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The Hustle

Name: Michael Bachman (Preferhired)

Posted By Megan Holmes

Hiring is one of the most challenging parts of any industry. What if, instead of picking strangers out of a bucket, you could search the referrals of your personal and social networks of friends for that perfect hire, seamlessly? Preferhired takes the leg work out of hiring by creating a referral marketplace where hiring companies pay only for successful hires, and referrers get paid for every successful referral.

Years in Tampa Bay

SInce March 2016

Hustle (job)

Founder and CEO.

What do you do?  

Preferhired is a platform where users can refer their network to great companies and jobs for cash. It’s candidate demand met by gig recruiters! We equip organizations with tools and support to grow their businesses by accessing talent within their employees’ social and professional networks – doing so, at a fraction of the time and cost of other channels.

Why do you do it?

During the 20 years of time within the staffing and job board industry, I saw a major hole and demand in the referral and placement process. Job boards are expensive and ineffective and staffing companies can be expensive. I do it because it’s needed.

What was your Catalyst? (How did you get started?)

Once I got the idea, I contacted individuals within my network & industry and pitched the idea. When we realized we were on to something, we started asking for small investments and raised enough to start the business and development.

What’s a common misconception or unknown aspect of what you do?

Our product is completely pay for success. Most Human Resources and Staffing executives don’t return a call or email because they’re terrified of contractual commitments. There’s very little downside with placing jobs on Preferhired. We only charge $0.25 for every $1 paid for referrals.

What’s the most challenging part of your Hustle?

The most challenging part of the “hustle” is capturing the attention of prospects and investors. We’re all so busy in general. After targeting prospects for months, if not years, when I finally get them on a demo, they say, “Wow. You’re definitely on to a scalable business.”

What’s the most valuable piece of business advice/insight that’s helped you?

I heard someone say once, “You have to have grit and be relentless above all to start a company.”

My advice to anyone starting a business or has an idea: Ask yourself, “Am I relentless and do I have grit?”

More Hustle

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