Locksmithing Business

[wakeboard1290]

Hey everyone!

First off, thanks for a great site! I have found this site just as helpful as sitting down and chatting for 2 hours with a local semi-retired locksmith, who was a wealth of knowledge!

I'm currently a business student in college at Stevens Point, WI; I'm also a big fan of locks and security . I have some background in business as far as operations, accounting and liability. I'm looking to start up a business in Green Bay, WI, which only has (as far as I can tell) one major player in the industry. The town has a population of 102313 and surround populations of about 50,000. As far as demand, I have no doubt I could get enough business. I'm at the point of preparing a business plan to present to a bank to get the credit I need for a Business Line of Credit to get started up. I have not yet filed for a name as an LLC with the state of Wisconsin, but will hopefully begin that process soon.

I'm turning to all of you, the true experts, for any advice you might have about starting up in my situation. I have an income currently of about $1000 a month working part time at a bank as I attend school. Because of this, I don't have very many tools. What I do have is an abundance of picks, bump keys and experience opening pin tumbler locks. I also ordered an auto opening tool set that was recommended to me by the local guy who I had dinner with. I don't believe I'm allowed to say the name on here because it's only allowed in the advanced forums . Also, I'm getting an HPC Premier Speedex 9160MC from another member of this forum from the Buy, Sell Trade section of the site . What other tools will I need to start off? I'm thinking that I can buy and outfit a used commercial van, then work from my apartment and be totally mobile until I can afford to rent commercial space. Or should I simply go right for the commercial space and immediately start building up merchandise that is commonly needed? I'm also planning on attending the local ALOA meeting next month and becoming a member and becoming certified as soon as possible. I realize there are ups and downs, but from a business aspect I feel that the marketing benefits to 'Licensed, Bonded and Insured' will greatly outweigh any other arguments .

For an abstract I'm planning on finishing this year at college, and possibly one more year here at Stevens Point. In the time I'm here I want to gain as much knowledge as I can about the trade, collect as many tools as possible with my meager bank wage , and get some experience; possibly working part time for free for a local locksmith. Also having my marketing campaign all lined up (basically yellow page advertising. I plan on moving to the city about a month before the advertising would hit the streets and get settled in), insurance planned, registered and licensed by the ALOA, and bonded.

Let me know what you think!!! EVERYTHING you guys have to say will be very much appreciated, even if you think it might be repetitive, please reply!

Thanks!

Ben, an Aspiring Locksmith

[ElAbogado]

Hey everyone!

First off, thanks for a great site! I have found this site just as helpful as sitting down and chatting for 2 hours with a local semi-retired locksmith, who was a wealth of knowledge!

I'm currently a business student in college at Stevens Point, WI; I'm also a big fan of locks and security . I have some background in business as far as operations, accounting and liability. I'm looking to start up a business in Green Bay, WI, which only has (as far as I can tell) one major player in the industry. The town has a population of 102313 and surround populations of about 50,000. As far as demand, I have no doubt I could get enough business. I'm at the point of preparing a business plan to present to a bank to get the credit I need for a Business Line of Credit to get started up. I have not yet filed for a name as an LLC with the state of Wisconsin, but will hopefully begin that process soon.

I'm turning to all of you, the true experts, for any advice you might have about starting up in my situation. I have an income currently of about $1000 a month working part time at a bank as I attend school. Because of this, I don't have very many tools. What I do have is an abundance of picks, bump keys and experience opening pin tumbler locks. I also ordered an auto opening tool set that was recommended to me by the local guy who I had dinner with. I don't believe I'm allowed to say the name on here because it's only allowed in the advanced forums . Also, I'm getting an HPC Premier Speedex 9160MC from another member of this forum from the Buy, Sell Trade section of the site . What other tools will I need to start off? I'm thinking that I can buy and outfit a used commercial van, then work from my apartment and be totally mobile until I can afford to rent commercial space. Or should I simply go right for the commercial space and immediately start building up merchandise that is commonly needed? I'm also planning on attending the local ALOA meeting next month and becoming a member and becoming certified as soon as possible. I realize there are ups and downs, but from a business aspect I feel that the marketing benefits to 'Licensed, Bonded and Insured' will greatly outweigh any other arguments .

For an abstract I'm planning on finishing this year at college, and possibly one more year here at Stevens Point. In the time I'm here I want to gain as much knowledge as I can about the trade, collect as many tools as possible with my meager bank wage , and get some experience; possibly working part time for free for a local locksmith. Also having my marketing campaign all lined up (basically yellow page advertising. I plan on moving to the city about a month before the advertising would hit the streets and get settled in), insurance planned, registered and licensed by the ALOA, and bonded.

Let me know what you think!!! EVERYTHING you guys have to say will be very much appreciated, even if you think it might be repetitive, please reply!

Thanks!

Ben, an Aspiring Locksmith

You should work several years as a locksmith for someone else to learn the trade. I started in 1966 and went on my own in 1976. I really don't think you will have the expertise to do most tasks without the previous hands on experience.

El Abogado

[wakeboard1290]

Thanks for the feedback ElAbogado. Could you give me an idea of what I'm missing from what's below?

Right now I am proficient at:

Installing residential and commercial locksets by Schlage, Kwikset, Weiser and many common brands
Drilling cylinders
Duplicating keys (including automotive) with the exception of high security keys (medeco, abloy, schlage everest, etc)
Pulling and repinning cylinders
Recognizing key profiles
I have limited experience using a code cutter machine, but like to think I'm mechanically and technically inclined and catch on fast
Picking and bumping

I also have:


Experience with wholesaling
Accounting/cash management experience
People skills

Am I missing some big things that locksmiths typically encounter during a day on the job?

Thanks again,

Ben

[globallockytoo]

Drilling cylinders?

WTF?

I have been smithing for 25+ years and might have drilled 10-12 cylinders in that time.

as El Abagado said, it might be important to find a mentor to learn the business. I have met many people with professional business qualifications who have thought they can apply their education to running a locksmith business and while it might indeed be helpful, it is often (too often), vastly different in real life.

There is far more to locksmithing than just repairing or rekeying locks.

....my 2c.

[Tyler J. Thomas]

Drilling cylinders?

WTF?

I have been smithing for 25+ years and might have drilled 10-12 cylinders in that time.

Well, aren't you just awesome then. Do you work for a company or are you self-employed?

[wakeboard1290]

I appreciate your honesty guys, I'm not trying to give the impression that I feel locksmithing is an easy career; I believe that it is a very skilled trade and have the utmost respect for any advice from seasoned professionals. Please do not mistake my enthusiasm for not respecting your skills and expertise. I sincerely just want to know as much as possible about the business side of owning and operating a full service locksmithing business.


globallockytoo : I apologize for having experience drilling cylinders; obviously you do not find this a necessary skill for the locksmithing trade. Before I got into locks, I worked for a small hardware store that was the only 'locksmith' in the area and this was the way the owner preferred to bypass old locks with missing keys that people wanted replaced.

You mentioned that often locksmithing is 'vastly different in real life.' That is exactly why I'm working hard to become an active member of the online locksmithing community.

You also mentioned that 'There is far more to locksmithing than just repairing or rekeying locks.' Please elaborate, and please be specific if you really intend to help me.

El Abagado I'm currently getting to know a few local locksmiths who are currently in the trade and hope to work part time for them to get some true hands on experience. How many years did you work as a locksmith before you felt you were 'ready' to start up your own business?

Thanks guys!

Ben

[globallockytoo]

I can see that some people may be disturbed by my frankness. Confederate, I work for myself these days, but what has that to do with anything?

To the OP, this site is NOT a locksmithing trade site. This site is dedicated to the hobby of lockpicking. Whereas some people have their own agendas with repeated questions about how to start and operate a locksmith business, perhaps they would be better served applying to the dedicated locksmith forums for that information.

I dont begrudge anyone for having inquiring minds. In fact, I encourage it. But this forum is supposed to be an aid to those people whose interest is in the sport and interest of lockpicking, not locksmithing. Not many locksmiths come here, because they ply their trade, go home and pursue other interests.

Unlike them, my interests include picking locks and discussing methods, types etc. I am happy to answer or help with the odd business related question, but I realize that when I need a plumber, I'll call a professional rather than go to a plumbing hobby site to pick the brains of a pro or discuss ways to avoid calling a plumber.

Members here dont realize why the majority of locksmiths boycott and "slam" this site. How would you feel if all your income generating knowledge were given away to anyone, for free?

This site recommends everyone here in need of locksmith services, call a locksmith.

I dont apologize for anyone who takes offense at my "generalized" comments.

[ElAbogado]

I appreciate your honesty guys, I'm not trying to give the impression that I feel locksmithing is an easy career; I believe that it is a very skilled trade and have the utmost respect for any advice from seasoned professionals. Please do not mistake my enthusiasm for not respecting your skills and expertise. I sincerely just want to know as much as possible about the business side of owning and operating a full service locksmithing business.


El Abagado I'm currently getting to know a few local locksmiths who are currently in the trade and hope to work part time for them to get some true hands on experience. How many years did you work as a locksmith before you felt you were 'ready' to start up your own business?

Thanks guys!

Ben

There is no hard and fast rule for how long it will take someone to be prepared to open their own business, however I think that at least 3 years of full time outside service work would be minimal.

Also you have overlooked what I feel to be the most lucrative part of locksmithing, automotive work. This is the area that requires constant continuing education. I have been out of the loop in this area for a few years and now I'm catching up on transponders and high security type automotive locks. Lockouts and recombinating locks makes money, but auto work really brings it in.

Good luck,
El Abogado

[wakeboard1290]

globallockytoo : I think if your interests are not in helping people with questions about the locksmithing 'business', then you shouldn't participate in topics that are posted under the 'Locksmith Business' section of the site...

Also I'd just like to point out, that if you scroll up to the top of any page on this forum, directly in the middle of the page it reads

Lock Picking 101
Lockpicking, Locksmithing, Locksport, Locks and Picks

And with the second link under the Information section reading "Locksmith Business", it seems like this site welcomes inquiries about operating a legitimate locksmithing business.

Finally, just do me a favor and click on the home page. The second area of the forum, under Lock Picking 101 Information, is titled:

Locksmith Business Information

Information on Locksmith training, certification, licensing, and operating a business.

You seem like a sharp fellow and am sure you see my point

You seem to be under the impression that I am trying in some way to avoid utilizing the services of an established professional locksmith. That is not the case, I simply am looking to become that professional and am trying to learn as much about the trade from as many sources possible (including local locksmiths, who by the way have been more than happy to answer ANY questions I had). I would like you to know that I'm planning on working for a local locksmith to learn what I need to know, so hopefully that helps quell your dislike for my business related questions .

El Abogado : Thanks for the encouragement. I appreciate your dedication to this site

Ben

[globallockytoo]

Ben,

I apologise to you and I stand corrected.

Facts aside, you are right and I am wrong.

There are sections of this site tailored to establishing and running a locksmith business.

Yes there are discusiions on the information and tools and suitable knowledge required to establish yourself as a locksmith.

My current venture is as a result of moving continents and hemispheres. I started my business about 3 years ago with the intention to deliberately not do automotive. I actually advertise that I do not do automotive but I still receive 3-4 calls everyday (without fail) from customers wanting automotive work done.

There is an underlying assumption that locksmiths (ALL LOCKSMITHS) do automotive. It is not true, in fact the greater majority prefer not to. I read with interest the locksmith forums too. The amount of problems (mostly with transponder programming equipment) is off the charts. Certainly there is a quid to made, but at what cost? the cost of your sanity?

El Abagdo is quite correct. You need to immerse yourself in the trade to fully understand and appreciate the intricacies of it.

I specialize in residential and commercial, enabling me to offer significantly competitive prices in those areas. If i were to spread my business over the multiple facets of the trade, My expenses would increase dramatically and so would the prices customers would pay. I would be much less competitive than I am now and growth would be much slower.

You definitely need to write a 5 year plan. Dont plan on making any money for at least 5 years. If you think you will make a lot (pot) of money in this business, you are mistaken. I am not in business to make a lot of money. I am in this business because I want job security, to put food on the table for my family, live a comfortable life and have work irrespective of economic conditions.

Locksmithing is one of the few trades that offers this. I have worked in 4 continents, for large and small companies, government departments and civilian military operations. I am no expert but I am constantly learn and relearn the trade. i am constantly reinvesting in myself, for my benefit and the benefit of my customers.

The underlying thing that the few locksmiths that come here, try to get across, is that new entrants should seek a mentor to learn from and not just put their blinkers on and march forward.

[Eyes_Only]

To the OP, I highly recommend, if you have not done so already to subscribe to The Independent Locksmith Journal. They write some amazing articles that applies to work you will often actually run into in the field. I've read the Locksmith Ledger, The National Locksmith and the above mentioned TILJ and the TILJ I feel is the most practical and useful and well written locksmith trade magazine out there. A couple of the members of this site has written articles for them too if I remember correctly. You won't regret it.

[Tyler J. Thomas]

I can see that some people may be disturbed by my frankness. Confederate, I work for myself these days, but what has that to do with anything?

What type of work do you primarily deal with? Commercial? Residential? An even blend? More so one than the other?

[wakeboard1290]

I have a stack of old National Locksmiths, but am going to get a subscription for that magazine tomorrow

Thanks for the advice.

You all are the best!

[globallockytoo]

I can see that some people may be disturbed by my frankness. Confederate, I work for myself these days, but what has that to do with anything?

What type of work do you primarily deal with? Commercial? Residential? An even blend? More so one than the other?

Do you have a problem with your sight? That's what I said, isnt it?

Nothing personal, where do you work? For a locksmith or handyman connection? Are you a home depot or lowes shop assistant?

[Tyler J. Thomas]

Do you have a problem with your sight? That's what I said, isnt it?

You said that you worked primarily for yourself, not necessarily the type of work you do, be it residential or commercial. No need for the snide comments.

I'm just trying to get an understanding of how someone spends 25+ years in this industry and only drills open a handful of locks.