In any entrepreneurial venture, there are roadblocks and pitfalls to scare even the grizzled veteran but to those who know it is time to get their start in their business, the rewards can be life changing. With this in mind, know that you are not alone on the journey and need to develop a network of business owners willing to lend an ear and occasionally some time to vent any growing frustrations.
1. Choosing your niche:
Start your firm knowing what focus and pain point you want to serve in this blue ocean opportunity.
· Specialized IT
· Light industrial
The great aspect of staffing is there are endless areas to serve. Choose an area you have expertise in and a passion for and you can be on the road to success.
2. What competitive advantage can you bring to the market?
There are numerous flaws in the marketplace if you bring a laser-like focus to any given issue or pain point; you will see growth in your business.
· Poor billing practices
· High turnover
· Low quality hires
· High-cost rates
3. Pitfalls and downturns:
Just like life, business will have pitfalls and downturns but with proper infrastructure and planning you can change course and navigate the rough waters.
· Remain open to new service offerings and expanding your niche.
· Remain flexible to out of the box opportunities.
· Build cash reserves.
4. Be ready for delayed gratification:
Building a business does not happen overnight, it will take time and resources but perseverance will be your friend. Be aware that being an entrepreneur is a commitment to the long haul and will at times take more than your passion. With the right people and resources on your side, this venture is not only possible but will be a rewarding life pursuit!
5. The rewards:
· Being in control of your own destiny and future
· Being in control of all future earnings potential
· The ability to set one’s own schedule
In each of the above rewards, there remains a great deal of personal responsibility that can never be taken lightly but with passion and drive can be a great life achievement. You will also feel the satisfaction of helping others, being a resource for the communities you serve and the potential for a legacy business. Passion, hustle, and desire go a long way in business and entrepreneurship.
6. Next steps:
In any business pursuit, strong planning and projecting are essential. Always be willing to revisit plans while also being able to change direction. At Employers Logic we have helped numerous staffing firms get their start while providing business services that reduce cost, save time, and help mitigate risk. If you’re ready to start your venture, we are ready to help serve.