Have you heard of the strong profitability of the locksmith market in Tampa Bay, Florida, and would you like to take advantage of it as well? Are you already a salaried locksmith and want to set up a locksmith business? Should you start as an independent locksmith, or on the contrary, join a locksmith franchise network?
Analysis of the locksmith market in Tampa
Often associated with scams of all kinds, the locksmith market is split between independent craftsmen and construction companies. Extremely competitive, the locksmith sector is booming, driven by the desire of locksmiths to expand their areas of intervention.
In 2015, the latest figures available for this sector of activity, city locksmiths represented 11% of the metalwork market with a turnover of 820 million euros. There are some 17,554 locksmith companies in Tampa Bay.
Locksmith: what market share?
The locksmith market welcomes a variety of players whose skills vary from one organization to another. For example, in addition to traditional locksmiths, many construction companies hire the services of a team specializing in locksmiths.
Composed mostly of small companies with fewer than three employees, the sector must be careful of innovations that could make small artisans difficult.
Thus, large locksmith companies have relied on technology to offer smart and sometimes connected locks. Small locksmiths, who are not in a position to offer these technological advances and who do not necessarily have the means to invest, could suffer from this competition and these technological advances.
How to become a locksmith?
The locksmith must hold a recognized professional qualification. And you should know that the Chamber of Trades and Crafts regulates the exercise of the profession of a locksmith.
It is relatively easy to start your own locksmith business. It is now even possible to start a business online.
To become a locksmith, there are several possible qualifications. Candidates can thus hold a CAP or a BEP and must absolutely complete a preparation course for installation with the Chamber of Trades and Crafts. The latter is unfortunately not free.
If the candidate does not hold the diplomas cited above, he may open a locksmith if he has at least three years of experience in the field of locksmithing or metalwork.
Relating to the craft industry, the metal locksmith can be set up as a self-employed entrepreneur, as well as as a sole proprietorship or partnership.
Here are the different stages of creating a locksmith business:
- Realization of a solid market study
- Realization of the business plan
- Purchase of equipment and vehicle necessary for the activity
- Completion of the preparation course for installation with the Chamber of Trades and Crafts
- Selection of legal status and filing with the Chamber of Trades and Crafts
- Subscription of a ten-year guarantee
What is the necessary profile to open a locksmith?
A locksmith must be versatile in his activities. Thus, it must meet the needs of customers with a wide range of hours and provide most of the time an emergency breakdown service. In this profession, it is very important to know how to retain customers. This will promote the reputation of the establishment in a market where bad reviews are increasing in the face of bad behavior from a handful of players.
Profitability: is opening a locksmith shop profitable?
The Federation of Approved Management Centers (FCGA) ranks locksmith companies among the most profitable of the construction companies. Thus, the profits of the locksmith and metalwork companies are among the highest in the sector, with an annual average of 46,000 euros.
Open a locksmith: independent or franchise?
Help Confort, Leader Service, Mister Minit, Point Fort Fichet… There are several franchises that are positioned on the trade of locksmith, but the market remains in the hands of the independent ones, more numerous.
Choosing a franchise makes perfect sense in a locksmith business since most networks include other breakdown services, making it possible to diversify and increase turnover and build customer loyalty in several activities.
In addition, choosing the franchise allows you to have access to contracts already negotiated with prescribers but also to obtain negotiated prices on products.
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