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Free VC Directory

With any B-Plan Purchase
425 Page Capital Directory
Through Nov. 30

Business Plan Writer
$425 Flat Rate
No Templates Used
7 Day Turnaround

All Purchased Plans
Are Updated for 2020

Business Startup Guides
Checkout our new sister site!

Free Locksmith Business Plan
For Raising Capital from Investors, Banks, or Grant Companies!

Please note that the financials in this complete free business plan are completely fictitious and may not match the text of the business plan below. This free business plan demonstration purposes only. If you are interested in purchasing the completed editable MS Word and Excel documents for this business plan, please click the button below! Also, the text of the business plan is formatted with a fully automated table of contents.

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It should be noted that there is no special software required to use these templates. All business plans come in Microsoft Word and Microsoft Excel format. Each business plan features:

  • Excecutive Summary
  • Company and Financing Summary
  • Products and Services Overview
  • Strategic Analysis with current research!
  • Marketing Plan
  • Personnel Plan
  • 3 Year Advanced Financial Plan
  • Expanded Financial Plan with Monthly Financials
  • Loan Amortization and ROI Tools
  • FREE PowerPoint Presentation for Banks, Investors, or Grant Companies!

1.0 Executive Summary

The purpose of this business plan is to raise $100,000 for the development of a locksmith service while showcasing the expected financials and operations over the next three years. Locksmith, Inc. (“the Company”) is a New York based corporation that will provide onsite locksmith services and lock sales to customers in its targeted market. The Company was founded by John Doe.

1.1 Products and Services

The primary revenue center for the business will come from locksmith services which will include onsite installation of locks, installation of locks on a subcontracted basis, and assisting people locked out of their homes/cars. The Company will hire two journeymen locksmiths to provide these services to the general public. The Company’s secondary revenue center will come from the direct sale of locks and keys to the general public. These sales will be made in conjunction with the services rendered by the business. The third section of the business plan will further describe the services offered by Locksmith, Inc.

1.2 The Financing

Mr. Doe is seeking to raise $100,000 from as a bank loan. The interest rate and loan agreement are to be further discussed during negotiation. This business plan assumes that the business will receive a 10 year loan with a 9% fixed interest rate.

1.3 Mission Statement

Locksmith, Inc.’s mission is to provide customers with outstanding, round the clock, locksmith services provided by competent and licensed locksmiths.

1.4 Mangement Team

The Company was founded by John Doe. Mr. Doe has more than 10 years of experience in the locksmith industry. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.

1.5 Sales Forecasts

Mr. Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.

1.6 Expansion Plan

The Founder expects that the business will aggressively expand during the first three years of operation. Mr. Doe intends to implement marketing campaigns that will effectively target individuals, businesses, and contactors within the target market.

2.0 Company and Financing Summary

2.1 Registered Name and Corporate Structure

Locksmith, Inc. The Company is registered as a corporation in the State of New York.

2.2 Required Funds

At this time, Locksmith, Inc. requires $100,000 of debt funds. Below is a breakdown of how these funds will be used:

2.3 Investor Equity

Mr. Doe is not seeking an investment from a third party at this time.

2.4 Management Equity

John Doe owns 100% of Locksmith, Inc.

2.5 Exit Strategy

If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of Locksmith, Inc. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.

3.0 Products and Services

Below is a description of the locksmith services offered by Locksmith, Inc.

3.1 Locksmith Services

As stated in the executive summary, Locksmith, Inc.’s primary revenue stream will come from the installation and servicing of locks on behalf of customers within the target market. The business will also be able to assist customers that have been locked out of their homes, offices, or vehicles. The Company will also work with general contactors and real estate developers for the installation of locks in new housing constructions and renovations. It should be noted that at all times, the business will maintain all proper state issued licensure for operating this business.

3.2 Sales of Lock and Key Products

The Company’s secondary revenue stream will come from the sale of locks and keys related to the business’ installation and servicing of locks. Mr. Doe anticipates that this segment of the business will generate approximately 25% of the Company’s aggregate revenues. From its retail location, the business will provide key replication services, which will provide a modest amount of additional revenue for the business.

4.0 Strategic and Market Analysis

4.1 Economic Outlook

This section of the analysis will detail the economic climate, the locksmith industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. Many economists expect that this recession will continue until mid-2010, at which point the economy will begin a prolonged recovery period. However, locksmiths operate with a strong amount of economic stability as people will continue to need lock repair and maintenance services regardless of the general economic environment.

4.2 Industry Analysis

Within the United States, there are more than 3,800 companies that provide locksmith services to the general public. The industry employs more than 20,000 people and generates annual aggregate receipts of $1.6 billion. Annual payrolls in each of the last five years have exceeded $450 million. This is a mature industry, and the future expected growth rate is expected to mirror that of the general economy. As discussed above, while the slowdown in the housing market may have an impact on large contracting services for locksmiths, people will continue to require lock maintenance and installation services regardless of the current economic climate.

4.3 Customer Profile

In this section of the analysis, you should describe the type of customer you are seeking to acquire. These traits include income size, type of business/occupation; how far away from your business is to your customer, and what the customer is looking for. In this section, you can also put demographic information about your target market including population size, income demographics, level of education, etc.

4.4 Competitive Analysis

This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages. If there are a number of competitors in the same industry (meaning that it is not feasible to describe each one) then showcase the number of businesses that compete with you, and why your business will provide customers with service/products that are of better quality or less expensive than your competition.

5.0 Marketing Plan

Locksmith, Inc. intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Company.

5.1 Marketing Objectives

  • • Establish relationships with general contactors and real estate developers within the targeted market.

  • • Implement a local campaign with the Company’s targeted market via the use of flyers, local newspaper advertisements, and word of mouth advertising.

  • • Develop an online presence by developing a website and placing the Company’s name and contact information with online directories.

5.2 Marketing Strategies

Mr. Doe intends on using a number of marketing strategies that will allow Locksmith, Inc. to easily target individuals, businesses, and potential contracting partners within the target market. These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public. Locksmith, Inc. will also use an internet based strategy. This is very important as many people seeking local services, such as locksmiths, now the Internet to conduct their preliminary searches. Mr. Doe will register the Company with online portals so that potential customers can easily reach the business. The Company will also develop its own online website showcasing the services offered by the business, Locksmith, Inc.’s contact information, and specific installation services and lock products offered by the business. The Company will maintain a sizable amount of print and traditional advertising methods within local markets to promote the locksmith services that the Company is selling. Finally, the business will develop ongoing relationships with real estate developers and contractors that will use the Company for their subcontracted lock installation needs.

5.3 Pricing

In this section, describe the pricing of your services and products. You should provide as much information as possible about your pricing as possible in this section. However, if you have hundreds of items, condense your product list categorically. This section of the business plan should not span more than 1 page.

6.0 Organizational Plan and Personnel Summary

6.1 Corporate Organization

6.2 Organizational Budget

6.3 Management Biographies

In this section of the business plan, you should write a two to four paragraph biography about your work experience, your education, and your skill set. For each owner or key employee, you should provide a brief biography in this section.

7.0 Financial Plan

7.1 Underlying Assumptions

  • • Locksmith, Inc. will have an annual revenue growth rate of 10% per year.

  • • The Owner will acquire $100,000 of debt funds to develop the business.

  • • The loan will have a 10 year term with a 9% interest rate.

7.2 Sensitivity Analysis

In the event of an economic downturn, the business may have a decline in its revenues. However, locksmith services are in continued demand despite negative changes in the economy. This is due to the simple fact that people and businesses rely on professionals for the lock repair, lock installation, key replication, and related services. Additionally, the high margins generated by the business will ensure the continued profitability of the business despite moderate declines in revenue.

7.3 Source of Funds

7.4 General Assumptions

7.5 Profit and Loss Statements 

7.6 Cash Flow Analysis


7.7 Balance Sheet


7.8 General Assumptions

7.9 Business Ratios

Expanded Profit and Loss Statements

Expanded Cash Flow Analysis