So, you have figured out your state’s requirements. You’ve determined your locksmithing market. You’ve gone out and built your locksmithing kit, picked up some insurance, and incorporated your business. Now that you’ve started gathering customers, you’re wondering where to go from here? Now is the time to start thinking about growing your locksmithing business.
You have many options when it comes to growing your business. The world of locksmithing is huge, and growing in scope. There are a few things that you will need to know before jumping ahead, but for the most part you are safe designing your own path forward. Each niche is an area that you can thrive, and as you grow, you can find ways to fill multiple niches.
Expand to New Services
This is the most obvious, and you may be thinking “But, I’ve already been doing that?” What I mean, however, is to branch out into new areas. Right now you do residential lock installations, solely? Expand your business to 24/7 lockout calls. You only do mobile lockouts? Why not branch out to on-site key cutting and duplication services. Your niche could be the “we come to you” service that they don’t get at big box stores. Reach out to your current customers, and ask them what their pain points are. Once you know that, figure out a way to fix it.
Expand to New Clients
So you only deal with residential clients? Why not start growing your locksmithing business into commercial clients. There are bigger wallets to be had, and more challenges, but if you map the path out you can solves those ahead of time. Maybe you want to branch out into offering security alarm installation. This will have it’s own set of challenges, as in most states you have to be an electrician to perform this setup. You have options, however. You can either hire an electrician, or you can subcontract the work out to an electrician that runs their own company. They’d love the work, and it saves you the hassle of having to bring someone on staff.
Once you have grown and established your own business model, you are poised to start growing your locksmithing business into a franchise. Franchising allows you to move your business into other markets, without requiring you to personally manage those markets. You get a royalty for other people being allowed to use your business name, and model. This could be a great boon to your company, or a huge negative. It is up to you to decide if this is the right path to take.
At the end of the day, there are an infinite number of ways that you can grow your business, just as there are an infinite number of ways that you can destroy your business. I never claimed this would be easy, but now that you are in it, you are prepared. The point of it all is to take your time, grow your business as quickly or as slowly as you are able to sustain, and to keep yourself above water. Don’t allow the shiny object of a new niche to become the freight train come to destroy what you already have, but don’t avoid the shiny for fear of a train. Investigate your opportunities, and pounce when the time is right.
You’re a locksmith, isn’t your job to solve puzzles others can’t?