As the British weather is set to reach a record-high of 39 Degrees Celsius, many of the workforce will be taking annual leave to head to the beach for some summer rays. For the recruitment industry, this is a much-need break away from their agency, LinkedIn profile and busy phone lines. Whilst on their summer break they may also find themselves asking questions about the next step in their career, perhaps even starting their own recruitment business. In light of this, TBOS lists the 5 types of recruiters who should be following their dream and starting their own recruitment business this summer break.
RECRUITERS WHO HAVE EXPERIENCE IN THE FULL RECRUITMENT PROCESS
Recruiters who have worked in a recruitment agency for over a year will have first-hand experience of the full recruitment process. Being successful at communicating with clients and candidates is invaluable work experience for sourcing your own clients and candidates for your own recruitment business. Those who do not have this hands-on experience will struggle in the early stages of their new recruitment agency.
RECRUITERS WHO ARE BILLING THREE TIMES THEIR IDEAL INCOME
Although recruiters usually begrudge their existing agency for taking two-thirds of the profit generated, this is a good indicator of how much you will need to bill in order to run a successful agency. If you are good at obtaining high-billing clients for your boss and sourcing high-quality candidates, this is a great indicator who could do it for yourself.
RECRUITERS WHO HAVE BUILT UP THEIR OWN CLIENTS & CANDIDATES DATABASE FROM SCRATCH
When starting your own agency, you need to be able to onboard your own clients and candidates, and not rely exclusively on the business relationships from your previous agency. This is due to restrictive covenants within your staff contract or within the client and candidate contracts from your previous agency. If you have already built up a successful recruitment desk previously then doing this for yourself should be a replication of this original process.
RECRUITERS WHO HAVE HAD EXPERIENCE OF MANAGING A TEAM OF CONSULTANTS
Whilst managing staff is not a deal-breaking trait, it is highly recommended to have some management experience before starting your own agency. In order to grow a company of scale, you need to understand how to work with and manage your own staff members so that your own agency is not reliant on your billing alone.
RECRUITERS WHO HAVE A GOOD UNDERSTANDING OF CONTRACTS & COMPLIANCE IN THEIR INDUSTRY
When starting your own agency, the contracts and compliance on any new placements will have to be completed by you, which means you need to have a good understanding of what is required. Be sure to questions and take note of the full compliance side at your current agency so you fully understand what is needed for when you start trading. This way you can research and obtain your own contracts with a good understanding on the compliance side for your chosen industry.
HOW TBOS CAN HELP YOU FOLLOW YOUR DREAM
TBOS has over 10 years’ proven success when it comes to transforming seasoned recruiters into successful recruitment directors. Over 60% of our clients joined TBOS as a new start up, receiving full back-office and accounts support right up to their first placement and thereafter. They also benefitted from only paying for our services when it came to making their first placement. This meant our team completed their company formation and tax registrations on their behalf, leaving them to focus on recruiting those crucial first placements and growing their business.
Our solutions simply cover everything you need for a new start-up agency, our team manage anything from invoicing, credit control, invoice finance management (if required) right through to your VAT returns & year-end accounts. We can even help you with preparing contracts, ensuring your company operates compliantly.
If you would like TBOS to help you fulfil your dream of being a successful recruitment director, please contact our office for more information 0345 504 6333, we’d love to hear from you.