How to manage your cash flow during the crisis.
None of us have ever seen anything like it; the pandemic and its associated lockdown have caused unprecedented disruption to ...Read more
2020’s turned into a turbulent year for every industry, including recruitment.
The economic shock caused by the pandemic has acted as a catalyst for change.
Look back at the recruitment industry before and after major economic downturn, and you’ll notice one thing: a surge of new start-up businesses. There’s no reason to believe this one should be any different; indeed, start-ups launched during a downturn tend to be more resilient, as they naturally have to be flexible and innovative to manage in difficult times.
In March 2020, nearly 800 new recruitment businesses were registered with Companies House – a sure sign that the more enterprising talent out there sees this as a great motivation and opportunity to do their own thing, and even look at recruitment in new ways.
Often though, new recruitment agencies struggle – around 20% grow to have a staff of more than 10, while approximately 40% eventually fail. Why? Because they’re not used to managing all the aspects that come from running a business (administration, marketing, compliance), all while complying with regulations. Hardly surprising, given that these tasks usually fall to the very consultants who should be focusing on finding new business. That’s where our 10 top tips for starting your own business come in:
You can find more details on all our top tips in our previous blog article, ‘10 things to consider if 2020’s the year you start your recruitment agency’. You’ll also find useful information on the best ways to work remotely, using Slack, Zoom, Teams, Google and more, in our ‘Recruitment done remotely’ blog.
The most important thing to remember is that you’re starting your own business because you love recruitment, not to spend all your time running a business. And if you’d like a hand with things like payroll, tax, invoicing, credit control and funding (to name but a few), just call our team on 01260 280 290 – or drop us an email – and we’ll be happy to help!