Thread Started by #Anonymous

Dear All,
I am starting a new recruitment firm and I have chosen BPO/KPO as my vertical. I am aware that I have to get client database in the selected vertical and then get the candidates through various junctions. It is going to be the sole proprietorship and I have a PAN card and other formalities done. It would be great if seniors here could help me with the forms and Softwares which are needed in the course of action. More suggestions and insights about the manpower consulting and headhunting are welcomed.
Thanks in advance
20th October 2016 From India, New Delhi
If you are having to ask us how to open and build a business, then you are not yet ready to do this as it appears that you have not done any planning whatsoever.

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.
22nd October 2016 From Australia, Melbourne
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