Starting a Recruitment Business - the Basics
by
Finance
If you want to be able to turn your idea into something real, you have to think about finance...Some of the first questions you will need to ask yourself are:
- How much everything is going to cost to set up?
- How much will you need to make each month to break-even based on predicted operational costs?
- How much capital will you need to pay for temporary staff (bearing in mind that you employ the staff and then subsequently charge the client. After all invoices can take a while to be paid!)
- How will you raise said capital?
- If you employ other recruitment staff - will you have a bonus structure (it’s generally expected in this industry) and if so what are the terms of the bonus policy?
Design and Marketing
You know what you are going to be selling, but how you going to sell it? Consider:
- Branding - How will your recruitment agency / business be packaged to both clients and candidates?
- Design - who will design your business cards, marketing gifts, company logo?
- Have you created a Market strategy?
- Do you have any existing clients / companies that you are guaranteed to gain work from?
- How will you use Social Media?
- How will you market your new business? Press releases, open days, launch day?
- What type of sales targets have you set in place?
Business Practicals
Red Tape to some - protecting yourself to others! You might want to consider:
- The legalities of working as a recruitment agency/business
- The legalities involved with employing temporary staff, employment law and legislation
- Your business terms and conditions
- Employee Insurance
- Company policies - equal opps, health and safety, data protection etc
- Service Level agreements for particular clients
- Pricing templates
- Do you have a bespoke recruitment database to record candidate and client details?
In fairness the checklist above could go on and on....however, if you are still keen to start a recruitment business, we hope that it helps you out along the way!
Check out the Startacus business toolkit for a growing directory of all the business bits and bobs, links and articles you may need - no matter what business you are considering starting.
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Published on: 23rd April 2013
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