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A Sample Locksmith Company Business Plan Template

Are you about starting a locksmith company? If YES, here is a complete sample locksmith company business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a locksmith company. We also took it further by analyzing and drafting a sample locksmith company marketing plan template backed up by actionable guerrilla marketing ideas for locksmith companies. So let’s proceed to the business planning section.

Why Start a Locksmith Company?

If you have ever been locked out of your car, home or office because you misplaced your keys, then you just would appreciate the services of locksmiths. As a matter of fact, you will be more anxious to get a locksmith to come to your aid if you forget the locking code of your safe.

Locksmiths provides essential services such as cutting keys, re – key locks, maintained and repair old locks, helping people gain access to their cars, resident and offices when they misplaced their keys, helping people unlock their safes when they forget the code combinations and helping people installs locks et al.

What Does It to Start a Locksmith Business?

Starting a business as a locksmith is indeed a profitable venture to start but you must first acquire the required training, and then work as an apprentice for a while, before applying for a locksmith license. Although, a locksmith business is considered to be a small -scale business, but it is regulated by the government to ensure that criminal elements in the society don’t take advantage of people.

There are various aspects you can specialize in as a locksmith, you can specialize as a residential door locksmith, you can specialize as an automotive locksmith, or you can specialize as a safes and security locksmith.

If you are thinking of becoming a locksmith, then you should pay attention to high school subjects such as metal work, math and physics. It will give you the right foundation to build your career. Besides, if you want to enroll for locksmith training in any college, the college might likely request that you pass metal work, physics and math before you can be granted admission.

Although the duration for locksmith courses in colleges is between 10 to 12 weeks, but you will also be required to work as an intern (apprenticeship) for few months with a certified locksmith before you can be issued a certificate. You can actually acquire locksmith training online.

So, if you have decided to start a locksmith business, then you should make sure that you undertake a thorough feasibility studies and also market survey. This will enable you properly locate the business in a community or city with the right demography; a location that can readily accept your products and services. Business plan is yet another very important business document that you should not take for granted in the bid to launching your own business.

Below is a sample locksmith business plan template that will help you successfully write yours without much stress;

A Sample Locksmith Company Business Plan Template

  • Industry Overview

Players in the Locksmiths industry primarily carryout installation, repair, rebuilding and adjusting services for security systems, as well as lock management of keying and key control systems. Establishments in this industry also sell mechanical or electronic locking devices, safes and security vaults.

A close study of the Locksmiths industry shows that the demand for industry’s products is tied to the performance of the commercial and residential markets. Hence, locksmiths benefit from steady business creation and a strong housing market over the last half a decade.

Going forward, the demand for the services and products of locksmiths is expected to strengthen, supported by a steady recovery in the housing market as well as growth in the number of US businesses. Furthermore, anticipated growth in the total number of motor vehicle registrations will slightly increase demand for emergency automotive locksmith services, which account for a significant share of the revenue generated in the industry.

It is a known fact that the Locksmiths industry has a low market share concentration. Locksmith companies / businesses are predominantly comprised of non – employers and small businesses, as there is, on average, only 1.5 employees per establishment according to report released in 2015. Also, the majority of locksmith companies / businesses service a local or regional market, and very few companies operate in more than one location per time.

The Locksmiths Industry is a thriving sector of the economy of countries like India, China, United Kingdom, Germany, Nigeria, France, Italy, Brazil and the United States of America. Statistics has it that in the United States alone, the industry generates a whooping sum of well over $2 billion annually from more than 19,887 registered and licensed locksmith companies scattered all around the United States of America.

The industry is responsible for the employment of well over 31,021 people. Experts project the industry to grow at a 0.6 percent annual rate from 2011 to 2016. No establishment can boast of having the lion share of the available market in this industry.

The Locksmiths industry will keep on thriving in the coming decade especially if entrepreneurs in this line of business will continue to be committed to providing reliable and quality work for their customers. The market is highly unsaturated and there is room for growth as the industry is expanding and maturing. The good news for would be entrepreneurs in this line of business is that there is an estimate of continued annual growth for the handyman industry for as high as 10 percent.

Over and above, the Locksmiths industry is very open to any aspiring entrepreneur who has acquired the required trainings, skills and perhaps professional certifications to start his or her own business and of course make good money from the industry.

Locksmith Company Business Plan – Executive Summary

Jordan West® Locksmith Company is a licensed and professional locksmith company that will be based in Bismarck – North Dakota. We have been able to secure a small but standard and well – positioned office facility in a growing community in Bismarck – North Dakota. We are a professional locksmith company that is set to compete in the highly competitive locksmiths industry not only in Bismarck – North Dakota, but also throughout the United States market.

Jordan West® Locksmith Company will provide professional locksmith services such as nonresidential security system installation and repair, residential security system installation and repair, residential and nonresidential system services with monitoring, key cutting and duplication services, resale of locks and security merchandise, renting and reselling security system products, and other related locksmith services.

Our business goal is to become one of the leading locksmith companies in the United States and we will make sure that we do all we can to compete favorably with leaders in the industry.

Our workers are going to be selected from a pool of certified and highly experienced locksmith technicians and tradesmen with different trade skills as it relates to our service offerings in and around Bismarck – North Dakota and also from any part of the United States of America as the business grows.

We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company and to compete with leading professional locksmith companies in the United States and throughout the globe.

At Jordan West® Locksmith Company, our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that all the repair jobs we carry out stand the test of time, we will hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for all our partners, employees and for our clients.

Jordan West® Locksmith Company is founded by Mr. Jordan West, a professional locksmith per excellence who also has various skills as a certified security and locksmith expert. It is a family business, and the business will be managed and financed by the family. Mr. Jordan West has well over 15 years of experience working as a professional locksmith prior to starting Jordan West® Locksmith Company.

  • Our Product and Services Offering

Jordan West® Locksmith Company is established with the aim of maximizing profits in the locksmiths industry. We want to compete favorably with the leading professional locksmith companies in the United States which is why we have but in place a competent quality assurance team that will ensure that every locksmith jobs carried out or related services rendered meet and even surpass our customers’ expectations.

We will work hard to ensure that Jordan West® Locksmith Company is not just accepted in the community we operate in Bismarck – North Dakota, but also throughout North Dakota and in other cities in the United States of America. Our services and products offerings are listed below;

  • Nonresidential security system installation and repair
  • Residential security system installation and repair
  • Residential and nonresidential system services with monitoring
  • Key cutting and duplication services
  • Resale of locks and security merchandise
  • Renting and reselling security system products
  • Other related locksmith services

Our Vision Statement

Our vision is to establish a professional locksmith company whose services and brand will not only be accepted in Bismarck – North Dakota but also in other cities in the United States of America.

  • Our Mission Statement

Our mission is to provide professional locksmith services and other related services that will assist businesses, individuals, and households in ensuring that their facility and cars are always well – secured. We want to build a professional locksmith company that can favorably compete with other leading brands in the locksmiths industry.

  • Our Business Structure

Jordan West® Locksmith Company is a business that intends starting small in Bismarck – North Dakota, but hopes to grow big in order to compete favorably with leading professional locksmith businesses in the industry in the United States.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is precisely the reason why we are committed to only hire the best hands within our area of operations.

At Jordan West® Locksmith Company we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer
  • Head, Technical Services
  • Human Resources and Admin Manager
  • Sales and Marketing Executive
  • Accountant
  • Professional Locksmiths
  • Client Service Executive

Roles and Responsibilities

Chief Executive Officer – CEO (Owner – Chief Locksmith):

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization.

Head, Technical Services:

  • Serve as project manager of the organization; works directly with employees
  • Develops strategic plan by studying technological and financial opportunities; presenting assumptions; recommending objectives.
  • Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
  • Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
  • Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
  • Maintains quality service by establishing and enforcing organization standards.
  • Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies.
  • Make certain that the technical department perform efficiently, coordinate employee efforts, and facilitate communications between management and professional locksmiths
  • Ensures that the organization work in line with international best practices as it relates to the locksmiths industry.

Human Resources and Admin Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Oversees the smooth running of the daily office activities.

Sales and Marketing Manager

  • Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyze the volumes of transactional data generated by customer
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of security system repair and installation projects.
  • Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
  • Responsible for handling business research, market surveys and feasibility studies for clients
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Creates new markets cum businesses for the organization
  • Empowers and motivates the sales team to meet and surpass agreed targets

Accountant / Cashier:

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensuring compliance with taxation legislation
  • Handles all financial transactions for Jordan West® Locksmith Company
  • Serves as internal auditor for Jordan West® Locksmith Company.

Professional Locksmiths

  • Responsible for handling nonresidential security system installation and repair
  • Responsible for handling residential security system installation and repair
  • Responsible for handling residential and nonresidential system services with monitoring
  • Responsible for handling key cutting and duplication services
  • Responsible for handling resale of locks and security merchandise
  • In charge of renting and reselling security system products
  • Handle other related locksmith services as instructed by the technical manager.

Client Service Executive

  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
  • Receives parcels / documents for the company
  • Distributes mails in the organization
  • Handles any other duties as assigned by the line manager

Locksmith Company Business Plan – SWOT Analysis

Jordan West® Locksmith Company engaged the services of a core professional in the area of business structuring to assist our organization in building a well – structured professional locksmith company that can favorably compete in the highly competitive professional locksmith industry in the United States and the world at large.

Part of what the team of business consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for Jordan West® Locksmith Company. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Jordan West® Locksmith Company;

  • Strength:

Our core strength lies in the power of our team; our workforce. We have a team of certified and highly trained and experienced professional locksmiths, a team with excellent qualifications and experience in various niche areas in the professional locksmiths industry.

Aside from the synergy that exist in our carefully selected workforce, we have some of the latest locksmith tools and equipment, our office facility is centrally located on a busy road, and our services will be guided by international best practices as it relates to the locksmiths industry.

  • Weakness:

As a new professional locksmith company operating in Bismarck – North Dakota, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive professional locksmiths industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our business the way we would want to.

  • Opportunities:

No doubt, the opportunities in the professional locksmiths industry is massive considering the number of households, individuals and corporate organizations who would always need their fix, cut or service keys and security systems. As a professional locksmith company, we are ready to take advantage of any opportunity that is available in the industry.

  • Threat:

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. As a matter of fact, some people tend to fix their faulty locks themselves or manage faulty locks during recession.

Another threat that may likely confront us is the arrival of a new professional locksmith company in same location where our target market exists and who may want to adopt same business model like us.

Locksmith Company Business Plan – MARKET ANALYSIS

  • Market Trends

A close study of the trends in the Locksmiths industry shows that the demand for industry’s products is tied to the performance of the commercial and residential markets. Hence, locksmiths benefit from steady business creation and a strong housing market over the last half a decade.

Going forward, the demand for the services and products of locksmiths is expected to strengthen, supported by a steady recovery in the housing market as well as growth in the number of US businesses. Furthermore, anticipated growth in the total number of motor vehicle registrations will slightly increase demand for emergency automotive locksmith services, which account for a significant share of the revenue generated in the industry.

On the average, starting and running a professional locksmith business can be cost effective. This is especially so when you have highly trained, well qualified and experienced staff as members of your team. With the quality of work carried out by them for your customers, you will be able to retain your customers and the good work your company does will be well- spread by word of mouth as customers will tend to recommend your services to their families and friends once you are able to do a good job in their homes, cars and on their properties.

A company’s ability in providing its customers with quality service at affordable prices will also be a factor that will count in the industry. This way the company will be able to retain existing clients and get more business from new customers. The competition in the professional locksmiths industry shows that there is a viable market for the services of professional locksmiths.

As long as you are prepared to deliver quality professional locksmith services, you will have your own share of the market as some locksmith business that exist take their customers for granted and offer them mediocre services. This gives you room as a new entrant into the business to come in and dominate if you are prepared to give quality service to your client.

  • Our Target Market

Before starting our professional locksmith business in Bismarck – North Dakota, we conducted a thorough market survey and feasibility studies and we are certain that there is a wide range of both corporate and individual clients who would need the services of professional locksmith on a regular basis.

In view of that, we have created strategies that will enable us reach out to various corporate organizations and households who we know can’t afford to do without our services. Below is a list of the people and organizations that we have specifically market our services to;

  • Individuals and households
  • Banks, Insurance Companies and other related Financial Institutions
  • Security Companies
  • Automobile Dealership Shops
  • Blue Chips Companies
  • Corporate Organizations
  • Real Estate Owners, Developers, and Contractors
  • The Government (Public works department)
  • Schools (High Schools, Colleges and Universities)
  • Hotels
  • Sport Facilities
  • Religious Organizations

Our Competitive Advantage

Surviving in the business world as a professional locksmith requires more than, your expertise, knowing how to deliver standard locksmith repairs, installation and maintenance jobs but also how to network with key people that matters; decision makers that can decide who will get a locksmith installation, repair and maintenance contract.

There are favorable conditions for growth in the professional locksmiths industry and as a result of this, survival in the industry will require that you build on existing knowledge of the services you offer to your customers and broaden your skill base in order to be able to compete favorably. More professional locksmith businesses are coming up and they are using the services of existing franchise in the business to boost their competitive edge and exposure in the industry.

We are quite aware that to be highly competitive in the professional locksmiths industry means that you are not only expected to be able to deliver consistent and highly reliable locksmith installation, repair and maintenance jobs, but you must be able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target date of completion of projects.

Our competitive advantage lies in the power of our team; our workforce. We have a team of certified and highly trained and experienced professional locksmiths, a team with excellent qualifications and experience in various niche areas in the professional locksmiths industry.

Aside from the synergy that exist in our carefully selected workforce, we have some of the latest locksmith tools and equipment, our office facility is centrally located on a busy road, and our services will be guided by international best practices as it relates to the locksmiths industry.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups professional locksmith businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

Locksmith Company Business Plan – SALES AND MARKETING STRATEGY

We are mindful of the fact that there are stiffer competitions in the professional locksmiths industry; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the professional locksmiths industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Jordan West® Locksmith Company

Our corporate goal is to grow Jordan West® Locksmith Company to become one of the top 10 professional locksmith brands in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Bismarck – North Dakota but also in other cities in the United States of America.

Jordan West® Locksmith Company is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to individuals, households, auto dealership shops, construction companies, facility managers, corporate organizations, religious organizations and key stake holders.
  • Promptness in bidding for locksmith installation, repair, and maintenance contract from the government and other cooperate organizations
  • Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
  • List our business on yellow pages ads (local directories)
  • Attend relevant international and local expos, seminars, and business fairs et al
  • Create different packages for different category of clients in order to work with their budgets and still deliver excellent services
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients

Sources of Income

Jordan West® Locksmith Company is established with the aim of maximizing profits in the professional locksmiths industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.

Jordan West® Locksmith Company will generate income by offering the following services;

  • Nonresidential security system installation and repair
  • Residential security system installation and repair
  • Residential and nonresidential system services with monitoring
  • Key cutting and duplication services
  • Resale of locks and security merchandise
  • Renting and reselling security system products
  • Other related locksmith services

Sales Forecast

One thing is certain, there would always be corporate organization, government agencies, households and individual who would need the services of professional locksmiths from time to time.

We are well positioned to take on the available market in the professional locksmiths industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our company to enviable heights.

We have been able to critically examine the professional locksmith services market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Bismarck – North Dakota.

Below are the sales projections for Jordan West® Locksmith Company, it is based on the location of our business and of course the wide range of our professional locksmith services we offer and our target market;

  • First Fiscal Year-: $120,000
  • Second Fiscal Year-: $350,000
  • Third Fiscal Year-: $700,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same professional locksmith installation, maintenance and repair services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

Our Pricing Strategy

At Jordan West® Locksmith Company we will keep the prices of our professional locksmith services and products below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services.

In addition, we will also offer special discounted rates to all our customers at regular intervals. We are aware that there are some one – off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.

  • Payment Options

The payment policy adopted by Jordan West® Locksmith Company is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Jordan West® Locksmith Company will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via credit cards / Point of Sale Machines (POS Machines)
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for the purchase of our products and services.

Locksmith Company Business Plan – Publicity and Advertising Strategy

We know the power of publicity hence we have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to become the number one choice for both corporate clients and households in the whole of Bismarck – North Dakota and beyond which is why we have made provisions for effective publicity and advertisement of our professional locksmith company. Below are the platforms we intend to leverage on to promote and advertise Jordan West® Locksmith Company;

  • Place adverts on both print (newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events / programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our services
  • Install our Bill Boards on strategic locations all around Bismarck – North Dakota
  • Engage in road show from time to time in targeted neighborhoods
  • Distribute our fliers and handbills in target areas
  • Contact corporate organizations, car dealership shops and households by calling them up and informing them of Jordan West® Locksmith Company and the services we offer
  • List our company in local directories / yellow pages
  • Advertise our companies in our official website and employ strategies that will help us pull traffic to the site.
  • Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.

Locksmith Company Business Plan – Financial Projections and Costing

When it comes to setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

In essence, it means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

Basically, the tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a standard professional locksmith company; it might differ in other countries due to the value of their money.

However, this is what it would cost us to set Jordan West® Locksmith Company in the United of America;

  • The total fee for registering the Business in the United States of America – $750.
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
  • Marketing promotion expenses for the grand opening of Jordan West® Locksmith Company in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
  • The cost for hiring Business Consultant – $2,500.
  • The cost for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
  • The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
  • The cost for the purchase of locksmith tools and equipment – $10,000
  • Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
  • The cost for start-up inventory (metals and other key making materials et al) – $80,000
  • The cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, Fax Machines, tables and chairs et al) – $4,000.
  • The cost of launching a website – $600
  • The cost for our opening party – $10,000
  • Miscellaneous – $10,000

Going by the report from the market research and feasibility studies conducted, we will need about two hundred thousand (200,000) U.S. dollars to successfully set – up a standard professional locksmith company in the United States of America. Please note that this amount includes the salaries of all the staff for the first 3 month of operation.

Generating Funds / Startup Capital for Jordan West® Locksmith Company

Jordan West® Locksmith Company is a privately registered family business that will be owned and managed by Mr. Jordan West and his immediate family members. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings and sale of his stocks
  • Generate part of the start – up capital from friends and other extended family members
  • Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $100,000 (Personal savings $70,000 and soft loan from family members $30,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

LOCKSMITH BUSINESS GROWTH: Sustainability and Expansion Strategy

It is a known fact that the future of a business lies in the numbers of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Jordan West® Locksmith Company is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our professional locksmith installation, maintenance and repair services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

At Jordan West® Locksmith Company, we will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Securing a standard office facility: Completed
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance for the Business: Completed
  • Conducting Feasibility Studies: Completed
  • Generating part of the start – up capital from the founders: Completed
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of Logo for the business: Completed
  • Purchase of locksmith tools and equipment: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
  • Creating Official Website for the business: In Progress
  • Creating Awareness for the business: In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with vendors and key players in various industries: In Progress.
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