Not sure where to start? Here are five key points to cover when creating your staffing agency business plan.
- Write your elevator speech. You should be able to describe your new company to your audience for the duration of a shared elevator ride — say 30 seconds or so. That’s about how long your potential clients will give you before their eyes begin to glaze over, so consider your words carefully. Remember, you want to wow potential customers. This succinct paragraph or two will serve as the introduction to your staffing agency business plan and define your value proposition to key stakeholders.
- The face of the company. Lenders, investors and partners reading your business plan will need to accept that your business is viable in order to buy into its success — but why should they? Here’s your chance to introduce yourself, your background and your expertise in your chosen field to put a face to your staffing agency business plan. What have you accomplished in the staffing industry? And if you don’t have experience in staffing, what are your entrepreneurial strengths? Have you been successful in other business endeavors? Make sure to also highlight partners you’ve recruited who possess skill sets or experience you lack.
- Know your market. You’re really trying to show where your company will fit into the marketplace. How well do you know your competition? What are their strengths and weaknesses? What audiences are being underserved? Now, what will you do differently? Ultimately, your staffing agency business plan needs to demonstrate that there is an unmet need in the market that your business can serve.
- What makes you different? Now that your readers know what the competition has to offer, it’s time to describe how you will exploit market weaknesses and appeal to your niche. No company is all things to all people, so you need to communicate to potential clients what gives your staffing agency a competitive advantage. Will you focus on a specific industry, or only take on certain clientele? Indicate training programs or other advantages that you have over competitors.
- Be prepared to succeed. You’ve presented your qualifications, an in-depth understanding of the staffing industry and the challenges and opportunities before you. Now it’s time to demonstrate your ability to achieve your goals. Your No. 1 tool in this pursuit is funding. Show that you understand your capitalization needs by putting together a funding strategy that explains how you will fund your business until it starts generating revenue. If you’ve found a payroll funding source that can advance the working capital you’ll need, indicate this. Doing so will show that you have put time and effort into confronting potential cash flow challenges.
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