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As a locksmith, you are responsible for many services, including replacing locks, cutting keys, repairing old locks, and helping people gain access to their homes and vehicles. Owning a service-based business and working for yourself can both be rewarding experiences. Like starting any new business, there are some steps you should take to ensure a smooth transition and many successful years of locksmithing.
A business plan is an essential starting point for your locksmith brand. It defines your business name, brand identity, services & prices, goals, financial position, and more. It can be a critical document to secure a business loan, for potential clients, and for you and your employees to use as a foundation to review and guide decisions from.
What is a locksmith business plan and who needs it?
A locksmith business plan is a formal document and management tool that lays out various sections that are critical for starting a locksmith business. It sets out the goals of your business with a timeline of how you intend to reach these goals. It also provides your present situation, competitive advantage, financial position and required funding, and more.
Every locksmith business should have a business plan. Even if you’re working freelance and have not registered your business yet, a business plan provides you with tangible proof of your services and your seriousness about the services you provide. Locksmith businesses, though small, come with regulations that you must follow to ensure there is no criminal intent. Having a formal business plan helps to provide customers with legitimacy behind your business.
What should be the main chapters in a locksmith business plan
A locksmith business plan can include multiple sections that are important to your locksmith business. It can include all or some of the following chapters that are relevant. For example, a section on funding requirements isn’t necessary if you are not seeking investors and are fronting your own startup financially. It can be helpful to include it for the future growth of your organization in the event an investor becomes interested.
Executive Summary
Your Executive Summary outlines what can be found throughout the business plan. It provides a brief outline of your business identity, mission, vision, goals, etc.
Objective
If you are using your locksmith business plan for a specific purpose, it will summarize this as your objective of the business plan. Your objective can be your plan to launch a locksmith store or online service within your local region and the profits you expect to make.
Industry Overview
It can be a good idea for your locksmith business to include a brief industry overview. How in demand are locksmiths within home services? Do commercial and residential markets differ in demand? Do your research and include it as proof that your locksmith business is set up to succeed. This section is where you will provide sound statistics as to why you think your locksmith business will succeed. Google is a great starting point for this.
Mission and Vision Statement
Your mission and vision are the foundation upon which your locksmith business plan should be set. Every goal you create should have these in mind.
Business Structure
Here you can define how your business is structured. How is your locksmith brand legally conducting business on a day-to-day basis? Here is where you would describe whether your locksmith company is a sole proprietorship, partnership, corporation, etc. It will typically lead into the next section.
Job Roles and Responsibilities
Set out the managerial positions within your locksmith company including all other roles and how many employees are or will be hired within each department. This can include accounting, sales, client services, and of course your professional locksmiths.
Products & Services
Here you can list all the products and services your locksmith business will provide or offer. Include both residential and commercial services and differentiate based on installation, repairs, rentals, and more.
SWOT Analysis
A SWOT Analysis can provide a great foundation for understanding your marketing opportunities and niche within the industry. SWOT defines what your locksmith business’ strengths, weaknesses, opportunities, and threats are. Knowing your threats and weaknesses can help you work on them to ensure they become strengths or can be prevented. And, knowing your strengths allows you to build on them further. The SWOT is a well-used and highly regarded marketing tool.
Market Analysis
This analysis should show how marketing trends are being used in the locksmith industry. What is working for your competitors (be sure to outline who they are and how they are marketing their own locksmith companies). From there, you can define who your target market is and provide a few personas (potential customer personalities and demographics) that match that target. Where does your target market live, what services do they need, what services can they afford, etc. If you’re marketing a specialty service in automobiles or hotels, for example, this would be your target market.
Sales Forecast
Provide possible sales projections for the next few fiscal years (your fiscal year is a 12 month period a company uses for accounting purposes; it is often the same as a calendar year but can differ) based on the numbers, marketing, etc., you have provided.
Startup Summary and Budget
This section provides all the information your locksmith business has planned for startup purposes. How much will the required equipment cost? Marketing, hiring consultants and professional locksmiths, legal expenses, operational costs, and all other expenses should be lined up. Provide your current assets and startup investment and then outlines how much money you may still need in order to start. How do you plan on generating capital?
How to write a locksmith business plan
Writing a locksmith business plan can start with a pen and pad of paper. Make sure to write down every important piece of information about your business while in the planning stage. This will help your locksmith company’s business plan fill in itself. You can start with a free locksmith business plan outlined below. Once your business plan is drafted, you can make it more formal by typing it up, reviewing it, and asking a trusted friend or professional for input.
Remember, your business plan isn’t set in stone and can be changed when needed in the future to reflect your locksmith company goals and finances.
Use this free locksmith business plan template
Executive Summary:
Company name:
Branding:
Type of business (partnership, sole proprietorship, limited liability, etc.):
Year of inception:
Locations served:
Business plan summary
Objective:
To open (insert business name) within (city name) as a (add either or both storefront and online service portal).
To increase revenue by (insert %) within (insert year) years of opening.
Industry Overview:
(Here is a starting point) Locksmiths a thriving sector of the home services industry, each accounting for a small market percentage. This means that competition is fierce, but there will be growing demand for locksmiths as the housing market attempts to even itself and more automobiles are manufactured. The need for locksmiths with specific specialties, such as working with keyless cars and keypad door entry systems has also increased.
Mission and Vision
Business Structure
Job Roles and Responsibilities
Company ownership:
Products & Services
(insert business name) is a locksmith company with the goal of (insert the main goal here). We seek to create a competitive advantage within our industry and locally in (insert city or region) by offering the most up-to-date services for all modern locks and systems. Our products and services are listed below:
- —
- —
- —
SWOT Analysis
Strengths:
Weaknesses:
Opportunities:
Threats:
Market Analysis
A study of current trends in the locksmith industry has shown:
Our target market:
Sales Forecast
Based on our sales projections and our market research, we expect to meet the sales expectations outlined below:
First fiscal year: $
Second fiscal year: $
Third fiscal year: $
Startup Summary and Budget
Start-Up Expenses:
Rent:
Insurance:
Equipment:
Pre-Launch Marketing:
Other:
Other:
Total Startup Costs:
Start-Up Assets:
–
–
–
Total Start-Up Assets:
Conclusion
There are many other sections that can be included in your locksmith business plan. Research and speaking with a professional consultant are both important to ensure an accurate portrayal of your locksmith business. Your locksmith business plan will become a key document for starting your business and keeping it running successfully. Be sure to put in the appropriate amount of effort needed to ensure it is comprehensive and accurately portrays and describes your locksmith business goals and needs.
Once you have completed your business plan, you can start marketing your professional locksmith services and booking appointments. To guarantee your locksmith company can handle a strong first impression, work with a scheduling application that can scale with your business and promote happy returning customers.
Interested in working with an expert app that can provide your customers with a great way to book appointments with your locksmith company? Workiz offers tailored marketing solutions and integrations that work with your business to ensure your customers can easily book appointments and you can invoice and track your customers without issues. Reach out for a conversation with a member of our team today.
