Top Tips To Ensure Your Start-Up Recruitment Agency Is A Success
Congratulations you have taken that first plunge and are ready to start your own recruitment agency. The recruitment industry is booming and there has never been a better time to get involved in the business sector. To help ensure your journey is a successful one, here at Back Office Support Services we want to share our advice and support.
1. Focus On A Specific Market
It is key to focus on a specific recruitment market, preferably one you know from the recruitment experience you have already gained. If you know your sector, clients, and candidates are more likely to put their trust in you. Clients will rely on your knowledge and expect you to be ahead of the latest news and understand the nuances of their sector. This will make them feel confident in your ability to represent them and ensure a strong business relationship. In addition, when seeking candidates, you need to know enough to ensure they are the right fit. The next step is to assess and select what type of agency you want to create. If you are going to focus on placing temporary or permanent candidates and there are pros and cons to both.
2. Do Your Research
It is vital that you do your research, especially in your chosen sector. Competitor analysis is key to this, ensuring you track their approach and message to the market. Having a deep understanding of what they are doing to attract top candidates can help you strengthen your recruitment strategy. An analysis of your opposition puts you in a position to stay competitive when looking for those qualified candidates. Using a SWOT analysis will help you analyse this and determine your strengths, weaknesses, opportunities, and threats.
3. Have A Clear Business Plan
Don’t try and do everything at once, have a clear business plan and give yourself time. Setting short, medium, and long-term goals will help you understand exactly what you’re hoping to achieve with your recruitment agency. Maybe start with the first year and the objectives you have for that year. Although, each goal should equate to a tangible outcome so results can be tracked. Furthermore, emphasising your own accountability keeps you on track and motivated.
4. Keep Costs Down
Starting a new agency, in fact, any new business is a risk. The initial start-up costs will vary from business to business. You will need to use your money wisely. Think about where you can save money. Using free trials for things such as essential tools like a CRM. In addition to using recruitment organisations like TEAM. They offer discounts but also networking, advice, and guidance. As an independent recruitment agency owner this is invaluable.
5. Understand Your Limitations
Understanding your limitations is important as knowing when to involve specialist support for aspects that are outside your comfort zone. As an experienced recruitment specialist, you might not have been exposed in your previous role to the details around recruitment finance. It’s such a great feeling when you place your first temp. However, paying wages weekly and customers paying monthly could leave you with a shortfall.
Recruitment finance helps bridge that gap and makes running your recruitment business easier. Here at Back Office Support Services, we cover payroll, 100% invoice funding, invoicing, credit control, bad debt protection, and credit checks. If you’re interested in the service and you’d like to find out more contact us today and we can help.