There are fresh business ideas that are cutting-edge and high-tech, as well as ancient concepts that have been tried over time and have not lost their significance. Starting your own key-making workshop is an example of a “good old” small business idea.

Although this idea is relatively old, it is still highly relevant and has expanded significantly in terms of technology. Even ten years ago, it was difficult to start such a firm because there was no equipment and the craftsmen relied on rudimentary old-fashioned methods. Today’s market provides us with professional equipment that is quite simple to use, allowing non-professional artisans to engage in the manufacturing of various keys.

Keys are the most common item that individuals have lost, continue to lose, and will continue to lose. As a result, making keys is an excellent business concept. How can I make a lot of money from this? You may start a business that specialised in creating duplicate keys.

What is the best place to start a business? This business idea does not necessitate huge investments, yet it pays off rapidly. However, while the costs of purchasing machine tools and blanks are not prohibitively expensive, they are quite real for those looking to establish their own small business.

To begin, apply for a business license. Then, choose a suitable room, which can be as little as 6 meters; the essential thing is that the machine fits in the room. Buy this area, and if you don’t have any startup funds, rent it.

A special machine is required to start a key-making business. Buy no Chinese machines. They appear appealing because you can instantly make various types of keys on them, but the machine itself is of poor quality. If it stops operating after a month, you will need to consider purchasing a new computer.

You will need to publicize your business after you have registered the firm and prepared the premises. Print calendars, flyers, and business cards and hand them out to passers-by. Advertise in newspapers and on the Internet (forums, websites, social networks), and place adverts on city billboards.

You will, without a doubt, have a large number of clients. Locked doors can be found in hotels, medical facilities, schools, kindergartens, garages, residential complexes, and other establishments. Key production is a lucrative source of revenue. You can also offer other services in the workshop, such as watch repair, lock repair, shoe repair, and knife sharpening. You can begin trading in locks themselves, providing lock opening and repair services, with a typical start and a good payback. Keep in mind that the more activities you provide, the more successful your firm will be.

This tiny business concept is extremely successful; on average, the trading margin on one key range between 500 and 1000 percent. I agree that it is really profitable. Good luck with your venture!

Alexandra Reay

Alexandra Reay is an editor and regular contributor to the BrillAssignment project. She teaches on self-improvement, technology innovations, global education development, etc.