Temp Agency

Bookkeeping

Devin CobiaBecky DaytonSam Waldron

Overview

MethodologyTemp Agency

Company Description Market Analysis

Industry Background Customer Analysis Marketing Strategy

Competitive Analysis Best Practices Liabilities Forms Financial Plans Recommendations

Overview (cont’d)

Bookkeeping Marketing Analysis

Industry analysis Customer analysis

Seasonality Marketing Liability Recommendations

Methodology

Resources offered through BYU-Idaho Library

Internet researchCold callingInterviewsFinancial analysis

Temp Agency

Company Description

Goal: build the economy of Salmon and surrounding parts of Lemhi

Agency will play role in helping employers find the right employees, jobs will be created, and companies will receive the help they need.

Located at the Salmon Valley Business & Innovation Center.

SVBIC and LCEDA will support company for first part of operation

Industry Background

Temp Agencies are a key indicator of economic conditions

As the economy stabilizes temp agencies are needed more than before

In 2008, unemployment rate in Idaho was 3.5%, by 2009 it was 8.8%

90% of US companies use temporary help services.

- Frontline Source Group

Customer Analysis

Unemployment rate in Salmon, Idaho is 15%, *5.9% higher then the national average*

Potential employees could be students, home makers, home based business owners looking to make extra income

Temp Agencies usually focus on companies that need short term labor Outsourcing, downsizing, consolidating

Marketing Strategy

Social Network Used for updates, promotions, and other information Best form is through blogging and Facebook

Website People like getting information about a new store

before entering the store Store hours, phone number, address, directions What to expect upon arrival

Website appearance indicative of actual store appearance

Competitive Analysis

There aren’t any temp agencies in Salmon, so main competitor will be online search job search engines Simply Hired Job Monster Kelly Services

Idaho Department of Labor Useful resource or competitor Provides free job services for long term employment

Competitive Analysis (cont’d)

Figure 1.1Temp Agency Idaho Department of Labor Simply Hired Job Monsters

Convenient Yes Yes Yes YesOnline advertisement Yes Yes Yes YesOther advertisement Yes Yes No NoInitially inexpensive No Yes Yes YesLong term employment No Yes Yes YesShort term employment Yes Yes No NoLocal Reputation Yes Yes No NoPerson to person customer service Yes Yes No NoHigh Qualified Employees Yes Maybe Maybe Maybe

Competitive Analysis

Best Practices

Create a strong brand Word of mouth is the main channel others will

hear about the agency Have a strong vision and stick with it Create solid background checks and screening to

ensure employees are perfect of clients. Create a culture of integrity and trustCreate relationships with employees and employers

Learn as much as possible about employees and employers and this will help achieve the best results

Become invaluable to employers and employees through relationships

Liabilities

Forms

Include examples? Just talk about where we received them from?

Financial Plan

I don’t know how many exhibits we’ll want to include here. This may take quite a few slides.

Cash Flow

Recommendations

Department of Labor Establish a relationship with Dept of Labor and

work togetherCustomer client focus

Start out broad, don’t have a particular business segment

Financial plan Use of a loan or creation of equity

Liability Obtain liability insurance

Hiring Use provided forms to hire best possible temps

Recommendations - Marketing

Word of mouth Free form of advertising

Social media Creating company pages on Facebook and Twitter

could prove to be helpful

Website Online presence , provide vital information

Newspaper Advertise in the Recorder Herald

Bookkeeping

Industry Analysis

Bookkeeping relies on companies outsourcing More efficient, cost effective, and easier to avoid

mistakes Usually small businesses

Wide selection of services from financial analyzing to accounting

Local service is known to be reliable Word of mouth, especially in a small community can

destroy a bookkeeper’s reputation

Online bookkeeping Bookkeepers can set up small offices even in their homes

Customer Analysis

Salmon, ID is home to a variety of businesses Retail and recreational businesses Natural resource industry

Due to the smaller size there are several small businesses Good for bookkeepers

Focus on building the company leads to outsourcing

Seasonality

Dependent on the bookkeepers focus Accountants will be busy during the first quarter

of the year Financial statements will be prepared at the year

end which is traditionally December 31st for companies

Stay consistently busy through: Training Consulting Tracking finances throughout the year

Pricing  Book Keeping Price Anaylsis

Book keeping monthly charge   $ 100.00            

Book keeping houry charge   $30            

                   

Bi-weekly payrole charge (4 employees) $ 20.00            

        Monthly Profit Book Keeping   Monthly Profit Payrole      

    # of companys   monthly charge   monthly      

    1   $ 100.00   $ 20.00      

    2   $ 200.00   $ 40.00      

    3   $ 300.00   $ 60.00      

    4   $ 400.00   $ 80.00      

    5   $ 500.00   $ 100.00      

  Hours worked   hourly charge          

  5 1   $ 150.00          

    2   $ 300.00          

    3   $ 450.00          

    4   $ 600.00          

    5   $ 750.00          

        Yearly Profit   Yearly Profit      

Yearly Profit       yearly monthly charge   yearly      

    1   $ 1,200.00   $ 240.00      

    2   $ 2,400.00   $ 480.00      

    3   $ 3,600.00   $ 720.00      

    4   $ 4,800.00   $ 960.00      

    5   $ 6,000.00   $ 1,200.00      

        yearly hourly charge          

    1   $ 1,800.00          

    2   $ 3,600.00          

    3   $ 5,400.00          

    4   $ 7,200.00          

    5   $ 9,000.00          

                   

Work months in a year 12              

Marketing

Online As online bookkeeping is more prevalent

bookkeepers must have an online presence Have a basic website with information

Social Media An easy way to spread the word about

bookkeepers is through social media Social media is such a large part of today’s world

if it isn’t used, the bookkeeper will get left behind.

Liability

RecommendationsMarketing

Online Post on local websites such as salmonidaho.com

and cityofsalm.com. Create a basic webpage

Social media Create a Facebook page and have your

employees and employers like it or join the group

Create a blog full of tips, articles, and overall finance advice

Pricing Enter the market charging less than competitors