Research & Refine your Business Idea
With worries about terrorism and crime increasing constantly, there have been an increased demand for private security services. Security is necessary for individuals, businesses, and companies.
The problem is that most times these businesses and organizations don’t have the resources to adequately secure their assets, premises and investments. To hire the services of a security guard, you’ll have to shell out huge hourly fees, this price significantly increases if the number of security personnel needed to secure the premises increases.
Before starting out in this field, you have to select your niche for instance event security or personal security. Then you have to formulate a business plan, hire the right employees, and source for funds.
Security business is right for persons with a passion for personal security, who would also like to help others enjoy maximum security where ever they are either in their business or homes.
Some of the activities a security outfit performs daily are preparing documents pertaining to security like proposals and incident reports, tactical or strategic advantages and appraising these documents.
This business requires the security detail to be alert at all times, with unusual schedules, long working hours, where you have to work long nights and weekends too. Due to this reason, we advise that this business is not suitable for people with serious family obligations or other commitments that doesn’t fall within the customary 9-5 work hours, 5 days a week.
Creating your Business Website
Establishing your presence on the web with a website is necessary for you security business. For businesses and individuals who want to hire security, the first thing they do is go through your website and reviews online. They want to see a user friendly, well designed and professional website. If you do not know how to put this together, you can either go through tutorials that can help you set up a website or you can hire a professional to build and maintain it for you.
You also need to establish your presence on social media. Because of the services you provide, it is advisable to keep your interactions with your followers discreet and professional.
Setting up a website isn’t as hard as it may sound, in-fact, many hosting providers have tailored their service around small businesses who may not be tech savvy. We suggest going with BlueHost to host your website, they’re service is simple and easy to use/setup and they’re currently offering 60% off hosting, including free domain registration.
Additionally, creating a blog on your website is also a great way to attract organic traffic and expand your business. Checkout our full guide on the best and easiest way to setup a WordPress blog here.
Marketing Your Business
What’s the need for a security company if you have no clients patronizing you? That’s why you have to market your security company to the right customers. There are loads of options to do this.
From offline to online, you have to make sure that your marketing tactic is effective and is not outdated. With the right marketing strategy, you’ll retain old clients, bring in new ones and you’ll have a higher Return on Investment. Here are a few steps to consider when marketing
Place adverts in areas where the rich can see it. In all likelihood, your key clients will be the rich, sometimes local political figures and celebrities. You can also buy space in your local newspaper, country club newsletter, news station or local websites.
Naturally, word-of-mouth and referrals work best, once you’re able to nail down some clients, ensure you give them top-notch service. Then, you’re likely to be recommended to anyone that needs security services which could be their friends and family.
Another way of meeting potential clients is through social media. As a security company, you should have a professional LinkedIn account. You are likely to meet businesses and individuals who would need your services on this platform. Ensure all your details are properly listed and it should be linked to your website.
You can also use other social media platforms like Facebook and Twitter. Post informative content like security tips, and articles on how to stay safe. This should increase your followership and give you more exposure.
Setting Goals and KPI’s
As the owner of a security company, you need measure efficiency and performance of your business and this can only be done if you’ve set goals and key performance indicators (KPIs). You need to select the right goals and KPIs to ensure you’re meeting or if the case may be, exceeding your client’s expectations. Here are a few goals and KPI’s you can establish for your business.
You should have one of the best completion rates. You should spend a lot of time with your clients, analyze their security requirements, with your goal fixed on achieving a hundred percent of site visits agreed. What this means is that the client receives what they want just as they state it.
Another KPI is your response time. Responding within the time agreed with your client measures how efficient your services are. Most clients take note of little things like this and it goes a long way to determine their satisfaction.
Keep in mind that sometimes you have to work overtime and it may be demanding on your staff. Your goal should be to have enough staff to cover the volume of work for efficiency. Each shift should not be so tedious that your staff do not have enough time to recover for the next, as this will tell on their productivity.
Aim to equip your mobile staff with the required information they’ll need so they can respond and access a site properly, this would drive up your first time fix rates. When this rate is up, you wouldn’t need to send extra units to cover up which would show that you’re efficient.
Plan your Finances
For you to start a successful security company, there are various initial costs you have to budget for like legal fees, license fees, cost of equipment etc. In detail, some of this cost you have to budget for are;
Insurance for security companies run into thousands of dollars, this depends on the package you chose and your provider. Take your time and do your research to choose the best provider and insurance package that matches your budget.
There are various licenses you have to apply for as a security company. Some states require your security guards should have gotten state-approved training, if they’re going to be armed, they would need to undergo extra training. After which they must write an exam which they must pass before they get their license. This would also cost you and should be planned for in your business plan. Then, they must pass an exam and gain a security officer license.
Whatever equipment you’ll use depends largely on the service you’re providing to your clients. Some equipment you may need are walkie-talkie, personal mobile phones, microphones and earpieces, tablets, digital cameras, laptops, a tool belt etc.
- Staff salaries
You should make sure that your staff is paid fairly. Their salary should reflect their skill and experience. The least you should do is to pay them a minimum wage. This also depends on the kind of service they’ll be providing, if they’re permanent or they’re on a contract.
Adopt an Entrepreneurial Mindset
Adopting the entrepreneurial mindset would ensure you succeed in the business world. Starting your own security company is no mean feat. You may have the skill, necessary expertise, and staff, but if you don’t know the basics of business, the needed entrepreneurial mindset, you may encounter problems.
How do you adopt this mindset? You have to cultivate it, learn from other successful entrepreneurs, see how successful security businesses started, the strategies they adopted and the pitfalls they faced. Read books, podcasts, watch videos like Ted Talk. It would help in giving you the right mindset to succeed in business.
The first mindset to adopt is for you to keep learning constantly. At no point in time should you rest on your oars and feel that you’ve arrived. Always strive to improve yourself and your staff. The security industry is highly dynamic and as an entrepreneur, you should be on the forefront of any changes in the industry so you can always give your clients the best services.
Whatever problems you encounter during business should not deter you, rather, it should be an avenue for learning something new, see where you went wrong, correct it and make sure such does not repeat itself.
As an entrepreneur, you should adopt the boy’s scout motto “Be prepared”, you must have covered all scenarios, and your business plan should have contingencies for all situations. This way nothing catches you off guard.
Other things to consider when starting your security company
You need to establish your business as a legal entity. By doing this, you avoid liability in a situation where one of your security guards is sued. So it’s advisable to set up your business as a limited liability company (LLC).
Is the business name already taken?
Check for the availability of your chosen business name, see that it stands out and your clients can recall it with ease. You also need to check for the availability of the name on all social media platforms and confirm if the domain name is available.
Permits, licenses and trademarking
You need to get the required licenses and permits before you start operating. Each state and municipality have various licenses and permits you have to apply for. If you don’t know which to apply for, contact a professional to help you out. If you fail to get these permits and licenses, you could be fined heftily or worse, your business can be closed.
Accounting & Bookkeeping:
Ensure you record all your expenses, income and expenditure. This is would show how well your business if performing, you can also check where you have to address so you can survive till you break even. Keeping detailed and accurate accounts goes a long way to ease your annual tax filing.
As a startup, you need to hire personnel with a police or military background. Normally, hiring employees depend on the kind of service you’re providing. You can hire off-duty cops part-time or you could hire people who are looking for less stressful jobs compared to their previous one, like retired military officers. They can be a great asset to your team with their wealth of experience.