Overview of the Recruitment Firm Business

A recruitment company is a company that help people secure jobs at organisations where ordinarily they will not, they likewise help organisation to recruit suitable and qualified prospect for openings in their organisations. A recruitment company is recognized for their capability to choose qualified individuals for a job, they are at times described as employment firm. the recruitment company has come to be one of the in thing in Nigeria, considered that the number of graduates trying to find jobs at various places warrants this, the thing is these recruitment companies do have firsthand information regarding job openings, information that ordinarily an individuals will not have, it then becomes save to presume that the best bet to get preferred job is by registering with a recruitment company to get the job you are seeking for.

Potentials of Recruitment Firm Business

Recruitment firms are generally paid a percentage of the job's wages or salary or a regular retainer for larger customers. Prices are based on the degree of the job duty and whether it is long-term or short-term. With long-term positions, many recruiters take a percentage of the worker's yearly salary, which increases in accordance with the salary. Some online recruitment companies charge towards a flat fee for filling customer vacancies. This method can be popular with clients, however it will eat into the margins you get for greater salaried vacancies.

To work out your firm's charges opens in new window, take into consideration how much you have to spend on advertising, networking, time spent liaising with the customer, filtering curriculum vitaes, and interviewing candidates. You will not get paid until you place a candidate in a position, so huge capital is crucial in the very early days.

How to Start Recruitment Agency in Nigeria

Setting up a recruitment agency requires proper planning, therefore, you must take the following steps in order to achieve success in your new line of business

1. Write A Business Plan: Setting up a recruitment organization requires a person who is coordinated to carry out the responsibility of selecting qualified people for an employment opportunity. A business plan in such manner implies that you know about the obligations of a recruiting firm. A business plan helps you to be in the right path as you go on with the setting up of your recruitment firm. Your business plan ought to describe your business goals and aspirations and must be well written.
2. Choose A Niche: Because of the different sectors that we have in Nigeria and that are greatly contributing to the economy of the country for example, telecommunication, oil and gas, banking, health, education, textile, and agriculture sector There are different sectors that makes up the economy of Nigeria, the most prominent is the banking and finance industry, we also have the oil sector, telecommunication, agricultural, textile, and manufacturing sector etc., all these industries contribute to Nigerian economy, it is therefore, advisable to choose from a particular industry to focus on, and can therefore expand in the nearest future.
3. Location: Recruitment firm is a service based industry; thus you want to site or an extraordinary business environment for your office where it may be found without any problem.
4. Register Your Business: In order to attain a legal status, your business must be registered in order to be recognized by law. This has to do with getting a name for your company and get it backed by government authority through Corporate Affairs Commission in your state, apart from this, also you must register with recruitment associations in order to get all other necessary licenses.
5. Staff Recruitment: From your business plan, you ought to definitely know the number of employees you will need at your recruitment firm, employing experienced people will help you to a great extent as they will greatly contribute to the growth of your business.

Overview of The Template

The Template gives concrete financial plan and projections for setting up a Human Resources Recruitment shop. Real business insights are included in this financial template to attract investors, grants and loans to make the business concern a reality.

The excel template is easy to use and modify. Current Real life prices were used in drafting this template by our team of seasoned accountants and financial analysts. The template is suitable for small and emerging businesses who see themselves giants in the various industries in 5 years time.

Features

1. Comprehensive Income Statement (Trading, Profit & Loss Account)
2. Statement of Financial Position (Balance Sheet)
3. Cashflow Statements

Use Scenarios

This excel template is most suitable for the following:

1. Promoters of existing and New Start-up Businesses that need funding in form of grants,loans,partnerships etc. from governement agencies and venture capitalists.
2. Business and Financial Analysts working on viability and feasibility of a Human Resources Recruitment business in Nigeria.
3. Business Administration and Entrepreneurship students who need a comprehensive financial plan for a Business Plan.
4. Investors and Venture Capitalist who need financial analysis of the Human Resources Recruitment business for informed decision making.
5. Entrepreneurs who need expansion ideas for their businesses.