Starting a new business can be a daunting process, but research and planning can make it much easier.
Where To Start...
Research the industry: Whichever area you are thinking of specialising in as a temporary recruitment agency, make sure you do your research. What are your competitors doing that you would like to emulate? Where are there potential gaps in the market? These questions will offer you some inspiration for setting up your own venture and help you identify areas in which you can differentiate yourself. It will also give you a clearer idea about what you like and dislike about another business operating in the same industry.
Make key decisions:
• What area of the industry will you specialise in?
• What will your geographic reach be?
• Will you be trading alone or entering into a partnership?
• Where and how will you work? Will you need premises or work from home?
• Will you require staff?
What’s in a name? A professional sounding and memorable name is important. Look at what other names are out there. Be inspired by your competitors, but differentiate yourself from the competition.
Work out your finances: Work out what you will need to start up your business and make sure your set-up finance is in place. As well as your start-up costs, work out an initial budget to determine how much you will need to break even each month. Consider any rent you might be paying, staff costs and other operational expenses. Think carefully about monthly cash flow. If you plan to pay temporary staff and then charge the client, there will be a lag between you making the staff payment and having your invoice paid. If you will employ your own staff, include their monthly salaries, taxes, and any bonus schemes into your monthly budget. Include some other basic expenses like marketing, your online recruitment software and staff training. Your budget should also include forecasting your sales activity in the first 6-12 months of operating which will give you an understanding of when you will break even and a target to work towards.
Branding and online presence: Research your target markets and how to appeal to them. Your online presence will be a crucial part of this. From the offset, you will need a well-built, well-designed and well-written website and social media platforms. Both will help generate leads for your business and help attract new candidates.
Recruitment software: Choosing the right software for your business can save you time and money from the start. Chose a system which is built for temporary recruitment agencies. It should help you manage client and candidate relations while helping keep you compliant, enabling you to run your growing business more efficiently while giving you the peace of mind that you are doing so according to the law.