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How do you select a niche?

When selecting your niche you want to select a niche:

1. Where there is high demand and low supply of top talent.
2. That is “hot” in your market.
3.  That is growing not shrinking. Some examples:  IT, Engineering, Oil & Gas, Biotech, Accounting & Finance or Medical (does require credentialing which is expensive).
4. Where you can develop 30 accounts (10 key accounts, 20
5. Where you can determine the five titles that will generate the highest revenues for your business.
6. That allows you to create a blended business doing “contract as well as direct” placements.

Lesson 17 in our Start Up Tutor Program is dedicated to walking you step-by-step through how to select the most lucrative niche.  If you invest in our program, I will also answer any questions and help guide you toward the business model, segments of the profession and niches that are most lucrative.

Benefits and Liabilities of a Business Partner

I often get calls from individuals who are planning on starting a recruiting firm along with a partner. This article addresses these folks directly and outlines the pros and cons of starting a firm in this fashion.

There are many possible benefits, but also many possible liabilities when you enter a business partnership.  It is important that the partnership agreement protect both parties in case the partnership does not work out successfully.

Many partnership agreements assign 49% of stock to each partner with 2% of stock outstanding.  If one person wants out of the partnership, the remaining partner then receives the outstanding 2% of stock, providing them with majority ownership.  This is extremely important if the original partner sells their stock to someone who is not on the same page as the original two owners.
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What Experience Works Out Best When Starting a Recruiting/Staffing Firm?

I often get asked the question- “What experience is necessary before starting out in the staffing and recruiting profession?”

The truth is there is no specific experience needed to enter the Staffing and Recruiting Profession. It is important to realize; however, that this is a sales profession.  The success of any new business is based on the ability to generate sales.  This sale is more challenging because there are people on both sides of the sale.

There are great benefits; however, because you will never run out of inventory of either prospective clients or candidates you can represent.  I’ve noticed many individuals who enter this profession come from the Hospitality, Retail, Insurance, Real Estate, Car Rental and other Sales Professions.  I’ve also seen individuals from all walks of life do extremely well.  Success depends greatly on the attitude, tenacity, focus, knowledge and dedication of each individual.  No matter what the experience, if you learn the placement process, how to overcome all objections and focus on a high margin or profit niche, your chance for success greatly improves.
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Is There Too Much Competition in the Staffing or Recruiting Business Now?

The concern of many individuals contemplating the Staffing and Recruiting Profession is that there is too much competition. There are thousands of recruiters worldwide, but most recruiters are specialists in a certain industry or niche which greatly limits your competition.

Most Staffing and Recruiting firms only fill one out of seven job orders, contracts or temp assignments they write, due to a lack of identifying the talent their clients will hire.  This one statistic proves there is a great need for recruiters who can identify talent.

With a baby boomer retiring every 6 seconds, the demand for top talent will continue to increase!  This is a great time to enter this Profession. If you’re serious about starting your own recruiting firm, I strongly suggest you join us on our next webinar by entering in your name, email and phone number in the form to the right. You’ll also receive our whitepapers which will help you plan out starting your own firm. Do it now while it’s fresh on your mind- it won’t cost you a dime and could set you on the path to creating a successful firm that you’ve always wanted!

How Long Will It Take to Generate an Income?

I often get asked the question- “How long will it take to generate an income in the staffing and/or recruiting business when I am just getting started?”

The answer to this question depends greatly on the niche you select and the segment of the industry you select.  If you are placing lower level positions like light industrial, call center or office services, you can place some in a temp assignment the same day or in a direct job in a matter of a few days.

If you are placing professional contract or direct, the time frame is longer with many direct job processes taking five weeks from accepting the order to filling it with your candidate.  Professional contracts can be filled within a few days.
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