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How to Start a Home Based Locksmith Business | Mr. Locksmith™

How to Start a Home Based Locksmith Business | Mr. Locksmith™


– Hi, and welcome back to my channel. This is gonna be kind of a
new thing that I’m doing. I have a lot of people asking me, oh, I wanna get into the
locksmithing business. How do I do this? How do I do advertising? What do you recommend for this? And I’m always answering them
or trying to answer people, and I just thought, you know what, I’m gonna make a whole video series on how to set up your locksmith business. (metal whirring) (soft digital music) This actually going
through the nuts and bolts of opening up your own locksmith business. And I’m probably, I
think I’m gonna call it One Locksmith, One Truck, ’cause the happiest I ever was was when I had just myself
in my locksmith truck and working. Locksmithing has been very good to me. The locksmithing business
has been fantastic. I’ve raised my sons, had a house, had a mortgage, paid for the house. I’ve opened up several
locksmith businesses and I’ve sold several
locksmith businesses. Here’s just an overall of
what I think you should do to start setting up and start thinking about having your own locksmith business. Let’s start right off the bat. We’re gonna go into lots
of details and more videos. But, the number one problem I see is I’ve met some fantastic
locksmiths with great skills and they’re opening up in towns that don’t have the population
to support their business. Now, I’ve seen locksmiths in small towns that have done extremely well, and I’ve seen locksmiths
in medium-size cities and large cities. Now, I’ll tell you right
off, spoiler alert, I prefer the larger cities. I like a population of
about 150,000 people to be successful. Statistics say for every 33,000 people, that will support one locksmith. So, right off the bat,
if you’re in an area that doesn’t have 33,000
people, you’re pushing the odds. Yes, of course, there’s other
guys who have done successful. We had one guy on a
island, a small island, with a winter population of pretty bad but a summer population that
just grew astronomically. It was a real tourist town. He did extremely well ’cause
he was the only guy around. His business was good and he did well. I get back to my one man, one truck. Now, I’ve had locksmiths in a good area, they’re making $6,000 a month, and they’re happier than hell. They love it, their life is good, that’s what they’re happy with. I’ve had another guy in similar area and he’s grossing $25,000
per month in his truck, and he’s not happy at all,
he wants to make more money. I found the comfort zone between the family and business, and, again, there’s different arguments, this is me, personally, and dealing with other
people, other locksmiths, I found that 10,000 to
12,000 gross per month is a good life. You know, we’ll get into
the accounting of this and the details later, but one man, one truck,
$10,000 to $12,000 a month is a good life in gross, gross sales. That’s before expenses. The first thing to look at is, can your population,
your town, your area, your county, your state, your province, can it support you as a businessperson? And I’m harping on this a little bit but I see this constantly. You’re in a small town,
you have good skills, but you know, that town
just can’t support you. No matter how you slice this and dice it. So, I’m saying overall,
you’re not gonna do well if you don’t pick a
good city, a good town, a good population base. I like 150,000. I really don’t care about competition. I don’t care if there’s no
locksmiths or 10 locksmiths. I like 150,000 people. Statistically, one
locksmith per 33,000 people. So, population’s number one. Can the population support your business? Now, you have to ask yourself too, should you be in business? Not everybody should be an entrepreneur. Not everybody should be self-employed. Some people don’t have the
self-discipline to work. The different types of locksmiths. We have the self-employed locksmith. We have the union or in-house locksmith for school boards, colleges, universities, different types of businesses, hospitals, where you have in-house locksmith. That is usually a nice union
job, has lots of benefits. Self-employed, you
don’t have any benefits. You have to buy everything, you
have to look after yourself. So, are you, have the
mentality and the get-up-and-go to be self-employed? The other thing is,
people will work 25 years getting their pension. Well, you work two to
three years, five years, worst-case scenario, if you
have a good area to start with, you’re gonna have a really
good business you can build up. If you work really, really
hard for a couple years, you’ve got a nice business that will support you and your family for the rest of your life. Of course, you gotta
stay current on business and trends and everything. I was told when I started a long time ago that keys wouldn’t be around anymore and locksmiths are gonna be nonexistent because of technology is gonna
put us all out of business. We are busier now than we’ve ever been. The future is better now for locksmithing than it’s ever been. We are still, the most secure
thing is that deadbolt, that padlock with a key. Yes, we have lots of electronic security and all this other stuff. However, when it gets right down to it, we still have the key,
we still have the lock. That could change as technology changes and we’re seeing a lot of that right now, but smart locks are the new dumb locks. It seems the smarter they
are, the dumber they are, the easier they are to break into. Are you prepared to be self-employed? We have the self-employed locksmiths, the in-house union, working
for large corporations, we have law enforcement locksmiths. Again, there’s lots of trends and trades, but what we’re talking about
is being self-employed. Do you have the ability to get out of bed and be self-employed? The other problem that I see constantly is you’ve decided you’re
gonna get into business, you get into business, it’s going well, you’ve got a few bucks in your pocket, and now you’re sitting in
the bar, having a drink. It’s a quiet day. This is a business of feast or famine. All of a sudden, you can make
a thousand dollars in a day and be doing 10 jobs, and then you got it quiet
for a couple days or a week. But you look at the month. How’s your month doing? But you gotta be prepared to work. All of a sudden, you’re
sitting in the bar, you know, you’ve got a few
bucks, and then you get a call. Eh, I’ve had a drink, I’m enjoying myself, I’m gonna stay here. Then you get a second call, a third call. We don’t know what day
you’re gonna be busy so you gotta be ready to
get out there and get going. If you’re sitting in the bar, drinking, you’re not out there working, and I’ve seen this as a huge downfall in a lot of self-employed people. If business has gone well, they’ve got a few bucks in their pocket, now they’re sitting in the bar. Now they’re drinking and
that becomes a real problem, and now they’re not working, and now their sales are going out. And then the sales start going down and down and down and down,
and they don’t understand what’s going on with the business. It’s ’cause they’ve just lost the drive, they’re now doing anything
but their business. Their hobbies now are
becoming their full-time job, not their business. Everybody asks, how much
will I make as a locksmith? It really depends on
how much time and effort you’re gonna put in. You have the population
that can support a business. How much you gonna make? You know that 60-plus,
60, 70% of the locksmiths in business, self-employed, gross less than $25,000 per year. That is scary when you’re
looking at those numbers. The other statistics show that 10% of the locksmith companies are making over $100,000 per year. With small percentage in the
millions of dollars per year. Of course, these are larger organizations, they have more locksmiths,
they have locations, all sorts of different things. We’re talking about one
locksmith, one truck. One man, one truck, $10,000 per month. You should not be in that
realm of $25,000 per year. I have some guys making $6,000 a month, they’re happier as can be. I have a guy making over $25,000 a month, he’s not happy, he wants
to make more money. The sweet spot, again, I’ve
talked about this before, the sweet spot’s about
10,000, $12,000 a month is a good life. What I find is when you’re working and pulling in 25,000 per month, it’s not sustainable for quality of life. People say, hey, I do
it, I have no problem. I’ve seen so many guys
get totally burnt out. They’ve making fantastic money then all of a sudden, where’d they go? They’re curled up, they’ve
gotten stressed out, they’re now in bad shape,
they can’t work anymore. You have to have that balance
between life and business. And you wanna have a lifestyle, you wanna look after your
family, your significant others, whatever you wanna do, but you have to have a balance between business and home life, and 10,000 to $20,000
gross sales per month is a nice balance. So, you’ve decided to get into business. You’re gonna get your service truck. We’ll get into that later. The other big mistake is all of a sudden, they wanna have a locksmith shop. They wanna have a key store. Big mistake. Again, there’s exceptions to every rule. I’ve done it, I’ve had the key store, I’ve had the locksmith shop. When am I happiest? In my house, home-based business. Absolutely love it. My overhead is my house. What do you wanna have
a locksmith shop for? Right off the bat, you’ve
added 3,000 to $5,000 a month into your expenses. Instead of worrying about your
truck and your advertising, now you’ve gotta worry about
rent, and now all of a sudden, you gotta throw some bodies in there. Keep it simple. As long as possible, keep
it home-based business. Don’t have a location. Now, people are going,
oh, you need a location. To get respect, you need this. No, you have a proper
service truck set up. You have your, I don’t have
it on today. (chuckles) You have on your branded
shirt, your hat, your truck. Home-based business is fantastic. When they see you, they see you. They’re not looking at a shop. The shops are going by the wayside. Look how many really
popular downtown locations in large cities are pulling
out their locksmith stores. They can’t afford the rent anymore, they can’t do it anymore. If you find you’re successful, doing well, buy a bigger house, get a bigger garage. Be home-based. It’s a good lifestyle. You roll out of bed,
you can go to, you know, you can sit in front of
the computer, do whatever. Hey, when it’s quiet in this business and you’re home-based, if
you’ve got a quiet day, chase the wife or the
girlfriend around the house, or chase her wherever, (chuckling) but, you know,
if you’ve got a shop, all of a sudden, now you
gotta go to the shop, you have to hang out, you gotta make sure the staff are there, you have a huge overhead. Be home-based. Nothing wrong with that. Just be very professional
with your appearance, your branding, your service truck. That makes up for it. Now, I have a locksmith shop. I bought out a guy who had
the business there forever. Do I like having the shop? Not really. Do I have it? Yes, it’s profitable. But that business has
been there a long time. It’s very small, very,
very, very good rent. Now, the other thing is I know some people who buy a warehouse and set
it up or buy a location. That’s a different type of business. Again, we’re talking
about one man, one truck. Get a nice profitable business going. Do not open up a key
store or locksmith shop. You’re gonna be tempted. Don’t do it. Just look at all the shops
that are closing down around North America. Bricks and mortar is good. However, avoid it. And when you wanna do it again, go: Do you wanna pay out 3,000
to 5,000 or more per month on top of what you’re doing? So, you’ve decided. Your population, your town, your city can support you opening up
your locksmith business. What’s the first steps? Well, this where it gets a
little complicated to start, but here’s some basic steps. And again, this is the
view from 70,000 feet; well, now, we’re coming
down to about 50,000, maybe 30,000 feet. We’re looking at what we’re
gonna do to get started. We have the population that
will support our business. So, now what do we gotta do? First thing is you gotta get
a name for your business. What are you gonna call yourself? What’s more important than that is you may have a cool name but
can you get the domain name? Everything nowadays is internet-based and what you wanna have is your website. So, you need a name for your company, we’re gonna go into the ins and outs of getting your name and
all this other stuff, but what you can do very easy
is you can get your name. Can you get that domain name? You want XYZlocksmith.com. You wanna get that domain name. That is super important. Because everything you’re gonna do, and we’re gonna, as we
build up this company, you are gonna brand it and you’re gonna base it on your website as part of your business. And that is a very, very important point. In this day and age, it’s
internet, social media. No matter what other stuff is
out there, Facebook, Twitter, who knows what the new
in thing is gonna be, you own your website. You buy your domain name,
you get your website going. No matter what, you own that. And we’ll get into details on all the other social media things, but your website is you. That’s what you want. And you can get into all sorts of, we’ll talk about it later. Get your name of your company, back it up with a domain name you own. XYZlocksmith.com. Make sure you own that. So, now, you’ve figured
out your company name, XYZlocksmith.com. You have the domain name. You can build the web, your website. Now, this is a part that
a lot of people skip. Trademark your company. Trademark is extremely important
to protect your company. You’re gonna put in your blood and guts into building up your company, and you hear these stories all the time. Somebody came and hijacked my website. Somebody hijacked my name. Somebody did this or whatever. If you own your name as a
trademark, you are protected. It’s very, very simple
process to get them pulled. They can lose their website, their host, their Twitter account, their Facebook. If you own the trade name, you can get it, easily get them removed
from using your trade name, right up to the point of going to court. And trademarks and copyright, but specifically trademarks, once you’ve gone through the hoops to trademark your company, you’re extremely well protected. Mind you, that gets into
another whole pile of issues, but if you can, and I know it’s early in the stage of your company, and we’re gonna come back to this later, but see if you can have the budget and trademark your name. Extremely important. Again, we’ve got population, we’ve got a name for your company, you have a domain name, so
you can start your website, and now we have the trade
name to protect your company. Now, you have to decide the
legal part of your business. I’m not a lawyer. I’m just giving you the
view from 30,000 feet. You have to decide, are you
gonna be a sole proprietorship? Are you gonna incorporate, and all the different types
of different incorporations? Are you gonna have a partnership? This is a decision that you have to make. I’m a firm believer in incorporation because it protects you legally. When you’re a sole
proprietor, if somebody sues, and you gotta think about this. You gotta think worst-case scenario. Somebody sues you, if
they sue the company, you have an incorporated company that protects your personal assets. If you’re a sole proprietor
and you’re operating out there, and somebody sues you and your insurance
company won’t cover you, you could lose your house. You wanna protect yourself,
you wanna incorporate. That’s my opinion. Talk to your lawyer. And your accountant is very good. Sometimes, you can do the incorporation through your accountant. I love my accountant,
he’s absolutely fantastic. I don’t believe everything he says because he’s an accountant, but when it comes to certain things, when it comes to taxes
and some legal issues, I love my accountant. I’m not a fan of partnerships. I like incorporations. And to protect my family further, I will not put any of my family members on as a secretary or a part of the company. Also, when you get into
your incorporation, you can set up a share structure. That helps. Down the road, hey, think
about an exit strategy. You may wanna sell out, and it’s easier to sell
an incorporated company with a share structure. We’ll get into this more heavy-duty later but something to think about: legals. Which takes us to insurance. You’re gonna have to have insurance. One of the most important
insurance is errors and omissions. It’s not gonna protect you if you’re, done something illegal,
criminal, or fraudulent. However, if you’ve had a
problem that was an accident, your insurance, if you
have proper insurance, you can be covered. Errors and omissions is super important, which you’re gonna need. Which now takes us into licensing. A lot of licensing, security licensing, locksmithing licensing, there’s pros and cons to the licensing. (chuckles) Again, that’s another story. But today’s, we’re that 30,000 feet looking at what we’re doing. A lot of areas, states,
provinces, cities, and towns have a requirement to be a locksmith. It could be as simple as just signing up. There could be no licensing. Seattle, Washington,
right now has nothing. You can just set up. As far as I can see, you don’t even need a contractor’s license. California, we’re looking at that, they have a quasi-locksmith license. It’s a contractor’s license. Again, we can get into the details, but everywhere is different. So, now, you wanna get into licensing. You wanna see if there’s a requirement for a locksmith license
and that usually will, your insurance company will need that. Now, if you wanna get
into Google Local Services and even, Google is talking
about Google AdWords, again, we’re gonna talk about advertising as another whole in depth, but you’re gonna have to
have your city license. Whatever city you’re in, you’re gonna have to
have a business license. That’s why I like a home-based license. You can get a home-based business and you can get your
license from your city hall, you pay your money, you’re now licensed, which helps you as we
get into our advertising, social media, and insurance. You gotta have a business license. You gotta play aboveboard. You’ve gotta pay taxes. Taxes is not bad. If you’re successful, you’re paying taxes, pay your fair taxes. Your accountant will
tell you how to do things and will tell you what you can
write off and not write off. This is one of the great things
about being self-employed. We have a lot of write-offs, which is fair ’cause we’re working hard, we’re looking after ourselves, we’re paying our own medical, we’re looking after
ourselves for retirement, so I find that taxes,
if you’re paying taxes, that means your business is good. Your accountant will help you on that. I’m gonna get an accountant, we’re gonna have a
discussion with an accountant down the road. You wanna have all your
legalities in place. Banking. You need a bank. You’re gonna make money, you’re gonna put your money into the bank. There’s pros and cons to
all the different banks. Again, once you have all
your licensing information, your business license,
you set up your bank, you want a business account preferably, and that’s gonna help you. There’s all sorts of other things. We’re gonna talk about
banking in more detail later. Banking is important because one thing you
wanna do right off the bat, you wanna be able to take Visa. Debit’s becoming more important. Hopefully, you can do
that through your bank. Banks can be extremely fussy when you wanna have that Visa
machine in your service truck. Sometimes, the banks can be difficult. Usually, they’re pretty good. You wanna be able to take Visa, debit, I don’t like American Express. They just take too much money. You wanna have one machine. The banking is preferable. We’ll talk about Squares later. Another really good place, if your bank wants to give you trouble, you know, sometimes they
don’t wanna give you a Visa machine and that sort of thing, Costco, wow. They got all sorts of
deals for businesses. If you’re a Costco member,
go to your local Costco and say, hey, I wanna
take Visa for my business. They’re extremely helpful. I prefer the banks but
the Costco’s out there and they’re there to help. If you’re a member, you’re probably gonna get a
banking machine out of Costco. Again, we’re gonna talk
about this in detail. Your bank’s important. We’ll talk about operating loans. We’ll talk about business loans. Hey, if you’re a veteran, wow, there’s some good deals for
you to get business loans to help your business. Banking is important. Your bank is your friend. Sometimes. Service truck. Wow. There’s no right answer for this. My favorite service truck, it was a Toyota hatchback. I loved that. My biggest expense on my vans
and pickup trucks is gas. I had this little Toyota hatchback. It hauled a ton of stuff. It was fantastic gas mileage. Again, I’m operating in the city so it popped into every parkade, squeezed into every spot, loading bay. I loved having a little
hatchback running around. My second favorite: little pickup truck. I had a Ford Ranger pickup truck with a nice A.R.E. canopy on the back. It fit what I was doing. We have a full-size van. That’s for our automotive guy. The big problem we’re
having with that van, we needed more space because, geez, we got keys in there like crazy, and stock and just amazing, is we, it doesn’t fit in every parkade. So, we knew we were having some trouble going to a three-quarter-ton van. We knew we couldn’t
get into every parkade, but we really needed a ton of weight that we were putting on this thing and all our key machines. Service trucks. It’s really up to your preference. I loved, SUVs are fantastic. The little vans are great. The good thing, why I’m looking
at the vans more and more, is we can put, we can secure it better. Whatever you have, you have
to put an alarm system on it. We put Slick Locks, we
love those Slick Locks, the padlocks, the hockey puck locks, to lock down the service trucks. So, the vans are very easy to secure. No windows, less break-ins. Everything has its pros and cons. I love the little vans. They’re great; I just love them. We’ll talk about that later. We’ll have more pictures. You wanna have a service
truck that you like. You’re in it all day long. We spend more time driving
than we do actually working, so you want something comfortable whether it’s a little car, SUV, full-size van, pickup truck. It’s whatever you like, whatever
you’re comfortable with. There’s no perfect service truck. But you have to decal it. We’re not talking, you
don’t need a full body wrap. I see so many wraps on some of these cars. Wraps are expensive, and sometimes, you don’t
even know what it is. Hey, locksmith. You’re XYZ Locksmith. You want your phone number on there. You want your website on there. Have advertising on your service truck. Super important. We’ll go into more details later. Again, this is the view from 30,000 feet. Get yourself a service truck. Get it decaled up and, or dee-caled, or whatever
you wanna call it. Get that name of your company, get your phone number on there, and get your website on there. That’s important. Do not put on that stupid sign that says: See us in the Yellow Pages. I hate Yellow Pages, and
we’ll go into that next. Advertising. Wow, this is huge. It’s not as complicated
as you think but it’s, in the old days, I’m talking
a long time ago, pre-internet, I would have Yellow Page ads. I started with a little,
little ad, then a half-page. I’m getting conned by this guy. Oh, your competition, they’re
gonna get a half-page, they’re gonna go full-page. All of a sudden, I’m paying Yellow Pages 3,000 to $5,000 a month
for print advertising. We needed it, though. Back then, there was nothing else. We put it in in Yellow Pages where you sat, if you were number one, you were super busy. It was super easy but super expensive. One year, we cut back. We thought, oh my god, we
got a one-page advertising, it’s costing us a fortune,
we cut it back in half. Our sales went down. When the new book came out,
wow, our sales just dropped. It was like, ow. What does Homer Simpson
call the Yellow Pages now? The yellow page book, the
yellow page directory. Homer Simpson calls it
internet for the old people. Yellow Pages, I don’t do or believe in any print advertising at all. Yellow Pages has had their day. Forget it. Just look at their stock price. Look at their profit margin. They are not effective anymore. Again, it’s my opinion. People will argue. Yellow Pages, forget it. I was looking at my bill,
and I had a website, and I couldn’t believe, you know, the website was coming out,
we were doing quite well, I’m looking at this
bill, and they’re just, I’m just, thought, you know what, I’m not gonna do this anymore. I’m not gonna pay thousands
of dollars per month to Yellow Pages. I was way ahead of it so
this was a long time ago. I cut it all and said, you know what, I’m gonna put that money into websites. I’m gonna build up my web presence, I’m gonna go on this,
get my website going, I’m gonna go on this thing
called YouTube, it looks cool, I’m gonna give it a try. I hate print. I love internet, web-based, social media. Forget print advertising. Don’t go spending money on Yellow Pages. And even their so-called web stuff. Hey, do their free
listing in the directory. Do not do Yellow Pages. You have to have a website. Websites are super important. We’ll go into all the nuts
and bolts of a website, but hey, basic. You got your domain name. You put together a simple
five-page website to start. We’re starting the business,
so get a five-pager. Don’t get into, you know,
some of these shared things. You want your own domain name and you wanna have it hosted. There’s lots of good places. To heck if it’s pretty or whatever. Name, phone number, what you do. Five-pager, get the ball rolling. You have to have a website with a blog and you have to put
monthly money into that. You just can’t let that website sit there. It has to grow, you have to add to it, you have to have a budget that
puts it into your website. Just ’cause we don’t have
Yellow Pages anymore, paying money into them monthly, doesn’t mean you cannot pay
to keep your website going. Google’s number one search engine. You have to do well on Google. We’ll talk about how to do well on that. Google is number one, and then you’re gonna have to
have a Google map location, so you’re gonna have to get a Google Maps. The second most used
search engine is YouTube. You’re gonna have a YouTube channel. You’re gonna have to start
making some very simple videos. Then we’re gonna need a Facebook. A lot of people have a
fan page, business page. Facebook is good. I’m torn on Twitter, but get it. And again, get an Instagram. That’s going very well. Hey, we take a lot of cool
pictures as locksmiths. So, we have a lot of things, without letting customer
confidential information out there, we have a lot of cool pictures we do. You see a lot of break-ins,
you see a lot of cool locks. There’s a lot more out there and things are changing constantly. It’s a moving goalpost. We wanna be able to
advertise on Google AdWords or Google Local Services,
Certified Local Services. They keep on changing the names. It was Google Maps, now
it’s Google Business. We’re gonna go into all this, but you gotta have your basics. Website, YouTube, Twitter, Google Maps, get the Facebook fan page, business page. Get it together. We’re gonna go into this in detail. Again, the view from 30,000 feet. There’s a lot of crap stuff out there. Locksmith, you know, I
call it locksmith porn. I get that HPC catalog. I go on to the different vendors, I’m looking at their website,
they have really cool tools. Most of them, useless. I have lots of videos on tools. Again, buy good-quality tools. Same thing with your key machines. I’ve got two key machines. They’re bore keys. I paid a lot of money
for them 25 years ago. They’re still going strong. It’s still our favorite key
machine in the key store and the service truck. Yeah, I have newer machines,
I got Miracle A9 S’s, I’ve got code machines, ITLs. We buy quality. Don’t buy crap tools, don’t
buy crap key machines. We’re gonna go over
key machines and tools. I’ve got some videos right now, the top 10 locksmith
tools you should have. We’re gonna have more videos coming. Buy quality, don’t buy crap. A lot of my tools, I’ve had, some of my tools, I’ve had
since I was an apprentice. They’re that good-quality. My key machines are when
I first started out. Of course, I keep on
buying more key machines. You know, as we grow, we need more. But buy quality tools. Stock. Decide now, are you gonna
be selling the stuff that Home Depot sells, the home hardwares, or are you gonna be a lock,
professional locksmith and sell good-quality stuff. We’re gonna get into
the different suppliers, the pros and cons of them. There’s a lot of suppliers out there. Sometimes, the supplier’s not your friend. They don’t know. Sometimes, they tell you
stuff, they don’t have a clue. You’re the locksmith, you
know what you wanna sell, you know how you’re
gonna do your business. Don’t be in competition
with the local home hardware or the chain hardware stores. You’re a locksmith, you’re professional. Don’t play with the crap
stuff, the offshore locks. Well, okay, let’s call it. Kwikset. The smart locks. Smart is the new dumb. You wanna separate yourself
from your so-called competition. You wanna have a quality operation. Be professional. Just to recap, make sure
you have a population that can support a locksmith business. If you’re in an area
which doesn’t have people, you’re screwed right off the bat. Again, there’s exceptions to every rule. Have the population to support it. Don’t get a key store, locksmith
shop right off the bat. Start small, start home-based business. You don’t even, it could be
huge in a home-based business. I’d rather put the money
into getting a bigger house, a bigger garage, than getting another, getting a warehouse or a bigger store. I liked home-based business. One man, one truck. Again, yes, there’s a lot
of women in the business, so we should maybe say,
one locksmith, one truck. You wanna go for $10,000
per month in gross sales. You wanna have your
social media put together, which we’re gonna talk about in detail. You want that website. You want that domain name. You want your company name. You wanna have your service vehicle. You wanna decal it. That’s the basics. You need your bank on board. You need to take Visa debit. Ooh, I hate checks. I’ll only take checks daytime off of companies and little old ladies. Nighttime, I will never take a check. We’re gonna talk about invoicing, oh geez, national service providers. There’s so much more information coming. Of course, I’m opinionated. I have my ideas. I’m open to anybody’s ideas. I love the business, I love
talking to successful people. And also, I talk to people who are saying, and one of the reason I’m doing this, people are going: How
do I get into business? How do I get into the locksmith business? Or they’re saying: Hey, I’m failing. What am I doing wrong? And it’s really interesting, where I’ve gone in and looked at what should be successful
locksmith businesses, and looked at how they’re
running their business and going, wow, there’s basic stuff you gotta get together here. Since this is gonna be on
YouTube, in the comments, tell me what you wanna see more videos on. I’m quite passionate about this. One man, one truck. It’s a good way to get started
in the locksmithing business. It’s very good. It’s a good lifestyle. Of course, I’m prejudiced. I love locksmithing. I’ve been doing this forever. I love it, it’s been good to me. I’ve tried different things. I’m a very bad employee. I don’t work well with others. I like my own company. I like being, I guess
I like being the boss. I enjoy myself, I have a lot of fun. I love locksmithing. I was luckier than most. I came into the business
’cause my dad, my granddad, my uncle were in the business. They were all locksmiths. I learned a lot off of them. Just, hey, make the comments. Say what you wanna see more videos on. I have more in-depth videos
coming on all this stuff. We just sort of, the view
from 70,000 to 30,000 feet. We’re gonna go more into details. It’s gonna be fun. I hope you enjoyed watching this video. Subscribe to my channel. Also, visit my website and you can see what online
locksmith training I have for beginners, intermediate, and advanced, as well as my covert methods of entry and my nondestructive methods of entry. (soft digital music) (combination lock whirring)

Comments (41)

  1. Thank you so much, this helped shed some light on the logistics of what I’ve been trying to do, I’m 19 and have worked in the field for a little under a year but I love it and want to become more independent with my passion.
    Thank you!!!

  2. This video is better than the ones you have to buy
    In starting a locksmith business very well done.

  3. I like your videos. Thanks and keep up the good work.

  4. Thank you for making this video. I'm right now trying to get everything I need to start my own locksmith bizz. Can't wait for the next one. Lol that's the main reason why I want to have my own business is because I'm sick of working my but off for butt holes plus I just really lock locks of all kinds and bypasses and all the other fun stuff.

  5. What paperwork you get when rekeying for rental companies.

  6. I look forward to when you get to the part with Google and website that has been my biggest problem. I purchased the lock company I worked for about 3 years ago and still struggling. Closing the brick and mortar was my first move but biggest problem is population my base town is only 66,000 but the area I cover with surrounding towns total is 135,000 but still not alot for 9 different lock companies

  7. How does one go about getting the training to become a locksmith?

  8. Good stuff, lots of good info here. A lot of it applicable to other types of one-person businesses. Looking forward to future videos in this series.

  9. Very cool. I love locksmith. The video helped me start think about locksmith business.

  10. Great! I'm starting similar business in Poland but most information from this video were useful for me. Thanks.

  11. Thank you Sir, you’ve just recapped my 45yr career and repeated the same advice I also have given for the past 30years.
    Great job!!!

  12. Great content! Applicable to most small businesses. I ejoyed the video!

  13. Awesome video series start! envious of the other areas, but to be able to do this I just can't take the 4 years of apprenticeship to become a journeyman locksmith so I cam acquire a licence here in the province of Alberta 🙁 however I am in a good career at the moment that is recession proof so I guess it will stay as a hobby.

  14. Thank you. Want to see how to charge customers like service fee per hour or flat fee or trip fee etc.

  15. Great video, cant wait to see the next!
    NOTE: when U get into Purchasing Good equipment (and Not the Junk), Please include some of the Junk U have purchased in the past….why it failed and what your experiences were with it…..as we all learn (Hopefully) from our mistakes….and im sure we could all learn from yours as well….hopefully not making the same ones ourself.
    Seems to me i recall a video or 2 about an SEC-e9 about how Great/Bad it was….VERY Helpful to me, Thnx

  16. Very good information – thanks for the video! 👍

  17. 604 area code… I know that area pretty good. 😉

  18. Am I righting in saying most of the job is not picking locks (which is the fun part)?

  19. This is great stuff. Thanks

  20. Do you think there would be anyway to travel while being a locksmith? possibly moving every few months to see more of the country while working, great video and thank you for the good info!

  21. Need to know more about billing and what to charge.

  22. Hi there, I’m 40 this year and contemplating re training into locksmithing, (something I always wanted to do), but I am pondering a dimemna. I work in security and can see a lot of access control systems gradually become more and more reliant on smart systems etc. Does embarking on this line of work require becoming electronically qualified separately?

  23. Any tips for getting money to invest in a good key machine and some key stock for a new business that has not built up a local presence, like what type of loans are best?

  24. You can tell you have been around the block a few times! Agree with everything you say but taxes! Taxes is nothing but theft .. the fruits of my labor is mine..not others

  25. A fantastic overview, cant wait to see the drill into each step.

  26. You be surprised I have so many clients that love the crap out of smart locks kwikset. I know is junk but they want to be able to rekey their own properties…any suggestions?

  27. This was what i was exactly looking for thank u

  28. How much total investment?

  29. Thank you for this video. If I'm successful I'll by u dinner

  30. Excellent info, I took notes. Thank you! Especially the trademark advice. Hard to believe this only has 5K views but hey, that means less competition! 🙂

  31. Thanks 🙏🏼 I’m doing for 21 year
    Keys , I work and a small key shop locksmith
    I repair , rekey locks , pick ,
    But don’t do installation , but I have the
    Idea
    it’s time for me to do something
    Customer know me in the neighborhood in Brooklyn
    The passion I have , I love what I do
    It’s just need to do something
    For my family

  32. Where can I buy one of your locks from for my home

  33. This was a wonderful video. Thank you so much.

  34. This was a brilliant video! Not just from a locksmith perspective but from an overall business perspective. Cheers.

  35. Fantastic information thank you from the UK.

  36. Good advice. How about a video on your work truck tools and setup.

  37. Hi dr.lock,just wondering what do you think of the oversea SEC 9 key machine,good investment

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