While this scenario may not fit your current situation the conversation may hold one of the keys to your success or failure in the PI business. Conducting proper preliminary research to determine if a business will bring in the desired revenues needed to support your desired goal. Your first step is to decide if your new business is going to be to a part-time venture to supplement your pension or is this a business you would like to take from start-up, to profitability to potential acquisition? Lets explore this in greater detail below:
For training purposes we have designed a fictitious scenario and the proper steps one must go through to properly evaluate the pros and cons of a business in the private investigation field. This should be done whether you are just starting out or have been licensed for many years and looking to enter a new investigative niche. Too many people blindly go into business or add services not knowing the extent of time and money it costs to start, grow and maintain a business. The answer to this question should be determined by the research you conduct. The more data you have the better you can evaluate your particular situation.
Your decision to go into business or change business services should be a combination of many factors, What type of specialization? What kind of resources do I need to start? Equipment? Special training? Is the geographical area conducive to my specialization? Is there already a market? Can I develop a market in the area? Is my specialization an emerging specialty or is is dying? What is my appetite for risk? These are some of the many questions you should consider prior to starting a P.I. business or adding additional services to your existing business. A basic SWOT analysis is available for the above scenario. It is an abbreviated version of the study that should be done for every service you plan on providing:
Lt. Wood’s SWOT Analysis for his initial specialization:
Download the PDF file of the Video
Members can conduct their own SWOT analysis or hire PITraining.com to assist them in determining if their specialization is worth pursuing in their geographic area. A thorough feasibility study helps to objectively decide whether to proceed with a proposed project/idea. Timing, market conditions, experience of the aspirant, total market value, competition and trends are some of factors researched. A properly done study can provide you with the data you need to green light your idea or nix the project. Research and analysis is completed by a management consultant along with a licensed private investigator who has experience in the particular field (not all specializations are available).
Some recent analysis conducted include:
- Feasibility study for a retired police chief in Virginia- Specialization – TCSM
- Feasibility study for a former loss prevention district manager – POLYGRAPH
- Dual feasibility studies for a retired ATF agent who was considering buying a franchise (non-investigative) vs. starting a PI Agency
Other Specializations to consider:
| Accident Reconstruction Alarm Investigation Arson Investigations Assets Locating Auto Investigations Background Checks Bounty Hunter Bug Sweep TSCM Canine Handling/ Searches Child Abuse Investigation Child Retrieval Civil Investigation Closed Circuit TV Commercial Investigations Computer Forensics Computer Security Consultancy Corporate Intelligence Counter Espionage Counter Terrorism Courier/Escort Service Crime Scene Analysis Criminal Defense Criminal Investigations Custody Cases Debt/Judgment DNA Analysis Document Examination Domestic/Marital Drug Testing Due Diligence Elder Abuse Electronic Surveillance Employee Theft Event Security Executive/Personal Protection Financial Fingerprinting Fire/Explosion Investigation Firearm Training Forensic Investigation Fraud Investigation General Investigation Guard Dogs Guard Service Homicide Investigation Identity Theft Investigation Industrial Investigation |
Mining Investigation Handwriting Analysis Infidelity/Cheating Spouse Insurance Investigation Internet Fraud Judgment Recovery Litigation Support Loss Prevention Marine Investigation Medical Malpractice Missing Heirs Investigation Missing Persons Mortgage Fraud Mystery Shopper Patent Violations People Locate/Skip Trace Polygraph/Lie Detector Pre-Employment Screening Probate Investigations Process Service Public Records Questioned Documents Repossession Retired-Consulting Risk Assessment Security Systems Spy Shop Sales Subrogation Surveillance Threat Management Trademark Violation PI Training School Trial Preparation Undercover Investigation Underwater Investigation Video Depositions Video/Photo Surveillance Voice Identification Voice Stress Evaluation Watchman Service White Collar Crime Witness Interviews Workers Compensation Workplace Violence Wrongful Death. |
