How many keys are on your keychain? Likely several. Keys are an integral part of modern society, with new keys being needed everyday. Therefore, it may be the perfect business for you to open. Opening your own business can be both a successful and rewarding adventure. Below, we break down how to start your key cutting business.
Educational training
In Australia, there is no official education system in order to start your own key cutting business. However, a Certificate III in Locksmithing through TAFE can educate you on knowledge of key systems and lock mechanisms and how to succeed in the industry.
Australian Business Number (ABN)
To run any business, you require an ABN. Registering for an ABN is usually a straightforward process. As a key cutting business is generally a small business, we recommend selecting the ‘company’ option.
Find the perfect location
When you’ve acquired all the necessary training and skills, it’s time to open your business. An essential factor to a successful business is the right location. Ideally, you don’t want to compete directly against a previously established key cutting business. It’s recommended to find a location where there is no close competitors. This allows you to penetrate the market and secure a local customer base.
Bookkeeping
Understanding the different financial aspects of a business can be difficult. It’s understandable – many of those who do get in, have a university degree in Finance or Accounting. Through filing your receipts, you can keep accounting expenses down through platforms such as Xero. This ensures your business adheres to the relevant taxation laws, whilst maximising your time and resources effectively.
Acquire customers
Once your business is up and running, the final ingredient for a successful business is a customer base. To maximise your clientele, you’ll need to advertise. Your method of advertising is likely to depend on your budget and your geographic area, however, the following methods are recommended:
- Newspapers.
- Online advertisements.
- Embrace social media.
It’s recommended that you view how other local businesses advertise. Once you understand what methods seem to be the most successful, it’s time for you to begin.
Final thoughts
Opening your own key cutting business can be an exciting and fruitful venture. Through following the above steps, you can ensure that your business has the greatest chance of being successful. However, with anything, success is not a straight line. There will be hurdles, but through time and effort your business will likely succeed. For further enquiries on establishing your own key cutting business or on management issues, a business lawyer may be able to assist.
