Why not become a millionaire?
There are over a thousand recruitment millionaires in the UK – its probably the highest proportion of any career group to become so wealthy.
If you consider that perhaps 100,000 people have worked in recruitment your odds of becoming a recruitment millionaire start at 1 in a hundred.
How can you shorten these odds? Is there a formula where you can get it down to one in two or three?
There are many “serial” recruiters who build and sell agencies time after time, so there are formulas which work and can be imitated.
Recruitment is a paradoxical career, as you are dealing with people who want to know what’s going on, but you are probably a sales person and finding time to complete administration and make reliable notes is not your forte. Good accounting will be needed but again its not what you enjoy.
Typically to be left with a million after tax you need to have a saleable business which reliably generates £300k profit a year, on a sustainable margin, after paying you a reasonable salary. “Reliable” profits tend to come from the temporary staffing side.
A well run temporary staffing side, should make 7.5% net, so you are looking at annual sales of £4m, or £1m a quarter and you will have £400k – (£325k after your costs) to run the business including staff, advertising and everything else.
So in your business how could you achieve this? How can you make sure you have the skills and all round access to support services to make sure your admin is kept well?
The first step is to send your cv to our Senior Consultant Peter Gregory at peter@cody.co.uk. He has sold five recruitment businesses, built from the ground up for sums from £1m to £12.5m. He will review your cv and makes some suggestions as to steps you can take to strengthen your chances of becoming a recruitment millionaire, and if you like them a Cody Consultant will start working on the plan with you.
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