Staffing Company Business Plan

Staffing Company Business Plan-54
The Small Business Administration has taken steps to make small business loans more attainable for a wider range of businesses.

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Financing your start-up staffing agency requires diligence, perseverance, and the wisdom to know which option is right for your staffing and recruiting firm.

Before you run off to apply for every business loan available, sit down with your business plan to figure out exactly what you need and what temporary agency financing option would be ideal for your business.

It is not a loan, so you won’t sully your balance sheet with debt to repay.

You are only limited by your own invoicing, so as long as you are doing business you have the ongoing potential for factoring.

If you qualify for an unsecured business loan, you have the potential to borrow up to 90 percent of your gross monthly sales.

While an unsecured loan might not be optimal for a brand new business, if your staffing agency has at least three months of statements, this is a reasonable option to get you through a crunch.

Work must be completed prior to submitting a factoring request, and in most factoring arrangements there is a requirement that you repurchase invoice that goes unpaid for a certain amount of time – so working for unreliable clients can work against you.

If you’re planning on starting a staffing agency, there are a lot of tax and employment forms you need that vary by the state you’re located.

In order to qualify, your staffing agency should be in business for at least six months and you, as the business owner, should have a credit score of at least 500.

However, like an unsecured business loan, there is no collateral necessary to receive this type of funding, making it easier to qualify than other options.

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