As a PI, you have unique business ventures compared to other industries. To build a successful business, you need a game plan. Here are 10 tips to remember.
Every business faces a ton of competition. And this is as true for the private investigation industry as it is for anything else.
Are you looking for ways to grow your PI business? Don’t worry, help is on the way!
Business success isn’t an exact science, but there are certain tips that can help you get ahead of the competition. Success in a competitive market requires strategy and determination.
That said, let’s take a look at a few things you can start doing right now to give your PI business a competitive edge.
1. Choose a Good Team
A private instigation firm is only as good as its team of investigators. After all, the members of your team are the lifeblood of your organization.
Ideally, you want to attract and hire individuals with different strengths. This allows you to better serve your clients by having the ability to handle different types of investigations. When everyone in your company has the same set of strengths, it can actually weaken your business, rather than strengthen it.
Keep in mind that choosing smart, hardworking people is half the battle when it comes to growing your business into a successful operation.
2. Start With a Business Plan
It’s almost impossible to grow a business into a successful operation without establishing a realistic business plan. You should clearly define your expectations and guidelines for profitability and outline the strategies you will use to achieve these goals. You should also include how you intend to fit into the marketplace.
Your business plan should define the competition, address topics such as pricing and marketing, as well as budgetary concerns.
In essence, the plan is your roadmap. You’re providing yourself with a document that you can use in the future as a source for guidance.
3. Create a Website
In today’s world, it’s hard to imagine growing a business without having a strong online presence. A website helps to establish your credibility and enables clients to search for your offerings. Without a website, they might never find you.
A good website offers information about the services that you offer and sets customer service expectations. It should also include details about how to hire and contact you, and eventually.
Keep in mind that you want to make a good first impression. So, it’s very important to invest in a high-quality website. This is one of your essential marketing tools to establish and grow your business. It is an investment in your business’ future and should be considered money well spent.
4. Utilize Social Media
A social media platform is another tool that’s becoming indispensable. Even well-established companies cannot afford to ignore the power of social media channels such as LinkedIn, Twitter, Instagram, or Facebook.
Potential clients are savvy when it comes to seeking out products and services. With competition more aggressive than ever, you need to use every resource available to reach your target audience.
5. Create a Logo
It’s important for any company to be aware that their logo is their calling card. A logo is how the company is identified and the first thing customers see.
Investing the time and money to create the symbol of your business is crucial to establishing your company’s identity. Again, this is not an area to try to save money. You need to hire a design team that can create a logo that is memorable and unique.
6. Be Proactive in Seeking Clients
As a private investigation company, there are specific types of clients that will be interested in your services. These are lawyers, insurance companies, and other businesses that need investigative work done.
But, these businesses likely won’t know you exist until you introduce yourself. This means you need to take the initiative and be proactive in approaching them.
Take the time to build a relationship with these businesses that could eventually become clients. You’ll discover that they need you as much as you need them.
7. Learn the Power of Networking
Networking with restaurants, bars, and retailers is another way of getting word out. These businesses may not need your services directly, but business owners talk. They can put you into contact with the types of businesses that are in the market for your services.
Handing out business cards is an easy way to increase the chances of getting hired by someone within the network of local businesses.
8. Embrace Technology
Technology is changing the PI business as it is every other industry. Drone surveillance and skip tracing software will help you get the information you need fast and at a relatively low cost. So, the quicker you adapt to these powerful tools, the more competitive your company will be in the crowded marketplace.
9. Build a Customer Base
This one won’t happen overnight. First, you’ve got to win the trust of customers.
Once you have their trust, they will return to you time and time again. And these return customers are the most valuable profit-generators you have.
The key is to make sure that every client is a satisfied client. Always be professional and deliver good work at a fair price. Protect your reputation, because once lost, it can take years to recover no matter how much money you throw at it.
10. Always Get a Retainer Upfront
If you want to grow your PI business, ensure you are paid for the work you (will) provide. It is common to propose your estimated costs for the investigation and collect at least half of the retainer up front. Some investigation agencies collect the full retainer and refund if there are unused dollars once the investigation has concluded. Whichever policy you keep, ensure you collect before you begin work.
Building a Successful PI Business
Learning how to build a successful business in the private investigation industry is not rocket science, but it does require taking a few strategic steps.
Achieving business success in this field can be challenging, but it can also be very rewarding. There is a huge need for good PI companies. Applying the tips contained in this article can help give you the competitive edge you’ve been looking for to get ahead.
Want to learn more about growing your PI business? Check out our blog post on helpful resources for private investigators.
Wondering how insurance for your private investigation company could work? Contact us, and we will be happy to help.