Keep your location in mind, as the specific businesses and industries that have the most hiring demand will differ by location. Go for industries that are predicted to grow in the future. This will help ensure that you’ll continue to have clients coming to your agency. Find out how much certain industries are charging for their services. Some industries by nature pay better than others, so choose an industry that both aligns with your strengths and yields higher profits. Some example niches include: cyber security, FinTech, digital marketing, nursing, data scientists in the HR industry, airline flight attendants, and IoT staffing.
Executive summary: This says what your business is and why it will be successful. This includes details such as your mission statement and information about leadership positions. Company description: Here, you’ll go into detail about what problems your business will solve and who you’ll be serving. This is the place to highlight what makes your company stand out. Market analysis: This is the research you’ve done into your targeted market. What do successful competitors do? Why does it work? Can you do it better? Organization and management: Explain how your business will be run and what its legal structure is. Service line: Tell readers what service you’re offering and what kind of benefits it will ensure. Marketing and sales: Lay out your marketing strategy for how you’ll draw in and retain clients. Funding request: If you’re in need of funding, this is where you’ll outline your funding requirements and what the funding will specifically be used for. Financial projections: This will supplement your funding request. You’re convincing the reader that your business will be stable and financially successful. Appendix: This is where supporting documents and other requested materials will go.
Office space / rent Equipment and supplies Insurance Legal set-up expenses (entity foundation, contracts. etc. ) Website development Software Employee and freelancer costs Advertising and marketing The total cost of starting your business depends on how much you do yourself, how many tasks you outsource, and personal decisions about office space and advertising.
For recruitment costs, your agency can use one of two methods. The retainer method is used when you’re working closely with a business for a long period of time and charge them for your services for as long as they use your agency. The percentage method means you’ll take a certain percentage (usually 15% to 25%) of the employee’s salary as the charge for recruitment.
An LLC will protect the business owner’s personal assets from business liability in the case of bankruptcy or a lawsuit. Profits and losses can be passed through personal income, so your income won’t be subject to corporate taxes. A corporation is a business entity separate from the individual who created it. The company is responsible for paying back debts and paying taxes on its earnings.
If you’re purchasing empty office space, doing a huge renovation on a space, or building your own office, you’ll need a certificate of occupancy (CO). Check your local government’s website to see what documents you’ll need to get your CO. [8] X Research source Certain costs for your business can vary by state or region, such as minimum wage laws, property values, and business insurance rates. Taxes also vary by state, county, and city. [9] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source
Your state’s business records Federal and state trademark records Social media platforms The web (for domain availability)
Register with the state where you’re conducting business. Some states let you do this online while others have physical documents you need to turn in. Most states require you to register with the Secretary of State’s office, a Business Bureau, or a Business Agency. Upon registration, have prepared your business name, the business location, ownership, management, or directors, registered agent information, and the number and value of shares if you’re a corporation. The fee to register your business won’t usually go above $300. If your agency is an LLC or a corporation, locate a registered agent in your state before you file. This registered agent will receive official papers and legal documents on your company’s behalf.
Income tax Estimated tax Self-employment tax (if you’ve registered as an LLC) Employment tax
When deciding what types of insurance to buy, assess the various risks that may affect your agency, such as natural disasters in the case you have a physical office. Find a reputable and licensed agent to help you go through insurance plans and decide on one that’s right for you and your agency. Reassess your liabilities every year and make changes to your insurance plan when they’re needed.
Visit the U. S. Department of Labor’s site for resources on state-specific laws and regulations.
You’ll need your EIN, your agency’s formation documents, ownership agreements, and business license to open this bank account.
Along with technical skills, give equal consideration to a potential candidate’s soft skills. Things like interpersonal communication, critical thinking, and leadership will benefit your agency greatly and help you rise above competitors. Some key positions every startup owner should look to fill include: a CEO and COO, chief marketing officer, chief financial officer, business development manager, customer service representative, and communications manager.
Applicant tracking systems Candidate relationship management tools Candidate sourcing Mobile recruiting Automated job posting Human resources information systems Interview scheduling
Make sure the content on your site is accurate by performing fact checks and updating your website frequently. In addition to a website, starting a blog for sharing news, opinion pieces, and stories is another way to add value to your staffing agency and catch potential clients’ attention.
Utilize inbound marketing, which is a strategy that has clients coming to you for your services instead of you reaching out to them. It’s also a marketing strategy that is relatively cost effective. [20] X Research source Strategies for inbound marketing include: optimizing one or two keywords to directly relate to your business, building a personal brand that taps into your personal story, asking and answering questions on social media, and submitting articles and blog posts for websites with a large reach.
