There is no such thing in reality as the 'perfect' time to start your own agency, it is when the time is right for you. You need the time, attention and passion to devote to and drive your new business, plus appropriate funds and reserves for the early months.
Is now the right time for you? Consider the following...
Be honest with yourself - starting a new business requires self motivation and discipline like never before! Good industry knowledge is critical and deciding upon your agency 'niche' is crucial to its early success. Offer a clearly communicated solution to your clients and candidates; be innovative and memorable.
To help you hit the ground running, there are many things you can do while still employed in preparation for taking the plunge officially! Drafting business and marketing plans, company logo, corporate designs and website creating, plus researching appropriate industry software to name just a few. But it is wise to leave your current employer on good terms, you never know what the future holds and it maybe possible to work closely going forwards.
The affects of setting up a new business usually reaches further than yourself and can impact a partner or family notably in the early days. Consider if the timing is as good as it can be so full energy and commitment can be ploughed into the new venture, with full support offered from those close to you.
Plan carefully to ensure you have both set-up capital in place and reserves to keep you going in the early days. Fundera.com quote 20% of small businesses fail in the first year, 30% after the second year and 50% after 5 years - with lack of capital given as to the main reason why. There are lots of companies that provide funding and financial arrangements for recruitment agencies specifically, it is essential to explore this area thoroughly before starting out so all options are known and a facility can be utilised if and when needed.
New year, new business
January is a popular month for new businesses. According to Startups Brit's are 10% more likely to start a new business in January than any other month of the year . Data from 123Reg also shows a peak in the number of new company websites registered in January, which is increasing at 20% year on year. Selz also suggests January is the perfect month to start-up, being the ideal time for new year resolutions and a fresh start with fresh ideas - so is it the right time for you?
When setting up your own recruitment agency make sure you are not missing anything by downloading our eBook below...