When we published our National Average Price Survey questionnaire (results coming Oct. 1), we asked our readers to list their most profitable job. We expected the answers to center on high-end access control systems and low-energy door operator installations. While those were among the responses, specialized automotive work and master keying were also cited.
All these responses have one important thing in common: These jobs require solid skills. That’s where professional locksmiths differentiate themselves from guys in home centers who can duplicate a house key and those phone bank/scammer competitors who pop up on a quick Google search.
Here are some of the most interesting comments:
- All keys lost on pre-2015 transponder-based vehicles. 2nd best in the summer is motorcoach and camper lockouts
- Rekey and master commercial locks
- All keys lost automotive service
- Student housing — summer turnover
- Duplicate keys, restricted & high security — all jobs 75% gross margin
- Prox key with programming OR continuous hinge
- Installing access control hardware for ADT customers
- Any job with multiple electric strikes — I can knock them in faster, neater and more accurately than most others in the field.
- Large, multi-door mechanical rekey (change combination). Changing access permission on cloud-based access control.
- Anything with markup on materials in large quantities, and/or marked-up flat-rate labor in large quantities. Examples: master key building SC4 keyway @$100/cylinder, 400 cylinders, $200 for cylinders requiring picking to service (half of total) — 45k net profit, 3 days, 3 techs. Furnish and replace 50 CS210JD Schlage interconnected locks at retail + 1 hour labor each — 25k net profit, 1 day, 3 techs.
- Commercial rekeys and school district work
And here are the two conclusions we’ve drawn.
Don’t compete for the lowest-priced, least-profitable jobs. Concentrate your efforts on those higher-profit jobs to grow your business. (Of course, duplicate keys and take those lockout calls when it makes sense, especially in smaller markets and for known customers.)
It pays to specialize. Hone your skills and sell your expertise, be it in automotive, electronic access control, master keying, door operator installations or safe servicing, for example. A larger lockshop may have several specialists.
Emily Pike
