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One overlooked area of Canadian franchises is the employment or executive search agency. Not only do these firms help people find jobs and employers find workers, but many of them fit the mix of profit and valuable service prospective franchisees are looking for. If you haven't considered an employment franchise before, here's what you need to know.
It's more than revenue
Being profitable is important with any business, but employment agencies also give you the chance to help people find jobs. Since these agencies help businesses fill needed positions, they also contribute to movement in the economy.
There are multiple types of employment agencies, although the lines may be blurred as some agencies offer multiple services. A temp agency helps companies find temporary help, while a traditional contingency agency finds candidates for skilled positions and doesn't receive payment until the client hires a candidate they've brought forward. Executive search firms specialize in helping companies find high-up positions, such as CEOs, and specialist agencies focus on employment in a specific area, such as technology.
Deciding if you're the right fit
To set yourself up for success as an employment franchise owner, it helps to have certain qualities. Wanting to help others and being able to efficiently manage processes and people definitely helps, as does having a background in human resources. Being able to properly evaluate candidates is also a clear advantage, as you will be able to match your clients with better job candidates and are likely to fill positions faster, which will entice clients to keep using your service.
Location, marketing and client procurement are all crucial parts of an employment franchise. Companies need to know you can help them, and job candidates need to know that you can help them as well. When you are looking at employment franchises, you'll want to consider brands that help you in all these areas in addition to offering comprehensive training. Ongoing support is another area to consider because employment laws change and you will need to be fully informed.
If you're looking for an opportunity to make a profit while helping others provide for themselves and their families, an employment franchise could be the right move for you. Check out our Employment Franchise section here at BeTheBoss.ca. As with any other major investment, make sure to do all your homework before signing any franchise agreement so you know exactly what you are taking on.