Top Tips when you are starting a recruitment agency
You’re a successful recruitment consultant who loves your work and your impact on people’s lives. Now, you want to take your recruitment experience and build your own agency.
We’re thrilled to see you succeed!
Before you get stuck into it, we want to share some key learnings we’ve gained over the past 25 years in the recruitment funding sector.
If you’d like to discuss any of these points in more detail, contact Janine Ambrose directly. We’d love to help!
You can also join the conversation over on our LinkedIn page by reading more at this post.
Plan for the likely reality – and then replan for what’s probably going to happen.
By now, chances are you’ve written your business plan and have an idea of your costs, risks, and core offering to help you stand out in the market (if not, we recommend reading our full article on the topic, available here). But how realistic are your estimates? We find that many start-ups underestimate the time and hidden details it takes to build a successful business.
This is particularly true when looking at the busy work of supplying temps, as tasks like payroll, invoicing, and credit control take time and are crucial to your reputation in the early stages of your new business.
This brings us to…
The value of a good name and reputation
People only work with people they feel they can trust, especially with something as crucial and involved as recruitment. Your clients need an agency that delivers a consistent and reliable service, and your candidate network will only work with you if they feel you have their best interests at heart.
Nothing ruins a reputation more than when mistakes are made paying temps or contractors, and clients are invoiced incorrectly. In recruitment, as in any sector, people talk. Make the same error one too many times, and you’ll find your pool of potential candidates and clients shrinking dramatically. That’s why cash flow and effective recruitment management are so important.
When done right, you effectively extend your team and its expertise. This is precisely what we’ve done for The Search Core, one of our startup clients. If you’d like to read more about their story and how we’ve helped them, take a look at the full case study here.
Seriously, don’t try to do it all by yourself.
There are some truly fantastic tools and services out there designed to help your new business thrive!
Streamline your processes by taking advantage of smart technology, and free up your time to build and nurture your network.
Similarly, look at service providers who can help you ensure you tick the right boxes and get the best possible results. Here are a few to prioritise:
An accounting solution that helps you keep tabs on your expenses and avoid overspend.
Adequate insurance and coverage to protect your business against bad debt.
We asked some of our clients to share their insights on the topic as well, and you can read more here.
Of course, finding the right provider isn’t always easy. You want to work with someone who understands your business and the challenges you face and who can offer a stable and reliable service. Paul James Healthcare Recruitment chose Back Office Support Services precisely because they were impressed with our service-led approach and personal touch. Find out more about their success story here.
Take a look at some of our tips for choosing a great service provider on this post, and comment any additional suggestions you may have below!
Did we mention cash flow?
This is probably the most important element to your new recruitment agency’s success. When you’re supplying contractors and temps, they need to get paid weekly. At the same time, your clients may only be paying their invoices on 30-day terms, leaving you to bear the brunt of exposure to contractors not getting paid. That, inevitably, leads to a poor reputation and losing out on the chance to win new business.
At Back Office Support Services, we offer 100% recruitment funding – and so much more. We’d love to talk you through our solution and discuss how we can help your new business take off. Get to know more about how we can help you here or by reaching out to us today.