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How To Write A Locksmith Business Plan

How to write a locksmith business plan

How to write a locksmith business plan is a question that has been ringing repeatedly in the minds of both new and veteran locksmiths alike and just going on and on about locksmithing tools, careers in locksmithing and the likes would not do justice to the purpose of this blog as an information haven for locksmith from around the world, so, after days of looking, critical analysis and careful consideration of the requirements for starting a locksmith company, we took it upon ourselves to help in our own little way by mapping out a locksmith company marketing plan borne out of in-depth research, without further ado, let’s get to the business of the day.

Before delving into the business of the day, it is important to spare a paragraph or two to refresh the memories of those locksmithing enthusiasts who are still contemplating on whether to go for locksmithing training and become a pro in the field or not. Here’s my answer to that question you have been struggling with for some time now; if you or any other person that’s closed to you has ever been locked out of your car, apartment or office one or more times, you will be left with no other option than to sincerely appreciate the services provided by locksmiths. As a matter of fact, locksmiths can be likened to doctors just that in this case, people in one lockout situation or the other will be eager to get you over to their location as soon as possible so you can come to their aid with your expertise. With the simple illustration above, it is almost apparent that locksmiths provide services such as repair of locks, cutting of keys, rekeying of locks, re-entry and other lock related locks services.

Now that we’ve gone over it all together, I’m sure you are now convinced the services provided by locksmiths are indispensable and having a career as a locksmith is one decision you won’t live to regret. Now that we’ve gotten that out of the way, let’s get back to business on how to write a locksmithing business plan;

Writing a locksmithing business plan always comes in handy when the reality of how an individual lock picking skills can be transformed into an avenue to generate lots of money hits him and this realization often leads to such individual putting plans in place to start up his own locksmithing workshop. Veteran locksmiths are not left out of this sudden reality, an experienced locksmith who has been in operation for long but is considering a business expansion will also put into consideration the idea of having a locksmithing business plan as the first baby step towards the actualization of the new dream.

Whatever it is that made you land on this page in the first place is in one way or the other related to having a locksmithing business of your won and I can assure you that the decision to take things up a notch is one of the most promising journeys you will ever embark on. The first baby step towards this dream as earlier highlighted is to ensure that you have a viable business model, one that is just right to sustain your business and passion for the trade and just in case you are the one for key points and saving this page as a bookmark on your browser seems cumbersome for you, get your writing materials and start making some notes.

What setting up a locksmith business entails

Setting up a locksmith business is a venture for those with guts looking to make some extra bucks with a viable business but, before the smooth part of it all where all the money comes pouring in, there is another side to it and that is the part where you are required to undergo some training either as an apprentice in a locksmithing workshop or a student in any prestigious institution of learning set up for the purpose of enhancing the locksmithing skills in individuals, these are the requirements to getting a locksmithing license in most countries.

Getting into the locksmithing field requires some tedious training and licensure procedure because the government is interested in whatever is going on in the locksmithing field so as to not make the profession a front for criminally minded individuals. In simpler terms, if you are set to take all the risks associated with the business, you must first take a feasibility study alongside a market survey so as to help you pinpoint the location that is just right for your business, one where what you are willing to offer will be readily accepted. Having a business plan is one approach to setting up a locksmithing business that should not in any way be disregarded.

How To Write A Locksmith Business Plan  – What is a Business Plan?

A business plan in all its glory has been made to seem like a document that is hundreds of pages long and a complicated one to compile which is why many locksmithing business owners jump the idea of having a business plan as they are not ready for the stress that is supposedly associated with having one but, I put it to you today that, having a plan for your locksmithing business is not rocket science and this article has been compiled to that effect i.e. to show you the simple and easy way to go about having a locksmithing business plan.

In literal terms, a business plan is a way of properly documenting each and every step involved in building your business from the ground up. The plan in question is more like a go-to guide you can check with to see if your locksmithing business is going exactly the way you had planned it but, it can be so much more, your locksmithing business plan can also serve as a document for accountability and to keep track of the recorded success and otherwise in the business. The logic behind a locksmithing business plan is to get whatever future plans you have in your head down in a paper so as to make it easy to go back to the drawing board when things are not going the way they should. The plans in question are not only written down and kept in a document, they are also arranged in order of importance and prioritize to suit the needs of the business.

Here is the full guide on how to write a locksmith business plan;

Executive Summary

The seemingly bogus name should not in any way bother you, this right here is the same thing you were taught in school several years back, remember the idea of introduction and conclusion in writings? Yeah, that’s the one, that’s basically what executive summary is all about as it is the first part of a locksmithing business plan and also the sum up of everything therein. To have an attractive and compelling executive summary, there is a need to put a few things into consideration;

  • Are you equipped with the required knowledge to run a locksmithing business?
  • What services are you to offer?
  • What are the expenses to profit ratio?
  • What are your future plans for the workshop?

The importance of having an answer to these questions and jotting them down in a page that will serve as your executive summary cannot be overemphasized but you need not despair and spend days ruminating over the best way to answer these questions, it’s okay to leave a blank if you didn’t have a definite answer as at the time of compiling the executive summary page as this portion of the locksmithing business plan is subject to timely changes.

Company Description

This is the next ideal thing to jot down on your locksmithing business plan and even though it appears as a straightforward question, it is not, you need to go farther than the surface by defining what you envision your locksmithing company to be, the types of locksmithing services you want to offer to the community you are situated in and a clear cut out plan that will help your locksmithing company outwit the neighborhood competition. The way this is put down makes it seem like an easy task but I kid you not, this is one of the chapters that will make you a critical thinker as there will be need for you to analyze your prospective customers and think of the best suitable way to meet their needs at every point in time.

For locksmiths who are being held back from unleashing their full potentials due to the capital to finance the business, this page might be your chance of getting to shoot the kind of shot that will attract business-minded partners and investors that will help take your business from the ground up.

Market Analysis

This part of the locksmithing business plan can be said to be the scariest of them all and whatever decision you make here can mold or shatter your passion to venture into the locksmithing industry as this chapter is where you get to make another in-depth analysis as to the prospects of you succeeding in the business you are about to set up.

Organization and Management

This section can happen to be the simplest of them all if the business is just about you & your partner, so also can this section give you a couple of things to ruminate about if the locksmithing firm is large scale with the need to employ many hands to help with the many locksmithing needs and requests that will pour in on a daily basis as soon as the firm takes off with business activities. Here is where you get to list and define the roles and qualifications required of each individual that will hold every available position, their wages and other important information that is to be factored concerning employers and employees.

Services and Products

This has been highlighted in section 2 of the locksmithing business plan but here is where you get into the details of the services you want your locksmithing firm to offer including the new ideas you think might give the firm an edge over all others. It is worthy to note that whatever you do in this section should not just revolve around you as the owner, the firm and the services you think will profit the firm, no, that’s the wrong approach to this section, and whatever you pen down here should revolve around the customers’ wants and needs.

Marketing and Sales

You can’t identify products and services without considering the cost of getting these products and the cost of providing services to clients, when this has been figured out, putting your firm out there for prospective clients is what’s next on the to-do list and this kind of marketing can be done via newspaper adverts, a website or a radio jingle. The critical part of this section is getting “real” in the sense that you have to get calculative about just how much products will you need to make a good turnover for your locksmithing firm, not doing this beforehand and focusing in beating the competition by offering a lower service cost when you all buy the same product at the same price will drown the locksmithing firm in debts.

Funding Request

Remember we highlighted something about capital a few paragraphs back? This section is where you get to properly thrash things out as you need to decide on where to turn to for the needed funds to successfully kick start the business and how much dedication you are willing to put into it to make it all work out for the betterment of the firm.

Financial Projections

If we are being honest here, this is the part where most businessmen relate to as the most important section of the locksmithing business plan and to be candid, I can’t agree more because the grand plan of every business is to make a good return on investment. This part is a bit technical as it involves guesses of exactly how much profit you project the locksmithing business to rake in at the end of every month.

The figures available in this section is not always accurate and profit might be less or more than what’s stipulated on this particular page. It is essential to understand that financial projections for a locksmithing business should not be shortsighted, leaving you with the bogus work of making a financial income plan of two decades even before the business kicks off proper.

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