Where To Focus Your Limited Resources in a Startup Recruiting Business
By Recruit Ventures
If, in the unlikely event, that you’re starting up a recruitment business with unlimited resources, you won’t need to read on! If however, you’re starting up and have to be realistic about how to deploy your probably limited resources, then there are some key factors to consider, and prioritise.
For a successful take off you need a sound launch pad. And if you’re aiming for the stars you need a clear sky.
Let’s take that in reverse order. That clear sky means you need to be able to concentrate on what you do best, and what, almost certainly, you’ve promised most – service. You’ll want to use all your experience, contacts and motivation to get in front of prospective clients and, having won their business, put in place the kind of service that will make you stand out.
The problem is, that’s harder to do when you’re constantly thinking about creating your new website, sorting out the stationery and furniture and setting up the office. And that’s without juggling the cash flow because the next start up loan repayment is due. Managing those, with limited resources, the most precious of which is time, is not easy. It also doesn’t make for the clear mind you need to be out there winning business.
Your plan therefore should be to have all the essentials in place and ‘up and running’ so that you can concentrate on growing.
Those essentials really fall into three categories.
Finance. You need the initial capital of course. Importantly you need it at favourable rates, and without the restraints of a franchise. Why would you be going it alone if it means working under another brand? Just as importantly you need the credit facility to accommodate 30 day invoicing periods and maintain a steady cash flow.
Systems. You will crash and burn very soon after take-off if you don’t have robust, tried and tested systems on which to run the business. The recruitment industry has procedures that are essential to administer the process, and without them all your efforts will flounder. Get the office back up in place before you make the first pitch.
Branding. In theory you can pick up the phone and start making appointments. ‘I’ll worry about the logo and branding later. Let’s get some business in first’. Wrong! This is a competitive market and a nameless one man (or woman) band, no matter how good your reputation, just won’t cut it.
So, consider your resources and match them against the essential requirements. Focus on your finance, systems and brand. Get them sorted, as cost effectively as possible. Make sure they are firmly in place, and that you can rely on them.
Then, and only then, are you ready for blast off. And with your mind clear of the details and worries you can fly. Able to focus, you’ll make better pitches, close more deals and deliver the service that ultimately is the mark of a successful recruitment business.
ABOUT THE AUTHOR
David Simons has extensive recruitment knowledge and experience having worked in the industry for over 20 years. He is currently Managing Director of Recruit Ventures where he works closely with joint venture partners, assisting and advising them on their start-up businesses.
You can contact David or find out more about Recruit Ventures via:
01362 8825 85 / 07900 26 30 43
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