Creating a Locksmith Business Plan
So you’ve decided to become a locksmith. Great! CLK Supplies welcomes you to the industry, and we would be happy to supply you with your first locksmith tools. Before doing anything else, we recommend that you sit down and develop a well-thought-out business plan that is sure to attract customers, boost your profits and bring out the best in your business. Here are a few tips to get you started.
Your Executive Summary
The executive summary of your business plan is where you define your reason for starting your business and what you want to achieve with your business. It’s not enough that you want to start a locksmith business, you have to lay down a solid foundation (the executive summary) on which to build the rest of your business, otherwise, you’re unlikely to know where or how to steer your business. Specific questions to ask yourself that can help you bulk up your summary include:
- What’s your overarching desire for your business?
- What qualifies you to run a business?
- How much do you expect to spend and make?
- What need will your business fulfill?
Take a Look at the Market
While you may want to start a locksmith business now, the current market could indicate that it’s a bad time to do so. Zero in on the locksmithing industry to see how well it’s performing, trends that are on the rise and aspects of the business that seem to be in decline. This information is essential to helping you know where to spend your time and resources while opening your business. Additionally, you’ll also want to study the market trends for the specific geographic location in which you’ll be working.
Decide on Your Company Niche
When it comes to the locksmithing industry and locksmith supplies, there are several different focus areas. Do you want to be a mobile locksmith, one who specializes in residential locks, or one who works exclusively with automobile locks? Also, will you use manual lock picks, electric picks or both? While you can always expand your services later, it’s best that you define what sets your company apart from any other locksmith businesses in the area. Why should customers choose your services over the other guy’s?
Gather Your Tools
Because you’ve decided on your niche in the industry, you have an idea of the types of supplies, tools and resources you’ll need. Write them down in your business plan, and see if there are any special tools you’ll need for any special services you’ll offer. In addition to thinking about what your business needs, think about what your customers will need as well. For instance, if you have to drill into a lock, it’s good for you to have a few replacement locks for customers to choose from.
You’ll likely need a little help keeping your business up and running, which requires hiring qualified individuals. Decide how many employees you’ll need, the positions they’ll need to fill and the type of experience they need to become members of the team. Here is also where you might want to start thinking about how much you’ll be able to pay your employees. While you may want at least six employees, you may only be able to afford four, at least when you first open your business.
Start putting together a loose framework for your marketing plan, which should include the mediums you’ll use, how much you can spend and the results you expect from your marketing efforts. The great thing about modern day advertising is that you have more avenues for getting the word out, many of which are either free or available at a low cost.
Take your time and approach your business plan from every angle. While the process might seem intimidating at first, it’s a great way to get excited about your business and unlock your entrepreneurial potential.