You’re ready to launch a staffing business – it’s time. You’re either new to the industry and have heard great things about it, or you’ve worked at a staffing firm and are ready to branch out on your own. Fantastic! Either way, if you love people, you like networking, and you have entrepreneurial skills, then this industry is a good match for you.
So how do you get started? We suggest five steps to launching your new business successfully.
Five Steps to A Successful Staffing Company Launch
Develop a business plan. This is sort of a no-brainer, but it has added value. In developing your plan, you’ll be able to research the market, figure out what it is you want your company to be, develop a mission statement and think about your business and what it is you want to achieve. This added value gives you perspective and gets you started – before you’ve started – on the right foot.
See if your idea will work. You can obviously do a lot of market research via the Internet these days, and if you have staffing experience in the area you’re targeting you probably already see gaps missing that you can fill. But it never hurts to talk to potential clients directly and ask what their needs are. This goes for candidates as well. What are they looking for? What can you bring to the table that sets you apart? This gives you great insight into how to craft your business and target your customers, whether they will be future associates or future clients.
Develop and secure financial resources. “Cash is king,” as the saying goes, and that definitely applies to start-ups. You’ll need to figure out a marketing plan, hire staff, rent a building, invest in technology, and many other tasks that come with setting up a business. If you don’t have the resources yourself, necessarily, you need to partner well, whether it’s an outside investor or a funding company that can help you bridge gaps and grow with you.
For example, at Madison, we realize that starting a new staffing business is hard work – building your client list, filling your candidate pipeline, and expanding your internal team. Madison Resources lets you focus on sales and service, so you can increase profitability faster.
We provide affordable payroll funding, progressive staffing technology, complete back office support, and expert advice for start-up staffing firms like the one you envision. This guarantees starting out on the right foot.
Hire wisely. At the beginning, you’re going to be wearing a lot of different hats. But once you launch, it’s going to be a team effort.
Hiring the right people is as important to your nascent company as a great idea or identifying a great opportunity.
So how do you do this? Well, this ties into your business plan. You should be able to articulate your company’s core values to prospective hires. You can focus on behavioral questions in job interviews as well as previous jobs held. Some questions might be, “What goals did you have at your latest employer? Were you able to achieve them?” Or, “To date, what’s been the greatest accomplishment of your career?”
Of course, if you are already in the staffing market, you have a leg up on knowing who is a good recruiter, and a good salesperson. But in any case, you want to make sure your staff buys into your goals and message and mission.
Get the word out. You’re launching! It’s exciting. You need to market your services and let people know that you are now available. In your due diligence, you’ve met with potential clients and hopefully have already built a network. Again, if you have staffing experience in the area, you already have contacts. But if you don’t, marketing your mission and your services will differentiate you among competitors.
Fortunately, there are many ways to do this inexpensively. You can brand yourself online, and hire a freelancer to develop a great Web site. You can build up candidates by using online resources. You can also use tried and true methods, like a presentation at the Chamber of Commerce or Rotary. The key is to be professional from the get-go.
Are you looking for an established and trustworthy staffing funding company?
These are five steps that make launching easier. At Madison, we have more than 20 years of experience helping staffing firms like yours get started, and have a proven track record. Contact us today to see how we can help you grow and succeed.