Contemplating launching your own staffing agency? Build one from scratch now and we will tell you how.
Steps to Launch a Potential Staffing Agency
Determine the type of staffing company you want to launch
There are various types of staffing companies in the world today so it’s indeed merely vital that you know which one suits your business start-up plans. It could be an agency operating for temporary staffing, long-term staffing, or term-to-perm staffing. There are many agencies that even run more than one type.
Drafting an appropriate business start-up plan
The staffing agency start-up plan is the foundation of your business. Your plan has to appear realistic and well-strategized otherwise you the business would not earn you more profits. Having a good start-up plan for your staffing agency will also attract potential investors or banks to support you financially.
Getting your business license for the company
It is necessary to attain a work license and state permit before you can legally execute your staffing company. This naturally leads you to determine other government requirements that include taxing and workers’ compensation. Try not to risk procrastinating or skipping any of the work legal processes/stipulations because it would pose an inevitable circumstance.
Raising capital for the main execution
Now that you must have determined and obtained all the relevant details and infrastructure to start your business, this is where you raise more capital for full execution. A bank or investor usually covers the finance of the start-up processes but you still need to gather more capital in case of unforeseen expenses such as overdue invoices from clients that slack in making expected payments.
Creating contracts for employment
Putting your staffing agency business out there means making it available for employment for both potential employees and organizations that will request your company’s service. This area of business requires you to seek a lawyer that can create proper and lucid contracts with the terms & conditions involved.
Marketing and Advertising to Enhance Awareness
Now that you have successfully established the business, the final part has to do with promoting what you have launched. Indeed, it is easy to do this via a traditional advertisement that includes direct mail, online ads, social networking, magazine & newspaper advertising.
How Much Should One Budget for a Staffing Agency?
It’s normal for anyone to have an idea of the cost range needed to start a staffing company from scratch. Determining the amount of money you’ll likely need for this type of business depends on the niche you are going for as well as your initial goals. There are staffing agencies that were built way under $10,000 while another can be seen spending 10 times the amount for a start. If you already own a suitable workspace, for instance, then you can exclude rental fees from your start-up budget. Just make sure you have adequate operating capital in the bank.
Investing in a staffing agency is actually lucrative when you have a well-structured plan that is accompanied by achievable goals. Payscale states that the national average income for a staffing agency Branch Manager is $46,000. You can be rest assured to earn much higher if you follow the proper ways to start up the business, accordingly. Interested in learning what you and your company stand to get from an established and well-experienced staffing agency? Contact us here at Ameeratel and we’ll take care of you.