What would you do in my situation?

by **Neo** » 29 Mar 2005 0:24

Here's my situation:

I have $10,000 for college (U.S. Currency)
I go to a community college: $3,600 a semester+books

And i want to get my associate's degree and then go for my bachelor's degree.

However, going to a University costs $14,000.
That includes: Food, water, room, courses, books.

I don't exactly have 28 grand for another 2 years.
So what to do?

Does a newbie locksmith really bring in more than $14,000 a year?
I really would be interested in know the answer to this. I'm willing to take 2 years of college off if I can even collect $50,000 a year. However, I rather do part time at college. So i don't really know how much cash I could bring in... The missing factor is my work hours, which I don't know yet, sorry.

That would rule to make $50,000 though. I wouldn't have to depend on my dad's corporation to fund me with a measly $1,500.

by **Neo** » 29 Mar 2005 0:26

and since i don't see an edit button I'll add one more thing..

I live in a city with 250,000 people. I don't know if that's a lot for a locksmith to actually make decent pay off of. I wonder how many calls a locksmith gets a day.

by **master in training** » 29 Mar 2005 0:33

well im not sure about where you live, but i read about becoming a locksmith in the UK and if you're setting up on your own, its likely you wont make any money for the first 3 years or so. it may be totally different where you live, so someone who lives in the same country may be better to advise you.

can you not get a loan of some kind, like from a bank, to fund your education then pay it back when you leave college?

by **zekeo** » 29 Mar 2005 2:09

You're much better off getting the low interest government loans while you're in school. If you do decide to go into locks, do it as an extra project because you want to build a business for the long term--that's the only way small businesses survive.

by **hzatorsk** » 29 Mar 2005 7:24

I'm with zekeo on this one!

If you have a chance at college now... Don't pursue anything else other than a Student Loan, (or flip burgers) & Bachelor's Degree.

If locksmithing/training do not interfere with college... pursue that also.

If you are interested in locksmithing... you'll want to focus on business and management related courses.

Which will be a help in whatever career you choose.

by **rakemaster** » 29 Mar 2005 9:35

I agree with everyone who says just get a student loan.

You have enough to do in college without trying to run a business. especially one that requires investments and a lot of advertising.

If you can get a student loan, go for it, its a good deal.

Rakemaster
(Parents are paying only a little of my huge tuition)

by **thebigsmoke** » 29 Mar 2005 12:21

I don't know what it's like elsewhere in the world, but I know the provincial and federal governments in Canada have grant/loan programs to students to run their own small business' during the summer months.

Since everyone seems to concur that you really can't focus on both school and supporting a business during school term, you could use some gov't seed money to advertise / grow / focus entirely on your business in the Summer and then during school term not try to expand, but simply maintain the customer base you cultivated during that period.

Then the next summer focus on aggressively growing/advertising again.

Locksmithing is (I would assume) a tough industry to "moonlight" with since it means getting emergency calls at odd hours (middle of classes, night before exams, etc) but provided you didn't over extend yourself, it's not impossible that you could cultivate some core customers to use as a base to build a full-time gig and offset some of your continuing education costs.

I agree that loans should be the primary way to go, but there's no reason you couldn't reduce them / start paying them back along the way while cultivating future job prospects at the same time.

I ran a web design / web hosting sideline in University, and although it's not a field I chose to go into full time, the little extra money it brought in made all the difference in the world. Still does, come to think of it.

by **RangerF150** » 29 Mar 2005 15:17

If you want to get rid of a whole lot of money in a hurry , work for yourself :-)

by **bigbike** » 29 Mar 2005 18:54

Stay in school, get your student loans then DEFAULT on em like everybody else does :shock:

(just kidding), but seriously stay in school take a side course in smithing, and do it part time. Try seeing if you can apprentice with someone. I am sure there are 3 or more locksmiths listed in your phone book for a city that size.

by **hzatorsk** » 29 Mar 2005 19:24

"I learned locksmithing on my own.... I really want a job and will work hard."

...or...

"Why Yes, Mr. XYZ, if we can come to terms on territory, distribution rights for the ABC line of security products with low franchise fees... I think we can work out a business agreement equitable to both parties."

It is a matter of scale. Which do you think will make more money. Working for 'da man'... or being 'da man'?

Get the college degree and learn how to maintain good credit ...Duh!

by **Varjeal** » 30 Mar 2005 16:14

I agree with the others. Get your education, regardless of cost and regardless of whether you have to beg or borrow. Make that your focus.

Locksmithing may look nice now, but once you've got your degree you have real options.

by **kodierer** » 30 Mar 2005 21:17

FAFSA get a pell grant or something

by **Peaky** » 31 Mar 2005 10:55

Basically you wont realy earn anything locksmithing for at least a number of years as you constantly need to put any money you get back into the buisness to buy more tools or stock (the stock is obviously on demand and gets paid for by the customer but you still have that initial outlay),

Trying to study at the same time would be a knightmare, i dont know what you are studying but to become a locksmith in the time scale you want you will be practiceing opening many differant locks more or less 24/7 this would hamper your studies somwhat,

Locksmithing isnt a way to make big money and certainly not a quick way, get your education so that you have somthing behind you, if you still want to be a locksmith great if not and big money is in your dreams then you would at least have an education in somthing else.

If you want money for collage forget locksmithing, do a non skilled job that doesnt need to work your brain, burger flipping etc is ideal, afterall its only for a couple of years,
you could however offer a rekeying service or lock fitting service that would require some skill but that could be learnt easily from here and the hours can be aranged by you and you need only deal with the locks you know.

Good luck with what you decide.

by **quicklocks** » 31 Mar 2005 11:20

i wish i still had that choice go for ed ed ed ed ed ed ed ed ed

What would you do in my situation?

What would you do in my situation?

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