Welcome to the first chapter of our new series: How to Start a Locksmith Business. Today we’re going to talk about the difference between a mobile locksmith and owning a brick and mortar shop (or possibly both!).
Even if you’re already sure you know which direction you want to go, we recommend taking five minutes to read this article and evaluate your decision.
Table of Contents
Mobile: There’s no doubt about it: starting a mobile locksmithing business is going to be cheaper than owning a retail storefront. Entrepreneur.com estimates that most locksmith business will cost between $10,00 and $50,000. A mobile business is going to be on the lower end of that spectrum (especially if you already own a vehicle ready for this).
Storefront: According to Inc.com, obtaining a storefront and setting it up for you business could cost as much as $18,700 up front and another $1,500 to $2,000 per month.
Many locksmiths utilize both a storefront and vehicles for mobile on-the-go situations. Determining the financial feasibility of this is something we will go into detail later. For now, just think about how you envisioned your business.
The Perfect Place
Mobile: The ability to move around is one of the greatest perks of owning a mobile locksmith business. This allows you to take your business to the customer, instead of waiting on the customer to bring business to you.
Storefront: Don’t really want to be out on the move that much? Didn’t see yourself driving to residences, vehicles, or commercial properties? Well, then maybe a storefront is for you.
We will tell you that most locksmiths we’ve spoken with recommend some type of mobility. Whether that be full fledged locksmith van or just a small mobile kit to toss in your car. Otherwise, you’re going to severely hamper the services you can offer.
Making a Decision
Whether you opt for a mobile locksmith business, or a brick and mortar (or both!) these decisions may feel a bit intimidating at first. Don’t let that get you down though.
What you need to think about right now is simply what will work best for you? Like we mentioned above, what did you envision when you first thought about opening your own locksmith business?
If you’re still a bit undecided, then just hang in there with us. Some of our upcoming lessons (like creating a business plan) may help you flesh out your ideas and make a decision.
Coming up next: In the second lesson of “How to Start a Locksmith Business,” we’ll be deciding on what type of locksmith services you may want to offer. See you next week!