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What is the Best Way to Start a Locksmith Business?

December 25, 2016

Locksmith Business

The business of a locksmith is one which will never go out of demand. The job prospects in terms of profit are also quite high. You may think that there is enough competition in the business already, but the market is yet to get saturated. If you are considering starting off a successful locksmith business, here is how you do it:

  1. Know the law: Before starting off anything, gather all the information necessary on the legal aspects of the business. The laws that regulate the locksmith industry vary from state to state in the US. To start off a locksmith business in Las Vegas, the state requires a sheriff card which is also known as a license and a work card. These licenses are available on applying to the county’s registration office. View document here
  2. Get trained: There is only so much that can be learnt by self-tutoring. If you want to be a successful locksmith, you cannot ignore the importance of training. Even if you plan on running the business by hiring other able hands, knowing the trade will give you an upper hand. Enroll into a vocational training program.
  3. Practice makes perfect: Once you’ve learnt the hows, it is time to put it to practice. There are many pick locks available for training purposes. Purchase a kit and practice till you’re confident to move on to more complicated systems.
  4. Pick your field of expertise: Locksmiths is a general term used. There are specialists in every sub-genera. There are specific locksmiths for dead bolts and those for cars. There is also a demarcation in the skills required for home installation and the one specific for lockouts. Choosing the field decides the required instrumentation. The area of cars is considered more profitable than home installations.
  5. Get the tools: Once you’ve narrowed down on the specialization, purchase the tools accordingly. Necessary equipment includes key duplicator, generator, code cutting machine, lock pick sets, rekeying kits ad lockout kits. Ensure that you buy these supplies from a reliable manufacturer. Before buying, read reviews and take suggestions on the best brand from peers.
  6. Location, location, location: For any business to flourish, location is an important factor. Apart from the geographical placement of the office, the space must be large enough to accommodate all the equipment in use. You will also need a computer to maintain sale and inventory records and billing needs.
  7. Mobility: Purchase a vehicle. In most cases, when called upon, you will have to travel to the customer. Having a vehicle exclusively for the business will make mobility easier.
  8. Hire help: If you are starting off consider hiring helping hands. This may add to the expenses, but an experienced employee will be an asset to the business.
  9. Have a financial plan in place: Most start-up fall flat before taking off because of poor financial planning. Set a budget. This will include the cost price of the necessary equipment, rent and salaries.
  10. Free advertisement is the best advertisement: Start off with helping family and friends out. When you do a god job and get them talking, you are bound to get more customers.
  11. Become a member of an association: If there is a local association for locksmith, becomes a member. This will help stay up-to-date with the latest developments in the trade.

Invest in advertising: Once you’ve taken off and are reaching your set short-term goals, consider investing in good advertising. Ensure that your business has an online presence apart from print media advertisements.