If you undercut your fellow locksmiths then your'e doing everyone out of a their livelihood. Yourself included...
If newbie locksmiths start undercutting on price to get business then the average price falls and you'll lose your own edge on the market and the thing that makes you attractive to customers. Then you'll have to drop your prices again etc. etc.
Work on giving a better service rather than a lower price and don't sh1t on your own doorstep, as the saying goes

Best of luck anyhow. You can start picking 2 and 3 lever locks with 2 wire picks that you can make yourself.