You finally did it! You took the plunge, and now you’re the owner of your own startup recruitment agency!
Here at New Millennia, despite working in the industry for over 20 years, we still get a buzz of excitement when we hear from another recruiter who has been bold enough to go it alone.
To help in your new endeavour we just wanted to share our advice for your startup recruitment agency:
1) Do Your Research
As you start out it’s essential that you do your research, particularly into the industry you’re looking to recruit within.
If you’ve been successfully working in the sector, then you’ll likely know a thing or two, however operating on your own is a different ballgame.
Clients will expect your knowledge about the industry to be next level, so keep abreast of the latest news. Develop your understanding too, around any talent shortages the industry might be facing.
Keep a close eye on your competition, specifically looking at how they’re taking their message to market.
2) Create a Clear Business Plan
Before you launch head first into your own startup recruitment agency, it’s important to create a business plan.
Setting short, medium and long term goals will help you understand exactly what you’re hoping to achieve.
Every goal should be linked to a tangible result, so you can quickly see whether you’re on track.
If this is the first time you’ve worked for yourself, it can also be a good way to hold yourself accountable. Plus it’ll keep you motivated during the first few months.
Taking the time to do this might seem frustrating when you’re just itching to get going. However it’ll allow you to make the most informed decisions and ultimately succeed.
3) Keep Your Overheads Low
Starting a new agency, in fact any new business, is a risk. Starting with low costs means it has the best possible chance of success.
Think about where you can save money in the first instance. Do you really need to hire office space or could you work from home? Do you need to commit to all the big job boards, or could you just use a small number while you’re starting out?
Shop around for quotes and don’t forget your negotiation skills when it comes to securing the tools your business needs.
4) Invest in Marketing
Though we recommend keeping costs low for your startup recruitment agency, you need to invest in marketing.
Of course you don’t need to spend a fortune, but take some time to think about your brand and what it stands for.
What is your mission? What are the values that are going to define your business? Setting that clear vision upfront will make developing your brand a lot easier.
Launching a website is of course essential, with SEO at the forefront of development so you can appear in the searches that count.
Marketing is ongoing too. Start establishing yourself as an expert on LinkedIn by sharing content and joining the conversation in relevant groups.
5) Don’t Ignore Your Back Office Functions
Offering the best level of service to clients and candidates is what’s going to make your startup agency succeed — but you know that already!
One place new recruitment agencies can often fall down is when they get overwhelmed with the sheer amount of back office work required.
Particularly for those supplying temporary professionals who have the responsibility for processing timesheets and payroll.
Here at New Millennia we provide a back office solution that has been created for businesses like yours.
We offer both the software and the skilled team to handle your back office functions, and keep your clients and candidates happy!
6) Don’t Undervalue Yourself
Deciding on the fees you’re going to charge has to be one of the trickiest parts of starting a new recruitment agency.
You don’t want to go too high, and risk losing a new client, however you don’t want to go too low either.
It can be tempting when you’re first starting out to undercut the bigger players in the industry, or agree to super-low rates just to get your first few clients.
However it’s important to remember your value and experience.
Also moving up from a low rate is really difficult once you’ve agreed it with a client, so start with a percentage that’s fair to you both.
7) Consider Recruitment Finance
It’s such a great feeling when you place your first temp, however waiting months to get paid isn’t quite as fun!
Recruitment finance helps to plug that gap.
At New Millennia we specialise in finance to the recruitment industry, helping startups and SMEs manage their cashflow and succeed.
We offer a 100% financing option, so you can get paid as soon as you’ve made a placement, with our team collecting the invoices directly from your client.
Ultimately it allows you to focus on growing your business, knowing everything else is taken care of.
You don’t need to provide the finance history that most banks require, and you can keep both your clients and candidates happy!
If you’re interested in the service and you’d like to find out more then get in touch with our team.