Being “The Millionaire Recruiter” has driven me to help others find their passion and success. But there are a few fundamentals for starting your own business. In recruiting, you don’t need a formal degree or prior experience. But if you want to ditch the 9-to-5 grind and be your own boss, while having the money to live the good life, here are a few things you’ll need.
As a business owner, a certified public accountant is your best friend. Finding an accountant isn’t hard. Coming across the right one can take a little effort. Ask your friends and neighbors, or look on LinkedIn, and get your questions together. Ask about forming a company, registering for taxes, and claiming business expenses. When you meet your accountant, clear, direct answers will tell you if they’re prepared to help.
There are a few expenses to consider, including accountant fees and the cost of licensing your business. You’ll need equipment as well, although a computer and internet connection are your most important assets. If you have these, then you’re ready to get going. Negotiating your per-hire fees is also important, as your income will support your bills and family; I provide some tips on how to set your fees in my e-Course.
Every business needs an identity. Before you start working with your clients, and the money starts flowing in, you’ll need the following:
- Business Name: Picking a name can be more challenging than you think. It should be short and easily recognizable. I would advise thinking of a few possible names. You won’t be able to assume another domain name if it exists; think in terms of initials and what the business is for. For me, it was Techees—I do technical recruiting.
- Business Bank Account: A bank account is where you keep all the money you make. It’s essential for paying your bills and balancing your ledger. Depending on the bank, it can take time to sort things out but as you get started and build your income, you can track your progress. Look for perks such as online banking and other financial products your bank offers.
- A Location: These days, you can work from pretty much anywhere. But you must establish a home base that’s separate from where you chill out. A home office or work corner in your living room is fine, or you can rent an office space nearby. Then all you really need is a computer and phone/internet line to get your recruitment business going.
Your web presence is also an important part of starting a recruiting business. If you have web skills, you can create your own website. Small web design agencies can help too; some even offer reasonable pricing depending on the services you need. Just make sure your site is mobile-friendly. Companies use the web to recruit candidates and candidates almost always rely on the internet to connect with HR and hiring managers.
Is It Time to Quit the Day Job?
Now it’s time to make a decision. Are you prepared to hand in your two-week’s notice? First, you need to educate yourself with me as your recruiting coach and virtual mentor. My e-Course “The Millionaire Recruiter”, is filled with insights that teach you about identifying a placeable resume, managing intake calls and interviews, and convincing candidates to communicate with as many companies as possible. To learn more about my e-Course, sign up today or get in touch with your questions or comments.