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Royal Private Investigator Business Plan

1.0 Executive Summary

The primary purpose of this plan is to raise 200,000 United States dollars for the establishment of a private investigation company while showcasing the anticipated operations as well as financials over the next 3 years. Royal Private Investigator Incorporation is a Boston Based firm that will offer private investigation services for attorneys as well as individual customers in the wider area of Boston City. The firm was founded in 2017 by Peter Kriegler.

1.1 The Mission Statement

Guided by our integrity and discretion values, Royal Private Investigators aim to establish suitable environment where we can service our customers effectively and efficiently. We strive to provide our customers with accurate, efficient as well as cost effective investigations in a convenient and timely manner. Royal Private Investigator’s ultimate objective is to protect our customers’ confidentiality in addition to providing them with answers as well as the information they seek.

1.2 Vision Statement

Royal Private Investigator aims to become the premium solution and service provider for legal, corporate as well as private purposes beyond customers’ expectations.

1.3 The Management Team

Headquartered in Boston, Massachusetts, the firm was founded in 2017 by Peter Kriegler. Mr. Kriegler has over 15 years of experience as an investigator in the law enforcement sector. Through his vast experience, he will bring the business operations to profitability within the first two years of operations.

1.4 Services

The primary source of revenue for the organization will originate from private investigation of persons as requested by other people and attorneys. Primarily, the management expects to generate a bigger percentage of revenue from the separated individuals and those planning to divorce because of infidelity. Many attorneys always look out for the services of private investigators to gather sufficient evidence of infidelity for presentations during court proceedings. The firm will also offer ancillary services like surveillance. Royal Private Investigators will, always, comply with the applicable federal and state laws related to private investigations.

2.0 Service Value Proposition

2.1 Marital Investigations

Royal Private Investigators offers marital investigations to its clients, which majorly revolves around cheating spouses. Greenberg (2015) asserts that private investigation is a booming business in the United States thanks to the Ashley Madison hack. For instance, Ashley Madison is a well-known private investigation company that unearths cheating spouses’ activities in the United States. Another firm Trustify is a private investigation startup that capitalized on the Ashley Madison hack situation to launch a service that enabled people to search about their spouses and other persons they know.

Infidelity detective is a booming business in other countries too. For instance, Maxted (2008) indicates that there are more than 10,000 private investigators in the United Kingdom uncovering unfaithful spouses, insurance fraud as well as missing persons. While hiring a private investigator may cost 1,000 pounds a day, people are increasingly seeking the services of private investigators to track their errant spouses. Infidelity is one of the leading causes of divorce in the modern world and people usually cheat on their spouses ignoring the consequences of their actions. This is where private investigators come in handy; they help spouses who harbor some doubts to find unearth the truth about their fears. According to Maxted (2008) cheating is agonizing as it leads to loneliness and erosion of sanity that partners are increasingly looking for possible solutions to stop excuses.

2.2 Background Investigations

In addition to marital investigations, Royal Private Investigators will conduct background investigations to help clients unearth critical information about an individual’s past. For instance, some employers usually conduct background study before they can hire an individual into a strategic position; some would track a person’s criminality records and financial status. This is common when an organization is dealing with important information that requires a lot of confidentiality and touching on an individual’s integrity. For example, financial institutions cannot hire an individual with criminal backgrounds such as theft and burglary. This is a risky situation and it is, therefore, important to conduct a background investigation to explore an individual’s past information before hiring.

3.0 Industry Analysis

The private investigative service industry offers valuable information collection services to individuals as well as businesses. Industry operators utilize various services including location of a missing person, conducting general surveillance on person of interest as well as running background checks to generate revenue. Today, there are more than 24,438 private investigation businesses in the United States providing general investigation services to Americans. In 2016, the private detective service industry contributed revenue of 6 billion United States dollars while employing more 62,221 employees. This translated to an annual growth of 1.6 percent between 2011 and 2016. This is attributed to the improvement in economic performance over the period. Also, the industry is expected to continue growing up to the year 2021. This is due the fact that the demand for private investigation services is expected to continue growing, and sustained revenue as well as profitability growth is expected to attract new entrants into the industry. IBIS World identifies three major success factors in the private detective service industry- ability to attract patronage or local support, ability to avoid useless or unnecessary work as well as the ability to adopt new technology (IBIS World, 2017).

This industry mainly comprises of firms and individuals providing investigation as well as detective services for private citizens as well as corporate entities. It does not include operators that offer guard and patrol services as well as armored car services. Some of the major industry products include: domestic and family investigation services, legal investigation services, insurance investigation services, corporate investigation services, pre-employment services like background checks and other investigation services. Industry activities include: pre-employment screening, litigation investigation, locating missing people, intelligence gathering, spousal investigation and due diligence (IBIS World, 2017).

4.0 Market Research and Feasibility Analysis

4.1 Competitive Analysis

Business location is not a major factor in private investigation service industry because private investigate firms can operate from different locations. This implies that an organization should focus on excellent service delivery to gain good reputation and increase its market share. Most clients are not worried about business location if they are provided with accurate results and information within the agreed time frame. This does not imply that there is no stiff competition in the industry as evidenced by the existence of 24,438 private investigation businesses in the United States (IBIS World, 2017). Some of the businesses are well established and dictate the overall trend in the industry.

4.2 Customer Profile

Royal Private Investigator’s average customers will comprise of middle to upper class men and women undergoing separation and living in the target. Common traits among customers will include:

· Yearly household income exceeding 50,000 United States dollars

· Living and working no more than 30 miles from the firm’s office location

· Will spend 3,000 United States dollars with a private investigation firm

· A divorce and corporate attorney working for a divorcee or a corporate client seeking business intelligence services

4.3 Market Strategy

Royal Private Investigators intend to use various marketing strategies to easily reach the target clients in the target market. First, the firm will utilize internet-based marketing strategy to connect with its clients. Chaffe et al. (2009) assert that internet-based marketing has gained popularity because many individuals are using the Internet to conduct preliminary searches. Mr. Kriegler will register the firm with online portals for easy accessibility to customers. Also, the firm will use print advertisements to reach out to prospective clients. Finally, the firm will enter into strategic relationship with attorneys within the target market to increase its market share. Chaffe et al. (2009) indicate that an organization should establish and maintain close working relationship with its clients and suppliers to gain preferential treatment. Royal Private Investigators intends to generate more than 50 percent of revenues from its strategic revenues with attorneys and law firms.

References

Chaffey, D., Ellis-Chadwick, F., Mayer, R., & Johnston, K. (2009). Internet marketing: strategy, implementation and practice. New Jersey, NJ: Pearson Education.