Starting a Business Articles
Opening a Temp Agencies Business
Launching a temp agency is an excellent entrepreneurial opportunity but it's important to plan out the business in detail before you start. We offer a few secrets on the startup process.
Thinking about opening a temp agency? We tell you what you need to know to get started.
How to Create Effective Temp Agency Business Plans
In a startup temp agency, there is no substitute for a high quality business plan. The effort you invest in the creation of your plan now will pay off later in lender responsiveness, investor attention and strategic confidence.
The most effective temp agency business plans include a comprehensive chapter on finances. The financial chapter of your business plan is one of the first places investors and lenders look, so it needs to contain forecasts and budgets that are rooted in business realities rather than your personal best case scenario.
As a result, we strongly recommend educating yourself in business plan financial basics before finalizing your business plan's financial chapter.
Take a Look at Competitors
Prior to opening a temp agency within your community, it's a good idea to find out how strong the competition is. We've provided the link below to help you find competitors nearby. Just enter your city, state and zip code to get a list of temp agencies in your community.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
Once you've finished assessing the competion, it's a smart move to have a conversation with someone who is in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
On the other hand, an individual who has a temp agency outside of your community can be a great learning resource for you, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
How do you go about finding a temp agency founder who is willing to advise you because you live in different cities?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Financial Benefits of Buying a Temp Agency
Startup temp agencies carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. At a minimum, it's worth exploring the financial benefits of buying a business to get an established customer base.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Consider Franchising
The odds of achieving your primary goal of making a success of your new business are much greater if you buy a franchise and leverage their successful brand and track record.
Prior to making the decision to open a temp agency, a smart move is to investigate whether purchasing a franchise might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding starting a business may be of interest to you.
Share this article
Additional Resources for Entrepreneurs