South Kelleton Keys and Locksmith

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Locksmith Business Plan

Executive Summary

South Kelleton Keys and Locksmith (SKelleton Keys) will be a locksmith shop focusing entirely on locks and security products, founded and managed by Padraic Lawkse, an experienced, certified locksmith. The business will set up a store in South Kelleton and sell lock hardware and services to building management companies, businesses, homeowners, and renters in the community through a combination of direct selling techniques and advertising.

Net profit will rise significantly from its first year of operation to the end of its third year on a projected almost doubling of sales. The business will grow by selling products and services, as well as offering qualified referrals to security product vendors when the company cannot handle a client's needs directly. An additional locksmith will join the business in the third year to apprentice under Pad Lawkse and expand the company's business.

South Kelleton Keys and Locksmith seeks a three year business loan, which will fund initial operations along with Pad Lawkse's own capital investment into the business.

1.1 Objectives

The objectives for South Kelleton Keys and Locksmith are:

  1. Launch a store in a highly visible location in South Kelleton
  2. Establish relationships with ten apartment buildings as a preferred vendor for locks in the first year of operation
  3. Achieve a doubling of sales by its third year of operation, with gross margins better than 40% on products

1.2 Mission

South Kelleton Keys and Locksmith will increase the security of buildings, owners, and renters in its neighborhood of South Kelleton by providing the best quality locks and security products, as well as highly skilled installation and repair.

1.3 Keys to Success

To succeed as a locksmith business, SKelleton Keys must:

  1. Develop relationships with building owners
  2. Create awareness in the community of their proximity, quality, and reasonable prices
  3. Respond quickly to requests
  4. Sell "security and peace" of mind rather than "locks"