Locksmithing is a relatively small sector of the Australian marketplace. However, this leaves it ripe for disruption. And since it’s a small industry, you can quickly learn everything you need to know to beat your competition.
In this article, we’ll cover everything you need to know about running your company, like strategies for improvement and innovative marketing ideas. But it’s up to you to take action and become the next locksmith mogul.
Three Ways to Improve Your Locksmith Company
As the locksmith industry evolves in Australia, you must find ways to improve your business. Otherwise, you risk falling behind your competitors.
Here are some suggestions:
- Specialise in a niche: You can charge higher prices than a general locksmith by positioning yourself as a specialist. On top of this, you can niche further based on the clients you serve. You could focus on company-wide installations or government contracts and become the go-to locksmith for those clients.
- Improve your efficiency: Look at your current processes and see where you can improve them. Are your leads not converting well? Find a way to pre-qualify leads. When do customers mostly make use of your service? Update your business hours to match them.
- Attend industry courses and events: These can help you and your team keep your skills up to date and learn more about industry trends and the latest best practises.
Inventory Management For Australian Locksmiths
Locksmiths have to keep tabs on countless tools and items that are necessary for the job. And it’s easy to forget these items at your workshop or simply run out of stock.
Here’s how to fix this:
- Use inventory management software like Jobber. This software will ensure you have all the necessary items in stock to avoid delays and the resulting poor reviews.
- Create dedicated storage spaces in your workshop and truck for each tool and item. These spaces will help you quickly find what you need.
- Create and review an itemised checklist for each job to ensure you bring all the necessary tools and items.
Leveraging Competitive Analysis in the Locksmith Industry
Keeping tabs on industry and competitor trends is essential for keeping your locksmith company profitable.
Staying up-to-date can help you find growth opportunities or foresee potential threats to your business.
An example of a growth opportunity is the growing demand for digital locksmith services. On the other hand, a potential threat could be a competitor adding extra value to their services.
Identifying these opportunities and threats in advance can help your company jump on trends early and find solutions to potential threats.
Locksmith Business Growth Potential in Australia
Locksmithing is a relatively small industry in Australia that is expected to have stable future growth.
The average locksmith makes $57,000 - $68,000 per year in Australia. However, business owners can make considerably more. If you’re willing to put in the effort to grow your business, there’s every possibility of making a healthy profit.
Three Facts About the Australian Locksmith Industry
While small, the locksmith industry provides some exciting opportunities for business owners.
- There are only around 2,600 employed locksmiths in the country, making it easy to learn about your competitors.
- Females only make up 4% of the industry, giving them an edge when differentiating their business.
- The industry is moving towards offering more security solutions like CCTV and digital security systems rather than only traditional locksmith services.
Innovative Marketing Tips For Locksmiths
Using innovative marketing strategies can help you become the go-to locksmith in your area.
Some marketing ideas include:
- Guest post on industry-related publications like the Master Locksmiths Association of Australiasia (MLAA). Being seen in publications can give you instant authority and proof of your abilities within the industry.
- Update your blog content so that it’s more relevant for readers. Make sure to update any statistics and data and add new examples that will resonate with today’s readers.
- Use a social media platform like TikTok to share interesting aspects of the Locksmith industry. Make sure to use hashtags that help your intended audience find your content—for example, #locksmithbrisbane.
Financing Options For Business Expansion
Business is going well, and now it’s time to expand. But there’s one problem, you need some extra funds to bring your plans to life.
Here’s where you can find them:
- Use a loan aggregation service like Lend, which matches your business with leading loan providers in Australia.
- Contact your local bank—for example, ANZ.
- Use a company like Grants Assist to help you find government grants that you can apply for.
Planning Your Business Exit
While some locksmiths decide to run their business for life, exiting your business may be a good option.
Some reasons that people exit their business include:
- Early retirement
- Plans to start a new business
- The business is reaching its growth ceiling
If you decide to exit your business, you’ll need to provide potential buyers with crucial business metrics like growth forecasts, revenue numbers and profitability.
You’ll also want to learn about what makes a business valuable to buyers and how you can maximise your exit.