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The number of new recruitment companies launching in the UK has reached an all-time high. But launching a recruitment agency and growing it into a successful, long-term business are two very different things. How you position yourself in the market – especially when you’re in a sector as competitive as recruitment – is key to carving out market share and that comes down to your value proposition (VP).
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Credit checks are a vital step in the process when it comes to working with new customers and it’s important to get them done as early as possible. You need to understand the status of a client and what the potential risk may be before you start dealing with them. As you will be paying contractors before you get anything back from the client, any delay or non-payment could see you suffer a significant loss.
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The way recruitment agencies work and the business model they follow makes them a pretty rare breed in the business world. As well as mastering the core functions every business needs to succeed – from generating leads to closing deals – there are a whole host of unique processes that will typically be running in the background, such as invoicing, credit control, timesheet management, paying contractors and remittance.
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If you’re dreaming of taking the plunge to start your own recruitment company, then you’re not alone. Last year a record number of new businesses were registered with Companies House, pushing the total number of recruitment agencies in the UK to around 40,000.
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So you are thinking of branching out, taking on a new challenge and starting your own recruitment business. Your motivations to start-up may be varied; from seeing it as the next logical career progression or simply you feel you have outgrown your current employer and you are in conflict with the culture, working practices or remuneration.
Read moreThe 3R team are back together in the office after our family summer holidays! We’ve hit the ground running with lots to carry on with and new business to explore.
Read moreWith the success and growth of 3R’s Start-up’s and 3R Finance we have been busy recruiting new staff to the 3R team.
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Be clear on why your are starting up your own recruitment business Whatever your motives to start-up your own recruitment business, be those for greater financial reward for your knowledge and efforts, or because it’s the next challenge in your career progression. You need a business plan to reduce the risk of failure by ensuring you remain focused on what is important and to be able to measure your business progress.
Read moreIt has been a phenomenally start of the year at 3R. Clearly the long awaited optimism throughout the economy has given extra confidence to experienced recruiters to seriously think about setting up their own business.
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