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How Much Does it Cost to Start a Locksmithing Business?

How Much Does it Cost to Start a Locksmithing Business?

Posted on : December 22, 2022

Starting your own locksmith business has become increasingly popular in recent years, and there’s no surprise when you look at all the benefits it provides; being your own boss, choosing your own hours, helping your local community, and earning a profit just to name a few!

But, from our many years of experience in providing locksmith training courses to aspiring locksmiths, we’ve found that there’s usually a barrier in place for those thinking about going it alone and starting their own locksmith business – cost (or at least the concerns over the costs they expect to pay).

Fortunately though for anyone wanting to make this career move, starting your own locksmith business doesn’t need to be expensive. If you can afford to go all in and purchase top-of-the-range equipment then why not, but for those worried about costs there are plenty of areas where you can choose cheaper alternatives to make it as affordable as possible.

Ultimately, there isn’t just one answer to the question of how much it costs to start a locksmith business as there are a number of variables that will affect the final price. But, to try and clear things up, we’ve put together a list of everything you’ll need to begin your venture and an approximation of what they all cost.

Locksmith Training

One of the most substantial costs in the list, but also the most important, is your locksmith training. To start your own business, it’s vital that you first complete a full locksmith training course that will provide you with all the essential knowledge, skills and information that you need.

Now you do have different options when it comes to locksmith training courses. There are accredited and non-accredited versions, as well as options to cover specific modules on their own or full courses that will provide you with everything you need at once.

The choice is yours on how you choose to complete your training; however, we highly recommend taking part in either our 5-Day Locksmith Course or the 3-Day Locksmith Course, both accredited by the NCFE, which covers everything you need to get started. We also offer a dual accredited 5-Day Locksmith Course, approved by City & Guilds and the NCFE.

On average completing your full locksmith training will cost you around £1,300-2,200+ depending on the location, the course provider, and the type of course you choose. But, don’t worry, we offer finance options for our courses to help you begin your new career. As well as this, many of our course participants choose to put the cost on their credit cards – like Mehmet, who was able to repay the cost of his training in just two weeks thanks to his new business! View his testimonial here.

Please bare in mind that our courses also include lunch, as well as parking for the duration of the course. Plus all students who complete a training course with us at MPL receive access to a 24-hour technical support line for when you’re out on the job, as well as a FREE locksmith bible filled with drill points and information worth over £100!

Tools & Parts

In order to deliver your locksmith services to customers you’ll need a set of locksmith tools. It can feel like a lot of money to spend at first, but it’s usually just a one-time purchase that will keep you sorted for years to come. A full set of all your essential locksmith tools along with a basic range of stock to carry would cost roughly £800 + VAT.

As well as your tools, there are also essential parts that you will need to stock so that you can provide your services. Keeping your van stocked up with all common locks, parts, handles and more means you can get jobs sorted there and then, without having to leave the customer waiting while you disappear to purchase parts. This can also help with your reviews once you get up and running!

Unfortunately, it’s not possible to use second-hand parts. But, in good news, anyone who completes a locksmith training course with us at MPL Locksmith Training receives an exclusive discount on all tools and parts from our sister companies MultiPointLocks and Locksmith Tools!

Business Vehicle

It’s up to you what type of vehicle you purchase, but as a locksmith offering services to homes and businesses across your area you will need a suitable vehicle to get around in. Most locksmiths choose to use a van, as they allow you to store all your tools, parts and equipment in one place.

If you’ve already got a van – great! If not, purchasing a brand-new van could set you back between £20,000-30,000. Again, this cost can be reduced massively if you opt for a second-hand van, with prices ranging anywhere from £1,500-10,000. It’s not vital to purchase a van; many of our students find it comfortable to do the job from a regular car that they already have!

Don’t forget, on top of the cost of purchasing a vehicle, you’ll also need to pay for road tax and insurance!

Another cost you may want to consider is branding your business vehicle . This is a great way to passively market your services as you drive around from job to job, so it’s a brilliant investment that will pay for itself in leads. Costs will vary from company to company and also depend on the type of design you choose, but you can expect to spend anywhere from £200-1,000+.

Marketing

In order for your new locksmith business to succeed, it’s vital that you invest in some form of marketing. Now, this is completely up to you and how much you can or want to invest in it, but there are a range of options you can choose from.

Traditional marketing types like local, free-post community booklets can be rather affordable and will help to get your name out there in the local community. Then there are things like branding to think about, but thanks to the internet you could find a freelancer with low prices and get a logo made for under £50!

Then there’s digital marketing to consider. Nowadays, a newspaper ad isn’t going to have the same reach it did years ago. Instead, you might want to invest in a website or paid ads on Google, for example. Again the prices for these services vary greatly, and you could always give them a go yourself if you’re trying to keep costs low. If this is the case, you could be better off spending your time creating and sharing social media profiles and building up your brand that way, as it’s completely free (apart from paid ads of course).

It really does come down to you and your budget. Some locksmith companies will have minimal marketing budgets and manage their social media accounts themselves, whereas others could be spending thousands of pounds to generate leads. As well as your budget, your marketing costs will also be dependent on the area you’re servicing – more competitive areas, like London, will require a larger investment for success. Don’t worry if this sounds a bit overwhelming, we will cover all of this with you on our 5-day and 3-day courses.

Accreditations & Directories

As well as the accreditations you get from your training course, you might want to consider extras in order to further differentiate you from your competitors. Popular accreditations and directories such as Checkatrade, Yell, TrustATrader, Which, Three Best Rated, etc. offer both free and paid membership opportunities that you can then advertise with.

General Business Expenses

When starting any type of business there are a number of inevitable costs that you will need to consider including business insurance, an accountant, business premises, etc. The prices of these will depend upon your location and a number of other factors, but again you could take measures to minimise these costs. If you’re working by yourself you could work from home to save on renting or purchasing a business location or maybe you know someone who loves doing tax returns!

Starting a Locksmith Business

If you’re serious about starting your own locksmith business we would advise saving up around £5,000+ in order to cover all of the above costs comfortably. But, as we’ve said all along, the cost is affected by a number of factors and you may choose to cut costs in some areas by using cheaper alternatives.

If you’ve got any questions, please feel free to reach out to us over the phone on 01924 693 293 or email the team at enquiries@mpl-locksmith-training.co.uk for more information. For all your locksmith training needs, trust MPL Locksmith Training.

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