If you are a retired police officer or private investigator, opening your own private investigator business could be an wise decision. You have the skills it takes. More importantly, you have the passion it takes to make the endeavor an enjoyable one to venture out on in your golden years. If you want to open your own private investigation business, keep reading below.
Get Your PI License
If you do not already, obtain a private investigator’s license for the state where you plan to start your business. Each state’s requirements vary for how to get a private investigation license, just as they do if you were to become a statutory agent. That is why you want to make sure to research the requirements in your state in particular. Then, once you have your private investigator license, you can begin to plan for business.
The first step to actually starting your business is to find the necessary start up capital. Private investigator businesses do not require much to start. You can open one of these businesses for roughly $2,000-$10,000. If you have savings, you may be able to cover these costs from that account. If not, you can find business funding through small business loans, alternative loans or angel investors. Just make sure you have the money. Then, you can go ahead and start your business.
Form An LLC
Once you have the necessary startup capital, file the paperwork to form an LLC in your state. Again, each state’s requirements for LLC formation vary. So, be sure to research LLC guidelines for your home state. You can complete this process with or without the help of a lawyer. You will probably be expected to pay LLC formation fees. You may also have to announce your incorporation in local newspapers for a given length of time. Once you meet the requirements and have officially incorporated a business, you can begin to think more about actual business operations. This will be worth it in the end – your life post-retirement will be much more exciting than if you had decided to start a vending machine business.
Specialize Your Services
In order for your business to success, you will need to offer specialized services. When you offer a limited selection of specialized services, this adds credibility to your business. You do not want to come off as a jack-of-all-trades but master of none to potential PI clients. Specialized PI services also help you in developing targeted marketing campaigns. Overall, this will give your PI business a better chance at success.
Prepare For The Unexpected
Now, all you have to do is plan for the unexpected – both financially and emotionally. If you have already been a private investigator in the past, you know what to expect. However, if this is your first time in the position, you need to prepare. It can be a job that requires strange working hours, tons of hard work and a willingness to put yourself in dangerous situations. One day you may be staking out a One Madison penthouse; the next you may be digging through a dumpster. It is important to emotionally prepare yourself and friends and family for the change. In terms of business operations, you should also set aside more money than you think you will need. Private investigation services do not always have a high market demand. Business can be slow for months at a time. Make sure you are prepared for the unexpected emotional and financial upsets that are possible in the field of private investigation.
If you are planning on starting a private investigation business, you must first learn how to go about it. Becoming a private investor requires special licensing, as does opening your own business. Use the steps above to become a private investigator, form an LLC and specialize your PI services to better market your new business. These steps are sure to help you provide your new private investigator business a solid foundation that produces years of growth and success.
Photo from https://www.angieslist.com/research/private-investigator-services/