The decision to start your own recruitment business can be daunting, but for those wanting to leave employment with a company to start-up their business it can prove to be an extremely worthwhile leap. There is an inordinate amount of helpful advice, guidance and support for start-ups, so as not to overwhelm you, we have compiled our top five initial steps to starting your very own recruitment business:
Understand your market
Whilst this may sound like an obvious point to make, it is essential that you know the market in which your recruitment company will operate in, inside and out. Without the appropriate knowledge of this you will fall at the first hurdle when dealing with your first clients.
Get the right help
Businesses, whether start-up or established, will always require support from others. For start-ups this may be attending seminars, presentations, business clinics, etc., with accountants, marketing, finance experts and others, to gain as much knowledge as possible from experts on running your own business.
Never underestimate the power of networking, as this can be an invaluable source of support and advice from start-up businesses from those with a great deal of experience of running a business themselves. Networking events are a great source of contacts moving forward and can often lead to referrals.
The right finance
There are many finance options available to start-up businesses, you just need to know where to look. Aside from bank loans, you can also look for, start-up grants, investment, invoice finance, invoice discounting, and many more.
Many businesses fail to set up the correct procedures for credit management in the early stages of trading and this can have a significant impact on cash flow further down the line. Know how to correctly produce and send invoices, as well as setting out a process for collecting payment from your customers to ensure cash flow remains positive.
Are you a start-up recruitment business looking for help with financing and support? Our fantastic team here at Zodeq are experts in working with recruitment businesses in helping them to grow, contact us today to find out how we can help.