How to Make Your Locksmith Business More Profitable in 2018?
2017 has been a good year for the US economy. The U.S. GDP has grown at a
healthy rate of 3% this year, and small businesses, including locksmith companies
have generally done well.
Locksmiths have profited from the steady increase in population, especially in fast
growing cities such as Austin, San Diego and Miami. As a locksmith, you wonder
what’s next? Will 2018 be just as good as 2017, or better? How can you make your
locksmith business more profitable in 2018?
To begin with, there is a growing demand for experts in electronic security systems
such as keyless entry locks, biometric locks, smart locks and so on. Home security
consultants are doing very well in the market. This is where there is real money to
be made, where the big profits are.
As a locksmith, you shouldn’t restrict yourself to mechanical lock and key systems.
Expand to other areas, embrace electronics, learn how to work with electronic
systems and things such as transponder key programming.
This will mark you as different from a vast majority of other locksmiths in what still
remains a largely traditional business. Also, it will allow you to charge higher rates
for your services.
You may have realized by now that the demand for traditional locksmith services is
not the same as it was in the past, and the fact that the market is overcrowded with
too many locksmiths has a negative effect on the profitability.
You should start by availing all the educational opportunities you can get to learn
more about electronics-based security systems. Moreover, you should have a
strong focus on marketing. Unless your customers know about the different types of
security systems you can install or repair, they are not going to pick up the phone
to call you.
Online marketing, social media marketing, search engine marketing and email
marketing are absolutely essential for any small business in this day and age. You
should get the word out about your business to as many people as possible in quick
Also, focus on the SEO – you should be more visible online. Being on the top pages
of the search engine results pages for locksmiths in your area can make a lot of
difference to your efforts to boost profitability.
Once your efforts start showing results and you have a decent cash flow, you
should should invest in a fleet of locksmith vans and hire additional locksmith
technicians. It’s not enough to be a one-man firm, your goal should be to expand
the business so that you can serve more customers and offer full range of locksmith
2018 is expected to be a very good year for the U.S. economy as things are moving
in the right direction. Whether you take advantage of that or not is entirely up to
you and the effort you put into your fledgling locksmith business