Birth is a messy affair. Even so, new life cannot exist without the upheaval and effort to bring it into the world. Likewise, bringing new companies to life is both exciting and nerve-wracking. With the right planning, however, starting a company can offer big rewards.
New staffing companies especially face challenges, as they deal not only with regular aspects of business but are also prone to changing economic and social situations. For clients who are starting staffing firms, they can take specific actions to give their new companies a head start. The first step is to buy staffing liability insurance. Here are the next actions staffing entrepreneurs can take.
How Do I Start a Staffing Agency?
Those looking to start a staffing agency need to consider these vital points before they celebrate opening their doors.
- Financial resources – Staffing agency owners need reliable finances in order to issue paychecks, take care of bills and orders, and maintain headquarters. Any lag in finances could topple a fledgling reputation when a new firm needs to build it up the most. Staffing firms must have adequate and consistent capital resources. Reliable staffing liability insurance helps protect assets.
- Marketing plan – Staffing firms need focused marketing plans to guide them through the mercurial employment industry. Plans should define goals and include methods and strategies for achieving them. Good plans for long-term success should be concise and flexible, allowing for quick responses to changing situations.
- Sales strategy – Employment company start-ups need to know which clients they want to target. All sales staff and recruiters also need to know which clients are desirable. Everyone needs to work together in cohesive, organized operations. Sales strategies and marketing efforts should blend seamlessly. Depending on the resources available to small staffing start-ups, outsourcing might be a viable option for specialized duties.
- Software – The right software can be a huge help to beginning employment agencies. Software programs can automate communications with clients and applicants, and investing in select systems such as applicant tracking can help boost long-term viability.
- Recruiting – New employment firms need solid talent to meet a variety of changing demands. As job markets shift with societal changes, automation may not be enough to choose or look past certain applicants. Merely scanning resumes is not adequate either, for experiences do not indicate specific personality traits that can lead to success and satisfied clients. Personal conversations or meetings are important to choose applicants who fit with company marketing strategies and would seem to fit with the targeted client base.
Is Owning a Staffing Agency Profitable?
Some may be wondering if starting a staffing firm is worth it. The short answer is yes. The staffing industry is a vital part of the nation’s economy, with annual profits in the billions of dollars.
Starting a new staffing firm is well worth the effort. To ensure long-term success, however, entrepreneurs must take specific actions before business begins. Good planning can feed future success.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.