Growing a recruitment business like any business can be a challenge but with the right guidance it is possible to build and grow a successful recruitment agency. Broadbean recently supported a Recruitment Entrepreneur event; ‘How to grow your recruitment business' with James Caan as the headline speaker who shared some of his steps to success.
Indeed there are a number of factors to consider when building a successful recruitment busines, however having access to the right resources, having industry insights and building the right team were highlighted durring the evening spent with industry experts.
According to Amy Golding, co-founder of Recruitment Entrepreneur the recruitment industry is worth £30 billion yet despite this remains very fragmented with a handful of key player making a majority of the that £30 billion.
Those that end up working with the Recruitment Entrepreneur team will have access to a multitude of resources. From experts in payroll to experts in admin to office space in prime locations; the company is allowed to ensure that they can focus on growing the business without having to simultaneously spin multiple plates.
For any entrepreneur starting a new business, being able to get first hand current insights into your chosen industry can prove invaluable. Broadbean's Sales Director, Steve Barnhurst, shared some of the trends that have presented themselves over the last few months. The data for June 2015 shows that recruitment is the 6th best performing sector which is good news for those starting or growing their agencies. There has also been a surge in the number of roles advertised within the recruitment sector although the wages advertised within the sector have fallen substantially. Another notab;e change has been around who is being hired with in the recruitment sector. More agencies are hiring people from within the industries they serve giving them a better perspective on their clients.
According to James Caan the key driver in leaping from a boutique recruitment firm to a much bigger one is your talent attraction. No one can be great at everything and by bringing in the right talent you can also work on building the right culture that will allow your company to thrive. Therefore whether there is a role to hire for or not, James Caan now spends 80% of his time focusing on talent attraction.
So whether you are just about to launch your recruitment business, or you are growing your current business don’t forget to sit back and take stock of your strategy. Focus on your operational factors just as much (if not more) as your financial factors as a driving force – it will pay off in the long run.
What would your top three factors to building a successfull recruitment business be? Share your thoughts in the comments section below.