If you’re an aspiring locksmith, you might be pondering over the route you want to take once you complete your locksmith training course. Is it better to find a position at a local or national locksmithing company? Or is it in your best interests to start up your own locksmith company and be self-employed?
It’s a tough one – that’s for sure! Overall, the end decision really comes down to you and what sort of job you’re looking for.
There are a number of factors, benefits and disadvantages to take into account before you make the decision. So, to help you understand these factors and make your own decision, we’ve put together a guide on Self-Employed Locksmiths Vs Working for a Locksmith Company!
Working for a Locksmith Company
Working for a local or even national locksmith company is a common choice for a number of locksmiths. But, like any job role/type, it has its pros and cons…
Benefits of Working for a Locksmith Company
- Stability – When working for an established company, you’ll likely have a set number of hours per day/week/month and therefore a set salary that you can expect to receive each week/month. This can sway a lot of locksmiths when starting out in the industry, as you can have peace of mind knowing exactly what you’re getting each month.
- Support – Starting up on your own can be daunting, especially if you’ve never done it before! Many locksmiths opt to join an established company to benefit from their experience and any support or training they offer on the job.
- Customers – Unless you know what you’re doing, it can take time to build your customer base up as a new business. By joining an existing locksmith company, you can benefit by gaining access to its existing customer base and brand reputation in the area. You’re essentially skipping this step that’s vital if you were setting up your own company.
Disadvantages of Working for a Locksmith Company
- Capped earnings – Compared to working for yourself when you can decide to work more hours or increase your prices, working for a company means you’re often limited by your hourly wage or yearly salary. While this may increase thanks to promotions or raises, you’re never guaranteed these, so you could be on a capped wage.
- No control – When you run your own company, you set the rules. Whereas working for a company means you’re obliged to follow their rules, regulations and policies – even if you don’t agree with them! This means you won’t have any control over the types of jobs you’re sent to or your working hours, for example.
- Limited flexibility – When you work for yourself as a locksmith, you can pick and choose when you want to work and fit it around any of your existing responsibilities. But some locksmith companies will require their employees to work specific hours or be on call at certain times that may interfere with your schedule. This can make it difficult to balance your work and life balance.
Starting Your Own Locksmith Business
Many of our locksmith training graduates do go on to set up their own locksmithing company thanks to the wide range of benefits it provides them. Let’s explore the advantages and disadvantages of becoming a self-employed locksmith.
Benefits of Starting Your Own Locksmith Business
- Complete Control – When you go self-employed, you’re no longer dependent on somebody else making all the decisions for you. Instead, you have complete control over everything, from the types of jobs you attend to the prices you charge! This also means you can create a company you believe in, with your values at the core.
- Flexibility – You get to manage your own hours, meaning you can work around your lifestyle and commitments like childcare, for example. You can employ others to work the hours you are unable to work too to ensure that all service hours are covered.
- Expansion – By working for yourself, you can decide how and when you want to expand your business. This may be expanding by offering unique additional services, employing more locksmiths under your company, or expanding the areas you cover and the work you get.
- Higher Starting Salaries – The average starting wage for a locksmith at a locksmith company tends to be roughly £20,000-£25,000. Whereas people who have completed a course with us and gone on to run their own company have seen massive results – like Mehmet who had a turnover of £60,000 in his first year of running his own locksmith company!
Drawbacks of Starting Your Own Locksmith Business
- Financial Risk – Starting any sort of business comes with its risks, particularly financial risks. However, start-up fees for a locksmith business are not as high as you might have first thought. For more information on the costs involved, check out our handy guide today – How Much Does it Cost to Start a Locksmithing Business?
- Lack of Support – Many people first starting out in the industry may opt to work for an existing company in the belief that they will be supported in their development, but that’s not always the case! When you run your own business, you’re responsible for all aspects, including accounting, taxes, and legal compliance and some individuals find this too daunting to give it a go. To help you out when you’re starting we’ve written a handy guide on How to Become Self-Employed After Your Locksmith Course. Plus, our range of locksmith training courses also covers skills and knowledge that you’ll need when setting up your own business. Plus, if you’re worried about having no support when you’re out there on the job, you can always give us a call; we offer a fully-manned 24-hour technical backup and support line for all of our graduates!
As experienced locksmiths ourselves, we would always recommend to our trainees that going self-employed is the way to go. However, it’s important to remember that everyone is different and you need to look at your personal goals and circumstances before making your decision.
Plus, who’s to say that you can’t start off in a locksmith company for a couple of years to gain experience first before making the switch and going it alone?
Whatever route you decide to take, make sure that you choose a trustworthy and fully-accredited Locksmith Training Course Provider that can provide you with all the skills and knowledge you need to succeed in either path!