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For beginners, there’s one specific business model that I highly recommend you start out with before trying some of what I consider the more advanced business models, which I’ll go over below.
1. You can setup a strictly MPC recruiting agency. Now what is MPC, for those that don’t know, it means “most placeable candidate. To put things simply, you find a super hot candidate on the market with excellent credentials that you think would be an “easy in” with a hiring manager or a director, and so you go about spending your time searching for amazing candidates and you market them all over town and hope for a placement / agreement and more placements.
Problems for beginners: 1. An excellent MPC player needs a good eye for talent, without that, you’re nothing. You will waste tons of time marketing useless candidates to clients that will then lower your reputation the next time you bring them a resume. How do you remedy this? Experience/time. 2. When you finally do nail an MPC, on the off chance….you’d better be ready (as a brand new recruiter) to negotiate and bargain hard to get that MPC candidate in at a rate you’re willing to live with, because you better believe the hiring manager isn’t playing games. Generally new recruiters aren’t there yet.
2. Retained agreements are an excellent way of doing business…..for the seasoned veteran that is. What could be better than getting $30,000 of up front company cash to begin an EXCLUSIVE search for a well sought after executive. I mean that’s the dream right. You place the exec, you keep the fee, you don’t you give it back, simple give and take, but if you’re good you win these more than you loose em.
3. Contract staffing is the third of the business models that I will mention that beginners should NOT be engaging in, until 6 months to a year in the business. Contract staffing is AWESOME, it’s passive income! You hire w2 employees and basically take a portion of their pay if we are being honest. You bill a mark up to the client who then pays you and you make a profit for every hour your contractor works.
Problems for beginning recruiters: Contract staffing requires funding….let’s say you have 5 warehouse contractors, they all need to be paid a total of $15,000/month BY YOU. That means you literally need to pay these employees their wages, until a minimum of 30 days when your client pays YOU. With that said, contractors quit ALL the time, so unless you have a robust network and the ability to replace contract candidates constantly it isn’t the game to START in…I didn’t say never to be in, but to start in.
The ultimate recruiting agency business model for brand new recruiters is CONTINGENT STAFFING.
WHY? Because it’s risk free, it rehires no buy in, you simply find clients, work on filling their orders and collect checks. It is by far, hands down the easiest form of staffing ever. In my case, starting my agency I would simply post ads for the job orders I got, interview candidates over the phone, send them in for interview and collect the fee via check when they were hired, rinse and repeat to six figures and beyond. Contingent staffing means that nobody gets paid until your candidate gets hired, so there’s no pressure on anyone but you to learn and do your best to get the position filled. This leads to incredibly valuable learning lessons! Over time in contingent staffing you’ll understand how to get clients, treat clients, get candidates, treat candidates, background checks, contracts and you’ll learn pieces and parts of the other business model I mentioned above! There’s nothing better than building a strong foundation to build upon and my recommendation, having done it myself, is to begin in contingent staffing before launching into anything else.
Happy Hunting 🙂