Top tips for surviving your first year in business

  Published: 6th April 2023

For the team here at Zodeq, witnessing our clients experience the thrill of becoming a recruitment business owner is one of our favourite aspects of our service.

Without the right support in place, however, the thrill of becoming a business owner can very quickly turn sour. We don’t just want your business to simply survive, we want it to thrive in its first 12 months and beyond. So how can you ensure this is achieved? We take a look at our top tips below…

Develop a business plan

We highly recommend putting in the time and effort to build a solid business plan. This should map out your expectations, whether you will specialise in a particular area of recruitment, how you intend to make money and your goals for the months and years ahead.

Focus your efforts

Don’t fall into the trap of trying to do everything yourself. This will ultimately only leave you with a great deal of stress and not enough time to focus on your core business. If you aren’t in a position to hire, companies that offer back office support (like Zodeq) will take of all the time-consuming administrative tasks, leaving you free to focus on running and growing your business.

Get involved

Growing a network of business contacts is crucial to business growth. Not only in terms of suppliers, prospective clients or even prospective candidates, but for people to turn to for support, advice and those all-important referrals.

Prepare for the challenges

Whilst the past few years have not been short of challenges for the business world, it has highlighted not only the resilience of the recruitment industry but also the importance of having a disaster recovery in plan in place, that will map out your next steps should the worst happen.

Keep your eye on your cash flow

Healthy cash flow is the lifeblood of any business. Initial capital might be one thing, but most recruiters will also require month on month cash injections to keep the business running smoothly. Whilst there are many options out there, from business loans to overdrafts, recruiters benefit significantly from invoice finance packages.

Are you looking to thrive in your new recruitment business? Speak to the Zodeq team today to find out how we can support you in those crucial first stages and beyond!