Recruitment Funding Solutions

Category: Advice

  • Taking the leap

    Taking the leap

    Taking the leap and starting your own business.

     

    There is no doubt that starting your own business is a big decision. Whilst many people have great ideas for a business, only a small percentage actually start out on their own. This is because there are a large number of risks involved in starting your own business. From financial risks to those of security and the consequences of failure, there are numerous factors that you must consider before starting off. Such risks can be seen in a large number of new businesses that fail each year in the UK. Whilst many such businesses will often have great products and ideas, only a small percentage will actually go on to become high-turnover companies.

    To help you get the best start possible, we have put together the following tips designed to let you know what is involved and what you can do to improve the chances of your business becoming a success.

    Know your stuff

    It may seem obvious, but if you are going to start your own business, it is important that you know everything you can about it. You must, therefore, research the sector you wish to operate in, look at potential clients, identify your strengths and of course learn about your competition. Doing this will give you a much better chance of succeeding over the long term. Once you have done your research, you will be in a better position to create a realistic and effective business plan. This does not mean you are expected to become an expert in all areas. However, the more you know, the more you will be able to sell your ideas and vision to others. Being passionate about what you are doing is half the battle – love what you are doing, and the rest should come naturally.

    Make the leap

    Once you have done your research, identified your strengths and have a clear understanding of what you need to do to succeed, you are ready to take your first risk – that of starting your own business. All businesses, of course, have the potential to fail. However, if you have done your research and believe in yourself and your business, you can make it. Starting your own business is a bit like taking a leap of faith, you must have faith in yourself and your abilities if you are to succeed. By working hard and knowing your stuff, you will be giving yourself a much better chance of succeeding. Whilst you will be expected to take risks, this doesn’t mean you have to be reckless. By taking calculated risks that take into account all factors, you will be able to reduce risk and increase your chances of succeeding.

    Be competitive

    It is often not enough to simply know that your competitors exist. You must be prepared to take these on in order to succeed. If you believe you offer a better product/service, then tell people so. Do not be afraid to take on your competitors just because they are bigger and more established. Customers often do not care about such issues, and if you are offering something that is an improvement on others, they will want to know about it. Doing your research and understanding your competitors’ strengths and weaknesses will make it much easier for you to then exploit these to your own benefit. Of course, this doesn’t mean acting in an underhand manner. Rather, you are simply looking at what they are not offering and providing this service to customers who want it. Such business practices are what capitalism is based on. When looking at your competitors, remember, it is highly likely that they have or will be doing exactly the same to you.

    Make use of the internet

    There is no doubting that technology has changed virtually every aspect of modern business. This can come in many forms and knowing what these will help you better take advantage of them. Firstly, with so much information now available on the internet, you would be foolish to ignore it. Once exclusively found in expensive business schools, there is now a wealth of information for entrepreneurs looking to set up their first business. From blogs and webinars to online education courses and government resources, you can now get expert advice, often completely free. Other valuable resources will include advice regarding your legal and tax requirements, as well as any available funding, such as grants for new businesses. Not only will you be learning more, but you will also be saving money with the knowledge you gain. Furthermore, such online resources are often two-way. This means if you have a specific question, you can ask this online – enabling you to see a variety of views and answers, and perhaps helping you find the solution you need.

    Unique selling point

    When starting out, it is important to know what your Unique Selling Point (USP) is. This is what you believe will stand your business out from others, what sets you apart, what will help your business become a success. Your USP can take many forms, be it your experience, your staff, the market you operate in or the types of clients you deal with. Being clear about your USP is vital, and you really need to be clear about this before anything else. Knowing your USP will enable you to then create a business plan that makes the best use of this – helping you to make a niche in your targeted area and working your way to becoming a market leader.

  • Surviving the initial storm

    Surviving the initial storm

    How to survive the initial storm when starting your own business.


    Perhaps the biggest initial stress for most when starting a business is finance. Suddenly you\’re responsible for your own finances, no longer relying on a monthly salary from an employer. This can be very daunting to many, and often takes a while to adjust to. Furthermore, when operating your own business, you will likely be responsible for the livelihoods of others. This alone can be very stressful and will alter how you look at your business and the decisions you will have to make.

    Understanding this, we have put together the following tips. These tips are designed to help you better survive during the initial, scary stage of your business – not only helping you to reduce stress but also avoid some common pitfalls and give your business the best chance of succeeding.

    Get a routine

    When working for yourself it\’s easy to become distracted. Suddenly finding yourself with lots of time on your hands will, of course, feel great at first. However, enjoy it too much and you may find yourself forgetting that this free time is actually when you are supposed to be working. Another common problem is the opposite – that of you working too much and becoming burnt out. Both are just as fatal to new businesses and therefore should be avoided at all costs. The trick is striking a balance between the two.

    If you are working at home, set aside an area in which you can sit down and work for a set period of time without distraction. Doing this every day will give your day structure and enable you to find a balance between when you should be working and when you should be relaxing. Knowing when to switch between the two is important and will help you more easily distinguish between the two. Of course, working for yourself will mean you can be flexible in setting such working periods, and this is a huge benefit to most. However, it should never be forgotten that you are now the boss and therefore you will only get out of your business what you put into it.

    Be careful with your finances

    When starting out on your own, there will, of course, be various expenses. Whilst it\’s understandable to want the best for your business at first, you must be cautious and keep an eye on your spending. This is recommended even if you find yourself doing well straight away. This is because business conditions can often change quickly and without warning. By being careful with your spending and keeping a certain level of money saved, you will be able to much better survive such events should they happen. Such periods of high and low business are common for new businesses. How such periods are endured is often the difference between successful and unsuccessful businesses. Keeping emergency funds for such events also provides important peace-of-mind to you and any employees you may have.

    Don\’t do it alone

    When working for yourself, it\’s easy to become slightly disconnected from the rest of the world. Modern business practices and technology now means that more and more people are working from home – needing nothing more than a laptop and smartphone. Many new recruitment agency owners will find themselves in this position – often working exclusively either on their phone or the internet, and rarely meeting clients face-to-face. Whilst this is understandable, new business owners are still recommended to get out into the real world and meet others. This can take many forms, from making the effort to visit a client’s premises, to attending a local event. Such interactions not only help you to improve your social skills but often lead to new relationships being formed and business opportunities created.

    Ironically, such groups of like-minded individuals are often most easily found online – of course, you will then hopefully meet in real! These groups can often be great sources of industry information and help you to stay up-to-date with the latest trends and issues. Remember, there are many people just like you who are either starting out on their own or now running successful businesses. You can learn lots from both, as they can learn from you, and so by sharing information, you will be giving yourself a greater chance of succeeding.

    Don\’t keep still

    You may have a full book of clients and working to your capacity, if you are, congratulations! When everything is going great, it is understandable to think less or even at all about what could go wrong. However, as you will likely learn, business is unpredictable; one minute a client loves you and the next they are gone. It is therefore very important to ensure that you continue to market your business and keep your eyes out for new opportunities all the time. This helps you not only be better prepared for any slowdowns in business but will also likely present opportunities for you to expand your business should you want to.

    Good luck!

    As you can see, there are a lot of things you will need to remember when first starting out on your own. From watching what you spend to speaking to business owners, there are a number of things you can do that will help you better handle the numerous obstacles you are likely to face when creating your own employment agency. Make use of all the resources available to you and do not be afraid to ask for help when you need it. We hope you have found the above tips useful. Remember, every successful business first began with an idea and a risk being taken.

  • How to be an effective leader

    How to be an effective leader

    When starting up your own business, it\’s likely that you will be required to hire staff at some point. When this happens, you will have to decide what type of boss you wish to be.

    Of course, everyone believes they will be a great boss, but putting this into practice can often be difficult. Many people believe there are only two options; that of being the tyrannical boss that dominates everyone through fear, and the opposite, that of being seen as one of the team, a friend. However, as you can imagine, neither is seen as being better than the other, with there being advantages and disadvantages to both. Research has shown that when angry, leaders are perceived as being powerful in a more traditional sense, but when sensitive, these bosses are seen as being more powerful in a personal sense. The trick, of course, is striking a balance between the two; being a boss that is both respected and liked by your employees To help you better understand what is involved in this delicate balance, we have put together the following information relating to the advantages and disadvantages of being either a strict boss or one that is friendlier with employees.

    Being a feared leader

    There is no denying that there are some perceived benefits to being a leader feared by employees. Such fear can, of course, help to create attentive and cooperative employees. Such bosses are often seen by employees as being powerful, of having the authority within an organisation to be able to punish others – whether this was true or not. Should leadership through fear can, of course, be a motivator, but how effective and for how long are a different matter and can ultimately lead to strained relationships. However, whilst such leaders were seen to have strong disciplinary power, they were also said to have weak referent power. Referent power describes the ability of a leader to influence others through empathy. Having this ability is vital to earning trust and commitment from employees and therefore this can be very difficult for bosses to achieve if others view them as being strict and unapproachable. In conclusion, fear can only go so far and is not recommended as a way to operate a business. True leadership is a blend of mutual respect and trust, with employees much preferring leaders who attract respect through the way they conduct themselves over those who simply demand it.

    Being a loved leader

    If you do not want to be a feared leader, perhaps you would like to be a loved one instead? Leaders who are loved by their employees are often seen as having more of a personal connection with them; seen as being more of a colleague rather than a boss. Studies have revealed that there are business advantages to this approach. These benefits include employees feeling more connected to bosses because they appear vulnerable and show their emotions. Employees can more easily identify and relate to such traits, which in turn increases the amount of personal power you as their boss will possess. It is not rocket science to see that treating your employees fairly and with respect will result in a happier workforce. It is your task to balance their enjoyment at work with their desire to push forward and make your business a success. Being liked or loved by your employees is important, but you should always remember that you are their boss and therefore the decisions you make will have a very real impact on their lives.

    Good luck!

    Being a boss is not easy, there are many things you have to consider, as well as remembering that you have the power of an employees’ welfare. Such responsibility should not be taken lightly, and you should, therefore, take your duties as an employer very seriously. A happy workforce is essential to the longevity and success of your business and their happiness will in no small amount depend on how you treat them. To most, such advice may seem just like common sense. Even if this is true, you should strive to always remember the importance of your relationship with your employees and constantly and regularly assess it to make any necessary improvements. Your employees should be an asset to your business, helping you achieve your vision for your business. What works for one type of business may not be suitable for another. However, as we have shown, to be successful and create a workforce that believes in you and your business involves a delicate balance. Your employees must be able to respect you and believe in you to want to help you succeed, whilst at the same time they must be aware of the relationship, that they are an employee and you are the boss. Get this right and your business will have a much better chance of succeeding.
  • Growing a successful recruitment business

    Growing a successful recruitment business

    Practical advice and tips to help you grow a successful recruitment business.

    The recruitment industry has seen significant growth in recent years as more and more companies realise the importance of getting the ‘right’ employees. This growth has seen an increase in the number of recruitment agencies appearing in the market – largely due in part to the high number of recruitment professionals starting out and setting up their own agencies.

    The reasons for doing this are varied, and of course include the freedom running your own business brings, the belief that you can do it better than other agencies and of course the financial and lifestyle benefits owning your own business can provide. Whilst all of this may sound great, creating a business, any business, that is profitable and sustainable will, of course, involve a lot of hard work. To help you get a better understanding of what you will need, we have created a breakdown of some of the most important issues surrounding the creation, development, and realisation of a successful and sustainable recruitment business. (more…)

  • A simple guide to setting up your own recruitment agency

    A simple guide to setting up your own recruitment agency

    If you are considering setting up your own recruitment agency – congratulations; you are about to embark on an exciting journey that could change your life!

    To help you make the very best start possible, we have put together some useful tips and advice. If you are planning on setting up your own recruitment agency, well done. You have chosen an industry that continues to see significant growth as more and more companies realise the importance of getting the right employees.

    Record growth!

    The UK recruitment industry has seen record growth in recent years and the trend does not appear to be slowing down. The REC’s annual Recruitment Industry Trends report for 2018 showed that industry turnover from permanent and temporary placements, and other HR services, totalled nearly £36 billion, increasing 11 percent on the previous year. Furthermore, the average value of placement has also been rising, up more than 6% to £4,238 in 2018.

    Despite nearly 1,000 people entering new employment every day in the UK, it is estimated that there are currently nearly 900,000 positions available. Such opportunities have not been missed, and a record 8,488 new recruitment agencies were registered in the UK last year.

    Setting up your agency today

    Whilst we can’t do everything for you, such as choose your name, we can help you significantly reduce the time it will take for you to get up and running.

    In fact, so confident are we in the great information we have put together below, that you could be up and running in just one day!

    To get started as quickly as possible, simply follow these useful tips.

    1. Get the name right

    This may seem a little obvious and not all that important. However, studies have shown that a good name goes a long way with winning new clients – something critical for a new business.

    Before choosing your name there are a few things you need to keep in mind. First, your name must be legal in terms of what you can and cannot name a business. Second, you need to ensure that no one has already registered the name – this can be done on the Companies House website.

    Next, you need to make sure that the name conveys the right message, both in terms of the industry you are working in and also the types of clients you wish to be targeting – for example, younger professional vs senior management. When doing this it is also important to take your future plans into consideration. For example, if you call your company ‘Manufacturing & Wholesale Recruitment’ it may be difficult to expand into other areas further down the line, such as education or management.

    Another consideration is whether you will be operating overseas, as you will, of course, need to ensure there are no translation issues – such as the name meaning something else in a different language.

    2. Register your business

    Once you have decided on your business’ name, the very first thing you need to do is register your business. Whilst this is, of course, an important milestone, it’s not quite as scary as it sounds – and is in fact extremely quick and easy. To help you complete the process as quickly as possible, you will need some information on hand. The information you will need includes:

    • Company name and UK office address
    • Company director name, their name, address, date of birth
    • All details of any share capital
    • All details of shares/stocks held

    Once you have provided the information required, as well as paid the £12 registration fee, you are done – congratulations! You are now an official business.

    3. Get online

    Like the majority of modern businesses, you will need a website. There are various ways to do this, and the method you choose will depend on factors such as your budget and long-term plans. Simple ‘drag and drop’ platforms enable you to quickly and affordably set up a great looking website. However, these platforms can often be limiting in what you can do – causing problems later on if you wish to expand. Numerous types of platforms exist, and many will help guide you through the process, enabling you to set up a website without the need for previous experience. When creating your website, it is useful to remember the following:

    • Create ‘Calls to Action’ that are clear and obvious to your website visitors
    • Provide clear contact details throughout your website
    • Ensure your website contains SEO content – this enables prospective clients to find you more easily and helps eliminate the need to spend lots of money on promotion
    • Select social media carefully – many new businesses try to be on every social platform. The belief that the more you are on the more people will see you is understandable – but it’s false. It is much more productive and beneficial to be specific in your use of social media. Find what platforms your clients use, such as LinkedIn, and target that one. Quality, targeted content is much more effective than the usual scatter-gun approach.

    4. Learn the boring stuff

    Unfortunately, there is, of course, a lot of boring, legal stuff you will need to familiarise yourself with. Don’t worry, you won’t have to become an expert in this stuff, but learning about your tax requirements, as well as data protection laws and worker regulations will help you improve how your business operates.

    Good luck!

    As you can see, there are a number of requirements you need to do to make your business legal.

    However, the process is relatively simple, and as long as you have all the required information, can be performed quickly and with the minimum of fuss. We hope the above information and tips have helped you better understand what you need to do to help give your recruitment agency the best possible chance of success. Good luck with your new venture!

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