Starting up a business is an exciting venture, but no sector is without risk. While locksmiths and other tradesmen can enjoy considerable job security when they are established, the first few years of professional work can be incredibly demanding unless you undertake some advance planning.
So, what exactly do you need in order to start a locksmith company…and what’s essential when it comes to staying afloat?
What do you need to start your company?
While there is no one-size-fits-all solution to start any business, there are a number of key elements that you absolutely have to keep in mind. These include, but are not limited to-
Job Comprehension: First of all, it is vital to check your understanding of what the realities of day-to-day work are before committing to training or securing business loans and equipment. The business will entail opening, installing, and repairing a range of locking solutions, and providing care for your clientele. However, the schedule you keep may be highly disruptive – with early callouts, last-minute job requests, and managing with distressed customers. If you can handle that, you’re on your way already.
Professional Training: Like any trade, a qualification isn’t a piece of paper; it’s your day-to-day job. While there are no formal qualifications in the UK it is essential that you find an accredited training course that can help you obtain the information that you need. Any course should cover the fundamentals and specifics of locksmithing including in depth tool-training, lock fitting and (re)assembly, key cutting, developing sectoral and product knowledge, and more. This can be topped up as needed, allowing you to cater to high-tech solutions, different sectors, and permit you to remain flexible when it matters most.
Income Projections: It is worth considering your earning potential and mapping this against advertising, marketing, and key business costs. On average, UK based locksmiths can expect to earn £17k per annum upon starting their career – raising to £35k for a veteran. Choosing to franchise your business can help improve your capacity to earn, or securing a reliable catchment area, or audience can also help.
Appropriate Kit: Securing the right tools, kit, and stock can help you respond to any client request with confidence. However, making initial purchases can be prohibitively expensive and it is important that you budget appropriately. At a minimum, this should include your multi-purpose lock kit, specialist tools, and transport to and from locations. Picking up heavy duty machinery is also inevitable, with manual key machines often proving to be an essential – and worthwhile – purchase.
Professional Insurance: Securing professional indemnity insurance is absolutely essential and will cover you for any accidental damage caused in your line of work and allow you to operate with full confidence. It is worth consulting with a number of providers and checking online to find the right level of coverage for you. This should also extend to the tools of your trade and minimise downtime in the event of loss, damage, or breakage.