If you are thinking of working for yourself you need to be confident that you have something to offer. There is fierce competition in most sectors. If you think you can meet the challenge, then while you are making your decision you have to consider the areas where you might be weak. There is little room for getting things wrong because established competition is likely to have all its systems in place.
It is likely that you will have a good overall view of things if you have worked in a specific industry for a while. It does not make you a good administrator necessarily or someone who understands how to balance finance, but your expertise and knowledge would certainly be required to set up a recruitment business.
The secret to setting up a recruitment agency is to realise that you may need help with some things that are peculiar to the industry. It is all about people. You need to have the skills to both retain a labour force to meet today’s requirements and to maintain and expand your client base.
Some business sectors have been particularly slow in recent years but one that is expected to grow in the coming months is construction. It is recognised that there is a housing shortage in the UK that is growing all the time. Many projects that were shelved are being scheduled once again. While there are still funding issues the industry is forecast to grow and with it the demand for labour. You may not specialise in any particular sector but construction certainly provides an opportunity in the coming months.
You will need to have finance in place for starting out but also to ensure all your weekly paid personnel are paid on time. Your clients are likely to pay on invoice and want credit terms. There are few industries where you will be paying out well before your money comes in. It is a problem you will need to address in your business plan. Perhaps the best solution is one that Startupsimply offers which is a factoring facility. That means you receive your money as soon as you raise an invoice and the factoring company takes on the responsibility of credit control.
Time to drive
You can consider this and take the cost into account when you do your business plan. Not everything is so simple to cost. You will have to put a value on your time because if you are the person to drive the business forward you cannot afford to spend too much time over your administration. It has to be done if only because you have statutory responsibilities, not least to the tax man.
There are companies that are happy to provide a service to the likes of you; payroll processing comes to mind immediately. If that task is handled by outsourcing to an expert you will certainly have more development time. You need the right company because you bear the ultimate responsibility for the returns that are made to the authorities. Make the right choice and your energies can be directed towards growth; just as the UK economy is growing.