The world of bail bond services generates $2.3 billion a year. As you can see, it can be quite lucrative to become a bondsman yourself.
But if you have no experience in the industry, you might not know where to start. Here is a business plan with easy steps to become a bail bondsman.
Get Familiar with the Criminal Process Procedures in Your Area
You’ll need to learn what actions you can or can’t take when it comes to law enforcement, people violating their bail, and other people. Every state will have their own rules on these things, so being familiar with the criminal process procedures in your area can mean the difference between succeeding and failing.
Get Licensed and Registered
No matter which state you want to open your business in, you’ll have to take the national bail bond agent exam. The test consists of 60 multiple choice and 10 survey questions. You must complete the test within an hour and get a score of at least 70% to pass.
In addition to the exam, you’ll also have to get fingerprinted and background checked.
Get Insurance for Your Company
Getting insurance for your bail bondsman business is a must. Shop around your city and find a company that has surety bonds.
Another thing you need to do is put some money into a collateral fund. That way, you can put up the funds your clientele need.
Raise Capital
You need to deposit at least $50,000 with the licensing board in order to start your business. You may have to seek investors to help you out with this process.
Choose a Good Location
Considering your business deals with people who are in legal trouble, you’ll want to carefully consider the location of your bail bondsman business. Good locations include properties near jails, courthouses, and police stations.
Hire Staff Members
You may think you can handle everything on your own, but hiring a few staff members will let you focus on the important details of your business rather than the mundane. You’ll need one or two clerical staff, as well as a bounty hunter.
With the clerical staff, they can cover the hours you’re not in office. The bounty hunter can chase down the people who violate their bail.
Get Clientele
Once you have enough capital, you’ll need to market your business. You may have a great company set up, but that won’t matter if no one knows about it.
Having a good location and physical signage is one thing. Online marketing is another. Make sure you make use of both online and offline advertising to ensure the best outreach possible.
Use This Business Plan for Success
If you use this business plan that we’ve outlined for you, it should be smooth sailing to become create your own bail bondsman service. Get started on the plan early, and you’ll be able to get licensed and registered in no time.
Want to get started immediately on becoming a bail bondsman? Then pre-apply now!