This article was submitted by The Recruit Venture Group
Create. Invest. Support. Grow.
You could argue that those four words are crucial stages for the development of any business. It’s true. But within the recruitment sector they take on a particular resonance, especially if you’re considering the idea of starting up on your own.
The words do form a sequence and in an ideal world you would be able to work at them one at a time, neatly building on each stage until your business is up, running and successful. The problem is it doesn’t quite work that way, which is why it’s essential to consider them all at the outset. And get help.
To take them one at a time –
The obvious first step. You have to create your business. But what does that actually entail? Have the idea, and the drive, to startup of course, but to be honest that’s the easy bit. ‘I’m going to start my own recruitment agency’. Ok. Now what are you going to do?
Well you’ll need to create a brand and a logo. You’ll have ideas of course, but as a recruitment expert you’re probably not a branding design expert, so you need to find professional help to write and design your promotional material.
Even when the brand is in place, and ideally before then, you will need to create your business as a legal entity. Sounds simple, but it pays to have expert guidance through the minefield of paperwork.
And just in case it had slipped your mind you’ll need to create a place to work. If you’ve not done it before, finding and leasing premises for a business is time-consuming work, needing expert input.
If you’re sitting on a mountain of personal wealth this bit is quite easy. The chances are though that you might need some financial backing for your business. The truth is that whilst you’re busy, and excited, about the create bit, you need to have sorted the invest bit.
Bank finance is available, as is investment from other sources. Ideally though you want investment from someone who knows recruitment. Financial backing from an organisation that understands the demands and cash flow needs of recruitment (think paying temp staff before your client pays you) is a massively more valuable thing than a structured loan that’s full of caveats.
And, having investment from an informed partner brings another huge benefit. A bank won’t be particularly interested in your day to day business. It’s not their style anymore. As long as their repayments arrive on time they’ll leave you alone. And not in a good way. But someone who is just as interested in watching your back as they are in payback means you’ll have peace of mind. The freedom to get on with the job.
This one is a bit like create. It means more than one thing. Support in terms of financial support I’ve covered. Ongoing financial support is crucial. But think about the back up as well as the backing. You need systems and they need to be road tested, highly reliable systems. In fact, the sheer terror of obtaining and installing the systems is one of the reasons many would be startups – don’t!
Just like with investment, you can get hold of ‘IT’ from a range of sources. But think about how much sense it makes if you can acquire recruitment systems from people who know about the industry. It’s worth looking.
This brings it full circle really. To grow the business you need to put in the work. Be out there talking to people, networking and winning contracts. It’s as personal as those first few moments when you decide to go it alone and decide what to call your business. The difference is that if you’ve called in all that industry expert help to create, invest in and support you, you’ll be free to get on with the business of growing your business.
Ultimately then growing your own recruitment business is down to you – and that will be why you’re starting it. But, you’ll grow it bigger and faster if you’ve addressed the all of the key issues from the start.