Blog>Trade>Growing your trade business>How much does a locksmith earn?

Last updated: 5 April 2024

How much does a locksmith earn?

Locksmiths will always be needed. And with huge scope for career progression and development with new 'smart security products', it's an exciting industry to be a part of. But is it a financially lucrative trade? Let's take a look; how much does a locksmith earn?

How much does a locksmith earn?
The easier way to book quality trades
Verified estimator
Download app

Whether you’re starting your own locksmith business or looking to hire locksmiths for your company, it’s important to know the expected rates of pay.

So how much can a locksmith earn? Let’s take a look at the average locksmith earnings across the various pay scales.

How much does a locksmith earn per year?

LevelPer HourPer DayPer YearApproximate Take Home Pay
Apprentice£6.60£52.80£11,880£11,600
Newly Qualified£10.50£84£18,900£16,500
Employed£15.00£120£27,000£22,000
Sole Trader£35£280£63,000£41,000*
Business Owner (ltd company)£40£320£72,000£43,600*
*includes estimates business expenses such as vehicle, fuel, tools & insurance.
Last updated: May 2024
Our costs are ballpark averages - get a local tradesperson to quote now

A locksmith’s annual salary in the UK starts at around £11,880 for an apprentice. This can increase to around£72,000 per year for the owner of a locksmith company (trading as a limited company).

A newly qualified locksmith can expect to earn around £18,900 per year, with the potential to increase over time to the region of £27,000 per year.

Several factors will affect your earning potential. These include:

  • Experience

  • Skills

  • Qualifications

  • Type of work

  • Location

How much does a self employed locksmith earn?

There's a huge demand for locksmiths in the UK. If you’re thinking about setting up as a locksmith sole trader, you can expect to earn around £63,000 per year before tax.

How to become a locksmith

How to become a locksmith

Why should you become a locksmith? It goes without saying that locks are a nifty invention that help keep our homes and businesses secure. But over time, even the most reliable lock can break – and who hasn’t misplaced their keys at some point? Of course, when something like this happens, then your

Learn more

How much money does a locksmith make per hour?

A locksmith’s hourly rate will depend on the factors mentioned above, such as experience, location, and type of work.

As an average guide, you can expect to earn an hourly rate as a UK locksmith of:

  • Apprentice - £6.60per hour

  • Newly qualified - £10.50per hour

  • Employed - £15.00per hour

  • Sole trader - £35per hour

  • Business owner (Ltd company) - £40per hour

How much does a UK locksmith make per day?

A locksmith’s daily rate of pay can range from £52.80 for an apprentice locksmith up to £320 per day for an owner of a locksmith limited company.

Have a look at some average daily rates of pay for a locksmith in the UK:

  • Apprentice - £52.80per day

  • Newly qualified - £84per day

  • Employed - £120per day

  • Sole trader - £280per day

  • Business owner (Ltd company) - £320per day

Grow your business with the #1 trade directory

3 million homeowners used our trades last year. Make sure you're one of the businesses they find!

How much should you pay an apprentice locksmith?

If you run a locksmith business and you want to take on an apprentice, you'll need to know how much to pay them.

The average rates of pay for an apprentice locksmith start out at £6.60per hour, which is £52.80per day.

At this rate of pay, an apprentice locksmith would earn around £11,880per year.

LevelPer HourPer DayPer YearApproximate Take Home Pay
Apprentice£6.60£52.80£11,880£11,600
Newly Qualified£10.50£84£18,900£16,500
Employed£15.00£120£27,000£22,000
Sole Trader£35£280£63,000£41,000*
Business Owner (ltd company)£40£320£72,000£43,600*
*includes estimates business expenses such as vehicle, fuel, tools & insurance.
Last updated: May 2024
Our costs are ballpark averages - get a local tradesperson to quote now

Average revenue for locksmith companies

Being a self-employed locksmith or running your own locksmith company has a greater earning potential than working for someone else.

How much do self-employed locksmiths make a year (UK)?

Sole trader locksmiths can potentially earn around £63,000per yearbefore tax is deducted. This means that a sole trader locksmith would likely take home around £41,000*.

This figure takes into account both tax deductions and any other business expenses such as vehicles, fuel, equipment, and insurance.

Average profit margins for locksmith businesses

As you’ve seen in the average earnings above, the owner of locksmith businesses (trading as a limited company) can earn an impressive £72,000per year. This figure, however, is your gross salary. The more important figure is how much is left once you’ve made all the essential deductions.

Profit margins are what make a business successful. If you’re planning to set up a locksmith business, you’ll want to fully understand your chances of making a profit.

As the owner of a locksmith company, you’ll have to factor in all the costs of running your business including vehicles, insurance, materials, and equipment. You’ll also need to ensure that you pay the right amount of tax.

We’ve estimated your outgoings to be around £28,400 per yearif running a limited company. This means that your take home pay as a locksmith business owner will be around £43,600*per year.

Become your own boss

If you're keen to set up your own locksmith business, why not sign up for our 'Become the Boss' series to find out how to get started?

https://youtu.be/UoRV0Fsrgnk

As part of the package, you’ll receive 8 emails with tips on starting your own business. This will include expert advice from tradespeople who were once in your shoes and a FREE business strategy call from one of our experts. And once complete, you could be the founder of your own business.

Enter your business email address into the form below to get started today.

How to grow your locksmith business

As a Checkatrade member, we can provide you with the help and support needed to make your locksmith business thrive.

Get more leads

Checkatrade members receive over 100,000 leads each week. 3 million homeowners used our trades last year and a third of all trade work comes through Checkatrade**.

Grow your reputation

8 out of 10 people would choose a trade endorsed by Checkatrade, compared to one that isn’t endorsed***. Checkatrade use the tick that homeowners trust, helping you to win more business.

Discounts and benefits

As a Checkatrade member you get exclusive access to trade deals, saving money on business essentials to help you stay profitable. Checkatrade members save on average £470 per year each****. This includes making savings on equipment, van leasing, insurance, workwear, and much more.

Maximise your income potential by saving on business outgoings

Checkatrade members save up to £470 per year on fuel, insurance, tools, equipment, workwear, and more

FAQs

Is a locksmith a good trade?

Yes – definitely. Skilled locksmiths are always in high demand and can earn an excellent salary. Training to become a locksmith is also relatively cheap and courses are short, meaning that you get a great return on your investment as a qualified locksmith.

How long do you have to train to be a locksmith?

You can train to become a locksmith with the MLA in one week. A week’s training course will provide the basics to work as a locksmith. Advanced courses and real-life experience will further increase your skills and broaden your knowledge.

Is it profitable to be a locksmith?

Yes. As mentioned above, skilled locksmiths can earn an excellent salary with great returns on initial investment.

How profitable a locksmith can be will also depend on factors such as location and the services offered. Locksmiths in built-up areas and large cities will be in far higher demand than locksmiths in rural areas. They will, however, have increased competition.

Locksmiths who offer more specialised skills such as installing Smart locking systems, repairing and programming vehicle keys, or working on complex commercial security systems will have a greater earning potential than locksmiths who only repair broken door locks.

*Estimate costs for vehicle, fuel, tools, and insurance

**Checkatrade brand tracking survey April 2021

***Claims are sourced from a survey conducted by Deep Blue Thinking on a nationally representative UK sample in November 2021.

****Year runs from April 21’ to March 22’. Saving calculation based on average spend across 12,505 members in 2020/2021/2022. Discounts differ depending on the partner. Products range from low value items to high value items. Some exclusions will apply on products.

Share this article: