Starting a Placement Services Firm: How Do I Get Started and Secure Clients?

Hi there,

Good evening, everyone. My name is Siva. I am planning to start a startup placement services firm. Could you please assist me in how to get started and how to secure clients for partnerships?

Thank you.

You need to first register your placement agency and find the best work in B.D.

Remember to maintain a single line break between paragraphs for proper formatting.

Okay, thank you so much.

I am going to start my own proprietary ship, and I have read about how to start a firm somewhere on the internet. They mentioned that registration is not mandatory until your business turns over 10 lakhs per annum. Isn't it?

Planning for a Successful Business

If you are asking how to open and build a business, it seems you may not be ready yet, as it appears you haven't done any planning. Start with a thorough SWOT analysis of both yourself and your business idea. After that, create a detailed and comprehensive business plan that outlines exactly how the business will 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. There are probably hundreds of placement businesses in your area at the moment. That's a lot of competition to contend with.

Differentiating Your Business

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 will you support yourself (and your family, if applicable) while you try to establish the business and make it profitable enough to pay you a salary?

Financial Planning and Competition

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.? 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 determine your total living expenses for a year and set that money aside. This relieves some pressure while you try to establish the business. At least you can maintain a roof over your head, continue to eat, and pay for all your living expenses, though you may need to live more frugally.

Secondly, calculate the cost to set up the business from scratch, and how much money you will need to run the business for at least a year. Very few businesses make money in the first 12 months, so if you are counting on generating income as soon as you open the doors, I seriously advise you to rethink this idea now.

We have many postings here on CiteHR from people who have started their businesses and are now desperately seeking clients because the business is failing. I'll guarantee that none of these people did any research first or ensured they had funds in place to live on.

Conclusion

Failure to plan is planning to fail.