It is always good to start a business in the field you know better. Starting a business because of easy ROI or most profitable , doesn't make sense. One may make huge profit in a business but the other person may not in the same business because of numbers of reasons.
Now coming to your query,
Contract labour business can be started in 2 ways....as an individual identity like as a consultant or as by forming a company/firm. Now you decide how would you like to go..and then write to me...will tell you how to proceed further.
22nd August 2016 From India, Delhi
Can anybody help me?
22nd August 2016 From India, Ghansoli
Start first with a thorough SWOT analysis of both yourself and the business idea. After that put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
From reading CiteHR, it seems that half of India is setting up businesses in HR placement consulting. I have no doubt that there are probably hundreds of placement businesses in your area at the moment. That's a lot of competition to fight.
What is going to be different about you and your business?
How are you going to find clients, when all the other outsourcing businesses around you are seeking the same clients?
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising etc etc??
How many other similar businesses are there right now in the area around you that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year, and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses, and are now desperately seeking clients etc, because the business is failing. I'll guarantee that none of these people did any research first, or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
23rd August 2016 From Australia, Melbourne
I agree with John at some extent as a reply to your query.
However would like to tell John that not half of the India is setting up business in HR consulting. India is full of talented people with brilliant minds doing different businesses into different domain and some of businesses are unique which other countries cant even imagine.This forum is HR related and that's why it is obvious to get most of queries related to HR, so it doesn't mean that most of the Indian are into this business. Just to rectify your statement and remove your misunderstanding John. Please don't mind brother.
Now Sandeep, In continuation to my first reply on this, would like to tell you that prior starting any business, you need to have proper business planning and that business should be in line with your interests and strength area. Please don't start any business because you think that is profitable and others are doing.
Right planning at the right time at right place will bring success for you for sure. However if you just want to know the process of starting the business only as per your query, then you can call me up directly as I can make you understood better through phone or else you can write a mail too. But it is always advisable,prior starting a business do back ground work first and have your business planning ready.
For any further clarification, kindly revert back to me.
23rd August 2016 From India, Delhi
Thank you for your comments. My comment was - shall we say - tongue in cheek. I only say it in my posts as it seems that every day we get at least one post from someone wanting to set up a manpower/outsourcing/recruitment type business.
I know India is a big place, but there is only a finite demand for these services. Not every company wants to, or can afford to use these services. In organisations I worked for, we had so many problems with recruitment agencies, we gave up, and did our own recruiting based on the system I developed, and have shared here many times. In doing so, we got the RIGHT people for our business.
I might add that even in Australia, we have a huge surplus of these recruitment agencies, and many struggle to find clients.
Secondly, I do not doubt for one minute that India is full of talented people. I think what saddens me most, is that many companies do not recognise, nurture, and develop the abilities of these people to help grow their businesses, and to help India move forward. As I have alluded to more than once before in this forum, I am often horrified at the way some organisations treat their staff, and the conditions under which they have to work.
This forum exists to share ideas, provide HR assistance etc. It is incumbent on us all to do what we can to nurture talent, and improve working conditions for all our staff members.
Apologies for veering off topic with this post.
24th August 2016 From Australia, Melbourne