Ask an Expert
Opening a Security Business in Toronto
Expert: Gary Lok
Vathsalan asked:
Is it a good idea to open a security guard company in Toronto?
Gary Lok answered:
The answer to your question is not a simple yes or no. In order to get a better idea you need to do some market research. When doing this research I suggest three key areas to consider. Clients, competition and yourself.
Clients
You need to get a clear idea of who your potential client is. Some questions to ask yourself
in this area: Do you want to target businesses or homes? How will you fulfill the needs of
your clients? What kind of fee structure would best suit these customers?
Competition
It's important to know what's already out there. Who are the key players? What are they offering that you could improve on? Studying the trends and nature of the security business will also help you come to a better decision. For example, if the work is seasonal then you will need more employees during that time than the rest of the year.
You
Finally, and most importantly, you must assess your own skills and experience. What do you know about the security business? Is this business the right financial move for you?
If you aren't sure where to start your research, I recommend dropping into a small business centre. Searching under "small business" on www.toronto.com will give you a list of centres throughout the GTA.
About the author
Gary Lok is an advisor with Enterprise Toronto. He and other advisors can be reached at the North York office by calling 416-395-7434 or on the web at www.enterprisetoronto.com.