Industry Analysis & Industry Trends
Low key
The Locksmiths industry endured weak performance during the past five years, as housing markets crashed, constraining demand for services. While demand will strengthen in the five years to 2017, external competition from large security firms will limit revenue growth. Furthermore, consumers will increasingly perform simple industry-related services themselves, hampering growth. Nevertheless, improvement in existing home sales will cause revenue to increase marginally.... purchase to read more
Industry Report - Starting a New Business Chapter
While the initial capital investment to start a locksmith business is low, barriers to entry for the industry are medium due primarily to the training and certification required to become a practicing locksmith. On-the-job training and apprenticeships play a large role in locksmith education. The length of time necessary to complete on-the-job training ranges from three months to four years, depending on the level of expertise required for a given sector of the profession.
While certification is not strictly necessary to become a practicing locksmith, most locksmiths choose to gain a form of certification to build trust from customers. The... purchase to read more