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How Much Funding Will I Need If I Open a Contract Staffing Firm?

Written on July 16th, 2013 by in Blog

It can be extremely expensive to fund your own payroll. When you open a contract or temp firm you are responsible for the following:

  • You must be registered as the Employer of Record in the State
  • Payroll expenses, taxes, worker’s comp, benefits etc.

There are funding companies that we will recommend to you that can provide the entire back office as well as the funding. They bill the clients, pay your employees, handle all taxes etc., take their fee and then send you a check each week.

With the complexities of the Health Care Reform Act, you will see more contract and staffing firms utilizing the services of these funding companies. Once we understand the niche you select and your short and long range goals, we will know which funding company to recommend to you. If you want to find out more about these sources, simply join us on our next free webinar. You can get all the details by entering in your information in the upper right corner of this page!

Is It Best To Identify a Business Partner?

Written on July 9th, 2013 by in Blog

There are several common reasons new business owners consider bringing in a partner in their new business including:

  1. The partner provides funding
  2. FEAR of opening a new business on your own
  3. You identify someone with Staffing and/or Recruiting experience
  4. The person in question was responsible for the idea of this new business

There are pros and cons to business partners. There are many husband and wife teams that have done extremely well in our profession. It is important for you to determine your motivation to consider a partner. It is also important that you define roles and expectations up front in writing.

Consideration For Reason Number One

If the partner is the money person, rather than make them a partner inquire if they would become a company vs. a partnership.
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What Are The Pros and Cons of Buying An Existing Staffing Firm?

Written on July 3rd, 2013 by in Blog

When you enter the Staffing and Recruiting profession, you have five options:

1. Invest in a franchise

  • $40,000+

2. Purchase an existing Firm

  • Depends on value of the firm

3. Work for someone else, learn the profession and then go out on your own

  • Starting from scratch due to non-compete agreements

4. Open your business and learn as you go

  • High failure rate

5. Invest in our Start Up Tutor

  • Under $5,000 investment

Let’s discuss the pros and cons of buying an existing staffing firm:

PROS

  • You can determine if the business is profitable by reviewing financial statements
  • Established location, reputation, clients and candidates
  • Trained Team
  • Training
  • Reputation is established
  • Niche or area of specialization is determined

CONS

  • You don’t know the reputation of the firm or the word of mouth on the market
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How Do I Overcome The FEAR Of Failure When Starting a Recruiting or Staffing Firm?

Written on June 24th, 2013 by in Blog

It’s important to realize that successful people have more failures. They try more so they fail more, but they view failure as an opportunity to learn.

FEAR can be defined as follows:

F – False

E – Events

A – Appearing

R – Real

Often the anxiety prior to making a decision is worse than making the decision, or the possible consequences of the decision. Opening your own business is a major life decision, but it also allows you to control your own future.

Once you master the Staffing and Recruiting profession, all you will ever need to succeed is a telephone and computer. Imagine the power of knowing you control your own destiny and future. You will no longer worry about mergers, cutbacks, lay-offs or working for someone else. There are also incredible tax advantages in being self-employed.
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Best Advice For New Owners of Staffing and Recruiting Firms

Written on June 17th, 2013 by in Blog

It’s important that you take time to set your business up properly, before you jump into the Staffing and Recruiting Profession. Your success or failure depends greatly on the following:

• Business model
• Segments of the profession
• Exit plan
• Niche or area of specialization
• Knowledge of the basics

There is a placement process and once you learn the basics of the process, you are giving yourself a much better chance of generating profits in your business. Hard work does not guarantee success, but a lack of hard work does guarantee failure.

If I had to provide my best advice to new owners, in addition to the aforementioned I would also recommend:
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