In times of economic distress and financial ambiguity, a lot of people lose their income. The world is currently looking at a major economic crisis, and because the people who have lost their jobs still have families to take care of, crimes like theft have been on the rise.
Now, a lot of people have taken this time to find new ways of earning, and considering the problem mentioned above, home security business seems to be quite lucrative. Providing home security services in these trying times can prove to be quite useful.
The purpose of home security businesses is to install and maintain home security systems. They often have teams of people that visit people and do all of this for a fee, which is different for each company. Some charge on an hourly basis only, while others have additional charges as well. If you’re an electrician, or someone who possesses adequate knowledge of how the system works, this business is for you.
It’s safe to say that starting a home security business is somewhat unorthodox. It’s not your usual run-of-the-mill start up, meaning not everyone is going to know what resources and skills it requires. For this purpose, here is a guide on how to start a home security business for anyone who wants to get into the domain.
Plan the Start-Up
There are several types of security businesses to choose from. The categorization is done on the basis of limitations like skillset, funds and resources that you have available. For home security, you have to decide whether you want to purchase an already existing franchise or start a new one. This is the first step of your business planning process, and it’s where you allocate roughly estimated funds for all your requirements.
Know Your Target Audience
When starting any business, you need to make sure that you’re attracting the right kind of customers. In this case, it would be anyone who is concerned about their safety. Now, while that could be anyone, a good decision business-wise would be to target the place where your brand’s growth is most probable. This means upper class areas with bigger houses that are more likely to be robbed or broken into.
How should you Price Your Services?
It is very important to be aware of the market rates. Once you’ve decided whether you’re starting a new business or purchasing an already existing one, it’s time to decide the prices for each service you offer. This includes the costs for regular services, such as equipment, vehicles, installation and labor, along with overhead charges.
Select a Name for Your Business
The rules for naming a business are pretty much the same no matter what field you’re in. This is a very important decision since it will be your identity for as long as you run a business. Changing the brand name after an identity has been established is somewhat unprofessional. So make sure you pick something that has web domain and social media availability, hasn’t already been trademarked and isn’t already registered with some other company.
Make the Business Legal
After confirming a name for your business, you have to register it; only when it becomes a legal entity in your state, can you start working for people. Your options when registering it are as follows: a corporation, LLC (Limited Liability Company), sole proprietorship, or partnership. Learning about how each of these work will allow you to protect yourself from being held personally liable in situations where your company may be sued.
Register for Taxes
Before opening any business, you are required to register for a series of federal and state taxes. Tax registration can be done online as well, and once it’s done, you will be issued and EIN (Employee Identification Number). Note that you may only apply for your EIN online if your business is located in the US.
Open a Bank Account for Your Business
To keep your personal and business finances separate, you must open a separate bank account for business purposes only. A separate account will also ensure the protection of your personal assets (like your property and car) in case your business is sued. Separating your personal taxes from those of your business will also make things much easier. You will also have a business credit card.
Get Permits Required by the State
Since each state has its own set of laws, you will need to carry out this step according to yours. This may include things like a trial period to check the authenticity of your business, or background checks ensuring legality.
Create a Logo
People get their first impression of your brand by its logo. This means that it should reflect your company’s identity in a clear and concise manner, so that people may get an idea of what it’s about at the first glance. If the logo speaks well enough for your company, customers are much more likely to be attracted to learn more about it. The shape, size and color – all of these things contribute to a solid logo design.
If your business is just starting out, this part might be a bit tricky as not many people are willing to invest in something with an uncertain future. Securing funds before starting your business is extremely important, so make sure you have this out of the way before you work on anything else. For most new businesses, bank loans are the safest way to go.
Build a Solid Customer Base
Once everything else is in place, start telling people about your business. You can do that by making social media accounts to promote your business, buying ads and even just spreading the word through your family and friends. With a business regarding a matter this sensitive, word-of-mouth is most impactful, so make sure you have the right people vouching for you.
Unleash the entrepreneur in you!
Starting a new business is no easy feat. You will come across a lot of hurdles, but patience and persistence will get you through. However, before you jump on the bandwagon, make sure you are equipped with the right resources such as a reliable internet connection since no business can survive the wrath of a slow connection. You can check First Energy packages for a speedy internet. Also, make sure you build a solid reputation with your customers. One negative review can cost you a lot.