Do you want to start a private security or bodyguard business in the close protection industry? Here in this article, we intend to explore a sample business plan with cost and profits.
Generally, you can initiate a bodyguard business in two ways. Either by providing the service to your clients directly or by hiring other people for providing the service to the clients. However, pursuing a job as a security guard is completely different than a bodyguard business.
Both of the two business models are profitable. However, when you hire people for your company, you can multiply the profits. So, with the second option, you can generate more revenue undoubtedly.
Basically, providing private security services is a security-related business in the service industry. The business demands strategic planning, specific skill, proficient knowledge, and moderate capital investment.
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Is Bodyguard Business Profitable?
Broadly, the global private security service includes private guarding, surveillance, and armed transport. According to the statistics, more than 40 countries including the US, China, Canada, Australia, and the UK have more workers than even police officers.
Additionally, as the corporate profit levels are increasing the businesses have more funds available to spend on security services. In the earlier days, more celebrities, politicians, and millionaires look for professional private security services.
However, these days even a businessman, shopkeepers, and professionals hire private security for their own safety purpose. So, the industry is growing at a rapid pace. Hence, owning a bodyguard business these days is a highly lucrative opportunity for young entrepreneurs.
Here are the 7 Steps to Start Bodyguard Business
1. Get the Required Skills
Starting this type of business demands specific skills, expertise, and knowledge. Additionally, prior experience will definitely help you in operating the business with fewer mistakes.
Generally, proficient fitness and sound health are an absolute necessity. Additionally, you must have the ability to handle firearms. Also, you must know about driving. Good communication skills and professional writing skills will definitely help you in business operations. Finally, martial art and military training are also the pluses of this type of business.
2. Conduct Market Research
Research the demand for bodyguard services in your target market. Identify potential clients such as high-profile individuals, executives, celebrities, or event organizers who may require personal security services. Assess the competition and understand the pricing and service offerings in the market.
3. Determine the Business Model
This is the make-or-break decision in this business. According to your capacity and the local market demand, you need to fix the two basic things. These are what specific services you will offer and how you will operate.
If you want to become a bodyguard and offer a private security service, then it is an easy model. However, if you want to establish an organized company, it needs a lot of effort. You need to select the specific service you want to offer and to whom.
4. Develop a Bodyguard Business Plan
After deciding on the business model, you will need to craft the business plan. And you need to carefully consider the financial aspects. As most of these types of companies work in a model where it involves high expenses, you must have a budget. Remember – you have to pay the manpower, arrange transportation and burn money for marketing. Additionally, you must have a clear business promotion strategy.
5. Register your Bodyguard Business
The first step is to register your bodyguard business. There is a wide range of business structures under which you will run your bodyguard company. It includes sole proprietorship, partnership, or private limited company.
Select the business structure that best suits your size and scale of operation.
6. Obtain Licenses and Permits
Check with local authorities or the Private Security Agencies Regulation Act (PSARA) to understand the licensing requirements for providing security services in your area. Obtain the necessary licenses and permits to operate legally and ensure compliance with all regulations.
Additionally, you must have a clean and clear social background. Even, some locations also require all owners to undergo criminal background checks before a business license will be issued. Currently, GST registration is a must in India.
7. Select a Location
As it is a service-based industry, you must invest in infrastructure. if you already don’t have an office space, consider getting a space for rent. However, never compromise on the location. You must set up the office in the high-value commercial areas. Simply, your office addresses matters in both the B2B and B2C clients handling.
8. Recruit Quality Manpower
Even before interviewing single manpower, you must have an HR manual for your organization. Basically, providing bodyguard service is a highly responsible job. So, you must be serious enough in time of recruiting your employees. In reality, employees represent the company. So, the appearance of the employees must be satisfactory enough that your clients feel safe and secure.
9. Ensure Insurance Coverage
Obtain insurance coverage to protect your business, clients, and bodyguards. Consider liability insurance, worker’s compensation insurance, and other relevant policies to mitigate risks associated with providing security services.
10. Promote your Business
Market your bodyguard services and build strong relationships with potential clients. Attend networking events, and industry conferences, and build a strong online presence to attract clients who may require personal security services. Focus on providing personalized
Apart from advertising, personal networking is the most effective way of promoting your business. You must meet the potential clients personally with your business card and brochure. In addition to that, create a business website for your company. And clearly mention there your office address, digital contact details, phone numbers, and services you provide. Actually, a website helps to build trust with a high degree of professionalism.
Moreover, you must identify the target demographics for your business. Everyone on this planet is not going to be your client. Also, you can think about providing other value-added services along with the bodyguard business.