Overview of Private Security and Body Guard Companies in Nigeria

In an attempt to improve the safeguarding of lives and properties in Nigeria, private security and body guard companies have played a significant role over the years. This sector has likewise been a significant player in the offering of employment opportunities for Nigerians. The National Bureau of Statistics in its 2019 Private Security Guards Data revealed that 1,110 registered private security and body guard companies employed a minimum of 828,502 people in Nigeria from 2013 to 2018. This information was provided by the Nigeria Security and Civil Defence Corps (NSCDC), the company authorised by legislation to monitor private security and body guard companies in Nigeria. Security companies run in various areas and offer services to a wide range of individuals from company to events to residences and communities and so on. They work to safeguard their clients from fire, theft, vandalism, terrorism, and stop other unlawful/criminal tasks.

Potentials of Private Security and Body Guard Companies in Nigeria

A lot of people have been affected by widespread kidnapping, and terrorism in Nigeria. The vast spate of security breaches in the country has triggered the market need and market value of security and body guard business to increase.

The market for security and body guard business is broad. A few of them consist of homes, workplaces, the corporate companies, politicians, individuals, the government institutions and so on. Once you have adequate proofs and licensing plus experience with legal backings, you instantly become a hot cake in this business.

How to Set up Private Security and Body Guard Companies in Nigeria

I. Choose the type of security guard services to venture into As a new entrant in the business, you must have to decide on the type of security guard services you want to offer. This will help to provide excellent services which grow the reputation of the business and resulting to growth and expansion.

II. Develop a business plan Before anything else, develop a business plan based on your specification. A business plan will help to serve as a guide, blueprint or a roadmap that will allow you as an entrepreneur to clearly spell their business goals and procedures they must follow in order to achieve them and the funds needed to implement the business goals and objectives.

III. Capital Before starting up a security and body guard services, there must be enough capital available. The capital will cater for office rent, personnel training, insurance, uniforms, equipment, printing of business cards, online promotions and so on. A good business plan will help you to get capital from potential investors, grants, families and friends and loans from financial institutions.

IV. Register your company Registering your company with the Corporate Affairs Commission will ensure that it is regarded as a separate legal entity that is different from its owners. It will guarantee that your personal liability is protected if your company is being sued.

V. Get License from the NSCDC The private security and body guard companies are controlled by the Nigerian Security and the Civil Defence Corps (NSCDC). As stated in the Section 3 of the Nigeria Security and Civil Defense Corp Act No. 2 of 2003, the body is responsible for licensing, controlling and the supervising the private securities and body guard companies in Nigeria.

VI. Obtain Insurance Because security and body guard services is one of those detailed businesses, therefore, it is essential to obtain insurance in a bid to defend your business assets from lawsuits, this is necessary because without that, legal claims can totally force your company out of business. The insurance cover property damage, injuries sustained by staff, personal liabilities and legal defence.

VII. Acquire relevant equipment In a bid to set up a security and body guard company, the following equipment needs to be on ground; uniforms for personnel, walkie talkie, belt to hold a firearm. However, all these also depend on the kind of services you are rendering.

VIII. Recruit and train employees You need to recruit personnel that will help you achieve your business goals and objectives. You alone cannot do it. Therefore, you may consult a recruiting firm to help you carry out this recruitment.

IX. Market and brand your company

Finally, you can promote your security and body guard business to your target market through numerous means of media such as newspapers, social media, banners, radios, referrals, pamphlets etc. Getting a website for your company will also help your reputation which will allow your clients to know the services that you are providing and attract new customers to your business.

Overview of The Template

The Template gives concrete financial plan and projections for setting up a Security Firm shop. Real business insights are included in this financial template to attract investors, grants and loans to make the business concern a reality.

The excel template is easy to use and modify. Current Real life prices were used in drafting this template by our team of seasoned accountants and financial analysts. The template is suitable for small and emerging businesses who see themselves giants in the various industries in 5 years time.

Features

1. Comprehensive Income Statement (Trading, Profit & Loss Account)
2. Statement of Financial Position (Balance Sheet)
3. Cashflow Statements

Use Scenarios

This excel template is most suitable for the following:

1. Promoters of existing and New Start-up Businesses that need funding in form of grants,loans,partnerships etc. from governement agencies and venture capitalists.
2. Business and Financial Analysts working on viability and feasibility of a Security Firm business in Nigeria.
3. Business Administration and Entrepreneurship students who need a comprehensive financial plan for a Business Plan.
4. Investors and Venture Capitalist who need financial analysis of the Security Firm business for informed decision making.
5. Entrepreneurs who need expansion ideas for their businesses.