Start a boutique executive search firm

Private companies, investor-backed businesses, charities and professional firms hiring board-level or senior leadership roles.

Staged retainer fees paid at points in a search, such as launch, shortlist and appointment, often with a final fee linked to the hire's salary.

• Track record in recruitment or senior hiring
• Business development and relationship building
• Managing a small team and several searches at once

• Check your contract and restrictive covenants if you are leaving a recruitment employer, as non-solicitation clauses may apply
• Check the rules for employment agencies and businesses, and UK GDPR and ICO registration for storing candidate data
• Employer's liability insurance is needed once you take on staff, and professional indemnity cover is worth checking
• Salaries and rent are fixed costs while fees arrive late, so work out how many months of cash you need
• Retained fees may not be refundable, so make sure your terms are clear on what happens if a search fails

Startup costs are typically around £8,000 to £35,000, depending on your office, team size and how much cash you hold back to cover costs while fees arrive late. Treat these as estimates and build your own budget.

Estimated monthly revenue is typically around £6,000 to £30,000, depending on how many retained searches you run and the size of your team. Salaries and rent are fixed costs while fees arrive late, so work out how many months of cash you need.

Check your contract and any restrictive covenants if you are leaving a recruitment employer. Also check the rules for employment agencies and businesses, UK GDPR and ICO registration, and employer's liability and professional indemnity insurance.