Recruitment Start-up Fears: What’s Stopping You Starting Your Own Recruitment Agency?
Have you ever considered starting your own recruitment agency? Perhaps you have stacks of experience in recruitment but just aren’t sure if you’re ready to go it alone, or can’t shake those recurring concerns; sound familiar?
Stepping out on your own is a big step to take, no matter how experienced or confident in your own skills you are, unfortunately the ‘fear factor’ can step in and it’s a tough one to overcome. We’ve worked with recruitment start-up for over 15 years so we’ve seen the challenges that new start-ups can face. The fear of failing is natural when trying something new and even more so when doing something new that involves a little risk. However if you can identify the areas that could beckon failure in your direction, then you’re much better equipped to defend your venture and succeed. So, what are those fears that are preventing you from starting your own recruitment agency?
The first one to most people’s minds will likely be finance. A start-up takes money, it takes investment and this can be scary. It means either having your lump sum there already or having to find cash from somewhere and it can be difficult for start-up’s to secure bank loans, especially in the beginning. Why will you need a financing plan? Well, as a recruitment agency, there will be cash coming in and out from various sources, funding ensures that should you need to pay your workers before you have been paid by you clients, this is doable and doesn’t become an issue.
New Millennia can offer 100% funding and non-retention, non-recourse financing - rather different to factoring, which can be a little confusing and time consuming when it comes to your accounts, our route to start-up financing is simple and flexible, leaving you to concentrate on growing your agency.
You may be very experienced in recruitment agency work, however, as with any business, running your own show is a different game altogether. In a recruitment agency your back office needs to be as sleek as possible to run as efficiently as possible. A start-up doesn’t always have the manpower or time that it really needs to run its back office. With timesheets, contracts, invoices and payments to organise and execute well, keeping both your workers, and your clients happy at the same time, there’s plenty here to support those fears that management of your back office could be your downfall. However, as many recruitment agencies are doing already, you have the option to move to an automated, digital, back office system.
New Millennia offers a back office assistance with the following features:
- Online timesheets
- Digital signatures
- Online Portals
- Digital contracts
With individual portals for clients and workers, all of these back office, management tasks are easily taken care of in one place; your workers log on and complete their timesheets and expenses, your invoices are sent out and your workers are paid. Plus, these portals also offer the ability for your staff to work anywhere, anytime, an often required part of business today - your business accounts can be managed from anywhere.
What’s going to make you stand out?
Why should your venture succeed against all established competition? Knowing your market will stand you in good stead here, if you know your market you can find your place in it - find your USP. This might include finding aniche, combatting the ‘just another fish in the sea’ mentality, you’re not just a recruitment firm you’re a temp recruitment agency for example.
Finally, there’s only one thing left to do, once you have your financing routes decided and your back office system planned, your market thought out and are secure in the knowledge that your start-up fears have been solved,you need to make the final push and begin. New Millennia can’t help you take that final leap but with the knowledge that you have the tools to succeed, hopefully we can make it a little easier. We can reassure you that the help you need to run a smooth, efficient and effective recruitment agency is there once your start-up wheels are in motion.