During a locksmith convention I happened to engage in a conversation with a fellow locksmith. We discussed our opinions about several issues concerning the locksmith industry. A one point in our conversation this locksmith stated that our industry had made him a millionaire. Every person in the world may not be able to accumulate a million dollars but opportunities in the security industry can provide a excellent starting point towards that goal. The need for personal security is universal and requests for new and different types of locking systems continue to expand. Few other service fields can offer similar circumstances.
In order to guarantee any kind of success, a business must be at the right place at the right time with the right product. Someone may make the best wagon wheels in the world but a profitable demand for the product disappeared long ago. Alaska might be the wrong place to sell ice. There is never a bad time to be in the security business and requests for better and more expensive lock products will continue to increase. Location is everything.
Decades ago locksmith income was self-generating. A segment of the population would always need key or lock work on a daily basis. A constant flow of people would contact local locksmiths for service. Our main competition was usually from local hardware stores who carried a small amount of the most popular key blanks.
A locksmith today may not find the same self-generating flow of customers. The internet now provides advertising opportunities for a much larger group of competitors. In order to keep ahead of the competition, an advertising budget and personal visits to possible commercial accounts must become part of the strategy for every successful locksmith business.
The easiest and quickest way to accumulate wealth is to have someone else do it for you. In other words, it takes employees. A one-man shop has a ceiling of how much income he or she can generate yearly. Each employee should be able to dramatically increase income and profit.
Locksmithing develops income in two ways- labor and parts. While labor charges can be gradually raised, a quicker way towards increasing income is by selling higher cost products. As example, duplicates of standard house keys may be $2.50 while duplicates of high security keys may be $20. High security locks, electronic lock systems, decorative hardware, CCTV and automotive lock servicing are just a few of the popular high ticket items now available for added profit.
Wealth is developed by accumulating income over and above what needs to be spent. If one locksmith can become a millionaire then more of us can do the same.