limited and achievable, but also flexible. Setting goals also means establishing a plan of action to ensure they are accomplished in a timely manner. Running any kind of business with no clear objectives is a guaranteed recipe for failure.
Stage 3. Carefully consider your business model
There are limitless opportunities to explore with regard to exactly how you run your business. Are you planning to set up a physical office, or operate 100% online? Will you be hiring, or handling everything on your own for the time being? Have you considered your pricing structure and the revenues you’ll need to generate to keep your business in the black?
Stage 4. Financing your recruitment agency
As a rule of thumb, you should have enough spare cash on hand to cover six months of expenses. For most entrepreneurs, raising the capital needed to launch a successful recruitment company without outside help simply isn’t plausible. Speak to a reputable recruitment finance specialist at the earliest possible stage and discuss the various solutions available.
Stage 5. Create your marketing plan
As with the rest of your business, your marketing efforts should be planned and orchestrated in meticulous detail. This means creating a detailed marketing plan, detailing how you plan to promote and advertise your business online and via conventional channels. If you lack significant experience in marketing and promotion, you may need to hire help.
Stage 6. Get your office together
Whether setting up a virtual office or physical business premises, you’ll need to ensure you have the equipment needed to get the job done. Office furniture, computer hardware, quality software packages, telephony and so on – all of a quality standard you can count on.
Stage 7. Website development
A basic, amateurish website isn’t going to do anything for your business. Given the competition, your business needs an engaging, user-friendly website that’s rich in quality content and paints a picture of professionalism. Once again, you may need to hire help if you lack advanced website design and development acumen.
Stage 8. Obtain business insurance
The extent to which you ensure your business and its assets is up to you, but you’ll need at least a rudimentary level of coverage before getting started. Speak to an independent broker for advice, rather than going directly to any given insurer.
Stage 9. Monitor the competition
This is more of an on-going requirement, which involves keeping a close eye on your competitors. Study their operations and determine their strengths, their weaknesses and any potential opportunities you could capitalise on.
Stage 10. Launch your business
After which, the only thing left to do is launch your business. Your website goes lives, your marketing strategy is executed and you begin taking on candidates. The heavier your investment in the nine prior steps, the stronger the start you can expect for your new recruitment company.
Article by iConquer