Again- staffing agency!

[TamuRN]

Hi Everyone-

I am new to this site. I have been reading, with great interest, all the postings about starting a staffing agency. Well, I am trying to embark into small business also. I would like some input.

I have been an RN for 7 years and a staff relief RN with an agency for 5 years. Most of the time I handle all of my own staffing and making sure that everyone has my current licensure. I have contacts with the hospital that is the major user of staff relief nurses in the area. I have a good reputation with the hospitals and staff. All of the nurses I have mentioned the idea to have eagerly stated that they wanted to work for me. I even had one of the hospital staffing employees say she would leave her position at the hospital to work for me.

I am working on a business plan, I have contacted the CA-BRN for their input, I am getting quotes on liablitiy insurance and worker's comp, I have a partner who will hopefully bring some money with her, I am working on getting a business licence, ect. But, I am still scared as with starting any new venture. I am getting a lot of reasurance from my family and business contacts. But, is there anything I am missing? Any comments would be appreciated.

Does anyone have any words of wisdom to share?

Would one suggest working for myself initially for instance as a sole proprietor or as a one person agency?

Also, which is better- LLC or incorp?

Thank you

[eddy]

Does anyone have any words of wisdom to share?

1. Don't use a factoring company to fund your business.

2. Go the ethical route and do business with facilities other than the ones you went to through your agency as an employee for a period of 1 year.

3. Find a great accountant.

4. Find a great attorney.

5. Get more money. What you think you need is often not enough.

6. Get some real experience from working in an agency office outside of the market you wish to service for a year or so. You need the experience and knowledge.

7. Make budgets and forecasting models (best case, average, worst case)

8. Find a good local bank. You'll need them down the road to fund growth once you prove yourself.

9. Be prepared to sleep little and make nothing for your first year or more.

10. Do a thorough competition analysis as part of your business plan.

An LLC is probably the best entity for you to choose. Elect to be taxed as a partnership. Beyond that, see #3 and #4 above and ask them. :)

[brocantes]

Great advice from Eddy! Also, if you have someone helping you, I believe working through the agency yourself will give it a jump start. You meet nurses from other agencies that frequently will sign on with your company plus you get great pay. Don't take any shifts that your nurses could work.

Good luck!

[secondcup]

NNBA and NursingCorp can help you with your nursing agency. Best of luck!!!