So you are taking the leap to setting up your own temporary recruitment agency, you are full of enthusiasm to drive your new business forward but what are some of the everyday start-up pitfalls and hurdles that can often be experienced?
How can you ensure you remain a successful addition to the recruitment industry?
A good pool of candidates can set you apart, but how can you start building a talent bank? Job fairs are a more proven traditional route, but it is doubtful any are running just at present, unless virtually. While networking is essential - the more people you know who know what you do, the more recommendations you will gain.
Successful and sustained businesses are built on referrals, and this must always be a focus. As a contingency plan build a talent pool - whereby you gather a bank of potential future candidates that you continue to engage with regularly,
It is much easier and efficient to manage your temporary candidate database with industry software, that offers full compliance with current legislation and allows a range of services from management of bookings to processing of timesheets. Research this area thoroughly to ensure the system you choose is right for you and future business growth.
The reality is running your own recruitment agency is hard work and tough-going at times! Clear goals and a focus of what you ultimately want to achieve is imperative. Research the area you want to operate in and know your niche. What are competitors doing and how can you offer something distinctive?
Social media is an indispensable tool in the recruitment world, especially if you are just starting out. Not only does it offer new opportunities to build relationships with candidates and clients, it also builds your brand’s reputation.
Social media - especially LinkedIn - allows you to lay the foundations of your PR campaigns and create a voice for your agency. You can share opinions on current industry topics and promote company news whilst encouraging interaction with this content. Not maximising opportunities in this area could prove a huge oversight.
Understanding Cash Flow
Managing your cash flow from day one is crucial and one of the main reasons many small businesses fail.
Spend control should be exercised; from a spreadsheet in the very beginning/planning phase, to moving to more formal procedures as soon as possible, A cash reserve for unforeseen circumstances or emergencies is always a good idea, and can help keep you calm in more troublesome times.
Explore funding options early on. Finding the right recruitment finance solution is important, and a complete package designed to fulfil your back office and funding needs can improve and streamline your entire workflow and ensure your business requirements are met.
We can simplify your recruitment business with our premium Cash Flo product, that offers a full back office and finance solution - by combining our software and outsourced payroll services - to suit your needs.
Request a software demo today by clicking the image below and we deal with the rest!