How much does a locksmith earn?
In this article, we'll cover:
- How much does a locksmith earn per year?
- How much does a self employed locksmith earn?
- How much money does a locksmith make per hour?
- How much does a UK locksmith make per day?
- How much should you pay an apprentice locksmith?
- Average revenue for locksmith companies
- Become your own boss
- How to grow your locksmith business
- FAQs
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?
| Level | Per Hour | Per Day | Per Year | Approximate 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. | ||||
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 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 – £6.60 per hour
- Newly qualified – £10.50 per hour
- Employed – £15.00 per hour
- Sole trader – £35 per hour
- Business owner (Ltd company) – £40 per 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 – £52.80 per day
- Newly qualified – £84 per day
- Employed – £120 per day
- Sole trader – £280 per day
- Business owner (Ltd company) – £320 per day
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Start our checks nowHow 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 £6.60 per hour, which is £52.80 per day.
At this rate of pay, an apprentice locksmith would earn around £11,880 per year.
| Level | Per Hour | Per Day | Per Year | Approximate 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. | ||||
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 £63,000 per year before 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 £72,000 per 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 year if 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
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How to grow your locksmith business
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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.
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