Hi there, I am Mayuresh. I have one shop with enough space for a recruitment agency, and I also have a database of job seekers (latest). I want to start my own recruitment agency in Mumbai itself. I have a few questions, and I hope you can help me out.
Questions:
1. What kind of license do I need to start a recruitment firm?
2. How should I approach a company to ensure payment for providing them with the best candidates? Do I need to email them or visit the company in person?
3. Is there anything that I might be overlooking?
I want to clarify that I do not intend to charge candidates for my services; instead, I aim to generate revenue by charging companies, similar to other recruitment agencies. Could you please provide me with information on how to achieve this?
Thanks in advance.
From India, Badlapur
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1Questions:
1. What kind of license do I need to start a recruitment firm?
2. How should I approach a company to ensure payment for providing them with the best candidates? Do I need to email them or visit the company in person?
3. Is there anything that I might be overlooking?
I want to clarify that I do not intend to charge candidates for my services; instead, I aim to generate revenue by charging companies, similar to other recruitment agencies. Could you please provide me with information on how to achieve this?
Thanks in advance.
From India, Badlapur
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Hi Mayuresh,
You have to professionally represent your company to clients. To do that, you have to either incorporate under the Companies Act or create a partnership firm to show that your company is a legal entity.
Secondly, you will have to promote yourself aggressively and, at the same time, understand the market sentiments. Any client will ask you what value addition you are bringing to the table for them. If you can answer that question, then you will win the client to your side, and they will definitely pay for the services you provide.
Best wishes
From India, Chennai
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You have to professionally represent your company to clients. To do that, you have to either incorporate under the Companies Act or create a partnership firm to show that your company is a legal entity.
Secondly, you will have to promote yourself aggressively and, at the same time, understand the market sentiments. Any client will ask you what value addition you are bringing to the table for them. If you can answer that question, then you will win the client to your side, and they will definitely pay for the services you provide.
Best wishes
From India, Chennai
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Thank you for your response FredAnth. Can you tell me how I can approach a company so that I can get paid for providing them the best candidate? Do I need to email them or visit the company?
Thanks in advance!!!
From India, Badlapur
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Thanks in advance!!!
From India, Badlapur
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If you are having to ask us how to open and build a business, then you are not yet ready to do this as it appears that you have not done any planning whatsoever.
Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
From reading CiteHR, it seems that half of India is setting up recruitment businesses. I have no doubt that there are probably hundreds of similar placement businesses in Mumbai at the moment. That's a lot of competition to fight.
What is going to be different about you and your business?
How are you going to find clients, when all the other outsourcing businesses around you are seeking the same clients?
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
While you have a shop, what capital and ongoing finance do you have to start this business, hire and pay staff, fit out your office accommodation, pay for marketing and advertising, etc.?
How many other similar businesses are there right now in the area around you that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year, and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses and are now desperately seeking clients, etc., because the business is failing. I'll guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
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Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
From reading CiteHR, it seems that half of India is setting up recruitment businesses. I have no doubt that there are probably hundreds of similar placement businesses in Mumbai at the moment. That's a lot of competition to fight.
What is going to be different about you and your business?
How are you going to find clients, when all the other outsourcing businesses around you are seeking the same clients?
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
While you have a shop, what capital and ongoing finance do you have to start this business, hire and pay staff, fit out your office accommodation, pay for marketing and advertising, etc.?
How many other similar businesses are there right now in the area around you that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year, and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses and are now desperately seeking clients, etc., because the business is failing. I'll guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
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Thank you for your great advice, Aussiejohn. I have some funds, and I am planning this firm with my friend, and we both will be working in it. I have been doing research for this business for a few weeks and have conducted a SWOT analysis of myself and my business idea! Thanks once again for making me think again and more seriously about my decision.
It will be great if you answer my question: How can I approach a company so that I can get paid for providing them the best candidate? Do I need to email them or have to visit a company?
Thanks in advance :)
From India, Badlapur
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It will be great if you answer my question: How can I approach a company so that I can get paid for providing them the best candidate? Do I need to email them or have to visit a company?
Thanks in advance :)
From India, Badlapur
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Mayuresh,
Having no sales or marketing experience, I am not really in a position to give advice on approaching companies. However, I would say that visiting them for a face-to-face discussion offers more chance of success than a cold, anonymous email.
Speaking with potential clients gives you the opportunity to explain how you will provide the best candidate, why your company is different from others in the market, and, of course, your fees and charges. Being on the spot also allows you to answer questions and counter any concerns the client has.
But, and there is always a "but," you must have your pitch honed to perfection. You must know everything about your business and how you operate, etc. You must be able to answer every question about your service, and you must tell the client why you are better than your competitors - with convincing reasons. You will get only one chance to persuade the client that you can provide the service. It has to be right the first time. It goes without saying that you need to turn up at the client's premises looking professional in your dress and manner. In addition, your brochures, fee schedule, and other materials to leave with the client should be professional-looking as well.
From Australia, Melbourne
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Having no sales or marketing experience, I am not really in a position to give advice on approaching companies. However, I would say that visiting them for a face-to-face discussion offers more chance of success than a cold, anonymous email.
Speaking with potential clients gives you the opportunity to explain how you will provide the best candidate, why your company is different from others in the market, and, of course, your fees and charges. Being on the spot also allows you to answer questions and counter any concerns the client has.
But, and there is always a "but," you must have your pitch honed to perfection. You must know everything about your business and how you operate, etc. You must be able to answer every question about your service, and you must tell the client why you are better than your competitors - with convincing reasons. You will get only one chance to persuade the client that you can provide the service. It has to be right the first time. It goes without saying that you need to turn up at the client's premises looking professional in your dress and manner. In addition, your brochures, fee schedule, and other materials to leave with the client should be professional-looking as well.
From Australia, Melbourne
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Mayuresh, writing to the company or visiting them is only one part of the business cycle. Your approach should be strategic and tactical...if you are a Biz Dev person you will understand what I mean.
From India, Chennai
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From India, Chennai
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