Is it actually a good time to start your own recruitment business during an ongoing Pandemic?

With everyone a perceived expert on how to manage Coronavirus, one thing is clear, the virus is here to stay for a while longer and increased social distancing measures will be enforced. Local lockdowns in the North of England have been in play for a while and whispers of a London Lockdown have started to be banded around this morning. Work from home rather than work in the office, finish your drinks earlier and cover your mouth! There’s a lot going on for even the most positive mindset individual.

Still, in adversity there is always opportunity.  Got used to working from home? Can’t bear the thought of some day going back to the corporate grind? Do you have a network you can rely on for support? Why not take the jump now and branch out on your own.

There is an argument that a difficult economic backdrop makes businesses tougher and nimbler in years to come.  If you start out in recruitment now as the country experiences varying lockdown restrictions, you will really have to scrape and scrimp to make that business successful. Every deal, every placement resonates and what you learn now, the hard way, will pay dividends in years to come.  

It also forces new ways of thinking and planning.  1 in 5 agencies closed their doors in the financial crisis of 2008/9 and many would argue that they were entrenched in old habits, unable to innovate with old systems and processes.  Young dynamic recruitment businesses that demonstrate innovation potential will likely exhibit higher growth when the good times roll again. Which they will. 

During shutdown individuals will have had time to think. Furlough or redundancy will have enforced individuals to slow down from busy schedules and the entrepreneurs out there may have had business ideas kicking around for a while.  If the barriers of a salaried job don’t exist anymore (because the job doesn’t exist or probably won’t soon) there is a greater motivation for setting up their own business and not returning to the old normal.  At Quba Solutions we’ve seen a marked increase in enquiries relating to new start ups over April and May from those redundant or on furlough leave with little prospect of return.  If that is you, now is the time to maybe take that leap and speak to us on how we can help. 

What do you need? 

Experience for one, hugely important to know your industry and your network.  Aside from that a laptop and a phone are your primary costs.  Register a limited company and away you go.  Obviously, there are further costs a few months down the line like an accountant, maybe a CRM, a basic website and some marketing etc but one thing you will need especially if you are looking to run temps, is funding.  Traditional invoice finance allows a drawdown against invoice amounts but what you will really need is an invoice factoring product that can take care of your timesheets, payroll, invoicing and credit control. 

At Quba Solutions we’ll take care of all of the back-office elements providing a personal Relationship Manager and Credit Controller to guide you through this new exciting journey.  Our online portal takes care of all the financial and legislative detail so you can focus on business development.   

Give us a call for a confidential chat on 01305 571020 to book a demonstration of our product and see how you can thrive on your own.