But here’s the scoop – while the idea is exciting, there are some things to consider before you dive in.

First off, money matters. Obviously, right? So, picture this: you’re all set to hire a bunch of folks. But they won’t know you’re hiring unless you shout about it. Sure, social media can help, but sometimes you gotta whip out your wallet for advertising that really works. Those can drain anything from a few hundred to thousands of dollars. Don’t forget, once you’ve rounded up your recruits, you’ve got background checks and training costs giving you the one-two punch. If the job is specialized, training can go from pricey to “ouch, my wallet.”

Oh, uniforms! You can’t send your security guards out in their PJs, right? How much you spend depends on whether you’re going for a casual look or the full-on pro vibe. Either way, uniforms mean shelling out cash, and each security guard’s outfit could be hundreds of dollars. If you’re offering benefits, that’s more money talk.

Now, the big kahuna: payroll. This is where the dollars really fly out of your wallet. Got enough stashed away to cover two months’ worth of paychecks? Listen up, ’cause here’s the deal. Most contracts give you your paycheck a good 30 to 60 days after you’ve done the job. Imagine this: it’s June, and you’ve done the work. Come July, you send out your invoice, and then you wait. You’re staring at the calendar, hoping your paycheck arrives sometime between 30 to 60 days. But guess what? You’ve got bills to pay before that cash hits your account – including your crew’s salaries.

Bottom line: chasing the big fish can be the best thing or the not-so-best thing for your business. When you’re going for gold, you better crunch the numbers. Sometimes, letting the big opportunity swim away is smarter than risking your company’s piggy bank and the future of your business. So, take a good look at the costs, figure out if you can stomach them, and remember, it’s okay to let the big fish off the hook.

About the Author: Owens F. Shepard is President of Enterprise Security Consulting and Training Inc., a New York State private investigative and security company headquartered in Rochester, NY, with a branch office in Manhattan, New York City.

“How do I start my own security company?” This is a question I get from many people. The easy answer is contact the state, take the test, then apply for licensure. The truth is there’s a bit more to it than that.

Let’s begin with licensure. As stated in my easy answer, in order to be licensed in New York State one must first take and pass an examination and then meet the minimum experience qualifications, submit and application which includes documented work history and references. Oh don’t forget the fee of $300-$400 depending on your business structure.

Prior to sending in your application you will have to determine a few things: Will you work under your own name or a trade name? Will the business be a Sole Proprietorship, Corporation or Limited Liability Corporation? If you’re unsure or don’t understand these terms, seek legal assistance.

Next, how will you finance your new enterprise? The old saying, “It takes money to make money” rings true when trying to start your own business. Unless you have access to a credit line you will find yourself paying for a lot of expenses out of pocket and this can be taxing in more ways than one.

At a minimum you will need to be bonded and insured. Bonding is a simple process but the insurance is much more involved. New York State has statutory minimums for General Liability Insurance as well as Workers Compensation and Disability Insurance. I recommend you speak to the appropriate state agencies and a qualified insurance agent for more information on these topics.

Once you have the appropriate insurance in place, you will need to establish federal and state tax accounts, unemployment insurance and other administrative functions. To do this make sure you contact an accountant or business attorney for help in these areas.

Next question, will you rent office space or will you work from a home office. There are pros and cons for each. Working from a home office could cut down overhead which is advantageous for a new startup but working from a home office may not allow for taking meetings with prospective clients or employees. Renting office space allows a company to present a professional image but the cost of maintaining an office cuts into the financial bottom line.

These are just some of the considerations that go into the decision of whether or not to own your own security guard company. This process takes place before you even bid on your first contract.

More detailed information on starting a business in New York State can be found at https://www.businessexpress.ny.gov/.

Before striking out on your own you may choose to work under the license of another to gain experience. At Enterprise Security Consulting and Training Inc. we help workers become owners. Contact us at 585-484-7745 or by email at admin@esctroc.com.