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 figure out exactly how much money you will need to start your staffing business.
Medical staffing franchise:
If you are interested in starting a franchise business, well it will cost you a lot more than a typical startup. Franchise cost can range in cost and services.
Range in cost: Between $25,000 to $150,000
The Range of cost for a Franchise staffing agency will only include the cost associated with the fees and construction; it does not include the cost associated with trying to find clients. OH, ya! I forgot to tell you, the cost of franchising is before you have one contract.
You will be expected to pay royalties to the franchise and you will be expected to follow the protocol set by the franchise. Some people find this helpful and some people may find this restricting.
You are committed to the franchise today and for the rest of the time you own the business.
Let us continue:
The next possible option is to go at it alone.
Start your own medical staffing agency:
OK, this is when it can get interesting, your cost can range in this scenario and the cost will really depend on your experience.
Range in cost: between $2,000 to $7,000
The Range is exactly what it will take to open the doors. Keep in mind; this cost is associated with the three phases of opening up a medical staffing agency.
Phase 1: All The legal stuff.
Is typically the phase you get incorporated, you get your website and you get all your documents in order. This phase can take some time but this is a fundamentally needed phase and it must be done right.
Phase 2: Recruiting
This is the phase you begin getting all your talent pool and this is the phase you must begin from day one and continue through your agency. You have to continue this process because part of owning and opening an agency is always having enough people to fill the needs as your agency grows.
Phase 3: Getting Clients.
I consider this the most important phase, you must and I repeat, you must get clients in order to survive. Getting clients is the lifeblood of your business and must be continually analyzed. Getting business or getting contracts will be your number one priority when opening the doors for your business.
As you can see I have described two options here for starting your staffing agency. Both have pros and cons and you will have to determine what is important to you, how deep are your pockets? And can you afford either one.
You will always have unexpected expenses that you have to deal with in any business. You will have issues that come up that you did not expect. Planning is very important and planning is critical in any business.
I had a wise man tell me once: Planning is really only 30% of a business, the real fun begins starting the business at 70% effort.