Locksmith And Key Duplication Business

Locksmithing is a very noble business idea, rarely exploited but with a high income potential. Just remember how many doors are in your house.

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Now imagine how many locks there are in an apartment building and add to that the locks of the cars that circulate on the streets.

You got it? Then surely you will be able to visualize an interesting business niche that requires minimal preparation, little investment and with which you can earn very good money.

image: Pixnio

A locksmith can be defined as an expert in the installation of locks that provides services to homes and offices by providing security improvement solutions. In addition, nowadays modern locksmiths are required and specialized in electronic locks that are increasingly popular.

Service locksmith for emergencies in fact it is something very well paid since it is usually something that cannot be postponed. That is to say: if you stay out of your house, you need it. And if you lose your car keys, too!

So if this business concept makes you click and you think about setting up your own locksmith, here we share some initial considerations.

Basic services provided by a locksmith

  • Emergency openings
  • Register changes and combinations
  • Installation of locks and accessories
  • Failures and repairs
  • Padlocks, safes and armored openings
  • Key duplication

Equipment needed to start

  • Multifunction Key Copy Machine
  • YALE key copy machine (optional)
  • 250 base keys for duplication
  • YALE cylinders to install in cars
  • Stock of spare parts for locks
  • Padlock stock
  • Basic tools such as files, auger, picks and screwdrivers

Initial investment – Locksmith

The approximate initial investment has to do with different items:

  • Furniture and equipment: about us $ 1500 to $ 2000 the variation can consist of getting automatic or manual machines.
  • Accessories and spare parts: us $ 500 – $ 1000 depending on the quantity and type of spare parts. It is recommended not to buy electric or specialized locks at the beginning but rather by request.
  • Locksmith Training Courses: us $ 200. Essential since as a locksmith it is essential to have the technical preparation that guarantees excellent service.
  • Local: Usually modern locksmiths work in small kiosks located in corridors of shopping centers. Depending on its category, you should consider between $ 200 and $ 500 dollars of rent for a privileged space.
  • Business legalization: Like any company, you must do the corresponding procedures so that everything works in order.

Finally, you should contemplate within your business plan a budget of monthly expenses and an initial investment budget for the assembly of your locksmith. And if you need it, you can find help on how to prepare your business plan by clicking here.