Guide to Commencing a Nurse Staffing Agency Business

Today, the demand for nurses in the healthcare industry, like hospitals and nursing homes, is rapidly escalating. That's mainly because baby boomers are getting older, and life expectancy in America is increasing.  For these medical facilities, a nursing staffing agency can prove beneficial, as it can help them find and hire skilled nurses.

1.   You can take this as a business opportunity. But before you do that, you must know how to correctly go about starting a nursing staff agency because many requirements are specific and often complicated. Keep in mind, this nursing registry business startups guide, legal requirements, and licensing details can vary from state to state.

Thus, it is essential to check with your state licensing agency before starting your nurse staffing business.

1.      Develop a Business Plan

Before you move forward, form an official startup business plan. It is a great way to visualize your goals, organize your thoughts, and plan your finances. There are a few sections you need consider in your nurse staffing plan, including:

·         Company Description 

Describe who you are, what your company plans and wants to do, and establish an official mission.

·         Product and Services

You can keep this section brief since a nurse staffing companies’ service is self-explanatory. However, you need to explain your differentiating factor.

·         Marketing Plan

Here you have to provide the details of your target market. It is a great way to evaluate what your competitors are doing that you’re not. Moreover, be sure to make a possible plan and budget for marketing efforts.

·         Operational Plan

Explain how you’re going to operate your business in order to achieve your goals. As a staffing agency, you'll need a professional office space for recruiters, coordinators, and applicants to work.

·         Management and Organization

In this section, you need to define what type of facility and supplies you'll need to operate your startup nursing company.

·         Financial Plan

Try to project your expenses, budgets, and cash flow in a financial plan. Don’t forget to establish a timeline.

2.      Register Your Business

Government requirements for staffing agencies vary, but you’ll have to obtain an LLC. It is when you establish a unique name for your nurse staffing company.

The registration process will depend on your state, so be sure to check the rules and steps. After registration, you’ll receive a tax identification number to pay business taxes and employee withholding.

3.      Select Workers Comp Insurance

Make sure you have professional, general liability, and workers' compensation insurances. Offering patient care comes with risk. As an employer, it's your responsibility for your nurses' actions and mistakes even though you do not directly supervise them.

4.      Create a Website

You can develop your online presence with a website and social media. Your websites should state why nurses and other clients should work with you instead of your competitors.

5.      Secure Financing for Six Months

Secure financing adequate to operate for at least six months without revenue. It takes time to recruit nurses to build clients.

Hospitals and other health care businesses often take their time in paying invoices, which can be even more challenging.  

Conclusion

The nurse registry business startups guide will help you set up your business well and recruit some of the skilled nurses – particularly those with hospital experience.