Thinking of Becoming a Locksmith?

Starting a Locksmith Company

Things to Consider

Part 2

by Mark Grainger

Opening a Locksmith Business

The previous article discussed the research you should do before becoming a locksmith and a few ways of generating online leads. In this article, we’ll discuss forming a new Locksmith company.

Some Locksmith training companies won’t accept students that aren’t trading locksmiths, plus most of the Locksmith forums and Facebook groups for Locksmiths refuse admission if you’re not a Locksmith. These forums can be very beneficial as trading on your own can be a lonely place. Also, without the support of an organization like the MLA (Master Locksmith Association), you may find that there will be a lot of jobs initially that you will struggle with. So, getting the ball rolling ahead of any training is a good idea.

Sole Trader or Limited Company?

In short, I would say go for the Sole Trader option initially, just because the Limited Company setup has a cost attached to it, there will be larger accountancy fees at the end of each year, and a fee will have to be paid to register with Companies House which is not necessary if you want to trade as a locksmith. Also, it’s a new venture, and who’s to say how successful it will be, so save money where you can!

Setting up a Sole Trader Locksmith Business

There are a few things I would recommend doing initially, most of which are free:

• Make a business plan (this is very important, think very hard about where your work will come from before shelling out any money!)
• Pick a name for your business (check domain names that are already taken and pick something unique).
• Open a business account (not compulsory, but having a dedicated account will help decipher personal and business transactions).
• Find a good accountant (they won’t charge until they do any work, and it will be helpful to have someone to advise you initially).
• Register for self-assessment with HMRC.
• Consider registering a domain name for your business (expect to pay £15-£20 per year).
• Apply for a DBS check (from £25 – most trainers and locksmith associations will require this, and it should be something every locksmith has, considering the nature of our work).

As we mentioned in the previous article, there are some things to consider before jumping in headfirst; we mentioned advertising and marketing and researching your local area; you may find that it is not feasible to start a business due to the saturation of trading locksmiths in your area or the number of new start-up locksmiths fresh off a course. I’d recommend reading the last instalment if you haven’t already. Part 1 – Becoming a Locksmith

I hope this has been informative; once you have decided you’re taking the plunge and are confident that with some training and experience, you can make a living as a Locksmith, the next step will be looking for a Locksmith training course. We will cover this in the article that follows.

Our team has grown over the years, as well as having a Locksmith in Potters Bar, St Albans, Enfield and the surrounding areas, we now have a locksmith in Huntingdon!