How to start a Bounty Hunter Business
The popularity of the tv show, 'Dog the Bounty Hunter' has widely introduced the profession of bounty hunting to the public. Bounty hunting is not always as glamorous and exciting as the tv show has made it out to be. It is a challenging career, filled with both failure and success. Most people who are interested in starting a bounty hunting business are most interested in the adrenaline pumping pursuit, but much of the business is more mundane.
If you are skillfull at analyzing phone records, tracking down and persuading individuals in divulging information, negotiating and detecting liars and basically doing whatever it takes to track down a potentially dangerous fugitive who does not want to be found - then you have the temperment to be a bounty hunter.
Starting a bounty hunter business can be a lucrative pursuit, that can earn you anywhere from $50,000 to $80,000 and sometimes more, but it is also a dangerous one. If you enjoy the excitement of the pursuit and have the stamina and patience to see it through - becoming a bounty hunter can be a very rewarding business you can start with very little investment - but with potentially nice rewards.
Starting a Bounty Hunter business can be fun, exciting and very rewarding. If you are considering starting your own Bounty Hunter business, be sure to read the following advice so that you can shorten your learning curve, minimize your risk, and start generating income quickly.
Read on to learn how to start your own Bounty Hunter business in 10 easy steps.
1. Write A Business Plan.
Writing a business plan for your small business is key in getting your new Bounty Hunter Service venture off to the its best start. Lenders won't even consider your request for a loan without a written business plan in hand. Also, the process of preparing a business plan forces you as an entrepreneur to consider every aspect of the company's operations. Don't skimp on this crucial step.
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2. Choose A Company Name.
When choosing a company name, pick a name that easily fits into a web address or domain name. Your web address should be easy to type, simple but catchy. Every business has an internet presence nowadays. You must be sure that your Bounty Hunter business is on the internet as well. Once you pick a company name for your Bounty Hunter business, make sure to register the domain name quickly, before someone else does. You may also want to get not only the .com version of the name, but the .biz and .info versions as well, so that competitors don't encroach on your business by grabbing your domain with a different extension. You may regret not having these additional domains when your company grows and becomes successful.
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3. Incorporate Your Business.
One of the primary advantages to incorporating your Bounty Hunter business is the fact that you can then enjoy limited liability. As a sole proprietorship, of a Bounty Hunter business owner, you assume all the liability of the company. Your personal assets, such as your house and car can be seized to pay the debts of your business.
When you incorporate your Bounty Hunter business, you become a shareholder in the corporation. As a shareholder in the corporation, you can't be held responsible for the debts of the corporation. Your liability as an individual shareholder of the Bounty Hunter business is limited to the amount you have invested in the company. In today's litigious society, it is best to protect yourself, and separate your personal assets from the Bounty Hunter's company assets.
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4. File For A Tax Identification Number.
There are several types of tax id numbers:
*A Federal EIN Number - The Federal Tax Identification Number is used to identify a business entity and is required for employers and corporations as well as partnerships.
*A State Sales Tax Id - Sales tax id number or sales tax exemption certificate is a legal document issued by the state. This certificate of authority gives your business the authority to collect the required sales and use taxes, and to issue appropriate sales tax exemption documents, including resale certificates used for purchasing inventory
*A State EIN Number - A state specific Tax Identification Number. Check your state regulations to see if it is required.
5. Examine Your Competition.
Examine your competition in the Bounty Hunter industry - your clients will. Compare your business ideas against your competitors. Determine what are your strengths and weaknesses are. Compare them and determine how to strengthen your weaknesses and how to emphasize your strengths. Your clients will compare your Bounty Hunter services with others before choosing - so make sure you offer your clients a service they can't refuse.
6. Calculate Your Fees.
Since you will be working on your own you will need to determine your wages. Keep in mind that you will need to pay for self-employment taxes, insurances, supplies and education. Make sure when calculating your fee to include all of your expenses and what you need to make a profit. Make sure your rates are competitive or you can justify why you are charging more than your competitors. Remember, your potential clients aren't always looking for the cheapest Bounty Hunter business. They want dependability, relaibility and genuine quality service from a skilled and professional Bounty Hunter.
7. Get A Logo.
A logo is also a very important element for your Bounty Hunter business. A logo clearly sets the tone and presents a graphic representation of your business and its value - providing your Bounty Hunter business with an extra level of professional presence. You need to provide your clients with a sense of legitamacy, as they will be entrusting you with their Bounty Hunter business needs.
A great logo should be eye catching and visually appealing, without being too garish or flashy. Hiring a professional to design your Bounty Hunter company logo is a wise choice, because a logo is often the first impression a potential client will get of your Bounty Hunter services. So it is best to have a professional design it, who can create a timeless and balanced look that can stand as your business identity for years to come.
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8. Create A Website.
Hire a website developer or use one of the many do-it-yourself online companies that offer you an assortment of website templates, where you can enter your own content. Be sure to choose a template that relates to the Bounty Hunter industry.
Keep your website simple and to the point. Start with a home page, which describes your business and the services you offer. Then include a page that provides your professional biography and credentials as well as a photo. A web form that allows potential clients to enter their information for quote by phone is a nice feature. Don't forget a page that provides your contact information. Include a payment form where clients can pay for your services using a credit card or electronic check, if advance payment or a deposit for your services is required.
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9. Find Clients.
You will need to advertise, market and promote your Bounty Hunter business in order to attract clients. Make sure to prepare a budget for maintaining your a website, getting business cards, ordering fliers, and sending out a press releases. Offering a special incentive to your first clients could help speed up your client acquisition process.
10. Keep Learning.
Stay current within your field of Bounty Hunter. Sign up for free newsletters and subscribe to magazines and newspapers designed for those in the Bounty Hunter industry. This will help you stay in touch with the newest trends in the Bounty Hunter business world. The more knowledgeable you are about Bounty Hunter, the more likely to you are to succeed.
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