Feeling like cashing in your chips?

The COVID-19 pandemic has brought hardship to a number of businesses. And among those facing struggles are factoring companies. Right now, projections are that more than 100,000 small businesses have already gone out of business permanently because of the pandemic, and more are expected to close as government-imposed restrictions and nervous consumers threaten a prolonged […]

Coronavirus disruptions provide staffing firms with opportunity – TemPay can assist with payroll funding

The coronavirus pandemic has brought with it devastating consequences for the employment sector. Many businesses have closed their doors and have no sense of when, or if, they might open again. However, some industries have proven resilient, either by necessity or by demand. Many of these businesses need more help, and that’s creating an opportunity […]

How to choose the right business structure for your staffing agency business

The business structure you choose for your staffing firm will have far-reaching consequences, so choose carefully. This decision will affect your personal legal liability, how the firm can raise the money it needs to operate, the paperwork you will be required to file and what you — and your firm — will pay in taxes. […]

How to shop for a new payroll funding partner

Your staffing firm has outgrown its payroll funding partner, and it’s time to canvass the market for a better option. But where do you start? First, you need to determine what type of payroll funding you need. Explore traditional banking partners, which will offer loans or a line of credit, and see if those terms, […]

Creating a business plan for your staffing agency

A business plan is the blueprint you follow to build your company. It outlines all of the major aspects of the business and keeps its architects — you and your business associates — focused and aligned. But a business plan is also a document you’ll use as you work with other critical stakeholders, including funders, vendors and […]

5 characteristics of a professional payroll funding company

Your payroll funding company is a critical partner to your staffing firm. It’s responsible for the essential function of paying your temporary employees when they ought to be paid as well as filing and paying your payroll taxes. If it went out of business, it’s your company’s reputation that would suffer. And your employees as […]

How to reduce the burden of workers’ comp insurance

Having workers’ compensation coverage is necessary for staffing agencies, both to protect temporary employees in the event of an on-the-job injury or disability and to comply with regulatory requirements. Compliance in this area, however, comes with significant costs. In addition to penalties for failure to provide coverage, the cost of workers’ comp can be driven […]

How to ensure profitability as you take on new clients

Current market conditions, marked by low unemployment, favor staffing agencies. Last year, the staffing industry saw sales increase 4.4 percent, according to figures from the American Staffing Association. However, sales alone aren’t enough to guarantee success. To stay profitable, staffing firms need to keep their markup in mind as they pursue new business. Your agency’s […]