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Starting a Security Business

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  • 13-01-2016 4:52pm
    #1
    Designator
    Registered Users Posts: 412 ✭✭


    Hi all,
    Im 25 years old and working as a security officer at the moment, my goal for the future is to start up my own security business by the time I am 31 once Ive gained enough experience and knowledge.
    I would mainly want to be catering for site security such as office blocks, apartment complexes, construction sites, etc and also mobile patrolling.
    Just curious to learn now though as to what paperwork is involved in starting up a security business? Insurance, Bank accounts, rights for a name, etc...
    If anyone can help me and let me know that would be great :)
    And dont be writing on this thread telling me how its a bad idea and it wont work , better off working for someone etc... cause its not going to change my mind.


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    #2
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    Designator wrote: »
    ..........
    Just curious to learn now though as to what paperwork is involved in starting up a security business? Insurance, Bank accounts, rights for a name, etc...
    If anyone can help me and let me know that would be great :)...........

    I know nothing about security businesses and relevant insurance etc but opening a Ltd Company is quite easy and cheap.

    There are companies that open them for you, opening Ltd Company bank account is quite painless too. There are guidelines as to what name Company can have and it's easy to check availability.

    A few hundred euro would have the company opened.

    A chat with a commercial insurance broker would be worthwhile for the insurance side of things, ring Keystone or similar. I don't know what you'd need cover wise though.


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    #3
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    It is a regulated industry and you require to be a licenced operator see https://www.psa.gov.ie/ After that the business basics are the same as any other business, a part time start your own business course will cover all of that stuff.


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    #4
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    You need a fair amount of scale to make it work because of the regulatory overhead. Contracts are on really tight margins. You will also need funds to be able to cover the first few weeks wages yourself, because you won't get paid until some time after you incur wages. A good small business course will explain this 'cashflow' problem.

    You can do it, sure, and I am glad to see your resolve, but you might find that after you have invested fifty grand or so that all you have done is bought yourself a job. You might find yourself losing money, and it won't be because you have done anything wrong or because you aren't passionate, just that there isn't that any money in it for a small player. I am not trying to discourage you, just warning you.

    I would suggest that you find some sort of niche rather than just going into the obvious large-scale stuff. There is a lot more to security than providing guard services. If you are giving yourself five years to do this, then my advice to you would be to read every online and offline with the word 'security' in the title that you can find and work in every different aspect of security that you can.


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