Buying into a locksmith franchise is a sure fire way to get your foot in the door when it comes to becoming a locksmith, providing training, tools and vehicles alongside expert advertising in your target area would tempt anyone with the cash to buy into it, seeking an exciting opportunity to make a tonne of money...
For a fortunate handful of locksmith franchisees this has been the case. Speaking with other locksmiths and reading locksmith forums online however it seems that the overwhelming majority of locksmiths that buy into these franchises have a rather different story to tell. So what goes wrong?
Firstly we need to consider how a locksmith franchise works. Usually there is a joining fee, a considerable lump sum to set you up with your own kit to get started and expert guidance to get the ball rolling. Once you are up and running as a trading locksmith a percentage of all your earnings plus other business fees are paid to the firm.
It's a finite business however and once all areas are filled with franchisees it has effectively reached saturation. This is where many ex locksmith franchise owners have found themselves in trouble. When a new recruit is interested in joining the franchise - lump sum in hand ££, it makes great business sense to run the existing area holder out by whatever means to secure the new contract.
It's one of many shocking practices I have heard time and time again amongst locksmith groups and online forums. If this is the case it is bordering on criminal! Of course I cannot comment on the business model of any of the locksmtih franchises having never had the pleasure of working for one myself but it's certainly something I would encourage potential wannabe locksmiths into researching a little more in depth before parting with hard earned cash and redundancy payouts.
In my own experience working as a local locksmith for nearly ten years I can however tell you that of the seven ex locksmith franchisees that I know personally, six of them have few positive words about the experience. Be vigilant, research very carefully, ask for opinions from current members as well as ones that have parted ways before signing anything, it's easy to be drawn in by fairytale stories of success and fortune.
Happy Locksmithing and I hope everyone has a great Christmas.