It is exciting to think about owning your own private investigation business, being your own boss, and setting your own work hours. It is equally exciting to want to get started right away and showcase your skills and talents. However, there is something more important that you must do prior to starting your business. Before you start your private investigation business, you must complete a business plan. A business plan is essential to improving your chances of being successful.
The author Sun Tzu wrote in his book “The Art of War”, “Ponder and deliberate before you make a move.1” Having a good understanding about the Private Investigation Industry you are about to enter into, the competition in that industry, the services or products you will provide, and your potential clients will make your path clearer towards success. It is also important to know the rules, regulations, and licensing requirements (if applicable) of the state in which your private investigation business will operate.
Napoleon Hill’s advice “Plan your work and work your plan2” cannot be no clearer to understand. A business plan help you answer important questions about your private investigation business. Its a strategic road-map that gives you guidance on your path to success, and its a tool used by potential investors and financial institutions to help secure funding if needed. According to Rich Longo, Small Business Development Center, Duquesne University, “A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.3”
A good business plan is made up of several key sections: Executive Summary, Company Description, Products & Services, Marketing Plans, Operational Plan, Management & Organization, Startup Expenses & Capitalization, and Financial Plan. If you have never had the need to write a business plan there are many resources available to help you. SCORE is a non profit organization that is partnered with the SBA (US Small Business Administration) that is dedicated to helping small businesses, and they offer a very detailed business plan template that makes writing a business plan simple. The SBA is another great resources to learn more about writing a business plan and other business related topics.
Now that the business plan has been completed, you should have a clearer picture of what type of formation your private investigation business need, how it will be organized & managed, how it will be marketed, how it will operate, how it will be funded, and the financial forecast that should be expected. The business plan by itself is not the end-all-solution to make your private investigation business successful, but it is a great start in the journey. In an article written by Devon Delfino, Matt Schulz, LendingTree chief credit analyst stated, “Some business owners doom their businesses from the start by failing to do the proper research and come up with a sensible business plan.4” There is no doubt how important a written business plan is prior to you starting your private investigation business. The business plan along with a well thought-out strategic plan will greatly benefit the chances of success for your business.
1Art of War, Sun Tzu
2Top 500 Napoleon Hill Quotes, quotefancy.com
3Four Reasons to Write a Business Plan, Rich Longo, SBDC Dequesne University
4How to succeed in your first year of business, Devon Delfino, www.lendingtree.com
