Locksmiths Revenue Benchmarks
The average locksmiths business in the United States generates $342K in annual revenue, according to the U.S. Census Bureau Statistics of U.S. Businesses (SUSB 2021). There are 3,952 locksmiths businesses in the U.S., employing 15,737 workers with an average profit margin of 8.0%. The average employee in this industry earns $55K per year (Bureau of Labor Statistics QCEW 2023).
What Does a Locksmiths Business Actually Do?
Locksmiths providing key services, lock installation, rekey, safe services, automotive lockout. Emergency + scheduled work.
Who buys: Homeowners (lockouts, rekeys), renters, car owners, businesses.
Average Revenue
$342K
per year
Profit Margin
8.0%
industry average
Revenue / Employee
$86K
per year
Total Businesses
3,952
in the US
Est. Owner Income
$27K
small business avg
Labor Cost
55.0%
of revenue
Avg Employee Wage
$55K
per year (BLS)
Market Saturation
1.2
firms per 100K people
How Much Do Locksmiths Charge?
Locksmiths charge service call fee plus labor and hardware.
| Service | Typical range |
|---|---|
Service call (basic) | $50–125 |
House lockout | $75–200 |
Car lockout | $65–200 |
Rekey (per lock) | $25–75 |
New deadbolt installed | $150–350 |
Automotive key programming | $100–500 |
Ranges based on industry rate surveys and typical published pricing. Actual quotes vary by city, business size, and job complexity.
Complete locksmiths business plan
A 12-section data-backed business plan for a locksmiths business — executive summary, market analysis, competitive landscape, revenue model, 3-year financial projections, operations, marketing, staffing, funding request. Pre-populated with real Census, IRS, and BLS data on this industry. Free to view.
Cost Structure — Where Every $100 in Revenue Goes
Approximate P&L breakdown for the locksmiths industry. Labor share and net profit are grounded in Census SUSB and IRS SOI data. Other lines are split using sector-typical ratios.
| Category | Per $100 revenue | Per typical business | What's in it |
|---|---|---|---|
Direct service costs | $7 | $25K | Cleaning supplies, uniforms, equipment consumables — depends on service type. |
Wages & benefits | $55 | $188K | Payroll for all employees at the business (owner comp not included for small owner-operators). |
Rent & facilities | $6 | $19K | Rent or mortgage on business location plus utilities tied to the space. |
Marketing & advertising | $4 | $13K | Google/Meta ads, SEO, print, referral fees, event sponsorships. |
Other operating costs | $20 | $70K | Insurance, background checks, training, transportation, admin. |
Net profit | $8 | $27K | What remains for the owner or shareholders after all business expenses. |
Directionally accurate for a typical business in the industry. Individual businesses vary widely — a franchise may run a very different cost mix from an independent, and older established businesses often have lower labor share than newer ones.
Average Revenue by Business Size
Industry Dynamics (Census BDS 2023)
New Business Rate
10.72%
openings/year
Closure Rate
8.92%
closings/year
Net Job Growth
+4.51%
annual
Businesses Closed
1,757
in 2023
Firm Count Trend
Should You Start a Locksmiths Business?
Startup Cost
$50K – $250K
Break-Even
66 months
5-Year Survival Rate
50.0%
Related Industries
Frequently Asked Questions
- What does a locksmiths business do?
- Locksmiths providing key services, lock installation, rekey, safe services, automotive lockout. Emergency + scheduled work. Homeowners (lockouts, rekeys), renters, car owners, businesses.
- How much do locksmiths charge?
- Locksmiths charge service call fee plus labor and hardware. See the pricing table above for typical rates by service type.
- How much does the average locksmiths make per year?
- The average locksmiths business generates $342K in annual revenue, based on U.S. Census Bureau data (SUSB 2021). After expenses, the estimated owner profit is $27K per year at a 8.0% profit margin.
- How many locksmiths businesses are there in the US?
- There are 3,952 locksmiths businesses operating in the United States, employing a total of 15,737 workers.
- How much does it cost to start a locksmiths business?
- Startup costs for a locksmiths business typically range from $50K to $250K, with a 5-year survival rate of 50.0%.
- What is the average salary in the locksmiths industry?
- The average employee in the locksmiths industry earns $55K per year, according to Bureau of Labor Statistics data (QCEW 2023).
Industry Growth & Survival
The locksmiths industry is actively growing — adding jobs at a net rate of 4.5% per year. New establishments are opening faster than existing ones close (10.7% entry vs 8.9% exit), indicating healthy demand.
Approximately 63% of locksmiths businesses survive their first 5 years. This is above the national average (~50%), making it a relatively safe industry to enter. In 2023, 1,757 firms in this industry closed permanently.
Employment & Wages
The average employee in the locksmiths industry earns $55,382/year. This is near the national average of ~$65K. With 4,265 establishments employing 17,312 people, the typical business has about 4 employees. Most businesses in this industry are small operations — often owner-operated with minimal staff.
Industry Trend (2000–2023)
The locksmiths industry has grown 23% since 2000 (from 15,525 to 19,038 firms).
See full historical statistics →Compare Locksmiths revenue with other industries: