If you are looking for a sample recruitment agency business plan template, here is a business plan for starting a recruitment firm and free feasibility study to use.
A recruitment agency provides a vital service to businesses that need to hire qualified personnel. Are you interested in setting up one? If you are, we will help you.
This recruitment agency business plan sample has been written with aspiring entrepreneurs in mind.
Although it is summarised, it highlights the essence of a plan. By going through this sample, you will be able to avoid the most common mistakes made by many entrepreneurs.
As always, our advice to new entrepreneurs is to never have zeal without knowledge. By adhering to this advice, it saves them from making costly mistakes.
RECRUITMENT AGENCY BUSINESS PLAN SAMPLE PDF / DOC
To start an employment agency you will need to understand how it works as well as your market size. Your feasibility study should take care of that.
- Executive Summary
Best Hire® is a new Human Resource agency business that seeks to contribute to the development of a reliable database for businesses and companies looking for competent and qualified manpower. As a small start-up, our size doesn’t matter as we are well placed to penetrate the market through the deployment of industry best practices. The quality of our workforce counts to our favour.
The proprietor has been engaged at the highest levels of human resource recruitment for major multinational companies. His experience will be crucial to providing world class recruitment services to our clients.
- Our Services
We will be involved in all types of employee matching services to our clients who will include major corporate entities and small businesses. We consult with each client with the view to finding the right kind of employees. We do the hard work while our clients concentrate on running their business. We have a deep understanding of Ohio’s local market and seek to allocate human resources where they would perform best.
- Vision Statement
At Best Hire® we are driven by a vision to contribute to the development of Ohio’s business landscape. This we seek to achieve through matching the right type of employees to businesses. These include both skilled and unskilled. In the next 5 years, we see ourselves among the top 5 most preferred recruitment agencies in Ohio.
- Mission Statement
Our mission is driven by the provision of unbeatable services to all types of businesses. We are satisfying a growing demand for capable and skilled hands. Our recruitment agency will make the sourcing of the best hand easier, thereby allowing our clients commit to the growth of their business.
We are a sole proprietorship business that will be sourcing for start-up capital through the application for a bank loan. The sum of $900,000.00 is required and we have met the necessary conditions. The loan will attract an interested rate of 9% monthly with the principal sum due for payment in 4 years.
- SWOT Analysis
A test of our strengths, weaknesses, opportunities and threats has been conducted. The company contracted for this job is a reputable business solutions provider. The study has allowed us reorganize our business to enable us achieve the most impact and growth. It has also helped us to take advantage of the opportunities available as well as developing a contingency plan for threats.
For a better understanding of our findings, the results are include below;
This recruitment agency business was conceived out of the desire to serve a market in dire need of a competent human resources database. Our ability to easily connect businesses to the right type of employees is a strength we have. The proprietor is well experienced and knowledgeable in handling all types of labour issues for businesses.
Our weakness arises from our current size. Our small size will limit our ability to get across to major clients. These types of clients usually look out for long established and big recruitment agency businesses. This is a weakness we are currently faced with as a small and new firm.
Opportunities abound in the form of an increasing number of businesses that need our services. We are well adapted to providing the solutions they need. A great part of this opportunity is that our clients recommend other businesses due to our commitment to the provision of excellent services.
When there is an economic recession, businesses no longer hire, but downsize their workforce. This is bad for our business and will lead to a total halt in demand for our services. This threat is real. However, the good news is that economic recessions do not happen all the time.
- Sales Projection
We are able to project the demand for our services through a study of the current situation in the recruitment market. There is a clear potential for growth. This has enabled us draw a sales projection covering a period of 3 years as reflected in the table below;
- First Financial Year $300,000.00
- Second Financial Year $550,000.00
- Third Financial Year $800,000.00
- Competitive Advantage
Our competitive advantage can be attributed to the extensive network with businesses our proprietor has established during his active years of service. This includes those with big businesses as well as with small business owners. We are using this advantage to leverage on our capacity to deliver quality services.
- Marketing Strategies
To get across to the business community, we need to use the most effective channels of information dissemination. This will include visiting our target clients to discuss our services and what we can offer. We will also advertise on newspaper, distribute fliers and mount billboards that advertise our services.
This recruitment agency business plan sample has been summarized to show you the most relevant information at a glance. You can follow this plan to write your comprehensive staffing agency business plan.
You should avoid trying to hasten things up. Going slowly and getting it right is much better than speed.
How to Start a Recruitment Agency Business
Interested in small recruitment agency business ideas? If YES, here is how to start a recruitment and staffing firm with no money and no experience. How much does it cost to start up?
Is recruitment agency a good business to set up? With the rise in the unemployment sector, you will realize that a lot of people are looking to venture into various businesses to improve their standard of living. In contemporary times recruitment agencies are created to curb the rising rate of unemployment in the society.
Starting up a recruitment firm business can guarantee a source of second income for you, and by connecting companies that has vacancy with job seekers. To ensure that you build a cordial relationship and continuous partnership, you will have to scrutinize and thoroughly examine employment seekers to ensure that they meet the requirements of your clients.
If the need be, you will need to register with them as a recruiting agency and they in turn inform you when there is need to hire. In this post, I will be giving a few tips on how you can start a recruitment agency of your own to help curb the unemployment problem
Starting an Employment Agency Business Checklist
- Pick your Niche
To startup an employment agency business or staffing franchise like Adecco and AtWork first you need to pick a field that you think would work for you, this you can decide by observing your interest and building upon it, it could be Agriculture or Banking and finance. Whichever you decide to venture into, you must realize that every industry has its staffing needs and these needs should be a consultant’s number one priority when developing your business proposal and objectives.
In this part of the world, no one is taught how to start up a recruiting agency in school. This is the reason why it is a necessity to first learn all there is to know about recruitment agencies. The information you will to gather most importantly would be, what recruitment agencies do, how they work, how to build a customer line, how to make profit or should I say, the employment plans available that make for certain that there is profit in this sector of business.
- Skill development
One requirement to run a recruiting agency is to have the ability to identify raw talents when you see them, and different people with different expertise from diverse places are the people you will be dealing with. Therefore you on your part will need to be sound in mind and understand to succeed in this sector
This is a venture that is capital intensive, and to be able to run the recruiting company successfully, there has to be reserve money for payment of your staff, having enough cash to cover business expenses and advertisement of your business. This is to say, you need to be financially prepared before venturing into this any employment business model.
- Study and Comprehend What Is Legal for the Business
What are the documents needed to start a recruitment agency?
• Find out if a business license is required. Consult your local government agency for requirements.
• Find out about laws related to advertising for employees.
• Learn about taxes and the rates required. Get to know the amount and due dates of payroll and income taxes.
• Research on legal requirement related to insurance.
Location is one major factor for your business and this will be determined by the branch or field you want to venture into and this on the other hand is dependent on your target market. While choosing a location but into consideration how profitable it would be to open up this business at whatever location you’re considering,
- Create a Marketing Plan
You need to create a recruitment company business marketing plan and strategy, you need to make a list of clients and prospective client, and this selection can be done based on the industry your online recruiting firm focuses on. You can create contact by making calls, writing and sending mails to prospective companies, placing of advert in newspapers, magazines and online job sites.
You need to design a good logo to show how serious and sincere your job agency is, a website is also required to help with marketing, business cards, and provide newsletters that would be able to send to your clients to help them have enough information about your placement agency and what you do generally.
- Employ Recruitment Staff
It is obvious that this business cannot be run by just one person handling every department, which is why employing the service of others who are specialist in the field should be one area you have to also work on in the business.
To run a recruitment consulting agency successfully, you should look out for individuals who would in their departments help you build your business and have tremendous increase in profits and also a boost with clients also. You would need staff that specialized in administrative work, staff that has superb communication skills, also staff in accounts. All of these are necessary to help build your business and guarantee its success.