Is there ever a perfect time to start a business? Often there’s only the right time for you, but right now, there are some pretty solid signals that the recruitment industry is in a healthy place and ripe with opportunity.
Those signals include:
These are all good indicators that there will be plenty of opportunities to find great quality clients and candidates to create a sustainable business at pace.
Small is still beautiful
Despite research showing that 7,000 recruitment agencies were formed in the UK in 2017, small businesses are perfectly able to compete with the bigger ones thanks to specialising in a particular niche. Instead of being all things to all people, sticking with what – and who – you know means you can capitalise on your existing profile in an industry you know, and have a head-start on the basics for your new venture.
Technology has made creating an agile and streamlined business easier than ever – and generally without huge capital costs. Marketing automation, assessment platforms and recruitment AI – such as software to do initial screening of applications – have all made it easier to get through more work with less people, meaning setting up on your own has never been easier.
While larger agencies will have to take longer to implement new systems and technology which save time and money, more agile smaller concerns can take advantage of the latest developments to help them stay ahead.
The investment is comparatively small
Ten years ago setting up a recruitment business could have cost upwards of £25,000 by the time you factored in a website, recruitment CRM, branding, stationery, accounting software and prime city-centre office space.
Today those costs are significantly reduced, with a shift in attitude around whether a city centre address is really necessary now virtual and remote working is so much more popular, plus reducing costs of technology and ready availability of freelance talent for things like branding.
It still takes plenty of time and energy to put everything together though – time which means you’re not earning, so a ready-made package might be the right option for you.
And with cashflow being among the top reasons UK businesses fail and 50% of new businesses folding by the time they get to the five-year mark, it’s important to know what you’ll need to invest, what you’ll need to earn, and to have some savings to make sure you can bridge that gap.
Our Human franchises include:
So you can secure a turn-key business all for a relatively low set-up cost and be trading in double-quick time.
If you want to discuss your options, give one of the friendly team a call on 01709 717212.