You have a choice of pinning kits from LAB. There is the .003 kit and the .005 kit. The difference is in the spacing between individual pin sizes. If you are re-keying old locks for people, I would go for the .003 kit as you can go up/down in small increments from the 'correct' size in order to make the lock work smoothly.
A small duplicator is a good investment. Try to get a 12V model or you then need to run an inverter to get 110 in your vehicle.
Get a good follower set (HPC make one) and also get some of the cheap kwikset followers. I use the cheap followers most of the time, but you get that odd lock that you need the follower kit for.
Buy (or make) a set of pin tweezers. They will save you oodles of time trying to put the springs and top pins back into the cylinder after you have an oops with the plug follower.
HeadHunterCEO gave a good list of other items, but if the budget allows, there are some other machines worth investing in.
HPC 1200 code machine
Blue Punch (Kwikset and Schlage)
However, these 3 machines will set you back about $5000 depending on where you get them and what accessories you get. I would buy the code machine first. The punches are just a time saver.
When I started as a locksmith, I just had hand tools and pinning kit and made good money. I made friends with local locksmiths and got 'first keys' from them. If you are friendly to them, some will pass jobs onto you if they are too busy.
When you buy locks for people, buy them with keys. Then when you re-key them, keep the keys in a box. This is the start of your own collection of first keys.
Practice your lock and deadbolt installations.
Practice your lock and deadbolt installations.
Practice your lock and deadbolt installations.
Also don't forget the car lock-out kits. A good kit will pay for itself quickly. With a good kit, the average car opening should take 10 - 15 minutes including writing up an invoice and being pleasant to the poor customer.
Research prices in your area. Don't work too cheaply.
