Last Updated on Mar 11, 2020 by James W
2014 is the perfect time to start a new business. Spending is up across the board; the economy is improving, and the job market is a shambles. So, you need to build your own company to ensure you have a stable form of income for many years to come. With that in mind, today we’re going to spend some time looking at what you would need to do if you thought recruitment was an interesting area to enter. Of course, company owners around the country are using agencies more than ever due to their lack of stability, so it’s pretty easy to cash-in if you take the right approach.
I used to own and run a recruitment business myself during the 1990s, and though laws and regulations were a little different back then, I still managed to make a lot of money. Today, it’s even simpler to achieve this. So, give me your full attention for the remainder of this article, and I’ll try my best to explain everything in layman’s terms.
Creating your brand
Though you might not realise it, your brand can play a huge role in the amount of business you receive. Company bosses like to use a well-known agency they can trust, so it might be wise to think long and hard about how to intend to present yourself. Also, engaging in a lot of advertising and promotion during the early stages is a wise move, as this will help clients to become familiar with your firm.
Finding work placements
There will be quite a few different agencies in your area competing for the best jobs. You have a strong advantage though, as most of these will be large chains, and so their prices are quite expensive. As you have fewer overheads, you should have no trouble undercutting them and stealing some of their clients. At the end of the day, it’s a free country, and all you need to do is start making appointments.
Finding a workforce
I can say with total certainty that finding a workforce at a time when the traditional job market is in such a state should be easy. If you place a single advertisement in your local newspaper or even stand outside your local jobcentre with leaflets for ten minutes, you’ll have more potential workers than you can handle. Once you’ve found them, you need to get a good computer system in place. Companies like Darwin provide a cloud based recruitment software that might be of some use.
Obtaining proper insurance
This is where you could do with a bit of startup capital. While insurance costs aren’t that expensive month on month, this expense would eat into your account pretty quickly. Luckily, you should have payments on their way from employers, but sometimes they’re a little slack with that, so ensure you have a reserve tank just in case.
So folks, now you know the basics of opening your own recruitment business, I look forward to seeing you on the front cover of Forbes magazine in a few years time. Too ambitious? Maybe, but it’s important to have a dream, right?
Thanks for reading this article, I look forward to helping you out more in the future!