RecruitHub co-founder, Edmund Blogg, caught up with Hoxo co-founder, Sean Anderson to discuss all things recruitment from their shared career perspectives to founding and launching businesses that help recruiters achieve their goals faster.
We’ve broken down the episode to share 13 pieces of information that recruiters who are exploring the idea of starting a recruitment business need to know.
Let’s dive in..
1: How do you support people who are exploring the idea to start their own business?
- It’s rare to speak to people who want to get started immediately. Many founders approach the due-diligence and fact finding process over a number of weeks and months.
- It’s 100% ok to not know where to start. That’s part of the whole process 🙂 If you have questions at the start of the process, get in touch – many businesses will be happy to fill in the gaps and provide information to digest.
2: Can you provide an example of a founder’s journey on RecruitHub?
- Always sense check offers. The vast majority of businesses provide advice in the customer’s interest. If you’re not right for RecruitHub or the offer you have from a competitor is the best route for your business, we will tell you.
- Experience doesn’t 100% outweigh drive, determination and belief in what you’re building. Focus on your potential and what makes you different.
- Be innovative. The recruitment process can be enhanced by technology. Find the correct ways to make the machine work for your business process.
3: What does the process look like for someone who’s interested in finding out more?
Getting to know you
- Phone / Zoom call where we introduce and share a high-level overview of RecruitHub including a platform walkthrough, tools, tech stack, resources, and commercials.
- During the call, we take time to understand you and your vision and technical details – sectors, geos, funding, team, experience.
Bringing your business to life
- Business modeling session between founder(s) and RecruitHub to create an initial financial forecast covering personal earnings, investment needed, equity split ranges and business valuations.
- If both parties are interested, mutual due diligence is conducted and the process of launching your business begins.
4: Why did you create RecruitHub?
- We (Simon and Edmund -RecruitHub Co-Founders) observed a common problem in the recruitment industry where successful recruiters who started their own businesses were facing inefficiencies and a loss of productivity due to having to rebuild processes and systems from scratch. Surveys and focus groups we ran revealed that 40% of a founder’s time was wasted on non-fee generating activity.
- This inspired us to create a platform similar to Shopify that recruiters could plug into to streamline their operations and improve efficiency. Using RecruitHub, founders and their teams spend 92% of time on revenue generating activity.
5: Does RecruitHub support lifestyle businesses?
- Yes, we support both customers who are on a deliberate growth journey with X as a target, as well as solopreneurs who have no interest in selling their business.
- We’ve seen a marked increase in people starting their business since the Pandemic (8,000 businesses registered in 2022). The number of solopreneurs starting on the RecruitHub platform is growing.
- Core reason? Solopreneurs want to continue working independently, within their own parameters and without being accountable to anyone for their schedule or working location.
6: How are you helping founders build for an exit?
- RecruitHub helps founders before and during their journey to understand how to maximize their business value through regular business meetings.
7: What should founders be aware of when building for maximum multiple at exit?
- Understanding the relationship between perm and contract and its impact on business value. Contract and perm blended businesses are valued at higher multiples as contract business shows forecasted revenue.
- Other key factors that founders need to be aware of include concentration spread across client portfolios, penetration of client accounts, diversification vs niche focus, compliance, customer relationships, and documented processes.
8: How does RecruitHub’s commercial model support founders?
- The commercial model is completely shared-success, meaning RecruitHub is only paid by their customers when they are billing.
- Funding and investment is available to customers who need capital to get started.
9: How fast can someone get up and running with RecruitHub?
- The platform can be launched in as little as seven days, but 30 days is a more reasonable timeframe due to brand development and technology configuration.
10: Why does RecruitHub invest so heavily in technology?
- RecruitHub has focused and obsessed about the technology stack from day one and invests heavily in technology to ensure that businesses have a faster road to success.
- A key element for success is connecting technology together. Businesses can buy and use different point solutions but the synergy comes from each tool working together.
11: What are some of the data insights founders access on RecruitHub?
Cash forecasting and visualising historic trends.
- Financial projections (and lookback) against sales funnel.
- Capturing touchpoints that feed the sales pipeline to provide granularity and insights.
- Track performance levels across teams to recommend actions – e.g. “We believe this person could benefit from training in this area from an internal power user [name] or technology partners.
- And more…
12: What’s next for data on RecruitHub?
RecruitHub is continually evolving with a 12 month roadmap focused on:
- Centralisation of reporting and insight capabilities across various business areas, including finance, marketing, technology, user performance, user engagement, and ROI on technology platforms.
- Real-time actionable data insights across key financial areas, such as cashflow.
13: What’s your vision for RecruitHub?
- Functionally – continue to do more of the same. Invest in improving the product and process. Hire the best people. Support our founder community. Be the first thought when someone is considering starting a business.
- As a vision – make it such a “no brainer” that when recruitment professionals are exploring the idea to start a business they don’t even consider expending time and energy piecing the jigsaw together themselves.
Looking to take your recruitment game to the next level? Our team at RecruitHub is here to help!