Recruitment - A Vehicle to Achieve Financial Independence?
Achieving financial independence is a tough task.
The first thing you need is a vehicle to get you to that goal. There's no doubt that a lot of people have struck rich by entering the recruitment market. As knowledge workers have become more important the gap between success and failure in companies has become smaller, and companies have become willing to pay for the talent on the market. If you have personality, flair and a fantastic ability to build relationships then recruitment may be a mechanism whereby you can do some amazing things with your life. In this article we will take a look at some of the ways you can go about starting up a recruitment business. It takes hard work and commitment, but those in recruitment often love the process too.
Choose a sector
Recruitment is a massive field. You need to decide whether you want to do recruitment for permanent jobs or temporary jobs. You need to pick a niche or a geographical area to focus on. A place to start is to think about where you have the most experience. If you have connections, relationships and opportunities in a certain sector then that may be the place to build your business. It is also important to think about whether people are willing to pay for the kinds of people you want to recruit. If the job roles you want to recruit for are oversubscribed with talented people it's going to be difficult to charge for providing candidates.
Get some funds behind you
It is a good idea to enter a new business with plenty of money behind you. This isn't always possible, but you need to have enough posture to be able to make sales without coming across as desperate. This may mean looking for some recruitment funding from a specialist recruitment financier or going to your bank. It may also mean cutting your regular monthly expenses in order to free up money for your business. Cash flow kills businesses. Make sure that you have projected where you want to be in six months and that you have the money to get there.
Work on yourself constantly
As any entrepreneur will tell you it is crucial that you work on yourself in order to be successful in any field. When working in recruitment, where soft skills are pivotal, you need to wake up with a good attitude, talk with passion, and understand the field that you are recruiting for. If you don't have this triad of competencies then you are doomed to failure. Read leadership books, attend seminars, listen to audiobooks and build yourself up as a person so that you can stay positive amidst rejection. You need to have the attitude that every no is one step closer to a yes and that you need to keep on picking up the phone, booking meetings, and doing the activities that will lead to success.
Work on candidates CVs
Recruitment professionals normally love to be on the phones and talking to people. Where they let themselves down quite frequently is in the preparation of the marketing brochures that get the sales. The marketing brochures I speak of are candidates CVs. When you talk to a candidate get talking about their successes in previous jobs. Get specific numbers that they have achieved.
I implemented a review project that led to a system that saved the company 30% per annum in staff costs.
I changed the front desk processes saving us an hour a day per person.
I increased sales year-on-year by 45% and hit targets of 70,000 per month every month.
By getting CVs achievement focused you give candidates a much higher chance of getting hired, and you a significantly better opportunity of making placements. Don't neglect CVs; invest time in them.
LinkedIn has become the recruiter's new favourite tool. You have just about every recruiter and candidates at your disposal on the system, and accessible for free. It might be worth getting a premium subscription to access more filters, but use the tool regularly and take a laser approach to finding the right candidates for your job placements.
Recruitment businesses are a fantastic way to start out with very little and build a big business. When you have moved to the stage where you have several recruitment consultants under you, you are on the journey to financial freedom. Build your brand, build yourself, and build the people you interact with a positive mental attitude and you will succeed.