Staffing agencies occupy a rather unique place in the business world. They employ people and send them to a client's location to do work. Yet, the staffing agency doesn't have a direct supervisory role over their own employees. This unique situation creates special financial and legal obligations and risks that the staffing agency must address.
That is just one of the many challenges of creating the business plan for a staffing agency.
Determining the Target Market
If you are the sole staffing agency in a moderately sized town, then you can be a generalist that employs a variety of skills to a variety of industries. Unfortunately, most staffing agencies don't have that luxury. It is a matter of identifying a target market where there is …show more content…
Here are just a few niches: medical, legal, administrative, IT, industrial, and marketing.
Decide on the Type of Business You Will Be Running
Staffing agencies can take on different forms. Each has its own advantages and disadvantages.
A sole proprietorship occurs when one person owns the business under his or her own name. Any debts of the businesses are personal debts to the owner.
A partnership occurs when two or more people own the business jointly. They may be equal partners or each may have a certain share. Debts are still personal in nature.
An LLC is a limited liability company. It offers the taxation benefits of a sole proprietorship or a partnership, while offering the protection of a corporation.
A corporation is an entity that is consider legally separate from its owners. It pays its own taxes and protects its owners from …show more content…
You need to attract both employees and clients. You cannot do it with only one half of the plan.
The marketing plans is so essential to a staffing agency, that without one (or two) you might as well not even open the doors.
Projecting Revenue
You need to have a good idea of how much revenue your agency will generate in the first month, quarter, and year. It needs to project out to at least two or three years for a solid picture.
An essential piece of the puzzle for projecting revenue is setting your price point. You want to pay enough to attract the best talent, but you don't want to be overpriced where clients won't want to do business. Now, you will likely have different price points for different levels of talent or different industries. These points need to be determined before you open the doors.
Where are the Doors
Staffing agencies often start out in the corner bedroom of the owner's home. And that is great for the first few months. But, eventually, you will need an office space.
Part of your business planning is determine the right location that is great for recruits coming in to interview, yet accessible to your core
That is just one of the many challenges of creating the business plan for a staffing agency.
Determining the Target Market
If you are the sole staffing agency in a moderately sized town, then you can be a generalist that employs a variety of skills to a variety of industries. Unfortunately, most staffing agencies don't have that luxury. It is a matter of identifying a target market where there is …show more content…
Here are just a few niches: medical, legal, administrative, IT, industrial, and marketing.
Decide on the Type of Business You Will Be Running
Staffing agencies can take on different forms. Each has its own advantages and disadvantages.
A sole proprietorship occurs when one person owns the business under his or her own name. Any debts of the businesses are personal debts to the owner.
A partnership occurs when two or more people own the business jointly. They may be equal partners or each may have a certain share. Debts are still personal in nature.
An LLC is a limited liability company. It offers the taxation benefits of a sole proprietorship or a partnership, while offering the protection of a corporation.
A corporation is an entity that is consider legally separate from its owners. It pays its own taxes and protects its owners from …show more content…
You need to attract both employees and clients. You cannot do it with only one half of the plan.
The marketing plans is so essential to a staffing agency, that without one (or two) you might as well not even open the doors.
Projecting Revenue
You need to have a good idea of how much revenue your agency will generate in the first month, quarter, and year. It needs to project out to at least two or three years for a solid picture.
An essential piece of the puzzle for projecting revenue is setting your price point. You want to pay enough to attract the best talent, but you don't want to be overpriced where clients won't want to do business. Now, you will likely have different price points for different levels of talent or different industries. These points need to be determined before you open the doors.
Where are the Doors
Staffing agencies often start out in the corner bedroom of the owner's home. And that is great for the first few months. But, eventually, you will need an office space.
Part of your business planning is determine the right location that is great for recruits coming in to interview, yet accessible to your core