Starting a Recruitment Firm

[Charlos]

Hi everyone,

I was thinking that starting a recruitment firm will be a good business idea since demand and supply is always there, matter of just which end of it.

I was thinking of which sector should i go to .
with the least barrier to entry.
and most profitable.

Given that our government now is pro-foreigners . white paper planning to increase population to 6 mil and beyond. I was thinking maybe i should go into foreign employment.

Any advice and thoughts to share?

[Hermit]

Charlos, I am sorry to pour cold water on your idea. But I don't blame you because many industry outsiders often underestimate the challenges and overestimate the rewards.

Questions you want to ask yourself before you take the plunge:
-Do you have a wide social circle in certain sectors ?
-Who are your first clients?
-Can I sell well?

I work in the finance industry . So people is my business .

Actually reaching out to people, we mainly use social media and taking up services.
Its the business contacts wise that I might face some challenges.
I know SMEs and certain industries are easier to penetrate.
I thin its that working with various MNCs might be an issue given that some of them might have selected group of recruiters to work with and the hiring manager may not be as easy to reach out too.

Any advise ?

[Hermit]

No advice, actually. Just do your due diligence before the plunge. I have 2 personal friends who have folded their recruitment business. There are others just getting by.

I reckon recruitment is like F&B. Everyone thinks it is something they can do until they are actually doing it. But I suppose that is true for many trades.

In case you are going ahead, check with MOM regarding the $60,000 bond you have to put up before setting up shop. And the accreditation you have to obtain. You need at least 6 months lead time before any business can be done.

I am interested in like supplying foreign labour to Marine and Construction industries as well
Is it easier to enter into that arena?
Would you know how that works?