The Bail Bond Industry began in the 1800’s and has been growing and flourishing ever since. With a consistent industry profit of up to $2.4 billion a year, opening a bail bond business is more than likely to be a thriving enterprise, provided you follow all the steps necessary to ensure your success .
The Bail Bond Industry is all about legalities. There are rules and regulations that vary from state to state and must be followed to the letter. Before you can begin, you need to check with your particular state to see what it’s specific policies and requirements are. Once that’s done, the following steps can lead you to a successful and prosperous bail bond business.
Almost every state requires that you obtain a license in order to legally operate your business. For the purpose of fulfilling most state’s regulations, you will have to meet a specific age requirement, pay a fee, attend industry related classes, take a national exam and pass a background check. Once your business is in operation, you will be expected to retain your license by paying renewal fees, continuing to take appropriate classes and maintaining a clean legal record.
You will need to have an insurance agency in place that will back your company by providing surety bonds. Surety bonds protect your firm from being held liable should the bonded individual not uphold the terms of their bond contract.
Once you are licensed and have your insurance backer in place, you’ll need to register your business with your particular state as well as with the local courts and law enforcement agencies, such as the police and county sheriff’s office.
There are many ways to attract clients to your business. First and foremost, you’ll want to be in a location close to a courthouse or jail so you can be easily found by those in need of your firm’s services.
You’ll also want to get your company onto the local and county jail bail bonds lists, enabling those in jail to locate and contact you.
It is extremely important that you network with local law enforcement individuals and defense attorneys. Make sure they know who you are and what you do. They deal with individuals, on a daily basis, who are in need of bail bond providers. Be sure to give your business cards out to everybody you come across in the legal system and otherwise, so they can pass your information on to individuals who may be in need of a bail bond agency.
Make good use of the internet. Set up a professional website that addresses all the reasons why an individual would benefit by using your firm in particular. There is lots of competition in your field so be sure to sell and embellish all that your firm offers. Get your business onto search engines such as Google and Bing, as well as other types of media outlets and have them all link to your website.
You will need to have a qualified individual in place that will function as a bounty hunter for your business. This person will help to locate and apprehend any individuals who have disappeared after you’ve posted their bond.
Last but not at all least, be available. Potential clients will be in need of your services twenty four hours a day, seven days a week. Make sure they’re able to reach you at all times. If you can’t be available at all hours, be certain to have qualified individuals in place, who can be. Have all business telephone numbers link to cell phones, in order not to miss any calls. Always keep in mind that your potential clients are most likely in dire need of your help, so do all you can to be there for them.
You don’t have to be a business guru, an entrepreneur or a well connected business major to start a bail bond company.
Will it take work? Yes. But can it be done by anyone? Absolutely.
Start with a bail bonds merchant account, and take it from there. First Card Payments can help.
By following this guideline, not only will you be helping people in need, you will also be building a very successful and profitable enterprise for yourself.
: How the Bail Bond Industry Became a $2 Billion Business