Try this job description on for size:
– No boss
– Make your own schedule
– Work from home
– $100,000 + expected salary
– Freedom to grow at your own pace
These are just a few perks for the nearly undiscovered field of executive recruiting. Essentially, these professionals own their own businesses under a DBA and help other companies to find appropriate consultants. An Executive Recruiter is a person who matches businesses with professional consultants by studying profiles and determing the most beneficial team for both parties.
Why is this such an important aspect of the business world?
Often, business owners find it difficult to hire the right consultant, partly out of ignorance, and partly because there are so many from which to choose. If a business owner doesn’t know much about finances, and he needs to hire a consultant, he might spend months trying to find a good match, and never be certain that he’s made the right decision. An Executive Recruiter takes away the stress of the search and the time necessary to hire the right person. The Recruiter acts much the same way that an employment agency does, only they work solely with consultants.
There are three reasons why people choose this type of business:
1. Extremely low overhead costs.
2. No start-up costs.
3. Freedom to take the business in whichever way they choose.
An Executive Recruiter needs only a telephone, a computer with Internet access (preferrably high speed) and the ability to sell themselves. If you’ve never done any sales, or if you aren’t comfortable with marketing yourself, then this isn’t the career for you. But if you enjoy working with people and if you desire the freedom to set your own hours, then you may want to pursue it.
The benefits of owning your own business versus working for someone else are many. Nothing compares to taking charge of your own career, which is essentially what owning a business is all about. But most people lack the startup capital necessary to initiate this endeavor, which is the only thing that stands between these professionals and financial freedom.
What is necessary to start this business?
As I said before, to become an Executiive Recruiter, you only need a phone, a computer and Internet access to begin this business. You will also need to obtain a DBA (“doing business as”) and you will need a medium through which you can advertise your services. Initially, marketing will take up much of your time, advertising yourself to prospective customers, but once you are established, referrals will take up most of your business.
It also helps to have a website, which costs as little as $7.95/month. You will want to have a telephone carrier that gives discounts on long-distance calls because much of your day will be spent talking with clients all across the country.
How does it work?
Executive Recruiters match professional consultants with companies that need their services. There are many different ways to do this – some prefer to interview over the telephone, while others set up a personal profile for each candidate. When a business lets you know that they need a particular type of consultant, you will find a professional who can meet their needs.
It sounds complicated, but once you get started, it is actually quite simple. Your business is the “middle man” through which businesses ally with professionals. Companies rely on you to interview and effectively screen potential applicants, choosing one that can bring the necessary skills to the table. As I said, most of your time will be spend on the phone, interviewing candidates and talking with business owners about their needs.
What are the earning possibilities?
Since this is such a narrow field, and because there are very few like businesses, the earning potential is extremely high. New Executive Recruiters can expect to make at least $100,000 their first year in business, with that amount skyrocketing through the next five years. According to Entrepreneur.com, an Executive Recruiter earns anywhere from 20%-33% of the consultant’s first year’s salary. That means that for every consultant you place, your fee could be upwards of $15,000.
What are the risks?
Starting your own business always comes with risks, which is what makes starting one so exciting. As far as start-up costs and overhead go, your risks are extremely low as an Executive Recruiter. At most, you’ll lose the money spend for advertising and for running your website. It is best to get all of your plans in order – your business plan, your marketing plan, your advertising – in order before you quit your day job. When you obtain your first client, you can begin to think about running your business full time.
How do you get started?
My advice is to talk with people who are already in this field. Do your research before you even consider starting this business, and find out exactly what the current trends are. Contact a Recruiter who has been in business for several years and find out what they did to get started.
This, unlike many opportunities you will find on the Internet, is not a ten-minute fix for financial problems. It requires hard work, dedication, and the ability to sell yourself and your clients. It requires at least forty hours per week, much of which will be spent screening consultants, and it requires a devotion to the trade.
Starting an Executive Recruiter business is not without its risks, but it can be a fullfilling, lucrative career move. It offers unrivaled flexibility and the freedom to work on your own terms. It is best that you read more about this career before making any decisions, and to interview others who have started similar ventures.
