Residential and commercial security is paramount for homes and businesses across the US. Burglaries are a pressing concern, with new ones happening at a rate of two per minute.
According to the FBI crime data, 847,522 burglaries were reported in 2022, an uptick over the number reported in the previous year. Surprisingly, 42% of burglars get in through an unlocked window, while 39% break in through an unlocked door.
For property owners considering the installation of sophisticated alarm and surveillance systems, missing out on the basic locks is the worst blunder. Not surprisingly, locksmith businesses are projected to reach a revenue of $2.6 billion in 2024. The number looks good for someone planning to start a business or scale an existing one.
However, it requires a strategic approach in a market with 24,563 businesses competing with each other. Scaling goes beyond increasing the number of service calls. You need to implement some effective practices to enhance operations, improve customer satisfaction, and grow your business.
In this article, we will share some best practices to effectively expand your locksmith business.
5 Best Practices to Scale Your Locksmith Business
#1: Adopt Technology
Forbes notes that locksmith services in the US cost about $50 to $100 per hour or $160 per incident. That’s a small price for property owners looking to prevent break-ins that may cost a fortune. Locksmiths in most areas are flooded with service calls, making scheduling a hassle. Delays and no-shows can affect your customer satisfaction levels and cause reputational damage.
Adopting technology is the best way to scale your business without compromising efficiency and customer satisfaction. A locksmith scheduling software solution can help streamline job assignments and optimize route planning. Look for a solution that facilitates online booking to ease the journey for customers.
According to Workiz, an all-in-one solution can help you handle more service calls, complete more jobs, and save several hours. You can even cut fuel expenses by optimizing your routes, leading to a reduction in operational costs.
#2: Expand Service Offerings
Diversifying your service offerings is essential when it comes to scaling your locksmith business. It helps attract a broader customer base and increase revenue streams in the long run.
For example, you can include electronic security solutions, access control systems, and smart home devices in your service portfolio.
With these trending services, you are likely to win more business over the years. Additionally, consider providing 24/7 emergency services and specialized solutions for residential and commercial clients.
These add-ons can make your business stand out in a competitive market. Assess evolving customer needs and market trends to identify new expansion opportunities.
#3: Prioritize Customer Experience
According to a 2022 study, 77.3% of brands consider customer experience a key differentiator. After all, customers keep a business thriving by contributing to revenues and profits. This applies to locksmith businesses as well. Going the extra mile with customer satisfaction is the key to long-term growth in the sector.
Ensure transparent pricing, timely response to inquiries, and courteous communication to win the CX game. Implement customer feedback systems to address any concerns and gather insights regarding the areas for improvement.
A satisfied customer is more likely to bring repeat business and provide word-of-mouth recommendations for your business. Utilize online platforms and social media to showcase positive customer experiences that strengthen your reputation as a provider.
#4: Invest in Employee Training
A skilled and knowledgeable workforce is an asset for any business, and locksmith service providers are no exception. The more they know, the better they can serve customers. Invest in continuous training programs to ensure your technicians are updated on the latest industry regulations, security technologies, and best practices.
Also, encourage team members to get relevant certifications to enhance their skills and credibility. Trained technicians can foster a positive reputation for your business by contributing to superior service levels and customer satisfaction.
#5: Develop Strategic Partnerships
Like with other industries, strategic partnership is also a thing of great importance in the locksmith industry. It often comes with immense benefits for locksmiths.
From creating new opportunities to boosting revenues and fueling innovation, collaboration can set you up for success. Collaborating with other businesses in the home services industry can be the key to successful scaling.
Consider alliances with construction firms, property management companies, and real estate agents to gain access to a steady flow of referrals. You can also build relationships with local law enforcement agencies to get opportunities for community-based security initiatives. With these alliances, you can establish your business as a trusted expert.
Final Note
Scaling a locksmith business requires smart moves that ensure operational enhancement and a focus on customer experience. By implementing these best practices, you can position your business for increased profitability, sustained growth, and a reputation as a reliable service provider.