Article published on: 20/05/24
Being aware of what to expect and grasping the obstacles of launching a business can help you be well-prepared and motivated to strive towards achieving agency success, when starting your own temp agency.
Starting your own temp recruitment agency is now more accessible and achievable than ever, but if you are thinking about this move in the near future it is best to be fully clued-up.
It can be isolating and the often non-traditional, plus long working hours can make starting your own agency quite lonely at times. But despite your social life and family time being impacted initially - this is usually fairly short term and more prevalent in the early days. Read on for some of the key things people fail to mention about starting your own temp agency.
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Cash Is King
Your biggest worry overall may well be whether or not you can pay your bills. As long as you are making sensible, calculated and realistic financial decisions - keep going!
Most recruitment start-ups seek funding early on. Even when self funding is available, it is generally not sustainable, especially in the temporary recruitment sector where businesses are required to invoice and make payroll on a weekly basis.
Learning to be financially savvy is great training for the future and will help you to manage your finances both on an ongoing basis and as you grow as an agency.
Outsourcing your recruitment back office to the right third party will ensure you can maximise your earnings from day one, freeing up time and money for reinvestment and sales work.
Doubt
You will question yourself at times - there is no doubt about it - and will also feel like you are the only one to go through the situation. You will be personally challenged in a whole number of ways but this can ultimately make you more business focused and resilient.
You will also more than likely be doubted or face cynicism. Many will offer opinions, but it is up to you how much you listen to them!
Managing fear
Everyone has difficulty when starting something new which is normal - we all have our own routine and like to stick to it, venturing away from this can cause apprehension.
Fear doesn't have to be bad! it can offer an elevated sense of awareness, which can improve decision making and focus.
Fear can instigate a need to plan and prepare, increasing confidence and efficiency. By considering fear as a positive state of mind and taking actions despite it, can allow for success in many ways.
A certain amount of error making is unavoidable but if you fear making mistakes altogether, you will never take the risk.
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Due Diligence
It is worth making enough time for administration and laying agency groundwork - these are essential elements that always need doing and doing well, despite them not being as exciting as other areas. There are options to outsource such areas too, so you can focus on the job in hand - placing candidates and building a client base.
Stay Focused
Remain clear on your goals and what your overriding aims are. It can be easy to get distracted and enthusiastic about new directions and sub-ventures, but make sure you don't loose sight of priorities and business critical decisions at the same time.
Support Network
Often people in the same boat are even more likely to provide a thorough support network. Sharing experiences or perhaps finding a mentor who has successfully ran their own business for a while, can be a great insight provider. Don't be afraid to ask for advice.
We can support you from the off at Flo, with resources, funding and all the services needed to launch your agency.
Contact us on 01827 438065 or info@flo.co.uk to find out more.
Flo is registered in England and Wales, with registration number: 08445681
