What do locksmiths earn?
With many jobs, the salary depends on how many years experience and level of training the individual has. Doctors, lawyers and veterinarians all study for years before even starting their training and their salary reflects this. Whereas, roles with little training needed tend to be on the lower end of earnings.
Following on from this idea, a locksmith’s salary can be a tricky one. Whilst training or qualifications aren’t compulsory, it would be nearly impossible to operate successfully as a locksmith without them. Keep in mind that how much you will earn can also depend on where you are located. For example, locksmiths in Manchester can earn more than those based elsewhere.
Salary estimates for a locksmith
Figures vary from different sources about the exact earnings of a locksmith, because the field is so broad and there are so many variables, but let’s take a look at two different salary reports.
Indeed
As the top jobsite in the world, Indeed is able to pull information from a variety of individuals. Their research shows that the average salary of a locksmith is £26,503 annually which has been based on over 250 submitted salaries and have also been collected from previous job advertisements.
It is important to know that this is an average figure that won’t necessarily apply to those who are either just starting out as a locksmith or those who have been in the trade for numerous years.
Payscale
Another site that conducts research on average salaries is Payscale which states that a locksmith’s salary is around the £22,597 mark. However, they got into more detail about what to expect in each stage of the career.
As a trainee, or a new starter in the locksmith industry, locksmiths can earn between £16,000 and £19,000. This includes all compensation such as tips, any relevant overtime pay and bonuses.
As they become more experienced and have been working as a locksmith for 10 to 20 years, locksmiths can be earning towards £30,000.
Salary as a self-employed vs. employed locksmith
The final amount that a locksmith can expect to earn depends on how long they have been working as a locksmith, how well they market themselves if they are self-employed or where they work if they are employed by a larger company.
Self-employed
Many locksmiths choose to go along the self-employed route as it allows them to choose their own hours and decide what jobs they take on. However, this comes with its own troubles in terms of earnings.
When new locksmiths start out, they can expect to spend a few years of establishing themselves. It is a long-term investment but one that can have a great return once they have a good customer base set up that generates further referrals.
Employed
Being employed by a company means stability and, usually, the opportunity to gain more training throughout their career. Often they will have a set salary or hourly pay which means they can plan around this. New locksmiths don’t need to worry about sorting out how much tax to pay or declaring their earnings as the employer will do this for them. Some will even provide forms of transportation whilst on the job.
Bigger companies will usually have established customers so locksmiths don’t need to search for jobs or set their own pay scales for the customers. However, working for somebody else means that the locksmith doesn’t keep all of the payment from customers. Cuts of it will go toward marketing and overall profit.
So, while the earnings can be vastly different between self-employed and employed locksmiths, there are many other things to consider.