How to start a locksmith business and market it effectively?

Changing careers or future-proofing the one you already have, are priorities for many people at the moment. As entire industries are upended and many employees either on furlough or being made redundant, the UK workforce is assessing its future and searching for ways to make money.

Even though the future of work looks set to be in vast contrast to the world of work before 2020, there are some industries and careers that look set to weather the coming storm and thrive in the years to come.

A skilled trade will always be needed, and the government is working hard to encourage people into trades. Among the most relevant and necessary tradespeople are locksmiths. Traditional locksmiths are also adapting their businesses to embrace new home-security technology, making this traditional trade a forward thinking one too.

Going self employed or starting a business?

If you are considering a career change to become a locksmith, it is important to understand the different ways you can trade.

Many locksmiths work on a self-employed basis. A self-employed model could allow you to enjoy more freedom in your working life. Leaving you free to choose the clients and contracts you want to work on or the target audiences you want to serve.

Another way is to start a business as a limited company and employ a team of locksmiths to maximise your business’s earning potential. However, it might be worthwhile learning your trade and working as a self-employed worker before starting a business.

Make a business plan

In any business, it is vital that you create a clear and robust business plan right from the start. This is useful if you are looking from investment from a bank and need to present financial projections.

It can also be very useful as a roadmap for your business over the next five years or so. Your business plan can include everything from finances, goals, target market, branding, legal stuff and more.

Define your target audience

To find the work you want to do, it is important to define who your target audience is. Will you target domestic locksmith clients? Or look to take on bigger, more varied commercial projects?

Once you know this you will know how to market yourself and what your brand should be about. This will help you define a brand identity, set up a targeted website and promote your new locksmith business via social media and other platforms.

Get the tools you need

No locksmith can do their job effectively without the correct tools for the job. It could include hole saws and core drill bits for tricky tasks or more simple pieces of equipment. Whatever it is you need, make sure you invest in high-quality tools from the start.

Sort the legal stuff

To set up a business or become self-employed, there are legal steps you will need to take to make sure you are compliant with tax and labour laws in the UK. Getting the legal stuff sorted first will save you stress down the line.

If you need to, enlist the services of solicitor or tax attorney who can help you with all the legal paperwork or online forms to set up your new employment status efficiently.

Stay on top of your finances

When you work on a self-employed basis, it is important that you stay on top of your finance. This includes saving for your tax bill, keeping track of business expenditures and pricing your jobs profitably.

Employing the services of an accountant can be incredibly helpful if you are not mathematically minded. You could even make use of an online bookkeeping or accountancy app or service to keep you on track throughout the tax year.