Locksmith Investor Wanted: Safe & Lock,
Phone: (702) 649-3833 or (702) 205-0477
http://www.lockdoctorlv.com/Lock Doctor serves the following areas:
Las Vegas, Henderson, North Las Vegas, and Boulder City. Aliante, Alta Mira, Anthem, Aventura, Bellacere, Black Mountain Vistas, Boulder City, Canyon Gate, Club Aliante (N), Country Club Hills, Desert Shores, Eagle Hills, El Dorado, Green Valley, Green Valley Ranch, Henderson, Lake Las Vegas, Las Vegas Country Club, Las Vegas, Locks Vegas, Los Prados, Madison Towers, MacDonald Highlands, MacDonald Ranch, MGM/The Residences, Metropolis, North Las Vegas, Painted Desert, Panorama Towers, Park Avenue, Park Towers, Peccole Ranch, Quail Ridge, Queensridge, Red Rock, Rhodes Ranch, Scotch 80's, Seven Hills, Siena, Silverado Ranch, Solera at Anthem, Southern Highlands, Spanish Oaks, Spanish Trails, Spring Valley, Summerlin, The District, Sun City Aliante, Sun City Anthem, Sun City Summerlin, The Fountains, The Lakes, The Orchards, Tournament Hills, Town Square, Turnberry Place, Vegas, Vegas Grand Condos, Versailles, Call me at (702) 205-0477 if I forgot your area and I'll add it.
Safe and Vault Lock Bump Protection Transponder Keys High Security Locks Motorcycle Keys Automotive Lock work Locksmith Barter Cheap GasLocksmith:
Service, car keys, house key, Automotive Transponder Key, auto Remote door opener, Repair, fix your lock, Re-key, car open, house lockout, auto remote, replacement key, Upgrade Keys, Padlock key. Duplicate key, Broken key repaired, vehicle key, lost key, replaced, key copy.
Safe & Vault:
Serviced, opened, repaired, upgraded, dial to pushbutton, safe combination change.
Antique Safe: service, repair, and restoration. Styles and types: Liberty safe, gun safe, Sentry safe, fire safe, wall safe, floor safe, pistol safe, drop safe, home safe, safe deposit box, jewelry safe.
Upgrade:
Bump key and lock Bumping Protection, lock upgrade, safe dial type upgrade to pushbutton.
Automotive & Motorcycle service:
Repair, Re-key, Lock replaced, Vandalism stolen recovery, repaired.
Lockout service:
24/7 home, lockout, business, car opening, lockout auto emergency 24 hours, 7 days, locked out, lost key.
Rental Property:
Serviced, Constable lockout, open and re-key, master-key system.
High Security:
Locks, safe and vaults opened, pick resistant locks, Vats keys, Pats key.
Real Estate Agent Lock Service.
Key Insurance. Locksmith: locks, keys, safe, lock, locksmiths, locksmith, door locks, door lock, safes, lock and key, security lock, Padlocks, security locks, padlock, window locks.
Lock Doctor LLC
Business Plan for the Period
Starting January 2007
Executive Summary
Business Description
The Lock Doctor LLC is a highly regarded provider of security throughout the vegas valley since the 1970's. The Lock Doctor LLC will strive to be the quintisential standard of the locksmith industry. Services include residential, commercial, industrial and automotive. We will educate our clients making them aware of all of their security options. We bring a combined experience of 55 years covering all aspects of the locksmith industry. We will provide and implement security solutions to the residents and businesses of the fastest growing city in the world. These security solutions include sales, service and installation of mechanical locking devices, electronic access control, safes and vaults, door hardware, automotive, master key systems and much more.
Ownership and Management
Lock Doctor LLC is a Limited Liability Company, Locksmith service, owned and manager by Edward Paul. There are currently no employees. Mr. Paul has spent the last 36 years as a self-employed Full Service Locksmith.
Key Initiatives and Objectives
In extensive opportunities over the years to act as primary security providers to the individual, businesses or corporations it is essential to provide the solutions necessary professionally, correctly and in a timely manner to forge permanent and profitable relationships.
Our primary objectives over the next year are to:
1. Obtain expansion capital of $50,000 to cover upgrades to current equipment, software, tools and supplies for our Locksmith service, Lock Doctor LLC.
2. Implement a cost-effective promotional strategy that will maximize awareness and trial for the Locksmith business.
3. Achieve a 15% increase in repeat business which is not unusual for a cutting edge Locksmith business.
Locksmith Marketing Opportunities
In light of market research, a locksmith should target new businesses, new homeowners and new vehicle owners between the ages of 25 and 55, married with moderate to high income. Three quarters will not have a current Locksmith and will be prime candidates for the majority of our services. In addition, there is potential in older existing businesses for our Safe and Vault Services including offering service contracts to banks and other high frequency users of safe and vault services, an area untapped by other locksmiths.
Locksmith Competitive Advantages
Upgrading to current locksmith technology, Lock Doctor LLC will be able to offer the best coverage for current locksmith customer needs regarding vehicle key spares and replacement as well as remotes for these same vehicles. Our safe and vault services will be the best in the valley. We will also distinguish ourselves by being proactive unlike most other businesses let alone other locksmith services. we will use our customer database for repeat sales, rather than just being reactive to our customers as calls come in, just doing what is asked of us and waiting for the next call as the majority (or all) of our competing locksmith businesses.
Our strong customer relations experience as well as our overall locksmith knowledge base will assist us in continuing our old fashioned pride in our work, something not easily found these days, where a locksmith is a person that removes and replaces or is that a handyman, I forget?
Our relationship with the major distributors of locksmith parts allows us to maintain readily available stock of all necessary hardware for immediate sale and installation.
Locksmith Marketing Strategy
Our promotional strategy includes membership in local and national locksmith industry associations. Distribution of brochures created for Lock Doctor LLC is also essential. An increasingly viable form of promotion is on the internet. We will create a website as an extension of Lock Doctor LLC through which we can advertise and assist locksmith customers directly.
Return customers and referrals constitute a valuable source of revenue in the locksmith industry. We will encourage this by offering impeccable service to our existing locksmith customers and maintaining a customer database. We will obtain an email address for each customer and offer them locksmith specials from time to time.
Pricing will be set competitively with similar locksmith businesses in the first year. It will subsequently be raised 5% over the next two years to reflect better and more capable locksmith service.
Summary of Locksmith Financial Projections
A 10 year, 10% loan for $50,000 will be used to finance upgrades to current locksmith equipment, software, locksmith tools and supplies for Lock Doctor LLC. The purchases will secure a number of new contracts with car rental agencies and banks. Direct cost of sales is projected to be 19% in the first year, dropping to 6% and 5% in the next two years respectively. The relatively high cost of sales in the first year reflects additional man hours to secure initial new contracts. We project that our net income will increase from $39,750 in 2007 to $155,000 in 2008.
Confidentiality and Recognition of Risks
Locksmith Confidentiality Clause
The information included in this locksmith business plan is strictly confidential and is provided on the understanding that it will not be disclosed to third parties especially other locksmith business owners or employees, without the expressed written consent of Lock Doctor LLC.
Recognition of Risk
This locksmith business plan represents management's best estimate of the future potential of our locksmith business venture. It should be recognized that not all major risks can be accurately predicted or otherwise avoided and that few locksmith business plans are free of errors of omission or commission. Therefore locksmith business investors should be aware that this locksmith business has inherent risks that should be evaluated prior to any investment.
Locksmith Business Overview
Locksmith Business History
Lock Doctor is a Locksmith business that has been in business since the 70's and under current ownership since November 2006. Mr. Paul worked with previous ownership since 2004. Lock Doctor became Lock Doctor LLC in December 2006. Lock Doctor LLC is a Limited Liability Company Edward Paul.There are currently no locksmith employees. Mr. Paul has spent the last 36 years as a self-employed Full Service Locksmith.
Locksmith Vision and Mission Statement
Our mission is to successfully build, promote and provide the very best quality Safe, Vault, Security Solutions and Locksmith services for our customers in the greater Las Vegas Valley.
Locksmith Objectives
Our primary objectives over the next year are to:
1. Obtain expansion capital of $50,000 to cover upgrades to current locksmith equipment, software, locksmith tools and supplies for Lock Doctor LLC.
2. Implement a cost-effective promotional strategy that will maximize awareness and trial for the Locksmith business.
3. Achieve a 15% increase in repeat locksmith business.
4. Achieve a 95% increase in email addresses for customers.
Locksmith Ownership
Lock Doctor LLC is a Limited Liability Company owned and manager by Edward Paul.
Locksmith Location and Facilities
Lock Doctor LLC is located at 2657 North Las Vegas Blvd. Suite "D", in North Las Vegas, NV. This location is just 3 doors south of where The Lock Doctor Locksmith Service had been since the early 80's under previous ownership. This is the only current locksmith location however there are plans for Locksmith Shop Franchises in the very near future as well as a locksmith website as an extension of our current brick and mortar locksmith capabilities.
Locksmith Products and Services
Description of Locksmith Products and Services
Lock Doctor LLC will provide the highest Quality Security Service and Parts for your Business, Home and Vehicles. You can take care of all of your locksmith needs Including Locks, Safes and Vaults, Keys (including High Security and Transponder) plus Remotes for your vehicles. You can also get Locks re-keyed serviced and repaired, Safes and Vaults including High Security, opened, repaired and serviced, as well as your Vehicles opened by a professional locksmith, Keys replaced and duplicated, Remotes serviced and replaced. The entire Las Vegas Valley is covered by our Locksmith Technicians, including Las Vegas, North Las Vegas, Summerlin, Anthem, Henderson and the surrounding areas.
Key Features of the Locksmith Products and Services
Our locksmith services will be developed to provide the optimal amount of personalized service for our customers. A large percentage of locksmith business comes from repeat customers and recommendations by family and friends. As a result, creating a good impression the first time is essential for the long term success of such a locksmith operation.
Lock Doctor LLC will maintain the highest service standards and will provide their customers with prompt knowledgeable response to lock, safe & vault and vehicle service and repair problems.
The Lock Doctor LLC takes an experienced assessment of a clients locksmith needs as pertains to their individual requirements such as code compliance and insurance requirements while offering options to suit their personal preferences.
The owner and management of the Lock Doctor LLC make it a point of keeping up with the latest locksmith products and technologies through our relationships with distributors and product manufacturers.
Production of Locksmith Products and Services
It is expected that in the first year there will be no need for extra help involved in the duties required for running the locksmith business. If the need arises for extra help the extra volume of locksmith business would provide the increase in revenue.
Once new locksmith contracts are established the increase in work will require extra help as well and will either be handled thru a subcontracting locksmith or an employee. Just one new contract with car rental agencies will generate $10,000 - $15,000 in new locksmith business each month.
Larger businesses, corporations and state and local agencies have high security needs. In these cases we produce master key systems which provide key control to the owners or managers of these facilities.
Service provided by the Lock Doctor LLC will be performed by experienced and highly trained locksmith technicians. As the business grows, the Lock Doctor LLC will seek out personable, professional locksmith technicians and make certain they are familiar with the products that they sell, service and install.
Future Locksmith Products and Services
Services will evolve over to reflect locksmith industry trends and changing client needs. To help improve services, regular feedback from customers regarding how satisfied they are with the locksmith services and what could be done to meet their particular needs better.
With the never ending demand for locksmith service in Las Vegas, additional, fully equipped mobile units will without a doubt be required. The accounts set up by the Lock Doctor LLC will require our services at regular intervals. Daily, weekly or monthly depending on employee turnover, which normally requires changing some lock codes and safe combinations.
Comparative Advantages in Production
Our comparative advantages in production is our ability to do automotive work. Automotive locksmith work was dropped by companies because of knowledge and equipment required. It is a niche that if filled by an experienced and equipped locksmith firm will produce sizable income. Car dealerships, auctions, a large number of business fleets and individual owners are in need of capable quality locksmith service.
We also have an advantage in that we have the most qualified locksmith technicians based on their expertise and skill set.
This allows our customers to be confident and make an informed decision.
In the past 7 years the number one complaint of locksmith customers has been that the other companies in town send inexperienced people that do not have the proper hardware or understanding of the clients needs. Many locksmith companies hire inexperienced help to put warm bodies in the field.
Locksmith Industry Overview
Locksmith Market Research
To fully understand the locksmith market we are targeting we talked to local business leaders, the Small Business Association, the Chamber of Commerce, the local economic development office, and all small business lending departments at the local banks. In addition, we read local newspaper and journal articles and collected locksmith industry statistics from the State of Nevada.
Size of the Locksmith Industry
There are hundreds of Locksmith businesses in Las Vegas valley, there are near a hundred Locksmith businesses in the Las Vegas area alone. While there is some overlap in the types of services provided, most locksmith businesses have developed their own market niches. Businesses tend to become well known and recognized for their skills in a specific area such as safe & vault service.
Key Locksmith Product Segments
Locksmith services we will develop are High Security Safe and Vault Servicing. A second service will be to do automotive transponder work. A third service is automotive remote service and replacement. We will continue to support our current customers with the locksmith needs that they bring to the shop. We will put under contract many of the above services. Key Insurance is another locksmith service we will develop and provide.
Key Market Segments
The key markets for High Security Safe and Vault work are Banks and Nellis Air Force base. The key markets for Transponder work are vehicle rental agencies. There are others including Safe and Vault work, non-high security. Lastly is the automotive remote control service and replacement usually looked at as something a locksmith can't do.
Purchase Process and Buying Criteria
The need for locksmith services varies by the type of client. Clients find and choose the Lock Doctor LLC using several methods.
The population of Las Vegas will find the Lock Doctor LLC locksmith services through word of mouth, reputation, strategic alliances with business groups and local advertisement. The locksmith service is chosen based on the needs of the client, price, quality of service, reputation, and availability of service on demand.
Locksmith Industry Outlook
With the continued population growth the demand for locksmith services Lock Doctor LLC. will continue to grow.
Locksmith Marketing Strategy
Target Markets
Our target locksmith markets will be the high volume users of Transponder keys such as car rental agencies. A second major market will be High Security Safe and Vault work including opening, repair and service. Locking up these type of customers with contracts is paramount to our expansion and our continued success.
Description of Key Competitors
Lock Doctor LLC is the only major locksmith in the North Las Vegas area.
Analysis of Competitive Locksmith Position
Lock Doctor LLC will be targeting its services to car rental agencies, banks, businesses as well as current locksmith customers. The Lock Doctor LLC has a competitive advantage in this area due to the length of time locksmith service has been provided by us and the previous Lock Doctor in the same general location.
The old Lock Doctor served the community since the 70's. They had an excellent work record, and are known to have been reliable, courteous and efficient workers. The Lock Doctor LLC will continue the tradition of the old Lock Doctor with these same qualities and more. These qualities, combined with entrepreneurial enthusiasm, will contribute greatly to the success of Lock Doctor LLC.
Our combined work experience gives us an excellent background in customer service and satisfaction, problem-solving and reliability. We are familiar and competent with the operation, accounting and record-keeping of major locksmith businesses, and will successfully transfer those skills to our own locksmith business.
Locksmith Pricing Strategy
Current pricing for existing locksmith customers in close proximity will remain unchanged to guarantee continued support from the local long standing customers.
With the current redevelopment project of north Las Vegas Blvd., many new businesses will be attracted to this area along with new residential business as well. This should help continued growth for our locksmith service for many years to come.
New business from residential customers in outlying areas will reflect additional charges to cover miles traveled and additional gas needed to service these new customers after our initial efforts to attract these customers to use our locksmith services.
Locksmith Promotion Strategy
The absence of locksmith competitors who provide full-service, the length of time these customers have been coming to this spot for service along with our experience and reputation will mean minimal promotion is required to maintain current levels.
Promotion for transponder work, remote work and safe and vault services will be done initially by letting these customers know we can handle their needs 100%. Contacting these potential locksmith customers by phone or in person between other calls in their area will go a long way to securing their business.
Offering to do their work with our "One Call Does it All" will let them see what we have to offer. Follow that with our experience and full locksmith capability will please and maintain these customers.
Contracts offered on the basis of from 10-20% savings during the first year will also lure some of these potential locksmith customers.
Locksmith Distribution Strategy
Incoming locksmith calls initially will be handled by Mr. Paul.
Management and Staffing
Locksmith Organizational Structure
Lock Doctor is a LLC that will be run and managed by Mr. Paul. All administrative and accounting duties will be carried out by him.
Locksmith Management Team
The locksmith management team is comprised of Mr. Paul himself. He has an excellent work record, and is known to be reliable, courteous and efficient. These qualities, combined with entrepreneurial enthusiasm, will contribute greatly to the success of Lock Doctor LLC.
Locksmith Staffing
No full time staff will be hired at Lock Doctor LLC for our initial phase. As the population and business needs increase, locksmiths will be hired on an as needed basis.
Locksmith Regulatory Issues
Intellectual Locksmith Property Protection
Where possible, Lock Doctor LLC would like to retain ownership of their work. In most cases, this will be achieved by selling a locksmith franchise to the client.
Regulatory Issues
There is a license required to have a locksmith shop and another required to do mobile service at the clients home or business. These are both issued by the city of North Las Vegas.
Risks
Market Risks
Since there are limited barriers to entry in an industry such as this and few people with relevant skills on the job market, the probability of increased locksmith competition is a small concern. To counter this challenge, Lock Doctor LLC will strive to provide comprehensive service and competitive pricing and to stay on the leading edge of locksmith solutions. Our long term goal is to expand our operations so that we become the leading locksmith firm in the region.
Other Risks
There are several other risks that could affect our locksmith operations including cyclical cash flow problems and liability issues. Locksmith firms can experience cash flow problems because of the delay in payment on jobs that get billed. Clients can take 30 to 60 days after completion of their jobs to pay the locksmith invoice. To avoid this situation, our firm will ask for 50% of the job price at the beginning of the job, an additional 40% half way through the job and the remainder upon completion of the job. The majority of Lock Doctor LLC jobs will average four weeks or less, reducing the risk of cyclical cash flow problems.
Implementation Plan
Implementation Activities and Dates
Within the next several months Lock Doctor LLC will undertake the following activities:
1. Mr. Paul is seeking a loan for $50,000 to expand Lock Doctor LLC.
2. Documents for locksmith franchises will be developed.
3. A locksmith corporate brochure will be developed to be distributed to potential clients and local business leaders.
Financial Plan
Discussion of Projected Net Income
Our revenue projections for 2008 are $155,000 which reflects 11 months of locksmith receipts. This corresponds to the assumption of things continuing to grow at a rate equal to the growth seen in 2007. Locksmith revenues are estimated to reach $250,000 in 2009 and $425,000 in 2010 with income rates growing to 35% and 42% respectively. Locksmith net income would correspondingly rise to $195,000 and $300,000 in the third and fourth years.
Cost of locksmith goods as a percentage of net sales is skewed in 2008 due to the expansion loan. Expenses such as sales & marketing, property & utilities, and locksmith operations are relatively consistent over the three year span of the business plan. As a percentage of locksmith revenues however, these categories are low in 2008 because they are being applied to 13 months of revenue.
Discussion of Monthly Cash Flow Statement
Due to the nature of the locksmith business, spending will be watched carefully to ensure a positive cash flow. The monthly cash flow is located at the end of this business plan.
Discussion of Projected Annual Cash Flow
If we meet our projected financial targets, there will be no need for operating loans in 2009 or 2010. Repayment of the loan will total $10,444 per year, which is $870 per month for 10 years at 7% interest rate. We do not expect to require operating funds in Years 3 or 4. If such a need arises, however, we will seek additional funding.
Discussion of Pro-Forma Balance Sheet
We do not project any difficulty meeting our long term debt obligations, provided we meet our financial objectives which are based on current estimates.
Discussion of Business Ratios
We have compared our ratios to those compiled in the Robert Morris Associates Annual Statement Studies. The gross margins are similar to locksmith industry averages. Profit margins are much lower than average in the second year reflecting advertising lag and training on new locksmith equipment. The following years show profit margins that are much closer to the locksmith industry standard.
Labels: automotive, business, change, change locks, home, key, keys, lock, lock and key, locks, locksmith, motorcycle, office, safe and lock
