With the stock markets soaring over the news of a potential vaccine, business looks like it may have made it through the stormy seas of the pandemic. Of course, setting up your own business isn’t easy at the best of times and there are many things to take into consideration before you begin to invest time and money. The article below highlights five vital signs that you’re ready to start your own recruitment venture.
1. YOU’RE CONTINUOUSLY THINKING ABOUT IT
The fuse has been lit and something is telling you that you could do so much more than just slowly progress in your current job role. You may be in a large corporate recruitment firm or a small niche agency but rather than your next move being just another sidestep, a change of scenery, you’ve no doubt been thinking of setting up on your own.
Your management may make out that starting your own recruitment business is a scary venture in attempt to hold on to their best staff but don’t let that deter you, if it’s constantly on your mind then your passion partnered with your knowledge and experience are all good indicators you’re ready to start your own recruitment agency.
2. YOU’RE FRUSTRATED BY COMPANY CULTURE AND YOU STRIVE FOR MORE FROM WORK
Company culture varies and some businesses are not to everyone’s tastes. Management styles, erratic promotions, increased targets and changes to commission structures can all cause disillusionment. Nothing creates more resentment than to build a desk, get promoted and your reward? Split that desk, train a new consultant on the other half and technically get paid less (although it’ll be dressed up as more long term!). Imagine a world where you get to grow and nourish the company culture how you want it. You can learn from your previous employers mistakes and be the boss you always wanted. You create the culture – you’re the boss. You can innovate, embrace change, be the firm that you want to work for and attract like-minded individuals.
3. YOU’RE THE TOP OR ONE OF THE TOP FEE BILLERS
You drive a large amount of money for the business, you get a base and you get commission, but where does the rest of it go? Sure, you have the benefit of support, a database and a brand name but imagine a world where everything you make goes back into your own business? More importantly imagine how satisfying it would be, and is, to build your own brand with the exact identity that you wish for. With a back-office solution, you can operate as effectively as any recruitment agency, which gives you the freedom to focus on generating your brand and recruiting!
Being realistic, when it comes to your earnings, you might have to take one step back for two steps forward, but you will easily be able to increase your earnings over and above what you are on now by billing substantially less!
4. YOU MANAGE PEOPLE ALREADY AND ARE RESPONSIBLE FOR P&L
Depending on your level of responsibilities you may have to control your team’s costs and overhead spend against profit on a monthly basis. You also have management experience with different people, carrying out employee reviews, designating work and dealing with personnel issues. Of the recruitment start-ups that Quba has funded over the last three years the most successful are run by those that have an element of exposure beyond just running a desk. This gives you a bit more business experience than just recruiting, if you don’t have this but have the fire in your belly you can always try and gain it in your current employment before branching out on your own!
5. YOU HAVE BUILT YOUR DESK FROM SCRATCH
You back yourself – you are a recruitment god. The beauty of starting your recruitment agency is that you’ve already done it with your current firm. Just this time round you’re going to benefit 100% from the proceeds and have the freedom to do it your way. You know exactly what to do when it comes to recruiting but you may be asking how will I fund the invoices? Pay the temps? Bill the clients? The answer is outsourcing, by partnering with a full back-office solution that specialises in recruitment you can build your desk and your business and here at Quba Solutions we can deal with the rest.
You’ll have the platform you need to pay temps and bill clients. You are 100% funded, your debt is chased and insured, you receive your margin weekly and you have management visibility on everything on your dashboard. You don’t need a great deal to get going – a website, logo, phone and laptop. You’ve got your network and you know your clients, (bearing in mind that you may have a convenance for a while from your old business).
If any of the above resonates with you, please call our office on 01305 233178 to discuss how we can help you start up your own recruitment business. We don’t take a percentage of your business – you’re the expert, we merely give you the tools to succeed.