How to make a million dollars? How about staffing?
Entrepreneur.com cited staffing as one of seven businesses with good potential for a person to become a millionaire, in an article dated Oct. 10.
Businesses were rated on their current economic outlook as well as their potential, according to the article. Other million-dollar ventures listed included college planning and the wine industry.
The Entrepreneur.com article cautioned that making a million in business isn't easy. Indeed, succeeding at staffing may be easier said than done, especially as the economy slows.
Still, there's some anecdotal evidence the pace of staffing firms opening up is continuing. One finance professional interviewed for a recent Staffing Industry Analysts story on funding for staffing firms said he was continuing to receive inquiries from staffing startups even amid the turmoil on Wall Street.
Indeed, economic turmoil may be increasing interest in entrepreneurship.
In a recent survey of 816 registered voters released last month by the Kauffman Foundation, 24% said recent economic events increased their willingness to stop working for someone else and start their own business.
According to survey data from Staffing Industry Analysts, of those new staffing firms that succeed, 44% were profitable within the first year, 81% were profitable within two years and 97% were profitable within three years.