Congratulations on deciding to start or grow your own search consultancy - don’t let that linger as a promising idea – act on it! This is a remarkable time for the search industry.
The Labor Department reported that US employers posted 10.6 million job openings in the month of November. In our target demographic (adults over the age of 25 with a bachelor’s degree) the unemployment rate is a stunning 1.9% (BLS.gov). This talent starved marketplace gives you much more leverage with employers – they need you to find the talent that eludes them. The fact that the market is changing so quickly as companies grow more aggressive in vying for talent means that the candidates need you to gain a broader view of the opportunities that could be available. FOMO (Fear Of Missing Out) is your friend!
Owning a franchise offers massive advantages. It is also a major investment, and you should only buy one if it improves your quality of life! Finding the right franchise will absolutely do that. Knowing what to demand from your franchisor will help you choose the right one for your business and will help you identify the best fit to your desired lifestyle. Take the time to identify the elements that will have the greatest impact on your individual success and seek out the companies that support that most effectively. Here’s a few tips to get you started on your quest!
· Simple math – the franchise should save you more money than you paid. You should get volume discounts on the tools you need and guidance on which tools are worth buying.
· Momentum – the franchise should help you build momentum in your practice and allow you to reach levels of success that you could not reach on your own. They should provide approaches to the business that align with your approach and your personal and professional goals.
· Methodology – their approach to business should be compatible with your personal values and should make you proud. Especially in the recruiting industry, their approach should create profound value for everyone in the transaction.
· Individual Coaching – don’t settle for a cookie cutter approach! Group sessions are fine, but they cannot pinpoint your personal challenges and the best path forward. Demand the attention that will be the best for your career.
· Training – Top performers keep growing. This increases your billings and it keeps this job fun. Don’t get stale and stagnate – learn from the best in the industry.
· Networking – We become the people we hang out with. Whether that is within the talent management world in general or within your micro-niche – get encouraged and inspired by others. It will also spur you on when you see their numbers in the ranking sheets and hear their praises sung in global meetings.
· Staffing – According to the SIA (Staffing Industry Analysts), the US staffing market generated nearly $152 billion in 2019, Direct hire generated just 9.4 billion of that total. In other words, look to make contract staffing a priority for your firm! Do some research and search for a group that provides back-office support, funding and helps with growing that aspect of your business. Make sure to ask about the burden rate and the payment timing – those vary substantially, from one franchise to another.
· Structure – Search can be accomplished in any environment and each choice has its advantages. Brick and mortar will allow you to create a local presence and can help with hiring and impressing local candidates. Work from home can cut costs, avoid exposure to the public and allow for other priorities, such as child or elder care. There are people working in multitudes of environments from apartments and houses to even sailboats, cabins, and RV’s. Don’t let the franchisor bully you into a lifestyle that doesn’t match your vision for the future.
· Implementation – It doesn’t matter how good their ideas and processes are if you don’t implement them! Look for a group that provides support, positive peer pressure and accountability. It’s not always fun, but it’s almost always more profitable.
For the last 20 years, I’ve helped a substantial number of people start their own talent management consultancies and they all had the same regret – “I wish I had done that 20 years ago!” If you’re considering owning your own business, act now and reach out! You’ll find that many of us will take great strides to help you succeed.
