It’s estimated that there are 26,000 people working as a locksmith or safe repairer. If you are in this industry, you likely know that it’s not only a great job, but demand for skilled workers is continuing to grow.
However, as an employee, your growth and options are limited. As a result, you may be thinking about breaking away and starting your own successful locksmith company like Precision Locksmiths.
Good for you!
However, before diving in feet first, be sure to know about the most common mistakes made when trying to break into this industry. After all, in the business world (especially when trying to start a business) knowledge is power.
Several of the most common mistakes can be found here.
1. Not Making Sure You’re Ready to Own a Business
When you start a business, you are going to be under constant stress and pressure. From the very beginning, it’s important to realize that many small businesses fail within the first three years of operation. You have to be committed and work hard if you even want a chance to be successful.
To make sure you are really ready to be a business owner of your own, growing a locksmith company, ask yourself the following questions:
- Are you ready to work hard?
- Do you have the ability to operate your business alone while still giving your family enough attention?
- Can you lower your standard of living (temporarily) while you establish your business?
- Can your family withstand the pressure of opening a business?
- Are you able and willing to risk your savings?
If you answered “yes” to all of these questions, then you are in a place where you are ready to be a business owner. If there was even one “no” response – it may be time to take a step back and reevaluate if owning your own locksmith business is right for you, right now.
2. Not Having the Proper Training
Experience and expertise are two of the most important elements to any successful business. While you may have the expertise needed in the locksmith business – do you have the experience of running a business? If not, you need to invest in training before moving forward.
As mentioned above, even if you are a great locksmith, it may be beneficial to spend time working with another business owner in this industry for a while. They can teach you the other important elements of running this type of business – besides the hands-on, customer facing work you will inevitably do.
3. Not Taking the Time to Create a Business Plan
Regardless of what you are doing, having a plan and goals is essential. When you are ready to start your own locksmith business, you need to create a business plan.
The business plan outlines how you plan to make your business successful. It should include:
- Your business’s mission
- Your business’s structure (sole proprietorship, LLC, partnership, etc.)
- The marketing analysis and information on your competition
- Descriptions of day to day operation and management of the business
- Financial projections
Each of these elements is a crucial part of any business plan. Without this, you won’t be able to measure if you are successful or not.
Opening a locksmith business, regardless of where you are located, is a challenge. You have to “learn the ropes,” which includes marketing and more. If you are ready for this process, then make sure to review the information here to ensure you don’t make any of the most common mistakes. In the long run, this will help improve your chances of success.