Starting a recruitment agency is something that crosses the mind of most recruiters at some time or another. It is understandable particularly for recruitment consultants who are high performers. A quick look at billing’s delivered and take home salary has motivated many any ambitious recruiters to go it alone.
The reality of starting your own successful recruitment agency is somewhat different. Sitting in an office with a backup team and resources around you is very different from picking up the phone and selling your new recruitment agency without a track record. Add to that the new business process’s you will be involved with and managing a team on a shoe string and you can see where the cracks soon appear. The truth is that success in the recruitment business boils down to three main areas. The 3 M’s. Money, Mentoring and Mindset.
Yes I know this might sound obvious and yet many new recruitment business owners overlook this. If you have financial backing from an investor, a bank or your own savings this would be a sensible start. Like the famous saying about holidays. Always have more money than you think you will need. Costs can be minimised if you start with a plan and focus on the areas that are a must have,versus the nice to have. For instance ensure you have enough to pay your own home bills and expenses for at least three months. The buying cycle of your customers will make a huge difference to your cash flow in the early months. The sad fact is not everyone pays on time. That 5K commission cheque you were promised might take four weeks longer to land than your originally anticipated. If that is the case do you have enough in reserve to live and develop your business?
An overused term in all walks of life at the moment, and yet totally valid. Look at any high achiever and you will notice that they in general are pretty ordinary. No special qualifications or abilities. So what is the difference that makes the difference? Look at any successful athlete and they will share with you how their individual mindset works in their performance and results. As you watch a group of athletes running around a track they all look physically pretty similar. Something else is going on. The mastery of your inner game will produce outstanding results if that is what you want. The simple process was discovered many years ago and has been expanded on through the study of Neurolingustic programming and similar advanced thinking technologies. You have a thought, that thought creates a feeling you then act on that feeling and this produces a result. This can work for or against you. The good news is you can get help to work out how this process works individually for you, and then how you can change it to produce the results you want.
Leading on from mindset is mentoring. It is a recommendation many successful business owners will suggest if you are serious about starting a recruitment agency. Using a mentor will guarantee results at a faster pace provided you listen learn and then act. The advice will often help in the money part of the equation as well. Have you ever noticed that when you are really buzzing with a ‘can do’ invincible attitude the funds do seem to appear? How can that be? The power of focus will produce results. Working with a business mentor will ensure that you can short cut the process by helping you avoid unnecessary diversions to your actual goal.
In summary if starting a recruitment agency is your goal, have a plan and make sure the first three things you explore are the 3 M’s.
If you want to learn more about starting a recruitment agency get FREE access to our tips by visiting Centred Excellence at http://www.Centredexcellence.co.uk.
Nicky Coffin has over 15 years' experience running her own recruitment agency and helping other recruitment business owners to start theirs. If you want to know more about starting a recruitment agency that succeeds. Visit our interactive website at Centred Excellence.