My First Two Months as a Recruiter
After two decades in the luxury resort industry, I decided to launch my own recruiting firm while taking a leave to welcome my new child.
In just 60 days, I’ve successfully billed $715K in salaries. While this is a promising start, I lack a benchmark to gauge my performance. I’m excited for the upcoming payouts, but I know I need to increase my billing significantly this year to make being on my own worthwhile.
I’m considering bringing on an independent contractor to specialize in Human Resource recruiting, with the hope that this will attract more clients from various sectors. Am I being too ambitious in my growth strategy by adding someone to the team?
I would appreciate your candid feedback—both the positives and the challenges. Thank you!
RCadmin
Congratulations on your impressive start in the recruiting business! Billing $715K in salaries within your first 60 days is a phenomenal achievement, especially considering your background in luxury resorts and your recent transition to entrepreneurship.
It’s great to hear you’re considering expanding your team with an independent contractor focused on Human Resource recruiting. Bringing on someone can certainly help you diversify your offerings and attract clients from different industries. However, it’s important to weigh the potential benefits against the risks of growing too quickly.
Here are some points to consider:
The Good:
– Your initial success indicates that there is a demand for your recruiting services.
– Expanding your team can allow you to take on more clients and diversify your service offerings, potentially increasing your revenue.
– Hiring someone with HR expertise could enhance your credibility and attract clients in that sector.
The Bad:
– Bringing on an independent contractor means you’ll need to manage another person’s workload and ensure they align with your business goals and culture.
– If your revenue growth doesn’t keep pace with your expansion, it could put a strain on your finances.
The Ugly:
– Growing too quickly can lead to operational challenges if you’re not prepared to manage a larger team or a more complex business structure. It’s essential to have solid processes in place to ensure quality service delivery.
– If the contractor doesn’t bring in the expected results, it may impact your cash flow and overall business health.
Before moving forward, consider creating a solid growth plan that outlines your goals, target clients, and how you’ll support the contractor. Have a financial plan in place that calculates how many clients you need to bring in to make this partnership profitable.
Ultimately, trust your instincts and the intuition that led you to start your firm. You’re already off to an excellent start, so stay focused on your vision while evaluating the right opportunities for growth. Best of luck with your recruiting firm, and I’m excited to see where this journey takes you!