5 Biggest Lies that Stop Recruiters Starting their Own Recruitment AgenciesAugust 24, 2020 8:26 pm
The recruitment sector is robust, even in a year that’s stunned the employment market at times. It’s an industry that’s proved quick to adapt and tough enough to come back fighting. Look, if it was easy, everyone would be doing it. But some reasons I hear to not do it are just plain wrong. Such as these:
Lie 1: You need loads of money
I started JMC Legal Recruitment in 2016 with no loans, no investors and no large inheritance to fund me. But I did it anyway, and succeeded. It wasn’t down to luck – it was a lot of hard graft. But in practical terms, what you need as well as a healthy dose of determination are just three things:
- A phone
- A laptop
So don’t believe the lie that you need an enormous pot of cash, investor-backing or a large bank loan from a high-street lender to start your business. I wouldn’t have started JMC if I believed this lie.
Lie 2: You need an office and lots of employees
No you don’t. In fact, diving into renting an office and getting lots of bums on seats is a common way new businesses quickly get into financial trouble in the first year.
There are a lot of outgoings you must account for if you go this route. Office rents are high and taking on employees requires a lot of extra costs and paperwork on top of the wage bill. But there are alternatives:
- Consider co-working office spaces,
- You can outsource office support to professional VAs and freelancers
- Look at digital tools to grow your business.
These could all be better options in the early stages of starting an agency.
Lie 3: You need a foolproof 5 year business plan
Well, you’ll need a plan. And it would be lovely to have one that runs for 5 years and covers every eventuality. But it’s not essential – and you might want more flexibility. What you do need are these:
- clear goals
- a long-term vision
- a proper strategy
Don’t ignore costs either. Break down how much you need to get started and how you’ll fund your growth. Be realistic and set achievable aims and see your plan as a guide that keeps you thinking about the big picture.
But the rest are finer details that can suck up your time and energy better spent on starting the business. So don’t get stuck on the small stuff.
Lie 4: You won’t have a life
Not true. Get it right and you could be living your BEST life choosing this route. And you don’t need to be a workaholic to get there. Successful recruiters who become their own boss find a passion that drives them to make a success of it.
But this is a long journey, so you also need to look after yourself. If you start your business by working every hour of the day, you’ll burn out in no time.
- Build in time to rest
- Step away from your screen regularly
- Have hobbies outside of work.
Don’t think about losing time in the short term. Research shows taking time to recuperate helps your creativity and problem-solving skills. All necessary to make a success of starting your own recruitment business.
Lie 5: It’s not the right time
There’s no denying that 2020 has thrown up unexpected challenges for the recruitment sector. But data has shown that recruitment was one of the first to bounce back. We’re a robust bunch!
If you’re an established recruiter with a healthy contacts list, there’s no reason to presume this year is a write-off for starting your own recruitment business. In fact, now is a great time for small players to step into this market and offer something new. Technology is making it a lot easier for you to compete with the big firms.
So If you can see a gap in the market – focus on filling it. Being innovative and harnessing technology could be your route to offering something new in your specialty.
There’ll never be a perfect time – so choose the time that’s right for you.
Jason Connolly set up JMC Legal Recruitment in 2016 when he was still in his 20s. JMC Legal quickly established itself as one of the big players in the industry, and Jason has also become a well-known fixture in the press, offering advice and support.
JMC Partners is looking for recruiters interested in starting a business partnership under the JMC brand. Find out more here or contact our office for more information.
This post was written by jmcpartnersTags: agency, entrepreneurs, lies, own, recruiters, Recruitment
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