{"id":750,"date":"2020-07-04T23:01:27","date_gmt":"2020-07-04T22:01:27","guid":{"rendered":"https:\/\/devwebsitepro.com\/newmillennia\/?p=750"},"modified":"2023-09-08T11:06:37","modified_gmt":"2023-09-08T10:06:37","slug":"7-ways-to-keep-your-start-up-recruitment-agency-overheads-to-a-minimum","status":"publish","type":"post","link":"https:\/\/www.newmillennia.co.uk\/blog\/7-ways-to-keep-your-start-up-recruitment-agency-overheads-to-a-minimum\/","title":{"rendered":"7 Ways to Keep Your Start-Up Recruitment Agency Overheads to a Minimum"},"content":{"rendered":"
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Starting your own recruitment agency<\/a> is an exciting time, however it can be expensive when you\u2019re first starting out. It\u2019s natural to want to get everything in place as soon as you get going, however this can mean that costs can quickly spiral out of control.<\/p>\n

Here at New Millennia we work with new recruitment agencies every day, and if asked, one piece of advice we always give is to keep overheads to a minimum. We know that can be tricky as a new business, so we\u2019ve put together a few tips to help:<\/p>\n

1) Work from Home<\/h3>\n

It can be tempting if you\u2019ve left a bigger recruitment agency to immediately want to move in to your own office space. You\u2019re probably thinking you want to appear professional and have an impressive place to meet with clients and candidates. However rent will likely be the biggest cost you\u2019ll have each month and will put a lot of pressure on your business in the early days.<\/p>\n

Instead consider using flexible workspace or simply work from home to help keep costs low. You can meet candidates in hired meeting space or more informally at a coffee shop. You can then invest in a really great looking office once you\u2019re more established!<\/p>\n

2) Shop Around for Quotes<\/h3>\n

You might need a number of external services such as an accountant or marketing support, as well as essentials such as insurance. Make sure you take the time to shop around for quotes, as you will find that services can vary wildly in price. Ask for recommendations from other self-employed people you know to get the best services for the best possible price.<\/p>\n

3) Make Careful Hiring Decisions<\/h3>\n

You\u2019re about to open your own recruitment agency, so chances are you know a thing or two about hiring! However you do need to think smart about the decisions you make. For example, we\u2019ve seen startups invest in numerous admin staff when starting out, to handle back office functions. Back office functions<\/a> can be outsourced, helping you focus on finding work and keeping costs low.<\/p>\n

4) Go Paperless<\/h3>\n

It might seem like a small thing but it can make a big difference. Also it\u2019s much easier to go paperless if you decide you\u2019ll do it from the outset.<\/p>\n

5) Monitor Your Meeting Costs<\/h3>\n

When you first start out you\u2019re going to be attending lots of meetings with clients and candidates. Travel costs and other extras, such as drinks or meals can really begin to add up. Consider what the outcome of each meeting is likely to be before deciding whether to travel there. A video conference as a first port of call can be useful to suss out whether it\u2019s worth the investment.<\/p>\n

6) Invest in the Right Digital Tools<\/h3>\n

With so many job boards to choose from and a range of different digital tools for managing your accounts, workload and marketing, you could end up spending a lot of money. Spend the time considering the return on investment for each service or tool you sign up for, paying close attention to any user reviews. Take advantage of free trials, just make sure you cancel before the end of the cancellation period!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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7) Consider the Benefits of Recruitment Funding<\/h3>\n

It\u2019s a great feeling once you fill your first role, however you then need to wait to get paid! Recruitment funding helps to plug that gap.<\/p>\n

Here at New Millennia we specialise in the financing<\/a> and management of new recruitment agency start ups.<\/p>\n

We offer a 100% financing option<\/a> for invoicing, and unlike the banks we won\u2019t do a stringent eligibility check. Call 0161 337 9882 or email enq@nmgroup.co.uk to find out more.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Starting your own recruitment agency is an exciting time, however it can be expensive when you\u2019re first starting out. It\u2019s natural to want to get everything in place as soon as you get going, however this can mean that costs can quickly spiral out of control. 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