{"id":1401,"date":"2021-08-03T18:14:02","date_gmt":"2021-08-03T17:14:02","guid":{"rendered":"https:\/\/devwebsitepro.com\/newmillennia\/?p=1401"},"modified":"2023-09-08T09:46:44","modified_gmt":"2023-09-08T08:46:44","slug":"finding-the-funds-to-start-your-own-recruitment-business","status":"publish","type":"post","link":"https:\/\/www.newmillennia.co.uk\/blog\/finding-the-funds-to-start-your-own-recruitment-business\/","title":{"rendered":"Finding the Funds to Start Your Own Recruitment Business"},"content":{"rendered":"

You\u2019ve got the experience and you\u2019ve decided to go for it \u2014 you\u2019re starting your own recruitment agency<\/a>!<\/p>\n

However your first stumbling block might be exactly how are you going to find the funds to get going.<\/p>\n

Do Your Research<\/b><\/h3>\n

You need to do your research to understand what costs you need to budget for.<\/p>\n

Often in these situations there are costs that you might not even have thought of, but everything needs to be considered so you can make the most informed financial decision.<\/p>\n

We\u2019ve written an insightful article breaking down just how much it costs to start your own recruitment agency<\/a> which can be a great place to start.<\/p>\n

Take a Look at Your Personal Finances<\/b><\/h3>\n

Before you do anything take a look at your own personal finances and how they\u2019re going to be hit by the costs of starting your own business.<\/p>\n

You may have savings from your time in employment that you\u2019re planning to use, however you do need to consider how quickly they could be swallowed up.<\/p>\n

Running a credit check on yourself can be a good start, so you know your position if you need to contact your bank for funding.<\/p>\n

Explore Start Up Loans and Grants<\/b><\/h3>\n

There are many different organisations out there that offer loans and grants to people starting their own business.<\/p>\n

As long as you can prove your track record and have a clear plan for how you\u2019ll develop and grow your business, you may be able to access some funds.<\/p>\n

Take a look on the gov.uk website for a list of finance and business support schemes<\/a> for you to explore.<\/p>\n

Ask Friends and Family<\/b><\/h3>\n

One approach that some people take is to ask friends or family to invest in the business by offering funds for the startup.<\/p>\n

The benefit of course is that you can get quick access to the funds, and not have to go through the hoop-jumping that you experience when trying to access a bank loan.<\/p>\n

However this can be a tricky strategy and can impact on personal relationships, particularly if you\u2019re asking for a loan that you somehow find yourself unable to pay back.<\/p>\n

Take a Bank Loan<\/b><\/h3>\n

Your first thought for accessing funding for your recruitment agency might be to apply for a loan from your bank.<\/p>\n

Most banks will offer loans to startup businesses, yet they will expect a proven track record and a personal guarantee.<\/p>\n

As a startup recruitment agency it can be extremely difficult to demonstrate a track record of success, plus it puts the pressure of starting your own business on someone else\u2019s finances if you use a personal guarantee.<\/p>\n

Apply for Specialist Recruitment Finance<\/b><\/h3>\n

One approach you might not have considered is specialist recruitment finance.<\/p>\n

Here at New Millennia we specialise in providing funding<\/a> for startup recruitment agencies.<\/p>\n

Our bespoke offering provides support that your startup recruitment agency requires, leaving you free to offer the highest quality service to your clients and candidates.<\/p>\n

You only need three things to access funding:<\/p>\n