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 service is a security-related business in the service industry. The business demands strategic planning, specific skill, proficient knowledge, and moderate capital investment.
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, the prior experience will definitely help you in operating the business with fewer mistakes.
Generally, proficient fitness and sound health is absolute necessity. Additionally, you must have the ability to handle firearms. Also, you must know about driving. A sound computer knowledge, good communication skill, and professional writing skills will definitely help you in business operations. Finally, martial art and military training are also the pluses in this type of business.
2. 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 service 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.
3. Craft Bodyguard Business Plan
After deciding 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.
4. Permission & License for Bodyguard Business
The first step is to register your bodyguard business. Select the business structure that best suits your size and scale of operation.
The requirement of specific licenses and permissions varies from state to state. And this is one of the most serious issues in starting this business. Additionally, sometimes it depends on the specific services that you want to provide to your clients.
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.
5. 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 of the high-value commercial areas. Simply, your office addresses matters in both the B2B and B2C clients handling.
6. 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.
7. Networking, Networking & Networking
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.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.