How much money do you need to start a medical staffing agency?
The amount of money you need to start a medical staffing agency will depend on several key factors. Let’s examine some of the key factors to help you determine exactly how much money you’ll need to start your staffing business.
Medical personnel franchise:
If you are interested in starting a franchise business, it will cost you much more than a typical startup. The cost of the franchise can vary in cost and services.
Cost range: Between $25,000 to $150,000
The cost range of a franchise staffing agency will only include the cost associated with fees and construction; it does not include the cost associated with trying to find customers. Oh yeah! I forgot to tell you that the cost of the franchise is before having a contract.
You are expected to pay royalties to the franchise and follow the protocol established by the franchise. Some people find this helpful and some people may find this restrictive.
You are committed to the franchise today and for as long as you own the business.
Let’s continue:
The next possible option is to go it alone.
Start your own medical staffing agency:
Well this is when it can get interesting, your cost can vary in this scenario and the cost will really depend on your experience.
Cost range: between $2,000 to $7,000
The range is exactly what is needed to open the doors. Keep in mind; This cost is associated with the three phases of opening a medical staffing agency.
sentence 1: All things legal.
This is usually the phase where you go onboard, get your website, and get all your documents in order. This phase may take some time, but it is a fundamentally necessary phase and must be done correctly.
Phase 2: Recruitment
This is the phase where you start to source your entire talent pool and this is the phase that you should start from day one and continue through your agency. You should continue with this process because part of owning and opening an agency is always having enough people to meet the needs as your agency grows.
Phase 3: Get Clients.
I consider that this is the most important phase, you must and I repeat, you must get clients in order to survive. Getting customers is the lifeblood of your business and needs to be continually looked at. Winning business or getting contracts will be your number one priority when you open the doors of your business.
The options:
As you can see, I have outlined two options here for starting your employment agency. Both have pros and cons and you will have to determine what is important to you, how deep are your pockets? And you can afford either one.
You will always have unexpected expenses that you will have to deal with in any business. You will have problems that arise that you did not expect. Planning is very important and planning is critical in any business.
A wise man once told me: planning is really only 30% of a business, the real fun starts with 70% effort.