Some might say that locksmithing is a dying art, with the advent of keyless car entry systems and the growing popularity of digital locks. But for some reason, people are still breaking into their cars, houses and businesses. This begs the question: why do locksmiths cost so much ?
Here are some reasons why locksmiths charge such high prices.
Cost of training
The average locksmith would not be able to make a living without specialized training to work with specific types of locks and keys. This training is difficult and expensive, requiring at least 2 or 3 years of study. People who would otherwise be locksmiths are often discouraged from pursuing it because of its high cost.
Cost of tools
A locksmith needs to have the right tools to be efficient and make a large number of keys. These various tools are extremely expensive, and they can cost anywhere from $100 up to thousands of dollars. For example, a $300 wrench can increase productivity by as much as 70%, so it definitely pays to buy the best tools.
Cost of insurance
Locksmiths need to have a lot of insurance because they are often dealing with dangerous situations involving potential bodily harm, and criminal prosecution in case they get sued or are sued. This can be another significant cost for entrepreneurs who don’t already have enough insurance, but work in high risk industries or dangerous areas.
Competition
There is an increasing competition among locksmiths, with more and more people wanting to be a locksmith and offering their services for far less than it would cost to become and stay a locksmith. However, many of these new competitors are not trained properly, and the results can be dangerous.
Wage levels
Many locksmiths do not have steady jobs because they have to apply for or wait for government assistance because their wages are too low. This means that they are forced to stay low on the reimbursement scale considering that they still pay for their training and tools.
Many locksmiths do not want to take government assistance because it restricts their ability to get a job and earn enough money, which makes them stay unemployed.
The high cost of locksmithing is one of the reasons why there are so many locksmith scams circulating in our area.
