Once you have begun operating your own recruitment agency, it may suddenly dawn on you that your primary source of income is your own business!
This can of course be very scary to some, especially if this is the first time you have started your own business.
However, don’t worry, help is on hand. To help make this transition as smooth as possible, and give you the best possible chance of succeeding, we have put together some information. From what to do in your first month, to how to make new contacts, the following tips are designed to help remove some of the pain involved in setting up your own recruitment agency.
Whilst this list is by no means exhaustive, it does contain some important details that we feel new recruitment agency owners need to know when first starting out. As such, you are also recommended to read as much as you can – not just about setting up a recruitment agency, but what you need to do to make a business venture a success.
Create a schedule and stick to it
The freedom of being your own boss it likely one of the reasons why you first wanted to set up your own business. Such freedom is very desirable, and therefore wanting it is perfectly understandable. However, having a regular routine is very important as it provides you and your working day with much needed structure. If you do not put such a schedule in place, one of two things are likely to happen. First, you will either become lazy and not work as hard as you need as there is nothing in place to make you sit down and work when required. Second, if this does not happen, then the opposite usually does – that of working too much. Not only can this put a real strain on your health and personal relations but can result in you resenting the lifestyle you have chosen for yourself, and as a result, the very business you set up. Whatever your schedule is, ensure it remains achievable over the long time and enables you to work and have time for yourself.
Be careful with your money
With your new recruitment agency doing well and clients increasing, it is perfectly understandable to want to spend more. Of course, this may be necessary for expansion purposes, but a general rule for new businesses is to remain cautious when it comes to spending, at least initially. This is because things can change very quickly, and whilst one moment everything can be going well, circumstances out of your control can result in things taking a turn for the worst. To help combat against such a situation, you are advised to have emergency funds in place, as well as sticking to as small a budget as possible. Such behaviour will also give you peace-of-mind, knowing that you have funds and a budget in place should they be required.
Stay indoors and meet people
Growing your contact list and meeting people have traditionally been important aspects of running your own business. Of course, the internet has changed this, and many new businesses now operate exclusively online. Whilst this means that many people do not have to leave their homes to operate their business, it does not eliminate the need to meet people. This can be done both online and offline and is encouraged for new business owners. Such networking enables you to keep your social skills fresh, and of course can lead to new business opportunities. Joining online groups and reaching out to individuals through social media are great ways to meet new people and stay connected.
Remember to market your business
If you find yourself with a full client load, it is understandable that you may not be focusing on marketing your business. However, this is a mistake and as a business owner you are strongly advised to always be pitching for new work. This is of course to ensure that you can cope temporarily should your business experience a downturn, as well as attract new clients that will ensure your business remains sustainable. Simply put, do not rest on your laurels. Whilst you may be successful now, this is no guarantee that you will remain so in the future. It is therefore vital that you continue to look for new business opportunities to help your business grow and remain sustainable for the foreseeable future. Many of the most successful businesses around today can point to their ability to change and branch out into new business streams. You should therefore be flexible and aware enough to always be on the lookout for new opportunities.
Starting out on your own is of course very exciting. From leaving your old job and choosing the name of your business to registering it and getting your first client, there are many exciting milestones awaiting you. Of course, there are also many things you must learn, as well as a lot of hard work along the way. Remember, by planning a schedule and sticking to it, being frugal in your spending and becoming connected with like-minded business owners, you will be giving yourself the very best chance of getting it right in your first month and the many months that will follow. Recruitment is an increasingly important and growing industry in the UK – one that can make a very real difference to the people you find jobs for and the companies you are placing them with.