Before you start a private investigation business…Read this:
Over the course of 6 months, we surveyed licensed private investigators in several states about their views and opinions on what it is really like to work in the industry. Here are some results:
Q: How much research did you do prior to starting your business?
75% Very little, less than 1 hour
15% Very little, less than 2 hours
8% Some research, more than 3-5 hours
2% Significant research, more than 5 hours, talked to other PI’s, talked to a management consultant
Q: How much research do you wish you would’ve done prior to starting your business?
95% A whole lot more, more than I did
4% A little bit more
1% We did enough or just enough pre-business research
Q: Did you write a business plan?
3% Yes, we did it or outsourced it
If you did write a plan, how different is it now than when you originally wrote it?
100% Its is significantly different
0% Its about the same
If you could do it all over again, knowing what you know now, would you go into this business?
What advise would you give a new entrant into this business?
31% Specialize in one area
31% Do your research prior to going into business
15% Don’t go into this business
10% Don’t buy into a PI franchise
4% Don’t open a business with a partner
3% Don’t open a business with a family member
3% Don’t mortgage your house to finance the business
3% Find investors
Data Collection mode used was mixed mode (online, mail) sent to state licensed private investigators. Data was purchased from various state licensing authorities.