Should You Have More Than One Niche?
The simple answer to this question is no. You want to establish your network, reputation and expertise in one niche to attract top talent and clients. Within your niche you can even drill down your area of specialization.
Example: You may have decided to place Engineers only in Manufacturing in Cleveland, OH
If all of your job orders or contracts are for engineers and all the candidates you recruit are engineers you will make more placements and fills. It is also easier to establish yourself as an expert and enhance your network and referrals when you have an established niche.
Rather than focus on a new niche, you could climb the ladder and place at a higher level within your niche. To protect your business, you should have a minimum of three – four people working each specific niche. This protects you as the owner if someone leaves. It also builds momentum within the team who can split deals and help each other cover their assignments, contracts and orders.
Once your team is generating over one million dollars in production or gross margin of profit, you can expand the team in your niche or decide to focus on another niche that would complement your current area of specialization.
Initially, focus on one niche, take time to learn this profession and put all of your energy in one niche until you are generating a level of revenue that is providing you with profits. In recruiting it is not better to be a Jack of All Trades and Master of None. You will enjoy higher sales and profits if you establish yourself as an expert in your niche.
If you liked this training, and you’re considering starting your own recruiting firm, please fill out the form in the upper right of this page- you will get access to a free webinar entitled “How to Start a Staffing and/or Recruiting Business in Today’s Economy” along with your free whitepapers. Do it now! Given the lack of top talent in today’s market, there’s never been a better time to start a staffing or recruiting firm!