£10,000 per annum, possible?

[oaksy]

what i would say to anyone that wants to start doing this part-time is dont even think about it...I for one as you was thinking along time ago that i could start doing locksmithing part time but that is wishfull thinking and im glad i didnt do it... I dont think anyone can really do this part-time...

But if you want to really do it i wish you all the best...

People say you can start locksmithing with 10k (which you could have the base to start) but it doesnt end there add another 10k then you could start it...


If you want to get a extra 10k a year think about doing something else other than been a locksmith?????
Its a hard road i think you could have a better chance joining the SAS..

[toomush2drink]

Raccoon i hear what your saying but the uk locksmith market is so saturated just getting a call is hard enough so to turn down the work or pass it on to your competition when you do get one through lack of ability is madness.Over here to survive you have to be able to take on most jobs thats just how it is.

[Raccoon]

I will agree with that; the UK is pretty insane. But if RodCrosby has his numbers correct, his area doesn't seem that saturated. One locksmith per 28,000 people inner-city, and one per 50,000 people outskirts is pretty good. There is plenty of room for him, and with the right advertisement he could easily be the first that people call.

I only have a population of 12,000 and I'm still doing alright. Though I'm the only locksmith for 100 miles in all directions but North, where there's one 50 miles away. I'm also the only one on-call 24 hours, and who accepts personal checks, in a good 200 mile radius or further.

[toomush2drink]

Yes sure he thinks there is only a few locksmiths in his areas but i very much doubt that is the case as most of the big locksmith firms cover all areas through various forms of advertising.I bet if he tried yell.com,google,thompsons,the bt book or 118 -247 those figures would increase dramatically unitil you get right into your advertising do you realise this.A lot of letting agents do now use contracters for most jobs including lock jobs or general maintenance firms.Also a lot of people like to do things themselves at the present time (DIY) thus reducing the domestic market even more.
The auto market over here is a no no unless you invest heavily due to the high security locks and anti theft systems used on our cars, even trying to do openings only.Fire regulations are a lot stricter now due to recent changes in building regulations etc but it is also a big market to fit the corrct spec closers and furniture etc.
Im sorry if i come across negative but i do believe in being honest with people than selling a dream that doesnt exist.
If our friend really wants to see what is possible he should place an advert in a place he thinks is a good place and see how many calls he gets or doesnt, pass the jobs on to another lockie if you get some but at least you know how it is with minimum outlay and loss.

[EvoRed]

If anyone thinks that some people on here try to put others off entering the trade with negative comments then the answer's simple - ignore all advice, try it and find out first hand.

[toomush2drink]

Arrh but evo if they did that they might lose some money what people want to hear is they will earn a grand a week and have the weekends off.

Doing real research on earnings is only possible in your own areas as you and i know a forum wont provide the answers.A forum can provide indicaters of a trade and a lot of useful advice which you either ignore or take on board, a forum isnt a business plan.
How long is a piece of string ?

[Sbecspeledrx]

Rod, I may be in a similar position to the one you would like to be in. It's not all bad news, but It's not all good either. I have been established for 14 months now, and would guess I have at least a £10,000PA profit. But in my first year it was £6,000 profit - and I have pretty much worked at it full time.

Mark A is correct, the way your business builds is by making sure you are there within the hour when reactfast an AE's van "breaks down". Reactfast have plenty of work (c. 2 jobs a day which is plenty when starting up) but the pay is crap. I looked on it as on the job training. I still work for them occasionally, and as I will be moving location soon I shall go back to working for them as I expect to have very little work of my own in a new area. Basically, after factoring in petrol and the like you need to do three RF jobs to make the money you would on one job of your own.

After six months working solely on call outs I opened a shop. Which is a swings and roundabouts situation. I believe it helps my reputation in the town (small c18,000) and ensures I am the locksmith for my town. However the shop makes very little money - about £30 profit a week and for that I have to sit here for 5 hourse every day. I based my opening hours on the timing of my callouts and if I do get ane mergency call out that can't wait during my shop hours then I close the shop. I think the shop was a good move, it hampers my flexibility but at least having a place of work instills some discipline into me.

Most months now I turn over £2,000. But have fixed overheads of £400 for the shop and £200 for advertising, £100 phone and internet bill. On top of that there is petrol, van, tool costs etc.

My van was broken into last night and my drill and Mortice jig stolen. Anyone know anywhere doing a good deal on a good cordless drill? Or to be honest, a good plug in drill would probably do me, as I only really use it for fitting mortices and the battery on my last one was a pile of cack!

[secondcity]

you can turnover £1000 plus per week but it takes time to be recognsed and respected in your area and amongst your peers. I now spend less than £80 a month on ads now, 90% of work comes from regulars. But this takes a few years of hard graft sticking through thick and thin and being able to take a call anytime and being available. Don't sell yourself cheap like some do, charge a fair price and do a good job everytime and customers will remember this.

I don't class anyone who isn't full time hard working trading locksmiths as successful businesses, no disrespect to hobby pickers or those who want to do part time but you are just playing at locksmithing which is fine if thats what you want to do but the successful ones will be those who really want it and enjoy it and are willing to put in 100%

Just my opinion take it or leave it but don't deny it

[NKT]

Sbecspeledrx,
try CPC (cpc.farnell.com), they do great deals on some gear.

As far as the difference between the UK and USA markets, from talking/reading with a lot of UK and USA guys, as well as European, the way it works in the UK is a disaster compared to elsewhere.

Europe (including the UK) has a lower need for locksmiths than the USA, as far as I can work out. Most houses don't have a safe, and those with decent locks rarely lose keys (at £80+ a time, how many times before you learned?). When you get a call out in Europe, there are about 10 types of lock to cover, and in the USA the same, of the various brands and types.

The UK, however, has lever deadlocks, sash deadlocks, Bramahs, Ingersoll, Banham, as well as all the same locks that the US and European markets cover, plus the random Chinese ones that, presumably, can crop up anywhere. This increases your problems no end, since a deadlock is a certain size, and there are 4 variations from each manufacturer (at least) per model - 2.5" & 3", plus deadlock or sashlock. So there you have to sink (£10 + VAT * 4 =) £50 even for the bottom of the range ones, just to have one of each. But you will normally need two of each, for any given job. Then there are the 2 and 3 lever internal locks, and the other makes of lever locks, which are all a bit different in size and spacing, so you start wanting/wishing you had something that was a direct swap - which means the same 4 size variations for the next brand. Suddenly, you have £250 worth of dead weight in your van, just for the occassional job. And when you get your business jobs, often you will be asked for four or five, all of the same type, and often on the same key, so you need all the additional stuff, like lever packs. And you won't get a Chubb detainer pack for £10, let alone the whole lock!

Then, as in Europe, you need two of every Euro cylinder. You can be clever, and buy a range that covers everything, but you will get caught out every so often. Now you need the same in oval. Then add in the range of thumbturns, so double that estimate.

Then you get on to the "special order only" gear, like your Ingersolls and Bramahs, where you can't afford to have two sat in the van, as they are £100 right away. Next factor in the cost of your van - locks are heavy! Are you going to do doors too? Boarding up? Bigger, more costly van. Lower fuel efficiency, higher MOT and tax costs, etc.

Then you still get caught out, because it turns out to be a 3.5" lever lock, or whatever.

And let's not even start to factor in a key cutting machine, inverter, blanks, tools, etc.

Now you need to be thinking about how to pay the mortgage, since your £10,000 can easily have gone, and you aren't even advertising yet!

I'm doing well. I've paid myself £800 from my locksmithing so far, and I've got a heck of a lot of gear now. I've been going since last August. You work it out. I figure that's about £1 an hour, for the time I spent learning to open locks. But the training cost more than that, and living expenses don't go away.

I'll not lie - if you don't have £3000 to back you up for the first six months, as well as a way to pay all your outgoings that aren't lock related, you won't get far. And that's assuming you have some experiance of running a business, are able to roll out of the door at noon, midnight or 4am, handle customer facing tasks, man the phones, and spend 2 hours fixing something that should be trivial but isn't, can drive a nail straight, and all those other *little* things you need.

I should have started blogging all this stuff, looking back.

[toomush2drink]

Most months now I turn over £2,000. But have fixed overheads of £400 for the shop and £200 for advertising, £100 phone and internet bill. On top of that there is petrol, van, tool costs etc.

My van was broken into last night and my drill and Mortice jig stolen. Anyone know anywhere doing a good deal on a good cordless drill? Or to be honest, a good plug in drill would probably do me, as I only really use it for fitting mortices and the battery on my last one was a pile of cack!

How come your paying phone bills like that ? Carphone warehouse is soo cheap even when its diverting to my mobile all day long plus the internet is free now.Get a freephone number from the utility warehouse as they are dirt cheap too

Forget replacing the tools until youve secured your van up. Spend the money on security before they come back knowing full well you had to replace the gear they nicked first time. Armaplates,slam lock,bulldog,deadlocks etc are all in the catalogues. Ive had sales once people see my van is nice and secure by way of "where did you get your locks mate ?" Bright yellow bulldog locks may look ugly but they do the job well and have paid for themselves in repeat sales.

[NKT]

I've got two of the massive shiny "Van vault" locks on mine. They look very hardcore, and a few people have commented that they make the van look smart and high tech. I then point out that the van is 15 years old.

Oh yes, that's another £50 at the absolute least for your start-up costs, too.

[79commando]

Add to your search engine, joiners (carpenters in England), maintenance companies, general DIY companies and anyone with a drill and you will get an idea of your competition. Up here in civilisation most established Locksmith companies cover Estate agents and local businesses under insurance policies. You won't get in on any of this work unless you are established and respected.

As a part time locksmith you will probably be looking at one job a day per 30,000 potential customers. Mainly due to lack of advertisement and competition from the major national companies.

I made a loss of £9735 in my first year on set up costs compared to earnings. In my second year I am looking at clearing about £18,000 after expences but to earn this I work approx 14hrs days 7 days per week and I have not been on holiday for two years.

In year three I will be able to cut back my hours to about ten a day as the contracts are increasing and my reputation is getting about. To do this put the hours in as business people are ruthless, FAIL TO ATTEND A CALL OUT AND THEY WILL DROP YOU.

It is a cracking job so don't be put off by the negatives, use them to your advantage and you will crack it. But remember turn up for a job without the correct lock, turn up and not open the lock, fail to ID the lock or give out the wrong information and you will lose more then your time. Reputations are easily lost and hard to gain.

[toomush2drink]

79commando you bascially hit the nail on the head the only way to succeed is to work your backside off there are no shortcuts to success in this trade.

[CaptB]

Part-time I would advise using agents such as React Fast, Absolute Emergencies etc. etc. But even with them giving you the work. The pay isn`t great. On top of that you have all the overheads and they want the the lions share of your money. Unless looking at upscaling overtime i can`t see a 10k profit in your first year unless you get some major contract come in and you`ll need to keep hold of it.
I have been going since November and every £1 ive earned has gone back into the business plus extra. Its running at around £2k loss so far and still climbing for the 1st year.
It`s not an industry to make an easy killing, i don`t expect a profit until at least 2 - 3 yrs. On the bonus side I enjoy it which is why I do 8 - 10hrs a day on my day job then overlap the lock jobs on top.
I manage part-time fine at the moment, since i can adjust my daily work around my locksmith jobs due to my type of work. But most aren`t so lucky.
I earn 30k with my day job, why am i doing locksmithing.. because I enjoy it, profit is the last thing on my mind.
Not trying to put you off but if you just want an extra 10K a year from working there`s easier ways to do it.. I work the exhibition circuit when i`m sub-contracting. Which has earnings of upto 2.5k a week if you put the hours in. But for that you`ll have to be either an electrician or carpenter. What is your normal work?