Nursing Agency Business - the new lucrative market for entrepreneurs

It’s no secret that the United States has a nursing shortage, one that promises to grow to alarming proportions. Too many nurses are retiring, and too few are entering the profession. To compound the problem, within the next 5 to 10 years, over 76 million Baby Boomers are scheduled to retire from the workforce, with only about 44 million Generation X'ers available to pick up the slack. This will soon place unprecedented demands for services on a health system that is already stretched thin. 

This shortage of allied healthcare professionals, especially nurses have created a new boom in the nursing registry agency business, a supplemental staffing agency for medical professionals, permanent placement medical recruiters, or starting a business in homecare and staffing pool. The medical staffing industry will continue to grow because of the upcoming baby boomers, while the current supply of nurses is dwindling. The average age for nurses is in the forties, and they are not being replaced by the new generations. Entrepreneurs have made lucrative business in the nursing agency, nursing registry, homecare business, medical recruiter recruiting, or as independent contractors in their own field.

A staffing agency acts as a liaison between employers and prospective workers, helping them match with companies that have job openings. 

There are lucrative business opportunities for entrepreneurs in the nursing agency, nursing registry, homecare business, medical recruiter recruitment, or as independent nurse contractors in their fields. The time is now for entrepreneurs to start a nursing agency, nursing registry business, operate a home care business, or as a medical recruiter or just become an independent healthcare contractor. The clients are healthcare establishments. Homecare is regulated by all levels of government from the local to the federal level. Homecare levels of regulations depending on the category of service provided to clients. Homecare services range from providing just companions or the more medically needed clients such as terminally ill clients. Homecare services can be in the form of social service, non-medical, and medical services.

What is the best way to determine if you are suited to becoming an entrepreneur? It's common for nurse consultants to doubt whether their nursing careers have prepared them to open and run their own legal nurse consulting practices. However, even the most routine nursing job offers lessons that can be applied to the business world. In terms of building a business, you need to come up with a business plan, register your company name and settle extra details such as license of operations, locations and services and their charges. 

We often talk about staffing agencies being lucrative, but how lucrative are they exactly? The markup charged by staffing agencies is usually between 25% and 100% of the hired employee's salary. 

It is estimated that the owners of staffing agencies make about $103,000 a year. There are a few different factors that determine the exact value for each individual.

There are several ways in which temporary staffing agencies make money. These companies either take a cut of the employee's salary or charge a hefty fee to facilities searching for nursing employees. As well, staffing agency owners earn a variety of salaries depending on their geographical location. The average pay in big city areas is higher; the more workers the agency places with jobs, the higher the pay. In an article by Indeed.com, it was revealed that agencies located in Washington, D.C. make about $122,000, which places them 18% above the national average.

It will only get better from here. The nursing industry is only expected to grow further in the coming years as the need for nurses is increasing. More and more nurses are opting to be travel nurses and are in need of an agency to help them further their careers. In an era when employers are turning more and more to temporary workers such as part-time or freelancers to fill in their workforce shortages, establishments are able to find talent efficiently and effectively through staffing agencies. Staffing agencies can offer faster reach to worthy candidates, and also the flexibility of hiring nurses in varying numbers only when they need a lot of them. Staffing agencies are often the first ones to verify a nurse’s certifications, education, and experiences. This saves the companies hiring travel nurses the time of having to individually go through each of their paperwork.  

Owning a staffing agency can be quite profitable if you choose the right location and develop the necessary skills. Ultimately, it's a win-win situation when you use a staffing agency. The agency locates the nursing employee that a hospital or healthcare facility needs for a temporary position. An individual seeking employment gets a job. Additionally, the company earns a fortune off the job placements.