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I'm a wanna be fastlaner currently stuck in a well-paying slowlane career in the financial services industry.
My idea is a "Virtual Headhunter"...where anyone with lots of connections in a specific industry(or anyone determined to build a network) can develop relationships with those industry specific headhunters.
The goal here being to "feed" qualified candidates ongoing to the "real" headhunters...the ones who work with employers and have actual job openings to fill. These folks make an average of 25%-30% of the starting salary/bonus(based on industry this varies), and their average search is typically for a 6 figure position. And- no matter how networked they are...there are ALWAYS going to be high-qualified candidates they know nothing about. I know this from personal experience.
So for example- a headhunter who places a 100K candidate might make $25,000-$30,000.
Now- if that candidate that was placed was a referral from you(as the virtual headhunter), you would be in line to make 25% of the headhunter's fee or $10,000...whichever was greater. In my example- using a fee of $25,000...you would make $10,000...which is greater than 25% of $25,000($6,250).
I came up with these figures based on my real-life attempt at this business a while back. I had 3 headhunters signed up using an agreement I am happy to share with anyone who might want to see it. It was designed to protect you to make sure the headhunter wouldn't be able to "cheat" you out of your fee(which would be very short-sighted from a reputation standpoint but you never know). And- it was refined based on their input.
I built my list of interested candidates ongoing with a simple contact form on my website I would send to them via LinkedIn. They would share what positions they were interested in, their qualifications, there willingness to relocate or not, and upload their resume.
Once a week I would compile this growing list and share with my headhunters(no candidate names at this point). When a headhunter was interested in one of my candidates, I would forward an agreement or email with the candidates name(with their permission of course), and get sign-off from the headhunter agreeing that I am in line to get paid if that candidate is placed. Again- I have an agreement covering this aspect if anyone would like to see it.
I ended this business like everything else I have tried...out of fear of my company discovering my side business and firing me.
I think this can be a very successful business model for the right person who wants to take advantage of their networking skills to make what could be very good money ongoing. It's all about relationships, timing, and providing solutions(highly-qualified candidates) to meet needs(open positions).
My thought is to present this as a "business in a box", and partner up with interested Virtual Headhunters where I can work on the back end to support them, tweak the model ongoing, etc.
What are your thoughts on this idea?
Thanks!
My idea is a "Virtual Headhunter"...where anyone with lots of connections in a specific industry(or anyone determined to build a network) can develop relationships with those industry specific headhunters.
The goal here being to "feed" qualified candidates ongoing to the "real" headhunters...the ones who work with employers and have actual job openings to fill. These folks make an average of 25%-30% of the starting salary/bonus(based on industry this varies), and their average search is typically for a 6 figure position. And- no matter how networked they are...there are ALWAYS going to be high-qualified candidates they know nothing about. I know this from personal experience.
So for example- a headhunter who places a 100K candidate might make $25,000-$30,000.
Now- if that candidate that was placed was a referral from you(as the virtual headhunter), you would be in line to make 25% of the headhunter's fee or $10,000...whichever was greater. In my example- using a fee of $25,000...you would make $10,000...which is greater than 25% of $25,000($6,250).
I came up with these figures based on my real-life attempt at this business a while back. I had 3 headhunters signed up using an agreement I am happy to share with anyone who might want to see it. It was designed to protect you to make sure the headhunter wouldn't be able to "cheat" you out of your fee(which would be very short-sighted from a reputation standpoint but you never know). And- it was refined based on their input.
I built my list of interested candidates ongoing with a simple contact form on my website I would send to them via LinkedIn. They would share what positions they were interested in, their qualifications, there willingness to relocate or not, and upload their resume.
Once a week I would compile this growing list and share with my headhunters(no candidate names at this point). When a headhunter was interested in one of my candidates, I would forward an agreement or email with the candidates name(with their permission of course), and get sign-off from the headhunter agreeing that I am in line to get paid if that candidate is placed. Again- I have an agreement covering this aspect if anyone would like to see it.
I ended this business like everything else I have tried...out of fear of my company discovering my side business and firing me.
I think this can be a very successful business model for the right person who wants to take advantage of their networking skills to make what could be very good money ongoing. It's all about relationships, timing, and providing solutions(highly-qualified candidates) to meet needs(open positions).
My thought is to present this as a "business in a box", and partner up with interested Virtual Headhunters where I can work on the back end to support them, tweak the model ongoing, etc.
What are your thoughts on this idea?
Thanks!
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