A one-person locksmithing business can clean between $40,000 and $60,000 per year. Because it’s a low-overhead business, most of what you charge is profit. Locksmithing businesses tend to have a high markup on services. How much profit can a locksmith business make? Specialized keys can be sold for up to $20 and “chipped” keys for vehicles may fetch prices between $50 and $175.
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If you’re installing new locks, you can charge up to $100 as a minimum fee, plus $20 to $30 per lock.Ĭopying a key should cost customers between $1.50 and $4 for standard keys. For basic service, like changing a lock, locksmiths charge anywhere between $40 and $100, plus $5 to $25 per cylinder. For nights or weekends, you can charge between $150 and $250. Most locksmiths charge a mobile fee of $35 and $150 if they have to go to the customer for service. It could also include making duplicate keys or fixing locks or security systems. This might include letting someone into their car or home if they’ve locked themselves out accidentally. They also make money by designing keys and performing various services related to locksmithing. Locksmith businesses make money by designing and installing lock systems. How does a locksmith business make money? With that said, a 24/7 emergency service can be profitable for some locksmithing businesses since premium prices can be charged for what is essentially “after hours” work. However, the most profitable customers are typically corporations and governments in need of ongoing service and maintenance. Locksmiths serve a wide variety of customers. Maintenance on tools is typically minimal, but may cost several hundred per year depending on the equipment used and your company’s maintenance needs. Maintenance of service vehicles may run a few hundred to a few thousand dollars a year. Ongoing expenses for a locksmith business depend on the size of the business. What are the ongoing expenses for a locksmith business? If you want to run an emergency on-site service, you'll also need a vehicle. Specialized tools like automotive lock picking tools or safe cracking tools.If you start working out of your home, it may cost a few hundred dollars for basic equipment like:Ī full-time operation with a wide range of services might have initial startup costs of between $5,000 and $10,000, with much of this money going toward more advanced tools like: Starting a locksmithing business doesn’t cost a fortune. What are the costs involved in opening a locksmith business? It's very important to secure your domain name before someone else does. When registering a business name, we recommend researching your business name by checking: If you operate a sole proprietorship, you might want to operate under a business name other than your own name.
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If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Locksmith Business Name Generator What will you name your business?Ĭhoosing the right name is important and challenging. Luckily we have done a lot of this research for you. What are the startup and ongoing costs?.It will help you map out the specifics of your business and discover some unknowns. STEP 1: Plan your businessĪ clear plan is essential for success as an entrepreneur.
Exploring your options? Check out other small business ideas. These steps will ensure that your new business is well planned out, registered properly and legally compliant. We have put together this simple guide to starting your locksmith business.
Set up Accounting for your Locksmith Business.Open a Business Bank Account & Credit Card.
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