As the pandemic has disrupted our daily routine, it has also created opportunity for private security contractors. See how the increased reliance on private security has generated revenue for Signal 88 franchise owners.
As cliché as it sounds, these are challenging times for not only our country, but the entire global economy. Every article, press release, or editorial over the past several weeks since the onset of the COVID-19 Pandemic, has begun with the same opening sentence. But what if the narrative were different? If you are looking for even a tiny spec of economic optimism amongst all the business closures, unemployment, and general uneasiness, rest assured, that not all industry is negatively affected by national emergencies. In fact, many businesses, not those deemed “essential” by the powers to be, can thrive in unsure times. The answer you may be looking for is the private security industry.
Private security has been around since the dawn of civilization. Ancient rulers utilized guards to protect them from citizens. Fast forward thousands of years later and private security is being used for everything from executive protection to fighting global terrorism. In a recent Google search for “security jobs” hundreds of job titles appeared ranging anywhere from “security guard” to “pandemic response officer.” In a current domestic economy facing conservative estimates of 20-25 percent employment by Summer’s end, why does one industry thrive while others are tanking? The answer is peace of mind. In times of crisis and uncertainty people hang on to the one thing they can control. Their personal safety and security. The need for peace of mind is often illuminated when structure and routine dissolves. The purpose of private security is to provide a sense of well-being and safety, and the numbers bear out that the industry is becoming very resilient in times of crisis.
A Growing Need
The challenge most service businesses face, even when times are good, is adaptability. The ability to be resourceful is what sets one company apart from another. Enter private security. The products and services offered by a security company can go as far as one’s skillset and expertise. In a field comprised of former law enforcement officers and military veterans, the skills of a security officer can range from verbal de-escalation all the way to global cybersecurity.
According to recent analysis by Forbes, the private security workforce outnumbers that of paid law enforcement officers. In the United States alone, security officers make up 1.1 million workers, as compared to 660,000 police officers. With law enforcement out on structured routes, or in some cases required to complete hours upon hours of administrative paperwork, security officers have a lot more flexibility and mobility to service their clients. Also, with customizable security offerings, many clients find security contractors to be more cost-effective and responsive in protecting their business and clients.
Companies like Signal 88 Security, have seen significant revenue increases and retention as a direct result of emergency situations like natural disasters, and more recently the COVID-19 Pandemic. As a franchise-based security company, Signal 88 Security’s local ownership model allows owners to take advantage of contract opportunities as their market dictates.
A Resourceful Industry
In a recent example, Huston Akins, CEO/Owner of Signal 88 Security of Nashville & Memphis, TN, was able to gain three, noteworthy temporary contracts at a major retailer harmed by the Nashville tornado of March 2, 2020. “It was an all hands on deck approach,” said Akins, who highlighted the built-in advantage of gaining business through a Strategic Vendor Partnership. “I received the call from the account manager at 3:00 in the morning. I was ready and mobilized all resources to the client.” It is these types of temporary, needs based contracts that sprout out of desperation, or immediate need, that allows our franchise network to prosper in their ultimate goal of providing peace of mind. Signal 88 Security of Nashville saw a monthly revenue increase of over $240,000 over the 30-day period as an immediate emergency response to secure the major retail chain.
In an industry where technology plays a major part, lack of infrastructure does not prevent a security officer from performing their job duties. With enhanced, round the clock reporting, a Signal 88 officer can conduct an entire patrol with the use of only a vehicle and a smartphone, which is a decided advantage in a time when traditional law enforcement is unable to respond to alarms as a result of them tending to other emergencies.
Thriving in Times of Crisis
In an ongoing case study publishing later this Summer, we have learned that these types of temporary, disaster relief contracts are not isolated in the security field. Amid a global pandemic, security companies are using their resourcefulness to provide services as a direct response to government, or self-imposed COVID-19 restrictions. Tim Robinson, Owner/CEO of Signal 88 Security of Sarasota & Brevard County, FL credits his team’s innovative thinking and “no stone left unturned” approach to security services. “When businesses return to work, they need a plan, they need manpower. Something that some of them don’t have right now,” when discussing re-opening of business. “We will enforce mask wearing and social distancing guidelines. We will administer the temperature checks if we have to.”
Small businesses are especially handcuffed by rising unemployment numbers and may not have dedicated staff available to ensure customers are following protocols. Owners must be prepared to open their business and must do so in a safe manner.
Since the COVID-19 Pandemic came to the forefront in the United States in mid-March, private security company revenues have skyrocketed. Signal 88 Security has seen a $450,000 network wide revenue increase off COVID-19 response alone, and that number projects much higher for the months ahead as property and business managers pursue peace of mind for their employees and customers. Having over 135 franchises across 42 states and 4 countries, our teams are able to mobilize and develop unique security solutions based on their customer’s needs. No two properties are the same, and a diversified approach is what industry experts agree will set the private security industry up for growth for the years to come.
People, by nature, will place their personal safety and security above all other things when during uncertain times. Private security can be the answer for many in finding solace in the (sometimes) literal storm. Signal 88 Security is the proven leader in the quest to provide peace of mind for our clients in need.
If being a franchise owner in our veteran led network seems like the opportunity for you, check out our intro video as you aim to discover more about our passions and values. Signal 88 Security is looking for qualified, dedicated candidates to help provide communities with peace of mind in unsure times.