I'd like to give back to the community in the form of an executable business idea that I have personally been a part of and watched grow. This was my first encounter with entrepreneurship and I was witness to the success and failures.
This is NOT a Fastlane idea but it could become that. Rather, it is here for anyone to execute (very well!) and free themselves from having to answer to a boss. This could then become your springboard to (relatively passive) income for other ventures in life.
Disclaimer: I have absolutely no interest in this idea but I have seen it implemented and used to generate a six figure income in under a year. YMMV.
Idea: Open your own recruiting firm
The Need: companies all over the US (and I'm sure in other countries) have a desperate need for well-qualified rockstar employees. Most of what employers have to sort through is low quality or not exactly what they need. This isn't true in all industries but if you've ever watched "Dirty Jobs" with Mike Rowe, or worked in a non-tech industry then you know that the need exists.
The Model: Your company is the Golden Child middleman bringing solid to rockstar employees to employers for a fee (depending on the industry, anywhere from 15% to 20% of the first year's salary, including signing bonuses). You guarantee to the employer that your finds will be well vetted, the right fit, and will make them money over the life of the hire (cost savings to the employer from reduced search time, reduced downtime/make do work while finding the employee, which translates into money saved).
Edit: Thanks to @miked_d for another angle:
If your niche supports it, such as IT, you can offer short term contract work to employers for a premium, and if they work out then you can also charge a percentage of the annual salary if permanently hired.
Your VALUE PROPOSITION:
* I will save you time and $ on the search process
* My candidates will, if hired, prove to be assets and not liabilities to the team
* I can provide high quality short term employees as needed (industry-specific)
* I will provide a six month employer satisfaction guarantee with my candidate if hired.
* My staff is well trained, customer (both candidate and employer) oriented, and knowledgeable. No crap submissions (You would not believe how much most recruiting firms suck!)
The Challenges:
* Information withholding: you will have to source candidates without telling them where the job is. This can be problematic and if they find out where your job is, you're out of luck.
* You don't get paid until people get placed. Unless you can figure out a model where people pay you to place their resumes. Will need several months of salary once you get beyond being a one-person shop.
* Lead generation is your most important activity. Cold calling, cold email, web generation, paid search, etc. Can get expensive.
* Excellent cold callers/recruiters. Trust me, the vast majority of the people in this industry are just plain stupid or ignorant. If you want to be seriously successful, you're going to have to recruit rockstars and pay them accordingly (FYI, I was excellent at this and know what I'm talking about. Met lots of my colleagues...eh).
* Challenges from Monster.com, et. al.
The Path to Victory: Be EXCELLENT (underpromise, overdeliver). Provide OUTSTANDING, NO QUESTIONS ASKED customer service. Be ethical. Place the needs of the candidate AND the employer above your own and you WILL rock. Seriously.
Niche: Pharmaceutical industry
- Drug companies
- CTOs (clinical trial organizations - they run the Phase Trials to enable drug development)
- Medical practices that participate in clinical trials (often need Project Coordinators (RNs) to run the study)
Niche: Technology (web developers, coders, etc)
Niche: Mechanics (or any skilled tradesman)
Open to any and all questions.
This is NOT a Fastlane idea but it could become that. Rather, it is here for anyone to execute (very well!) and free themselves from having to answer to a boss. This could then become your springboard to (relatively passive) income for other ventures in life.
Disclaimer: I have absolutely no interest in this idea but I have seen it implemented and used to generate a six figure income in under a year. YMMV.
Idea: Open your own recruiting firm
The Need: companies all over the US (and I'm sure in other countries) have a desperate need for well-qualified rockstar employees. Most of what employers have to sort through is low quality or not exactly what they need. This isn't true in all industries but if you've ever watched "Dirty Jobs" with Mike Rowe, or worked in a non-tech industry then you know that the need exists.
The Model: Your company is the Golden Child middleman bringing solid to rockstar employees to employers for a fee (depending on the industry, anywhere from 15% to 20% of the first year's salary, including signing bonuses). You guarantee to the employer that your finds will be well vetted, the right fit, and will make them money over the life of the hire (cost savings to the employer from reduced search time, reduced downtime/make do work while finding the employee, which translates into money saved).
Edit: Thanks to @miked_d for another angle:
If your niche supports it, such as IT, you can offer short term contract work to employers for a premium, and if they work out then you can also charge a percentage of the annual salary if permanently hired.
Your VALUE PROPOSITION:
* I will save you time and $ on the search process
* My candidates will, if hired, prove to be assets and not liabilities to the team
* I can provide high quality short term employees as needed (industry-specific)
* I will provide a six month employer satisfaction guarantee with my candidate if hired.
* My staff is well trained, customer (both candidate and employer) oriented, and knowledgeable. No crap submissions (You would not believe how much most recruiting firms suck!)
The Challenges:
* Information withholding: you will have to source candidates without telling them where the job is. This can be problematic and if they find out where your job is, you're out of luck.
* You don't get paid until people get placed. Unless you can figure out a model where people pay you to place their resumes. Will need several months of salary once you get beyond being a one-person shop.
* Lead generation is your most important activity. Cold calling, cold email, web generation, paid search, etc. Can get expensive.
* Excellent cold callers/recruiters. Trust me, the vast majority of the people in this industry are just plain stupid or ignorant. If you want to be seriously successful, you're going to have to recruit rockstars and pay them accordingly (FYI, I was excellent at this and know what I'm talking about. Met lots of my colleagues...eh).
* Challenges from Monster.com, et. al.
The Path to Victory: Be EXCELLENT (underpromise, overdeliver). Provide OUTSTANDING, NO QUESTIONS ASKED customer service. Be ethical. Place the needs of the candidate AND the employer above your own and you WILL rock. Seriously.
Niche: Pharmaceutical industry
- Drug companies
- CTOs (clinical trial organizations - they run the Phase Trials to enable drug development)
- Medical practices that participate in clinical trials (often need Project Coordinators (RNs) to run the study)
Niche: Technology (web developers, coders, etc)
Niche: Mechanics (or any skilled tradesman)
Open to any and all questions.
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