Locksmith Business Plan and SWOT Analysis

Locksmith Business Plan, Marketing Plan, How To Guide, and Funding Directory

The Locksmith Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Locksmith business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be immediately emailed to you after you make your purchase.

Product Specifications (please see images below):

  • Bank/Investor Ready
  • Complete Industry Research for the Industry
  • 3 Year Excel Financial Model
  • Business Plan (26 to 30 pages)
  • Marketing Plan (24 to 28 pages)
  • 425+ Page Funding Directory
  • PowerPoint Presentation
  • Loan Amortization and ROI Tools
  • Three SWOT Analysis Templates
  • How to Start a Business Guide
  • Easy to Use Instructions
  • All Documents Delivered in Word, Excel, and PowerPoint Format
  • Meets SBA Requirements

No matter how the economy is doing, individual and businesses are always going to need to have access to a locksmith. This is especially true among people that accidentally locked themselves out of their homes from time to time. As such, locksmiths are always the generate income not only from new installations but also for emergency focused services. One of the most interesting things about locksmith contracting businesses is that they are now able to integrate a new host of technology into their operations. More and more locks are becoming electronic and Wi-Fi enabled. As such, consumers are demanding that there locksmith be able to install state-of-the-art security equipment into their homes. This is been one of the most exciting aspects of the locksmith industry in the past 10 years.

The outlook for this industry is expected to be very promising given the continually integrated technology with home and office locks. As with most contracting businesses, the revenues of the locksmith are generally immune from negative changes in the economy. From time to time, people are always going to need to have locks changed or repaired and as such these businesses are always able to generate high-margin service revenues. The startup costs associated with the new locksmith business are relatively low. Many of these businesses can be started for as little as $20,000 or as much is $100,000 depending on whether or not a retail storefront is going to be maintained as part of the overall operations of the business. For a single owner operator, the biggest expense associated with starting a new locksmith business is typically the acquisition of a vehicle in order to provide service calls.

A locksmith SWOT analysis should be produced in conjunction with the business plan and marketing plan. As it relates to strengths, locksmiths are always able to produce revenues in any economic climate. The barriers to entry are low in the gross margins generated from services rendered are very high.

For weaknesses, these businesses tend to face a substantial amount of competition not only from other locksmiths contractors that are able to render the services as well. As such, it is imperative that the entrepreneur that is starting this business properly create a marketing campaign that showcases the state-of-the-art technology and emergency service calls available to the general public.

For opportunities, these businesses can aggressively expand by hiring additional staff locksmiths that can render services on a 24 hour basis. Additionally, many locksmiths and locksmith related contracting businesses will frequently develop ongoing relationships of real estate developers so that state-of-the-art locks can be installed and integrated into homes. Some entrepreneurs will also seek to acquire existing locksmith businesses that are in operation so that the business can grow through acquisition rather than organic means.

For threats, there’s really nothing about this business is going to change of the next 20 years outside of the fact that consumers are to continue to want new and integrated technologies as relates to keeping their homes and offices secure. As such, it is very important that the entrepreneur who is going to start his business have an understanding of all new technology that is going to be used in the course of normal business operations.

A locksmith business plan should also be developed and it should feature a three-year profit and loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. As relates to industry research, there are approximately 25,000 locksmith businesses within the United States and the industry employs 30,000 people. Revenues in each of the last five years have exceeded $2 billion.

As part of the overall business plan, a thorough demographic analysis showcasing the number of businesses and offices in operation should be included as well. This includes taking a look at annual household income, median family income, population size, population density, percentage of people that have Wi-Fi enabled locks, and a number of businesses that want to integrate state-of-the-art security technology onto their premises. This section of the business plan should also discuss the competition that the locksmith will face as it progresses through operations in both local and regional market.

As a relates to the locksmith marketing plan, and expansive online presence should be developed so that individuals can quickly find the business if they are locked out of their homes. As such, it is imperative that the locksmith maintain a mobile friendly website so that people can quickly find the business and his contact information when they do a search on their phones. Additionally, this website should showcase all the services available by the business including installation of state-of-the-art electronic enabled locks. The website should be listed among all major search engines including Google, Yahoo, and Bing. It is also very important that the locksmith maintain and expansive social media presence given in an emergency situation many people may ask their friends via social media platforms for recommendations for locksmith. By maintaining a low cost social media page, the business can be quickly found. There really does not need to be in expansive ongoing marketing campaign as it relates to social media platforms including FaceBook and Twitter.

Locksmiths are always going to be profitable businesses to operate for small business entrepreneurs. These businesses are always in demand in any economic climate and the generate high margins not only from services rendered but also from the sale of locks and key cutting. This is an economically secure business that is not wholly subject to automation.