Security is a significant concern in a country like the States. Millions of Americans are in constant fear of becoming victims of a crime. Sadly, crime rates have been decreasing as much throughout the years. This is why people are starting to put their security and safety into their own hands. This is one of the main reasons private security is becoming a billion-dollar industry in the USA.
The Rise of Private Security
Private security is becoming one of the largest industries in the US. Currently, the industry is worth well over $40 billion, and it continues to grow by 4% annually. This growth is particularly tremendous for an industry that used to be niche many years ago. The main reason why it’s growing is that public policing is becoming more expensive.
Policing is an essential job for every security entity in the country. Some might argue that it’s their only job, but you’ll soon learn that there are many aspects to private security. First, however, let’s concentrate right now on policing.
The USA spends more than $100 billion on policing alone. This is an expensive value to put into people’s security, and statistics have shown that a higher budget doesn’t necessarily mean that the country has become a safer place. This creates a lot of mistrust between people and the police, with some taking their security into their own hands. Some states, such as Detroit, are even hiring their paramilitary guards. This is exponentially increasing the rise of private security in the country.
Now that you know that there is minimal risk in starting a private security company, then it’s time for you to know how to start one.
How to Start One
Starting a private security company is much like starting any company. You’re going to need a budget, and you’re going to need to train your employees. However, you need to choose an area to specialize in to start. Sure, it’s good to be a jack of all trades, but as a startup, you need to be good at one thing to increase your loyal clients.
There are many forms of private security. Some dwell on manpower and offer security guards to various organizations and businesses. Some are into private policing, which is on the rise. At the same time, others are more concerned with security technologies. You should choose one where you can excel.
The first thing you should consider is the budget and the scope of your business. Consider how big you want your business to be: do you want it to have ten employees or 15? Do you want it to reach a hundred employees in the future? The scope of your business will determine how much budget you’ll need. A small company already requires $100,000 to maintain annually, so make sure you know what you’re getting yourself into.
Training is crucial in the private security industry more than in any other industry globally. This is because you need to build a Standard Operating Procedure (SOP) for every crime and disaster your employees get into. This means that you also have to work with public police departments to help you develop an SOP, which will eventually help you train your employees.
Next in line is generating private contracts. Private contracts for security guards and private policing are pretty easy to find, considering the current state of the market. However, if you’re on the techie side of the industry, you might have to be creative in finding your clients.
If the company you’ve started is leaning towards smart security assets, you might be interested in getting a contract with schools. Many schools are interested in having proactive measures against school shootings, and you should have the necessary tools to help them. Installing an active shooter tracking system can help schools feel a lot safer. Such a system can also help authorities respond faster to a disaster. This is just one way you can get private contracts from certain entities.
Marketing shouldn’t be your first priority as a private security company. However, it should in the list of things you need to do in the future. You should save up 2% to 5% of your annual revenue for future marketing campaigns. Once your company has reached three to five years, then it’s time that you market and grow your business. Your savings can certainly help with this.
Starting a private security company is much like starting any company. However, remember that your reputation will play a big part in your company’s presence. Always maintain good relations with your loyal clients, and you can become a massive competitor in the industry in the future.