If you own a locksmith business in New Jersey, then you’ve probably wondered: does my license stay when I sell the business? The answer is a resounding yes! While locksmith jobs are incredibly in-demand, many students today choose to pursue collegiate career paths rather than enter the trade. For this reason, you should make sure you thoroughly check your employees’ criminal histories before granting them access to the business.
A locksmith’s license is required by law in 15 states, and the process usually involves a criminal background check and written exams. Some states require an FBI criminal background check before granting a license. Others require bonding insurance or certification for locksmiths. Many states also require sales tax permits, Employer Identification Numbers, and Occupancy Permits. You may need all of these before you open your doors.
In New Jersey, you can join the Locksmiths Association of New Jersey. In addition, you should invest in the latest technology and software to book online jobs, manage your inventory, and dispatch your technicians. Workiz scheduling software is an excellent way to stay up-to-date on the latest trends in locksmithing, and will make you stand out from the competition. It also helps you build trust with customers, which will help you make more sales.
In addition to your general liability insurance policy, you should consider buying a commercial umbrella insurance policy. This type of insurance is required for NJ businesses with non-partner employees. This coverage will protect your business in case someone is injured on your premises, due to your mistakes. If you’re a local locksmith, professional liability insurance will cover you in case of a mistake, as well as your financial liability to the third party.
If you decide to sell your locksmith business, make sure you get business insurance and bonding. Insurance policies for locksmiths should cover your business auto and liability, which are essential to maintaining the livelihood of the business. A bonding policy will protect you and your customers against theft, damage from weather, and other perils associated with the profession. If you sell the locksmith business, you should also sell your license to the new owners, as this will allow you to continue operating without worrying about losing your license.
As a small business owner, you will need to have a good credit score to invest in your locksmith business. A locksmith license will cost anywhere from fifteen to twenty five percent of the initial start-up cost. As long as you can afford to invest at least 15 to twenty percent of the total start-up costs, you’ll be on your way to success! The key is to be patient and persistent!