In the world of recruitment, many of us specialise in niche areas. I, for instance, delve deep into technical niches like environmental engineering, which can get as specific as contaminated sites and project management. While some might thrive in broad markets, others, like myself, find success in being deeply specialised.
As someone who likes to simplify things, I’ll walk you through my approach to discovering new markets—no magic bullet, just straightforward AF strategies.
Step 1: Seek Out the Boom
First, let’s get practical. One of my favourite tricks is to use Seek.com.au to identify booming markets. Here’s the trick: in the search box, type “boom” (b-o-o-m). Why? Because if a market is thriving, recruiters will be shouting about it. They’ll mention mining booms, housing booms, or other market-specific booms in their ads.
If you take away just one tip from this episode, make it this one: go to Seek and type “boom” right now. Alternatively, you can search for terms like “multiple roles” to spot sectors with a high demand for talent.
Step 2: Assess Market Competition
Once you’ve identified a few potential markets, it’s time for some analysis. Grab a spreadsheet and start comparing the number of recruitment agencies advertising in these sectors with the number of job postings. If you see a lot of recruiters but relatively few job ads, that’s a red flag. It means stiff competition and a challenging entry.
Look for markets where there are many job ads but few recruiters. Sometimes, you’ll even find niches with no recruiters at all—an opportunity to carve out a profitable desk.
Step 3: Define a Good Market
A good market isn’t just about the number of roles; it’s also about the potential revenue. I look for markets with around $1,000,000 in fees. Why? Because with an average billing of $500,000 – $600,000, having that extra cushion of $1,000,000 ensures that even if the market softens, your desk remains solid.
Consider what defines a good market for you. Is it executive search, a specific fee average, or perhaps temporary roles? Align this with the market opportunities you’ve identified.
In Summary
So there you have it—a playbook for finding new markets that could last you a lifetime. Here’s a quick recap:
- Search for “boom” on Seek to identify thriving markets.
- Compare job ads with recruiter presence to assess market competition.
- Define what makes a market good for your style and goals.
EASY.
Have an amazing day, and as always, may all your deals come true!
