A Guide to Start a Medical Staffing Business under Low Budget

Posted by medicalstaffing on January 20th, 2020

Starting a medical staffing business under low budget is difficult but not impossible. There are ways through which you can save money or cut corners while setting up an agency. 

Here, you will find various tips on what steps you should take while starting a medical staffing business. 

 Create a Business Plan

The first step would be creating a detailed business plan in writing. Write descriptions including the types of staffing options, such as short-term and long-term staff and temp-to-hire. Make a list of target markets, such as hospitals, clinics, medical offices, nursing homes, home health care providers, non-profit organizations, hospices, and government-run healthcare programs. 

 Now, list the overhead costs associated with computer software and equipment, phone, Internet, and marketing costs. In the last, decide your financial goal for the first year to maintain momentum. 

 Register Company

Apply for your company registration as a limited liability company, partnership, or corporation at the secretary of state's office. If applicable, consider registering your company as a sole proprietorship with the county clerk’s office. Then, apply for an EIN (Employer Identification Number) with the Internal Revenue Service that will be later required for business documents and tax returns. You must open a business bank account to manage payroll and expenses. 

 Create Office Space

Consider a home office to reduce the costs of leasing office space, and purchase computer equipment and small business accounting and database management software. Additional equipment may include filing cabinets, phone, copy machine, a desk, and a chair. You can buy second-hand furniture to reduce startup costs. 

 Determine Fair Pricing Structure

Decide how much you should and can charge your clients and prepare contract that outlines your services, the number of services, and all other terms of service. Mention if you require a retainer of finder’s fee in addition to a percentage of the wages earned by temporary employees. Consulting others in the medical staffing business industry will help you get an idea of fair prices. 

 Determine Staffing Needs and Fair Prices

Visit hospital directors, administrative directors, human resource managers, medical office managers, business owners, and NGO leaders to advertise your services and determine staffing needs in your area. You can also attend local health fairs and charity events to gain potential clients. 

 Use Competency Tests

Using competency tests to check if a potential employee is good for completing all required duties for a specific position is a fair way for hiring. If you don’t have sufficient knowledge in the medical field, hire a freelance writer to compose the tests. 

For meetings, you can schedule to meet in a public space, such as coffee shop, library, or rent a conference room a shared workspace or virtual office company. To get comprehensive details, prefer buying a medical staffing business startup guide online. 

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