Starting your own staffing franchise is no small matter. You are not only taking up the mantle of entrepreneur and business owner, you will also hold the careers of thousands of others in your hands throughout the course of your career. As a staffing franchisee owner, you'll need to be ready to lead your employees, make powerful connections with local hiring businesses, and reach out to skilled job seekers. However, before you can do any of that, you'll need to actually have a franchise, a building to house it in, employees to work for you and clients to work for. If you think you're ready to start your own franchise, building the company in your mind is often the best way to prepare yourself for the true rigors of business ownership.
1) How Big?
The first decision to make which will shape all decisions in the future is how big will your business be? Not in the future, for we all dream of great business empires of successful franchises in the future, but on opening day. How many staff, how many desks, how much floor space? These calculations all come with a cost and a set of unique requirements. To run an efficient business there will be both a minimum and a maximum practical size. Choose somewhere comfortable in the middle.
2) How Will You Fund It?
Entrepreneurial funding is one of the most diverse topics within the startup culture. You might be surprised to discover that most use a mix of their own personal funds and debt. Others seek angel investors and a few even successfully use peer-to-peer or crowd-funding for their startup capital. You'll need enough for the franchise fee, the initial training, and your travel as well as for the location, initial supplies, furniture, payroll, and so forth. Take a close look at your franchisor's Item 7 of their Franchise Disclosure Document. That section should help you navigate these initial expenses.
3) Where Will You Work?
Location matters a great deal to your clients and employees alike who will be driving to and from the office frequently. While properties come and go, planning for your franchise is the perfect time to take a look around town and get an idea of where you might want to set up shop. Most cities have several viable locations for a small staffing franchise in strip malls, free-standing buildings, and office towers depending on where you live, want to work, and can afford. Some staffing franchises like Nextaff allow start-up offices to begin in a flex space.
4) Who Will You Hire?
When starting a franchise, it's important to understand that you are not a one man (or woman) band. While some business owners try to manage their finances, IT, sales and recruiting it's usually too much for any one person to manage. You'll need a solid first hire to make sure you get off to the right start. Have a short list of people in mind and ask them about joining you before making your official start.
5) How Will You Get Your First Clients?
Finally, your business has to start somewhere or opening day will be an unusually dull affair. Most people who buy a franchise are on their second or even third career so chances are that you have at least a few business contacts to reach out to. Make sure you have a smooth, professional plan to attain your first few clients and start generating real revenue. You might even want to get a few assurances of retainership before starting up, just to be certain you have the best possible 'square one' to start from.
Are you ready to run your own staffing franchise? With a complete plan, a location, staff, and clients ready to go, the answer could very well be 'Yes!' For more helpful advice on starting your own staffing franchise or to finalize your plan with the experts, contact us today or watch our quick intro video!