Recently, our MD Paul Cooney wrote an article on why now is the perfect time to set up your own recruitment business, and we couldn’t agree more. Despite the challenges that businesses are facing in the current economic climate, demand for recruiters is high.
If you are considering establishing your own recruitment business, here are some of our top tips to ensure success!
Finance for your start-up
One of the biggest roadblocks in the eyes of a prospective business owner is a lack of capital to get their business off the ground. What many may not realise is that capital is not always necessary. Services, such as those offered by Zodeq, mean that you can establish your business without any of your own capital; instead, we cover all necessary costs to get you up and running. From this you can then utilise further funding in the form of invoice financing or discounting, which will allow you to release a percentage of funds from an invoice as soon as it has been raised, without waiting for your customer to pay. Find out more about invoice finance here.
Know your requirements
If you have never run your own business, it can be a steep learning curve to begin with, as you get to know the many responsibilities that a business owner must contend with. Tasks such as invoicing, credit control, HMRC administration, pension provision and much more must be handled in order for your business to run smoothly. For many new businesses, hiring people to carry out these tasks simply isn’t feasible, and doing them yourself can be hugely time consuming. Therefore, many new business owners turn to back office support to ensure tasks are completed accurately and on time.
Understand forthcoming changes or challenges
This year more than ever, businesses have had to adapt quickly to change. With many recruiters forced to work from home, they have faced an unprecedented challenge, but this won’t be the only challenge to overcome in the next few years. With Brexit on the horizon, changes to IR35, as well as uncertainty over repercussions of the COVID-19 pandemic, recruiters both new and established must ensure they understand how to adapt.
Get the right support
Whether this is support with your services, business advice or simply just someone to talk to regarding the highs and lows of business ownership (or even all of the above!), we highly recommend seeking the right kind of support for you.
Focus on your core business
First and foremost, your priorities should lie in your core business activity; recruiting. Seeking help in areas that could distract you from this priority should be of the upmost importance. There are plenty of businesses out there that can offer you support, including Zodeq.
If you are looking for support with your start-up, contact the Zodeq team today for more information on how we can help you to run and grow your business.