Hi guys, I am going to start my new venture (recruitment firm) with my friend, can you please tell me how can we move forward
From India, Pune
Acknowledge(0)
Amend(0)
From India, Pune
Acknowledge(0)Amend(0)
Dear Sajid,
Starting any venture without any basic knowledge is not advisable. You and your partner should acquire the necessary qualifications/skills required for the venture. Later on, you may go ahead with your plan. You may get in touch with business mentors with a proven track record to prepare project reports, costing reports, etc.
From India, New Delhi
Acknowledge(1)
Amend(0)
631Starting any venture without any basic knowledge is not advisable. You and your partner should acquire the necessary qualifications/skills required for the venture. Later on, you may go ahead with your plan. You may get in touch with business mentors with a proven track record to prepare project reports, costing reports, etc.
From India, New Delhi
Acknowledge(1)Amend(0)
Considerations Before Starting a Business
If you are asking how to open and build a business, it seems you might not be ready yet, as it appears there has been no planning.
Start with a thorough SWOT analysis of yourself, your friend, and the business idea. Then, create a detailed and comprehensive business plan outlining how the business will be set up, what funding you have, how you will operate, how you will market, and where clients will come from.
From reading CiteHR, it seems that many in India are setting up HR placement consulting businesses. There are probably hundreds of placement businesses in Pune alone, indicating significant competition.
Key Questions to Consider
- What will differentiate you and your business?
- How will you find clients when other outsourcing businesses are seeking the same ones?
- How will you support yourselves and your families while establishing the business and making it profitable to pay salaries?
- What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, and pay for marketing and advertising?
- How many similar businesses are there in your area that you will be competing with?
Financial Planning
As a rule of thumb, determine your total living expenses for a year and set that money aside. This relieves some pressure while establishing the business, allowing you to maintain basic living standards, though you may need to live more frugally.
Next, calculate the cost to set up the business from scratch and the funds needed to run it for at least a year. Very few businesses make money in the first 12 months, so if you expect immediate income, I advise you to rethink this idea now.
Many posts on CiteHR are from people who started businesses and are now seeking clients because their businesses are failing. I guarantee that many did not conduct prior research or ensure they had funds to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
Acknowledge(2)Amend(0)
If you are asking how to open and build a business, it seems you might not be ready yet, as it appears there has been no planning.
Start with a thorough SWOT analysis of yourself, your friend, and the business idea. Then, create a detailed and comprehensive business plan outlining how the business will be set up, what funding you have, how you will operate, how you will market, and where clients will come from.
From reading CiteHR, it seems that many in India are setting up HR placement consulting businesses. There are probably hundreds of placement businesses in Pune alone, indicating significant competition.
Key Questions to Consider
- What will differentiate you and your business?
- How will you find clients when other outsourcing businesses are seeking the same ones?
- How will you support yourselves and your families while establishing the business and making it profitable to pay salaries?
- What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, and pay for marketing and advertising?
- How many similar businesses are there in your area that you will be competing with?
Financial Planning
As a rule of thumb, determine your total living expenses for a year and set that money aside. This relieves some pressure while establishing the business, allowing you to maintain basic living standards, though you may need to live more frugally.
Next, calculate the cost to set up the business from scratch and the funds needed to run it for at least a year. Very few businesses make money in the first 12 months, so if you expect immediate income, I advise you to rethink this idea now.
Many posts on CiteHR are from people who started businesses and are now seeking clients because their businesses are failing. I guarantee that many did not conduct prior research or ensure they had funds to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
Acknowledge(2)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Startups Look for Right Fit, Rewrite CV of Recruitment.pdf
Flow Chart for Recruitment till retirement.xls