In this day and age, personal security is more important than ever before. Bodyguards have traditionally been used for celebrities and high profile politicians, but now even local business owners may need to have increased security. How big is the threat? There is an average of 70,000 events around the world that are classified as terrorism every year. Journalists, local CEOs, and even bloggers may need your help today.
Knowing how to start a bodyguard business will help you to be able to take advantage of this ongoing threat so that your services can become a needed commodity. You can either provide the bodyguard services on your own if your skills inventory supports this or you can hire bodyguards to support clients that you sign. If you hire, you’ll need an EIN from the IRS or similar taxation identification from your country. Then you’ll be ready to follow these additional steps.
1. Know what the background requirements will be.
Most jurisdictions are not going to allow bodyguards to be convicted felons. This is because most bodyguards are going to be armed in some way. This means you’ll need to perform comprehensive background checks on any applicants that you may wish to hire to make sure that you stay in compliance. Even if you’re hiring former police officers or soldiers, this step cannot be ignored.
2. Choose the menu of services you’ll want to offer.
Some bodyguard businesses offer special event coverage only. Others will provide a full-time bodyguard on a rotational basis for around-the-clock services. You can choose to limit your business to alarm responses or you can train guard dogs and become a full-service organization. Consider your personal expertise and that of any partners you may have so that your community can be served in the best way possible.
3. Meet all of your licensing requirements.
In some jurisdictions, your bodyguard business will actually need to be licensed as a private detective organization. Some states also require all owners to undergo criminal background checks before a business license will be issued. Firearm regulations may require you to provide training certification for yourself and any employees before they’ll be allowed to legally carry a weapon. Police or military experience may be required before the license to carry will be issued, which could limit your pool of available talent if hiring.
4. Stick to your guns when it comes to your business plan.
A bodyguard business often runs on a tight profit margin. You’ll need to plan out all of your expenditures and estimate what your incoming revenues are going to be. From these figures, you’ll be able to estimate profitability. That estimate will also help you to examine other areas of your business that could be used to make some money. Don’t forget to include common expenses like office rent, utility costs, and transportation into your business plan.
5. Find a good commercial location as your hub.
Although a bodyguard business goes wherever a client may require, it also needs to have a base of operations that it can call home. If you’re just planning on being the bodyguard and want to work privately, then you may be able to run your business out of a home office if you wish. Because security is a top priority, however, it is usually a better idea to secure at least a small commercial location. Look for offices that are easy to access so that when people need your services, then won’t have to waste time trying to hunt you down.
6. Take time to secure the right insurance coverage.
Because being a bodyguard is considered a high risk occupation, finding general liability coverage may be difficult in your area. Some states won’t even issue a business license until that insurance is located. If you have employees, there may also be a requirement to have worker’s compensation insurance as well. It is not uncommon to have a minimum policy of $1 million.
7. Sign up clients.
Your office isn’t going to make or break a deal, but it can certainly harm one. Your skills are important, but so is the professional image that you represent. Your potential customers are more likely to sign on with you if they feel secure when they are in your presence. Managing your environment effectively can help to make that happen.
Knowing how to start a bodyguard business means have a thorough knowledge of security protocols, the skills to implement those protocols, or the ability to hire people who can do it on your behalf. Follow these steps and you’ll begin a potentially fruitful journey in the security industry.