How to Start Your Own Executive Search Business With No Money
Starting your own successful executive search or recruitment business with no money requires experience in recruitment and/or sales. Deep knowledge and experience in a particular industry is also helpful. If you don't like cold calling and meeting new people, this is not the business for you. A talent for connecting with hiring managers and matching the right candidates to the right positions is your most important asset. Your success depends on it.
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Instructions
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Choose one industry or area of specialization. For example, if you have worked in the aerospace industry or medical equipment sales, those are good target markets for your executive search business. You also can choose to specialize in placing particular positions like marketing executives or accountants. A complete understanding of the requirements of the industry and/or position is key to placing candidates successfully.
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Write a business plan. Include the companies you are targeting. Will you be working on contingency or retainer? Most recruiters prefer working on retainer. Will you book 10 meetings each week or 20? When you turn a profit, do you plan to hire another recruiter or an assistant to handle paperwork? Include any information you find helpful. This is your map. Revise it, add to it and refer to it often.
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Create a professional PowerPoint presentation before seeing any potential clients. Clarify the benefits of your executive search business. Emphasize your expertise and ability attracting and placing top qualified candidates. Also, build a website for your company. The businesses you target will want to see you are legitimate before trusting you to place job candidates for them. Free website instructions are available online.
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Find out who the top executives and hiring managers are in your chosen industry or specialty. You usually can find them through their company website. Call them. Ask to set up a very short meeting by phone or in person if possible. Tell them how you can help with their recruitment needs. Emphasize the benefits of working with you. Explain how you will save them time and expense and deliver a great candidate.
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Tell everyone you are an executive recruiter. Create strong relationships with company executives and hiring managers by staying in frequent contact. Also educate yourself about key talent in your chosen industry or specialty. There is no magic formula. If it is not online, just get on the phone and ask for the information. If you are placing accountants, call top companies and find out who their accountants are. The receptionist can give you that information. Also join networking groups like your local chamber of commerce.
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Always ask for referrals from everybody, especially hiring managers and candidates you place. Some of the best leads come from the candidates you call who don't want to move to a new position but know someone good who does. If you are a good recruiter and take good care of your clients, they will automatically recommend you to others. Remember that 80 percent of your business will come from 20 percent of your clients.
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Tips & Warnings
Invest in your marketing and advertising as your business becomes profitable.
Have your website and business cards professionally designed as sales increase.
As you become busier, hire someone to help handle paperwork.
Revise your business plan as your business grows.
Be patient. It takes about five communications with a client to make a sale.
References
- Photo Credit executive diary and cell phone image by Sid Viswakumar from Fotolia.com
