Initiating a locksmith business might turn out to be a good business, but you have to know how much it will cost you before you get started. Usually, the first investment varies between $5,000 and $25,000, depending on whether you work as a mobile locksmith or have a full-service store. Some of the major expenses are paying for a license and getting certified, buying tools and equipment for the locksmith work, having a good service vehicle, getting insurance, registering your business, doing marketing, and if you want, renting a shop. This guide is a detailed explanation of each cost, which helps you plan your budget and start your locksmith business with a great deal of assurance.