How to build and expand your recruitment business in Singapore
Starting a business in Singapore is very easy, all you have to do is to go online towww.acra.gov.sg with your singpass number and password and you will be able to get a business running usually in less than 1-2 hours!
Of course, for recruitment industry in Singapore, it is slightly more complex and requires the approval of the Ministry of manpower www.mom.gov.sg where you will need to apply and seek approval first before you start a recruitment business. Usually it will take a few weeks before the approval but today I will not touch based on the technical aspect of the setting up but building the business itself.
To build and expand your recruitment business you will need the following factors:
1) Excess capital – You total cash available must be at least 5-6 times your current liability, let say if all your running cost including rental and salaries total up is $10,000, you ought to have $50,000 to $60,000 in your bank. We need to take into account that IF for that next 5-6 months there are no sales….what will happen? At least there are still enough reserves.
2) Ensure that your consultants and at their maximum capacity, which means that they should be busy fulfilling the job orders rather that looking for new clients, if some of your consultants are still looking for new clients, it means you are not ready to expand the business.
3) Watch the economy: Is the economy picking up? If yes, it’s a good time to go in, if the market is slow and or are going down, do not take your change to go against the trend, very likely you will not be able to make it.
4) Check the rental market- If the office rental is at the peak, it will not be good to expand your business now, it is always safe than to be sorry.
5) Market niche – Are you able to specialised in certain area or you prefer to focus on the general? If you focus on the niche, usually you will be able to charge higher compared to general placement. Of course with most specialisation, you will have lesser competition.
6) Watch what the big players are doing, it’s always good to pay attention on what the big player are doing because they have all the resources and manpower to do what you are not able to do. They might have some information that could be critical. Watch out on their recruitment campaign, are they expanding or are they maintaining? If they are not expanding, why not? Do they have other information that you do not have? Watch out on the Google pay-per-click advertisement, are they doing it or absolutely not into it….check anything and everything, it can save you and also make you a lot of money in your recruitment business.
That’s all for today, I will touch based again other day.
Dougles Chan is a Career Advisor and Recruitment Business guru that teaches individual on how to setup a get a great career at lighting speed and also mentor people on how to be successful in business. He is also the author of 2 amazing books – Job Seekers Power Manual & Financial Success in Recruitment Industry. Email Dougles at firstname.lastname@example.org for consultation on strategies on how to make your business profitable
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