How to start a locksmith business?

The locksmith field is indeed lucrative. There are multiple jobs that a locksmith can do such as installing new security systems, repairing broken locks, replacing locks, and rekeying locks prices

Hence, if you are planning to invest in a locksmith business, then it is a smart choice. 

This article will guide you through the step-by-step process, using which you can establish a successful locksmith business. After all, it is an absolute joy to work for your own self.

However, before we dig in, let’s get somethings straight. Initiating a business is very exciting, but before it gets better, it gets worse. You must never lose focus on your end goals and believe that your hard work will pay off eventually. 

Without any further delay, let’s take a look at the steps you need to take for starting your own locksmith business.

Your Action Plan: The Business Plan

We have divided the process of starting a locksmith business into eight steps below. However, coming up with a business plan is not a step, in fact, everything you will do from now will automatically come under your business plan. 

1. Do your homework on the legal requirements you need to consider when starting a business in your state

Make your life easy and get all the legal requirements out of your way right from the get-go. Do some research on the legal requirements you need to fulfill to establish a locksmith business in your state. Hire a lawyer if necessary. 

Many states do not require you to have any education or training in the field to start a locksmith business. However, you must check this with your country office or state department. 

2. Practice and polish your skills

No amount of training and practicing is ever enough. You keep learning something new each time you practice rekeying a lock or designing a key. After all, your clients will pay you the cost for rekeying a lock or installing a new one.

The training does not have to cost you much, in fact, this will go a long way in helping you achieve your business milestones. 

3. Select your exact specialization 

The locksmith business is a lot more than installing a lock and a key to any door. It is a field that can be adopted as a proper career. It is important to choose your specialty in the field, and talking with well-established locksmiths in your area would do no harm.

There are certain market trends in the industry that will always remain on the rise. Automobile locksmithing is an industry that can never run out of business, so are home security systems. What you choose to offer through your business is at your discretion.  

4. Select your business location

If you think that you can just blindly start a locksmith business in the area you live in, you would be making a grave mistake. What if you find out that a forty minutes’ drive to the next town can bring your ten times more profit? You will instantly be willing to travel those extra miles! 

It is important to consider the demographics of your area and the demand for your business. Then choose your business location accordingly. 

5. Choose whether you will offer mobile or a shop-based service 

Let’s be honest, this will be one of the toughest decisions you will make in this journey. There are benefits and drawbacks to each type of service: mobile and in-house. 

Let’s say you get a call from a client, what would you charge to rekey their locks? If you ask them to visit you in the shop then the cost would significantly reduce, however, if you offer to travel to their home for service, you can charge for the commute as well. 

6. Make a list of all the tools you would need

You will need certain equipment and tools in your inventory to successfully do your work. Make a list of all these items and how much would they cost you. 

7. Come up with a hierarchy for your company

If you are a one-person entity and you think of yourself as not a complete organization then you are wrong. 

You should make a decision from the start whether you will function as a sole operator, incorporation, or a corporation? Get in touch with professional locksmiths in your area and ask them the approach they have adopted. 

Also, keep in mind that once your business flourishes you may need to hire some employees. 

8. Advertise and market your services

In the end, once you have set everything in motion, you need to market and advertise your business and your services. 

Make your connections in the industry and fetch clients. You can sign contracts with mechanics, fire departments, and security companies. Build your clientele so well that they never go anywhere else other than you.  Hire experts to build you a website and run a digital marketing campaign if necessary.