A lot recruitment consultants who may have the skills to be a success often struggle once they go at it alone. The main reason for this is that they have not fully considered all of the costs associated with running their recruitment agencies.
If you are in the process of totting up your projected figures, some of the best advice I can offer is to over estimate any costs that you have included and under estimate any income that you think you can make. This will give you a better look at the picture when it comes to your first few months to a year of trading.
The first cost that you should think about is the cost of where your recruitment agency is going operate from. Many plan on running their agency from home, but realistically this is not a viable option.
Purchasing or renting an office is a possibly better option as you will need to have somewhere to work from. I would recommend that you rent some office space to begin with as you don’t really need to, or shouldn’t want to commit yourself to owning anywhere until you know you are safely off the ground.
Why would you need an office space if your going to work alone? Well perhaps you don't. You are going to need to employ somebody to help you, even if it’s in a secretarial support role. Recruitment Agencies have plenty of paper work and regular incoming calls. These tasks need to be dealt with by somebody else whilst you are trying to secure and place candidates.
Apart from your heating and electricity bills, a large expense will likely be your telephone bill. Recruitment Consultants do spend a lot of time on the telephone to ensure that they are working to gain placements and opportunities to do so. As well as a landline phone bill, you will find that running your own business does involve you making a lot of calls on your mobile phone – even when your on holiday!
The final big regular expense that you will have to incur will be that of your accountancy firm. You should always look to employ a professional accountant to do your books as it will save you a lot of time and stress.
If you are in the process of totting up your projected figures, some of the best advice I can offer is to over estimate any costs that you have included and under estimate any income that you think you can make. This will give you a better look at the picture when it comes to your first few months to a year of trading.
The first cost that you should think about is the cost of where your recruitment agency is going operate from. Many plan on running their agency from home, but realistically this is not a viable option.
Purchasing or renting an office is a possibly better option as you will need to have somewhere to work from. I would recommend that you rent some office space to begin with as you don’t really need to, or shouldn’t want to commit yourself to owning anywhere until you know you are safely off the ground.
Why would you need an office space if your going to work alone? Well perhaps you don't. You are going to need to employ somebody to help you, even if it’s in a secretarial support role. Recruitment Agencies have plenty of paper work and regular incoming calls. These tasks need to be dealt with by somebody else whilst you are trying to secure and place candidates.
Apart from your heating and electricity bills, a large expense will likely be your telephone bill. Recruitment Consultants do spend a lot of time on the telephone to ensure that they are working to gain placements and opportunities to do so. As well as a landline phone bill, you will find that running your own business does involve you making a lot of calls on your mobile phone – even when your on holiday!
The final big regular expense that you will have to incur will be that of your accountancy firm. You should always look to employ a professional accountant to do your books as it will save you a lot of time and stress.
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