The majority of us have forgotten or lost our keys, locked out of our car, home, or office at some point in our lives. And in these times we opt to call a locksmith to do the job for us. Locksmiths provide various essential services like cutting keys, helping people gain access to their cars, residence, and offices when locked out and a lot more that is why beginning a locksmith business is undoubtedly a profitable investment to start!
Locksmith Business Target Market
Though locksmiths attend to a broad category of customers, the most profitable customers are usually corporations and governments that need continuous service and maintenance. Locksmithing businesses who offered 24/7 Emergency/Mobile Service profit more because prices are premium that they can charge more since usually, service is after working hours.
Locksmith Business Pricing to Customers
Usually, Locksmiths charge a mobile fee between $35 to $150 if they have to travel to the customer’s location. For emergency services at night or weekends, locksmiths charge between $150 to $250.
Changing locks or other basic services, you can charge anywhere between $50 to $100 and an additional $5 to $25 per cylinder.
If the locksmith is required to install new locks, they charge $100 as a minimum fee and an additional $20 to $30 per lock.
When the customer’s need is a key copy, locksmith charges between $1.50 to $4 for standard keys, on the other hand, specialized keys should cost customers $20.
When the service needed is making a car key, it starts at $100. For high-security keys, a locksmith can charge you around $200 or more.
How much can a locksmith business make?
Locksmith Business is a low-overhead business. It has a high markup on services, and most of what a locksmith charge is a profit!
As a locksmith technician, you can make around $50,000 to $100,000 or more annually. As a locksmith business owner, you can make over $100,000 per year. What more if you hire other locksmiths in the business? You are looking at a million dollars!
What Should You Consider to Make a Locksmith Business More Profitable?
Like any other business, offering exceptional services and asking for referral business are some of the best ways to build profits. In the locksmith business, catering excellent services and asking referral business combined with specialization means the business will make more compared to the generalists basically because specialization sets them apart from others. They can charge more. Consider specialization to secure your locksmith business to be more profitable!
Looking for a locksmith business opportunity or want to grow your existing locksmith business?
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