Starting up on your own

Be sure of yourself.

You already do the job right? But running a business is a big step from running a desk or section.  Before you start you should consider a business plan to set goals and targets for yourself and you’ll need to know your market and where you can start as it’s likely you’ll be hindered by restrictive covenants. Obtaining the correct legal advice is crucial. Know your competitors – do some time to study who does what in your marketplace and where you want to pitch yourself in terms of price. What’s your USP as a small niche agency?

Name it

A Company name can be thought on a whim or given careful consideration. What brand are you looking to create? Future expansion plans need to be taken into consideration, e.g. Drivers Recruitment Ltd might not sound so great when opening a construction division!  Most importantly, once you’ve decided on your name check its availability on Companies House. It will take you 15 minutes to register and you’ll receive your certificate of incorporation in 24 hours.  https://www.gov.uk/limited-company-formation/register-your-company

Website and Email.

Crucial. Start small and cheap and improve it as cashflow increases.  There are multiple website platforms such as Wix, Wordpress and Squarespace (like this one) that allow you to create, edit and upload content easily.  Office 365 or Google mail are also two email platforms that you can use for your work email once you have your web domain sorted.

The boring bit…

You’ll probably want an accountant.  Most of the successful start-ups we’ve seen are those that stick to what they’re good at, which is recruitment. They don’t pretend to be experienced CEO’s straight away. Let your accountant take care of the general bookkeeping or if you want to have a stab look at online software like Xero. 

Finance

Cash flow is key and placing temporary workers in the marketplace is impossible unless you have very deep pockets or use Quba Solutions.  https://www.quba.solutions/contact/ Your clients will pay on average 30-60 days after receipt of invoice and by that time you’ll have paid the temp potentially 8 times! If you’re doing well you’ll need access to greater funds the more you put out.

If using Quba…

You’ll have access to unlimited funds and receive the margin every week into your bank account. 

Quba Solutions can...

...Give you the ability to run your own business the way you want to run it.  By using our online dashboard you can agree credit limits for clients, add candidates and create assignments which have access to an e-timesheet facility. We pay your workers, invoice your clients, chase your debt (which is insured) carry out HMRC reporting and pay the margin to you weekly.  Call me today for an informal chat on 07887 722055 or email rik@quba.solutions