24 Jun Father & Son Franchise
Father and son duo acquire LockFit Franchise
Michael and James Booth both wanted a business where they could work together, but after realising the difficulties of starting their own business, they turned to LockFit, the Locksmith franchise.
Why did you decide to buy a franchise?
Michael Booth: Our plan was to qualify and set up a father/son family locksmith business. However, it dawned on us just how much we would have to take on.
We started to read the statistics about small business start-up failures and to be honest, it worried us – but we still knew there was a need and big demand for reliable locksmiths.
What were your main concerns in starting your own locksmith business?
Michael Booth: We were confident in our work ethic, but we didn’t have all the skills between us to handle every aspect of the business. Our main concern was sales and marketing, and actually getting jobs at the end of the day. We didn’t want to waste all our time and money – we couldn’t afford to fail.
What was your next course of action?
Michael Booth: We began searching online and looked at a number of the locksmith franchise opportunities. Then we met with lockfit at one of their open days in Birmingham; the package they offered was perfect for us, and we decided to join.
What was the main selling point the franchise offered?
Michael Booth: It was a combination of the experience lockfit offered, the package and the on-going support they provide to help us grow a business. More often than not, when looking at the various franchises they struggled to show where our money went.
What were the costs in buying a Lockfit franchise?
Michael Booth: Just under £5,000. When looking at other franchises, the majority of the initial fee was profit for the franchisor, which I thought was wrong.
However, Lockfit divide the fee and 90% was re-invested into our own business at the start; this went towards a tool starter pack, equipment starter pack, the business training / locksmith training and the market launch.
What other benefits have your experienced in buying a franchise?
Michael Booth: The support set-up, we get a 24/7 telephone support, and full business support to help us with the sales and marketing side. We also get a 24/7 technical support, which is very important to us since we are newly qualified.
What is your main goal within your franchise?
Michael Booth: My goal is to have a multi van operation and we’re confident with lockfit support we can achieve this, James is currently having driving lessons, and once passed I will purchase a second van and larger territory so James can then become more independent.
What do you feel the future holds for your business?
Michael Booth: We are both very excited about the future with lockfit, Having a full support team to guide us and seeing the results or other lockfit franchisees.