Ever wondered what it would be like to be your own boss? Or finally decided to give it a go and branch out on your own? When setting up on your own there are essential and desirable purchases. This blog shares what you need to get your recruitment agency up and running.
A good accountant
A great place to start is to meet up with an accountant, especially if this is your first time running your own business. Make sure you ask questions about registering for tax and how to claim for business expenses. Remember there is no such thing as a stupid question, it is important your business is set up on strong foundations.
One of the most exciting but often hardest things to do is to name your business. People can spends days even weeks trying to come up with something only to find that domain is already taken or name is already registered. Check out the HRS blog highlighting three free tools to help you check the availability of potential company names across key areas including: Companies House, web domains and social media handles.
A place to work
Whether it’s a rented office or the spare room in your house, you need a clear separate workspace to your living space. If you are working from home set up to minimise distractions (move the TV, close the door etc.).
Obvious but essential purchases; a computer, phone and reliable, fast broadband. Ask around and do your research to make sure you get the best possible deal for your budget. Check out various speed testing tools and useful websites including USwitch and Broadband Checker.
Calculate the costs of overheads, monthly outgoings, staff, employee benefits, insurance, marketing and other expenses. Do the maths and determine if you have the funds to get up and running. Conservatively estimate when your first placements will be completed and when payment will be taken. Budget for the leaner times at the start of your journey.
An understanding of the market
Complete competitor research within in your target sector(s). If demand is high within your chosen sectors it maybe wise to drill down and specialise further. Before making a decision check industry reports, job market signalling reports and what authority figures are predicting. Make sure there is a demand for your services.
Recruitment Software (CRM, ATS, Database, Marketing)
Up to date, accurate information is key to successful recruitment. In the age of social media and digital it can be difficult to keep track of every thing that is going on. As recruitment continues to evolve you will become increasingly reliant on multiple applications (database, social networks, email applications, back office etc.).
The more time you switch between packages the more time you waste, the more deals you miss out on.
Having one single, integrated system can save time and increase efficiency meaning you can focus on connecting candidates and companies. Many start-ups’ first point of call is a spreadsheet. Collaboration, privacy, data back-up, recovery, analytics, reporting and the lack of integrations are a few of the reasons a spreadsheet can actually slow down the recruitment process. For a detailed look at the subject check out: why Excel doesn’t cut it as a recruitment CRM.
If you want to take a look at professional recruitment software with features including recruitment marketing, advanced Boolean searching, intelligent CV parsing and big data reporting check out the latest HRS video or head over to our dedicated recruitment software pages.
The low boundaries to entry make setting up your recruitment agency a very tempting prospect. If you are setting up on your own get the essentials in first. Do you have any more to add? We’d love to hear from you, leave a comment or use the social media links below.