19 Applied Methods to Start Security Business

Methods to Start Security Business: The security industry is such that needs to be vibrant in any country at all, this is because of the vital need to be up and doing in protecting the lives and properties of people.

This is one of the reasons why if you must delve into this type of industry, which you have some knowledge and if possible some level of experience.

Why is this vital?

This is especially needful so that you can enter the world of business with adequate information that would help you in fostering security in society.

This is a needed business because companies and individuals often don’t have the resources to perform their own security detail.

Security guard services usually charge hourly fees for the services being provided. The prices charged will increase based on the number of security guards provided for the clients.

See related post, 16 Tips to Start Internet Security Services Business 

19 Applied Methods to Start Security Business in Nigeria

PRIVATE SECURITY COMPANY IN NIGERIA … https://udeozochibuzo.wordpress.com/2013/03/18/starting-a-private-security-company-in-nigeria/

 

19 Tips to Start security Business

1. The right person for the business:

This business is suitable for individuals who are passionate about personal security and want to help others feel more secure in their homes and businesses.

It may require working long hours or unusual schedules, like nights and weekends because of this, the business may not be suitable for individuals with family commitments or other obligations that fall outside of traditional 9-5 work days.

Methods to Start Security Business in Nigeri

2. Duties involved:

Day-to-day activities of a security company include preparing security-related documents Like incident reports and proposals, strategic or tactical initiatives and reviewing these documents.

Management also needs to provide ongoing training and education for subordinates, Plan security detail for special and high-risk events and review financial reports to make sure security operations are never in jeopardy.

3. Business management

A security company’s management also needs to maintain its budget for security operations.

Order security-related supplies and equipment. Coordinate operations and activities with law enforcement (and other agencies) and attend meetings and professional seminars.

In rare circumstances, you may also have to coordinate and provide support during emergencies.

4. Marketing strategies:

Security companies typically work with wealthier clients who have valuable property to protect.

These clients are usually businesses that guard valuable information, tangible items, or individuals within their premises.

On rare occasions, a company might be hired to protect an individual, like a local or national celebrity, a political figure, or CEO of a large company.

5. Staff funding:

Most security companies charge clients an hourly rate or flat fee for services. Larger security guard companies have corporate or commercial clients.

The ideal client is one who signs a multi-year service contract. However, when you’re just starting out, these types of clients are hard to get.

Methods to Start Security Business in Nigeria

6. The potential growth:

These businesses can be run at a small or large scale.

A small security business can be run by just a handful of individuals.

When operating a small company, the biggest concern is usually cost control and recouping the startup costs, like insurance, office space, and equipment.

All other things being equal, It is easier to recoup these costs with a minimum staff of 5 people than with 3. The more guards you can hire, the better.

Large operations are more expensive to run but also tend to have more stable income and more lucrative service contracts.

This is because they are more likely to land large multi-year corporate contracts.

7. Get experiences:

See also, Do It Yourself Home Security Systems

Security guards typically have some form of formal training from combat fields. Such as policing, military service, etc.

In addition to this, security professionals should a have a private patrol operator’s license and extensive knowledge of law enforcement techniques.

Methods to Start Security Business in Nigeria

8. Funding the business:

Costs for starting a security guard business are minimal.

The largest cost is insurance, which can be up to #3,000 to #5000 for a 6-month term.

Legal and regulatory costs will run about #5000.

The cost for basic equipment and uniforms varies.

If guards have their own firearms or force equipment, then the cost will be minimal If not, they can range from just a couple amount of money for a used handgun to several thousand Naira.

Uniforms will run about #7000 per guard or officer.

9. Location:

Some local and state laws require security companies to maintain an office.

Minimize these costs by using shared-space small offices. A shared office will cost several thousand naira per month, depending on where you live.

Dedicated offices can run several thousand per month.

This is a business, where having a large office isn’t important, Only get as much office space as you absolutely need.

Marketing materials for the new business will likely run #100,000 to #200,000.

Websites are another cost you should consider.

They will run you between #30,000 and #50,000 for a basic website.

Hosting should cost no more than #100,000 per year. In many cases, you can find hosting for much less.

Other related topics, Hot Home Security Measures in Nigeria

10. Go into partnership:

Partnering with local HOAs, landlords, and local businesses could help you secure your initial security contracts.

Try to keep costs associated with office space to a minimum. In most cases, you won’t need a large office when you’re just starting out.

Methods to Start Security Business in Nigeria

11. Promote your business

Many security companies rely on direct mail, social media, and referrals for business.

Contact your local mailing list broker and ask about lists of businesses that have hired security companies in the past.

Mail these companies with your offer. You can also try sending out fliers and handing out business cards to local companies.

12. Be specialized:

Specialization is a great way to stand out from the crowd.

How many companies do special events in your area? If you’re the only one, then you’ll get all the business in that niche.

Methods to Start Security Business in Nigeria

13. Build a team

In most cases, it makes sense to take on a team of 3 to 5 security professionals when you’re first starting out.

Not only does this help you recover the initial startup costs, It helps build your revenue stream faster Since you can take on more work.

As your company grows and becomes more well-known, you can hire additional security guards as finances allow.

14. Get a License

In most states, it is necessary to obtain a license to work as a security guard. Certain other state permits and licenses may be needed to operate a security guard business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.

In addition, certain local licensing or regulatory requirements may apply.

For more information about local licenses and permits: Check with your town, city or county clerk’s office

Methods to Start Security Business in Nigeria

15. Make an agreement:

Security guard businesses should require clients to sign a services agreement before starting a new project.

This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, and service level expectations.

16. Get Certificate of Occupancy

A security guard business typically features an office from which clerical operations are carried out.

Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).

A CO confirms that all building codes, zoning laws and government regulations have been met.

  • If you plan to lease a location:
    • It is generally the landlord’s responsibility to obtain a CO.
    • Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a security guard business.
    • After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
  • If you plan to purchase or build a location:
    • You will be responsible for obtaining a valid CO from a local government authority.
    • Review all building codes and zoning requirements for your business’ location to ensure your security guard business will be in compliance and able to obtain a CO.

Methods to Start Security Business in Nigeria

17. Charging rate:

Must read also, How to start cctv installation business in Nigeria

Security guard companies tend to have a range of prices, depending on the services they’re offering.

For unarmed security, you can charge between #1000 and #2500 per hour.

For armed security, you can charge from #3000, up to even #10000, if it’s a special or high-risk event.

However, this is not the only way to charge clients.

Security contracts, including both short and long-term contracts.

Can fetch a much higher total fee for services.

Methods to Start Security Business in Nigeria

Some companies will charge “by the job, in which case, the company is charging a contract fee.

These fees can amount to several thousand of naira per contract. In some cases, a client pays monthly, semi-annually, or annually for services and renews the contract for many years.

This is an ideal scenario, and produces stable long-term income for the business.

Per-contract fees are usually reserved for established clients, however another factor affecting what you can charge clients is the number of security personnel on-site for a job.

Most companies charge more if there are more guards on-site.

18. Cost expense:

Normal ongoing expenses for this business are minimal.

Mostly, you’re paying for insurance, an office, a security team’s salary (and related expenses).

Methods to Start Security Business in Nigeria

 19. Expected Profits:

Security companies can generate approximately #40,000-#60,000 per security guard, per year.

If you hire a team of 5 security guards at startup, then you may be able to clear #300,000 in revenue.

Net profits vary based on your insurance costs, labor costs, and regulatory costs in your state.

Most security businesses could benefit from specialization and charging higher prices.

Closing higher-paying clients will also bring in more money. For example, instead of offering generic security services to a local business.

Try specializing in bodyguard services, mall services, or catered event services for politicians.

If your company becomes known for providing security for high-profile clients, you’ll have very little competition.

Conclusion:

Also, a security guard typically has all the skills necessary to provide bodyguard services as well.

However, the term “bodyguard” typically connotes a larger, muscular person who is capable of intimidating potential threats to the client’s person.

If you feel as though you can provide these services–which typically involve protection of individual people–this is an effective way to increase clientele.

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Comments (3)

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  1. Capt Morgan Olayiwola Ajibola (Retd) says:

    Quite informative and localised. Very useful for start-ups.

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