Making sure there’s enough money to pay the bills can be a source of anxiety for any small business owner and the stress can increase if the business is a consulting business, like recruitment, where a service is delivered over a period of time.
As an independent recruiter you fall into both the small business and the consulting categories.
A recruitment consulting assignment (or project) is something delivered over a period of time. We take a brief, we design and implement a candidate attraction strategy, we screen candidates and then present a shortlist of recommended candidates to our client. Sometimes this is straightforward and the job is done within a matter of days but sometimes it can take weeks, or even months, to achieve the best outcome for our client.
Traditionally, most recruiters invoice a client once the successful candidate has been appointed but some don’t charge their client until the successful candidate has actually commenced work, which can sometimes be weeks after the letter of offer has been signed. And while your payment terms may be 7 days, we all know that the majority of clients take a lot longer to pay their bill.
As an independent recruiter you also need to make the time to build your sales pipeline.
Sometimes you can feel like a rat on a wheel. You can’t make money while you’re out and about sourcing work but you won’t make money if you don’t have any projects to work on, so you have to get out to source them.
All of this can play havoc with your cash flow.
The last 4 episodes in our series “How to Build a $100K+ Income as in Independent Recruiter” have explored how to get your head and your desk into the $100K zone, how to place a value on your time and expertise, how to build a client base and get referrals and how to create your personal brand.
In this 5th webinar, we’ll show you the money!
Well more specifically, we’ll show you:
- How to create cash flow;
- How to build a sales pipeline; and
- How to make sure you get paid.