Get your ducks in a
row...
Top 20 checklist for the discerning
recruitment entrepreneur;
Having now decided that starting up a
recruitment is the right way forward for you, it’s now important that you have
a good idea of all of the key areas you will need to address, in order to set
up a professional and compliant recruitment business.
Each week, I shall be posting in depth tips covering each of these areas;
Business Planning
Putting together a business plan is crucial when setting up a new business.
Whether it’s a small business plan for your personal use and referral or a more
robust document for acquiring investment, it is imperative to get your ideas
and research down on paper.
Market Intelligence
Before you set up you need to know that there is a viable market for
your business to thrive in. Therefore you will
need to conduct your own market intelligence research to ensure the success of
your business.
Competitor Analysis
You need to know who your competitors are, where their clients are, what
their rates are and their unique selling points, so you know what you will be
up against.
Sales & Marketing Strategy
Crucial! Knowing how you are going to take yourself market is
vital to the survival of your business in the initial stages. Get a robust
marketing plan together, detailing specific weekly sales and marketing
activities from week one of trading up to the end of your first quarter (with
subsequent activities planned for later in the year).
Devise a pricing strategy
Work out from your analysis how you will structure your pricing for the
business and decide what your policy will be regarding negotiation.
Financials – P&L’s Budgets and Forecasts
You may need some assistance with this if you are new to the industry or
this is your first time establishing a new business. It is important that you do not over estimate your revenue for your
first year of trading and keep your expenditure in check.
Funding
It may be that you have some money tucked away to set up your business,
however cash flow is king and for nay start up recruiters, the money can run
out all too easily. Speak to someone in the know to establish how much you
really will need to set up the business and realistically what you will be able
to survive on during the first 12 months of trading. The banks can be really
helpful and factoring and invoice discounting are also options at very
competitive rates for start up businesses.
Company Formation, email accounts and Web Domain
There are businesses who will set up your business for you, as well as
your web and email domains. Make sure you have researched this properly and
don’t pick a name which is already in use or in direct competition.
Franchises v’s setting up alone
There are some exceptional franchise business models out there offering
support and resources to those looking to set up on a shoestring but be wary of
giving away too much equity.
Website
In this day and age a website is one of the most effective ways of
driving business to your agency and there are some
really cost effective options available. A website is a great tool, however
there is no better means of marketing your business than a good old fashioned
telephone and a spot of networking, so don’t feel it has to be your first cost
consideration
Accounts and Bookkeeping and Software
Make sure that you keep your accounts up to date from day one of setting
up. You will thank yourself for it later
on. There are some excellent spreadsheets
around and many accountants will be able to offer you free software or online
tools to help you with your accounts. If you are a limited company, getting an
accountant in the early stages could prove to be a huge help.
HMRC, Income Tax, Corporation Tax & Capital Gains Tax
www.hmrc.gov.uk HMRC’s
website is an excellent resource and can offer a wealth of information
regarding all of the above. Alternatively your accountant or
assigned payroll professional should be able to offer you free advice on all of
the above.
Payroll, Purchase and Sales Ledger and Credit Control
Even if you are not going to be supplying temporary or contract workers
initially, you may still have your own payroll and income tax to organise. It’s
definitely worth speaking to a payroll provider or your accountant to find out
what needs organising in the early stages. Don’t get caught out.
Insurance
Ensure you are insured before you start trading. There are some
fantastic insurers who specialise in insurance for recruitment businesses. Look
into Professional Indemnity, Public Liability and Employers Liability cover as
a starting point.
Recruitment Software
The value of your business in the future will be based on your client
and candidate database as much as your sales pipeline and annual revenue. Investing in a decent database during the early stages is a wise
investment. Finding the right software for you can be a bit of a minefield but
there are plenty to choose from with functionality and cost to match each
businesses needs and budget.
Branding, Company Name etc
Establishing yourself as a brand, your core values and principals and
get the message out there from the outset. Speak to friends,
family, colleagues and research and research. There are also some excellent
marketing and branding professionals out there who can help you with
this. It’s so important to get this right –
it can be the making or the breaking of you if you get it wrong.
Legislation (Contracts and
legally compliant documentation)
Anyone can set up a recruitment business but setting up a professional, compliant business entity is another matter. Make sure that you have a good understanding of the legal practices you must adhere to once up and running.
Anyone can set up a recruitment business but setting up a professional, compliant business entity is another matter. Make sure that you have a good understanding of the legal practices you must adhere to once up and running.
Establish processes
and procedures (contract / Temp and/ or Perm recruitment)
From day one, make sure you get some robust business processes and practices in place. There are correct and professional methods for providing recruitment services and if you want to keep ahead of the game you need to make sure yours are exceptional.
From day one, make sure you get some robust business processes and practices in place. There are correct and professional methods for providing recruitment services and if you want to keep ahead of the game you need to make sure yours are exceptional.
Communications :
Telephones / Broadband / Network etc
There are some great deals to be had and a lot of advice out there. Worth speaking to one of the larger providers to see what deals they have available to incorporate all of your communications and take it from there. Get your best three quotes before committing.
There are some great deals to be had and a lot of advice out there. Worth speaking to one of the larger providers to see what deals they have available to incorporate all of your communications and take it from there. Get your best three quotes before committing.
Premises
Working from home can be a very cost effective solution in the initial stages (if you have the space) and serviced offices can make a great base for interviewing candidates (In addition many offer prestigious postal addresses and phone answering services).
Working from home can be a very cost effective solution in the initial stages (if you have the space) and serviced offices can make a great base for interviewing candidates (In addition many offer prestigious postal addresses and phone answering services).
Setting up doesn’t have to be expensive or complicated and there are
other support services available to assist you.
To speak to a business mentor and coach from the recruitment industry
call Recruitment Business Solutions and see how we can help. 07712 477342
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