Running a Recruitment Business
You want to start a recruitment agency but have no clue where to start? Then, no need to stress out because this ultimate guide will walk through all the do’s and don’ts to start a recruitment agency.
Though, thousands of new recruitment businesses are started every year, but what steps can you take to ensure yours is one of those that goes on to become chart-topping? Having worked with hundreds of recruitment business owners, here are some areas to focus on that you must do and have the biggest impact in making an agency successful. Think of this less as a recruitment agency startup checklist and following things to set a strong foundation for your business:
Find Your Sweet Spot – Decide Your Market Choose a niche for your recruitment agency. Do you want to start an IT-centric, retail sector, or any other industry targeting recruitment agencies? Nowadays, every business sector needs qualified and skilled staff. So, you have endless niches to explore. Try to carve out a niche for your recruitment business to maximize your chances of success.
Check How Is Your Competition Doing – Learn And Do Better The number one business rule is always to keep an eye on your competition. Before starting your recruitment agency, explore other recruitment agencies working in your niche for years. You must understand gaps in your targeted market and the shortcomings of your competitors. This will help you create a better recruitment agency than your competitors.
Learn About The Laws and Regulations If you decide to start a staffing company, then figure out the kind of entity you want to register as. Every country has different kinds of entity structures and every structure comes with a different set of laws and regulations. The kind of customers you want to work with will play a big role in the kind of company you register as.
Calculate How Much Money You Will Need To Start Recruitment Agency Starting a new business venture requires funds – a lot of funds. Thus, you should map out the entire cost to set up a recruitment agency beforehand, so you don’t end up owing a huge debt to the bank. You should evaluating the recruitment agency startup cost, you have to allocate a significant budget to the following: • Office space • Employee salaries • Subscriptions to the top job boards like LinkedIn, Indeed, etc • Marketing • IT infrastructure (Desktop, Laptops, phones, internet, necessary software, etc) • Recruiting tools like ATS, recruitment CRM • Insurance • Miscellaneous business expenses, including electricity bills, refreshments, office infrastructure, etc.
Work On A Sales And Marketing Plan For Recruitment Agency It is imperative that before you jump into starting a recruitment agency you must have a plan to acquire new customers.
Low Hanging Fruit – Tap Into Your Network You need to keep building new relationships to get new business. And of course, you need to nurture these relationships too. One of the simplest ways you can get early business is by reaching out to your friends in the corporate world.
Invest In Recruiting Tools If being disciplined about how your own time is deployed in the business is key, so too is investing in all the technologies that can help the rest of your team to massively improve their productivity. This is an area where you as the business leader can have a huge impact on the success of your business. Having worked in your niche industry for some time, you are best placed to determine which of these tools has the greatest potential to transform the productivity and speed-to-market of your team. Invest early and invest wisely would be the best advice here.
It may look overwhelming to begin with but ONE STEP AT A TIME and you could get there! All new recruitment business will flourish in no time.