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?

97% No

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?

71% No

29% Yes

 

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.

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