Are you an ex-security agent or military personnel? Then you can start an executive protection agency with your knowledge, experience and the money you have in hand. Below is a sample executive protection agency business plan template.
The world is becoming more dangerous as the rates of crime keep increasing by the day. This explains why people are taking various security measures to protect their lives and property from danger. One of such measures is hiring personal security guards (bodyguards).
The demand for security guards by high-profile individuals (such as corporate executives and political office holders) is on the rise. And this creates huge opportunities for security guard companies and executive protection agencies. It also drives home the fact that starting an executive protection agency could be a great business move.
If you have been considering starting an executive protection agency before now, or you are just giving it a thought right now, this article is for you; it discusses the various steps involved in setting up an executive protection agency. However, before we discuss the steps to setting up an executive protection company, let’s look at what executive protection really means.
“Executive protection can be defined as the totality of security procedures or operations employed to ensure the safety of executive and high profile individuals who are prone to assault and other security risks owing to their employment position, wealth, celebrity status, or geographical location.”
Now, the follow are the steps involved in setting up an executive protection agency:
Starting an Executive Protection Agency – Sample Business Plan Template
1. Are you really qualified to start this business
Honestly, the executive protection agency business is not child’s play. It is a highly sensitive business that can result to the loss of human lives and properties; if one little mistake is made. It is also a high risk business as you are also prone to attacks; especially when your tactics and protection strategies are formidable and effective on your clients. This business might also put your family and friends in harm’s way.
So can you really handle the pressures of this business? If yes, then are you qualified to run a personal protection agency? The second question is very important because clients will want to see your resume and profile before contracting and entrusting security to you. Also, your experience and resume will be needed when applying for a license with the government. You must prove that you are knowledgeable about the field you are venturing into.
Well, this will not really be an issue if you have had a successful career as a government security agent (State security service, Police, CIA, FBI, NSA) or military personnel (Army, Navy, Air force, Marine).
You will need to write a business plan identifying your mission, goals, and objectives. Also, you will need to prepare a startup budget and determine your operations base (storefront, office, home office, etc).
You will also give your business a good name that instills credibility, confidence, trust, strength, and longevity. You will also need to determine the legal structure of your agency. If you believe forming a C corp., or LLP, or Sub-chapter S corporation is in your best interest, then you should incorporate.
3. Hire qualified personnel
The success of a business hinges largely on the quality of its employees. So, it is very important that you hire the right security professionals to work with you as independent contractors. You will need both field agents and in-house administrative staff such as accountant, computer scientist or data analyst, communication control agent, etc. Your field agents must be ex-military or security agents and must be skilled in combat, defensive driving, etc.
You can start your recruitment process by advertising in newspapers, online job websites, and other relevant media. After receiving applications from candidates, you should conduct a thorough selection exercise. You will need to schedule more than one round of interviews to really pick out the best candidates.
Before making your final selection, be sure to conduct background and reference checks. Also, examine security clearances and firearms permits, and verify other credentials and qualities listed by candidates on their resumes. If you can conduct a psychological evaluation test, do it; as it will help you further vet your best candidates.
Before hiring your employees, you must decide whether you will require them to work for you exclusively. If you wish to add this restriction, make sure you emphasize it in the agreement. However, if you are just starting out and running on a limited budget, you can consider outsourcing your recruitment process to a staffing agency.
4. Do you legal paperwork
Ask your lawyer to help you draw up two contract templates for your executive protection service. One of these would be a client contract designed to spell out the fees for each service you render. The other would be an agreement between your company and the independent contractors that you hire to work with you.
5. Familiarize your employees with your company
Let the independent contractors you have hired understand your business model and know what to expect. Tell them your policies and guidelines. Print manuals describing the roles they are expected to play while protecting executive clients. And remind them of behaviors that could lead to their dismissal.
6. Hunt for clients
Use various media sites to create awareness about your business, encourage word of mouth, advertise in newspapers, online communities, engage in cold calling, etc.
You should also prepare a list of services that your company renders and include the price schedules for all bases including client travel, security details at meetings and appearances, home and office security as well as other unique situations as requested clients.
7. Network with others
One of the keys to success in any business is learning from others in the same business or in a related business. You can affiliate with other executive protection agencies or with businesses that deal in security cards, security alarms, metal detectors, CCTV cameras, and so on. This will help you keep abreast of latest trends in the executive protection business as well as new security tips that your employees must know.
8. Educate your employees
Hold workshops and seminars at regular intervals for enlightening your independent contractors and helping them stay on top of security methods, products, and latest trends. Also, make it mandatory upon them to enroll for driving classes and engage in mental and agility exercises.
If you spare no detail, you will build a business that will quickly become a formidable player in the executive protection industry.