Starting out on your own for the first time can be a daunting experience especially if you are leaving the security of a fulltime job in recruitment. But, for those that feel the fear and do it anyway, the rewards can be great!
If you have never started your own business before, here are some things to consider.
What are you going to call your new company? Have you completed the legal process of getting it registered on Companies House? Sorted out shareholders, partnership agreements and articles of Association etc? What about a Bank account? Has HMRC been in touch?
Once the legalities are complete – what do you do next?
- Business Plan
Whether you write your business plan before you create your company or if you do it after, write one! A business plan is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to focus minds on the specific objectives necessary to help the business to succeed; it will be your benchmark to measure your progress. A business plan is never set in stone and will need to adapt as you learn and perfect your own business processes. One thing is for sure, it should not then be left in a draw forgotten, but a document you are measuring yourself against.
- Understand who your customer is
Part of your business plan should feature a clear understanding of who you are selling to and understanding the marketplace in which you operate. Once you know your customers’ buying habits, it is much easier to create the relevant sales and marketing strategy to help you to win business and start to make money.
- Start small
You do not need much to get started – a phone, a laptop, and a good CRM system; there are lots available so do your research and find the one that is best suited to you. Focus on developing your clients and set sales targets. Use your CRM system to help. Like having a phone and Laptop, it is a vital part of your business and is much easier to implement earlier than putting it off until you must go back and rethink your business processes.
- Stick to what you’re good at
I’m a firm believer in doing what you’re are good at. If numbers and keeping your accounts in order is not your thing, outsource it to a local bookkeeper who can keep you compliant. By outsourcing the things that you don’t enjoy, you can focus on growth from earning money.
- Advisors/your network
Being in business can be lonely, having people with whom you can share and discuss is vital to ensure you can make the right decisions. Somethings we all need is a sounding board. So, as you embark on your journey, remember you are not alone and meeting other recruitment business owners and forming a support network helps to cheer you on and support you when times are tough.
- Know your numbers
It is very important that you know your numbers, what the monthly figures look like, what the profit is and what your actual costs are. Can you do anything more to reduce your overheads? Having your finger on the pulse when it comes to your business finances can make the difference between success and failure.
- Enjoy your journey
As you start your journey in your new venture, there will be good times as well as days when things are tough. Regardless of what your business day throws at you, take time out for yourself, whether its first thing in the morning or taking a long weekend. Running a business is not only fun and rewarding, but can be very stressful, so it’s important that you look after yourself. You can (and should!) learn more from your mistakes than your successes. So never be afraid to try something new. Its ok to get it wrong sometimes, so long as you can take some knowledge out of it and do better next time.
8. Have passion
Many people who work for themselves, quickly become unemployable. Running your own business is a roller-coaster of a ride. You are the captain of your own ship, and you can take it anywhere you like. If you love what you do with a passion, you will never work for someone else again – as the saying goes.
