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Saturday, 30 March 2013

How to start a recruitment consultancy business?

Last year, we were looking for a home nurse to help an elderly person in the family. We had used up all the contacts within the family and were like giving up the search. Just then we got to know about a recruiting agency in the adjacent town that has a list of people ready to work for various needs. Surprisingly, we got our need served from there instantly. The person whom they provided is strikingly good and is now like a member in the family. What I would like to add to this is that, the recruitment agency is all run by women! What a brilliant business idea for any woman that too with hardly any investment!

A recruitment firm is essentially a middle man who connects the job seeker and the employer. The one who runs the agency collects all data about the skilled people looking for a job and maintains it as a database. When someone approaches them demanding a particular skill, they list out the options available and hand over the contacts. Sounds pretty easy right?

How can you set up a recruitment firm?
To set up a recruitment firm you need nothing more than your home. A positive attitude towards life and good communication skill can impress anyone walking into your agency. Apart from that, mainly you need to maintain a file rich with candidates looking for job. This file can be maintained on a simple notebook or if your infrastructure allows it can be a MS Word or MS Excel file on your computer. Ensure to have all the details about him/her like name, address, contact numbers, education, work experience, etc. You can assign a job code to each of them and classify them based on the skill set. This will ease up the information retrieval process. Have a copy of their resume ready and note down how much they are expecting as payment. Additionally, you may mention their job preferences – for example, job roles, working place or timing.

A recruitment firm need not restrict itself to include only one set of skilled people. It can be a maid, home nurse, programmer, web developer, finance analyst or some other professional looking for a change in the company. You can include people who are ready to work on a contract basis or as a regular employee. You can also include freelancers or a service provider.  Similarly both part time and full time professionals can be included. You can also include skilled home makers in your friends list who want to do something out of their life.

Once you have a decent number of candidates in your job database, you can start advertising about your agency. People will come to you asking for different skills. You can show them the respective candidates and they can choose from among that. Sometimes, the required skill may not be present in your stock, then talk to them nicely and try to provide one at the earliest.  You note down such demands as ones needing immediate attention. Keep the communication lines open. Having a dedicated telephone line and printer can make your recruitment firm very professional.

It will be great from your side if enquire about the personnel you provided to the employer and vice versa regarding the job satisfaction. Please keep in mind to keep all the contacts for future reference.
Well, that says how to run a recruitment firm but how to earn money from it?

How to monetise your recruitment agency?
A recruitment firm can earn money basically in two ways. You can ask for registration charges from the candidates. They will agree to this as they are getting a window opened to start a career. Secondly, you can ask from the employer, a portion of the first salary of the respective candidate whom they picked. This way none is putting their money at risk. At the same time you are getting paid for your service. Depending on the quality of the skill, you will get paid more. The candidate will be happy to share his first salary with you as you will definitely pitch for a higher salary.

Ways to make your recruitment firm excel in recruiting service

Before adding a candidate to your database, you can run an assessment on him by taking some tests and interview.  Only if he/she passes the threshold, add to the database. This way you can ensure that all the candidates are of superior talent and whoever picks them up will return to you asking for more like them. Similarly, you can do a background check on the employer to see if they are genuine. This will reveal the working environment to the candidates prior joining. Also you can eliminate the possibility of a fraud company approaching you for talent. If you are able to provide the best job for each of the candidates in your list, in no time you will excel in your service.  

To get more skilled people in your list, you can check out internet and newspapers. You can further call up each of such candidate and (with their consent) add them to your database after assessing them. Similarly you can look for people searching for professionals and contact them in case you can meet their demand. To make this venture successful, always maintain a good relationship with persons whom you meet. In a short span you develop a positive reputation for your agency. Once you are up and running in full swing, you can employ more ladies to this venture and expand it further.

Why a recruitment agency is an ideal business opportunity for women?

A recruitment agency is considered as a successful business model and there are many around. Right now many companies are looking for cutting down their cost by distributing the work to skilled people who are ready to build a career at home. Being a home maker you are at the advantage of knowing many such people.

Low capital – For a recruitment firm you need a little space, a telephone line, internet enabled computer and a printer. Most of the modern homes have all these and hence you don’t need any additional money to set up one.
Flexible timing – Apart from fixing visiting hours, you don’t need any fixed hours to run your recruiting agency.
No work pressure – You don’t have any deadline with this venture. Commit to your clients only if you are optimistic in meeting their demand. Otherwise tell them nicely that you don’t provide such sort of service. This way you don’t feel that you are working, but giving some help to the society.
Decent earnings – You can charge at least Rs.500 as registration charges and the income from the employer once the candidate gets recruited is additional income. The earnings are quite decent and if you work hard, you can increase it easier.
Work from home – The ability to work from home can make you switch your roles as and when required. This way you are maintaining the role of home maker well too. 
No educational prerequisite – Except for good communication skill, you need no educational qualification to get started with a recruitment firm. Having a good managerial background is an added advantage though.

Definitely, a recruitment firm is an ideal business opportunity for any home maker. More than engaging yourself with something creative, you are helping many others like you to be independent. Put your heart and soul in to this to be a boon to the society. Who knows if one day you will be the next monster.com or naukri.com!