Successful staffing startups are always managed well. As an owner or manager, you have a lot of issues to handle.
Here are three tips that can help you succeed.
Concentrate on cash flow, not profitably. You’re going for lift off, and especially with staffing, your mission is to keep a steady cash flow. Perhaps you are fortunate enough to have your own money to invest; perhaps you have partners you can trust. However, you should consider partnering with a funding company. A good, all-service funding company can handle your payroll, your funding, your billing, and much more. This allows you to focus on sales and recruiting, and hiring the right people.
This segues into the next step, hiring good people. Maybe you are striking out on your own, or maybe you have a staffing background. Either way, whether you have contacts or not, you need to build a good team. Don’t be afraid to start small. Too many employers make the mistake of hiring too many employees. Don’t be afraid to start slow and see how you grow. This definitely beats overloading your staff and then having to lay them off if your company doesn’t grow as fast as you want. This obviously demoralizes morale and can make investors or clients wary. The good news with staffing firms are that we are experts at profiling people and putting matches together. Do this with your own firm.
Outsource your non-core competencies. When you’re starting up, it’s all about focusing on what you do best. This should be, as said before, sales and recruiting. You shouldn’t waste time and expense trying to do accounting, payroll and other services that can easily be handled by an outside partner. For example, at Madison Resources, we know that starting a new staffing business is hard work – building your client list, filling your candidate pipeline, expanding your internal team. Madison Resources lets you focus on sales and service, so you can increase profitability faster.
- Affordable payroll funding
- Progressive staffing technology
- Complete back office support
- Expert advice for startup staffing firms
Best of all, more than 20 years of experience helping staffing firms like yours.
A Good Funding Partner Ensures Success
Staffing is a key contributor to our nation’s economy. If you’re thinking of starting up a company, give us a call today. We can give you that extra boost to help you out. Contact us today to learn about our services.