Go-to-Market Strategy for smart locks

Discover the ultimate go-to-market strategy for smart locks and learn how to successfully launch your product in the market.

Smart locks have become increasingly popular in recent years, with the market expected to continue its upward trajectory for the foreseeable future. If you're looking to bring your smart lock product to market, having a solid go-to-market strategy is essential for success. In this article, we'll cover the key components of a successful go-to-market strategy for smart locks, from market analysis to pricing and revenue models, and everything in between.

Understanding the Smart Lock Market

Market size and growth potential, key players and competitors, target customer segments, market trends and opportunities, defining your unique value proposition.

As the market for smart home technology continues to grow, it's important to develop a product that stands out from the competition. Your unique value proposition should clearly communicate the benefits of your smart lock product and why customers should choose it over other options.

Product Features and Benefits

When considering the features and benefits of your smart lock product, it's important to think about what will truly set it apart. While ease of use and remote access are important features, consider taking it a step further. Can your smart lock integrate with other smart home devices, like security cameras or lighting systems? Can it be customized to fit the unique needs of individual customers?

Another important consideration is the level of security your smart lock provides. Does it offer advanced encryption technology or multiple layers of authentication? Communicating the benefits of these features to potential customers can help you differentiate your product from competitors.

Competitive Advantages

Identifying your competitive advantages is crucial when developing your go-to-market strategy. Take a close look at your competitors and think about what sets your smart lock apart. Perhaps it offers a unique security feature, like facial recognition technology or voice activation. Or maybe it has a more affordable price point than other options on the market.

Whatever your competitive advantage may be, make sure to clearly communicate it to potential customers. This can be done through marketing materials, product packaging, and even in the product name itself.

Addressing Customer Pain Points

Smart locks are designed to solve a range of customer pain points, from the inconvenience of carrying keys to the need for enhanced home security. Understanding these pain points and addressing them in your product design can help you develop a product that truly meets customer needs.

Consider conducting surveys or focus groups to gather feedback from potential customers. This can help you identify pain points that may not be immediately obvious and develop solutions that truly address customer needs.

Aligning with Market Needs

Your smart lock product should align with the needs of your target customer segments and the broader market. Conducting market research can help ensure that your product meets market needs and stands out from the competition.

Consider factors such as price sensitivity, preferred features, and brand loyalty when developing your product. By aligning with market needs, you can increase the likelihood of success and ensure that your product resonates with potential customers.

Pricing and Revenue Models

Bringing your smart lock product to market requires careful consideration of pricing and revenue models. In this section, we'll explore some key strategies to help you make informed decisions.

Pricing Strategies

One of the most important decisions you'll make is how to price your smart lock product. There are several pricing strategies to consider, including:

  • Cost-plus pricing: This involves adding a markup to your production costs to determine the final price of your product. It's a straightforward approach that ensures you'll make a profit, but it may not be the most competitive pricing strategy.
  • Value-based pricing: This involves setting your price based on the perceived value of your product to your customers. For example, if your smart lock offers unique features that make it more convenient or secure than other products on the market, you may be able to charge a higher price.
  • Competitive pricing: This involves setting your price based on the prices of your competitors. If you're entering a crowded market with many established players, this may be the best approach to remain competitive.

The pricing strategy you choose will depend on a range of factors, including your production costs, the value proposition of your product, and the pricing of your competitors.

Subscription vs. One-Time Purchase

Another decision to make when developing your pricing strategy is whether to offer a subscription-based model or one-time purchase option. Subscription models can lead to more predictable revenue streams, which can be beneficial for your business. However, some customers may prefer a one-time purchase option that doesn't require a monthly fee.

Consider your target market and their preferences when making this decision. You may also want to offer both options to give customers more flexibility.

Bundling and Upselling Opportunities

Bundling your smart lock product with other related products, such as home security systems or smart home hubs, can provide upsell opportunities and increase overall revenue. By offering a package deal, you can entice customers to purchase more products from your company.

Additionally, offering premium features for an additional cost can help you capture additional revenue from customers who are willing to pay for added convenience or security.

Profit Margin Considerations

It's important to consider profit margins when developing your pricing and revenue models. You'll need to ensure that your pricing is high enough to cover your production costs and leave room for profit, while also remaining competitive in the market.

Consider conducting a thorough cost analysis to determine your production costs and the minimum price you'll need to charge to make a profit. From there, you can adjust your pricing strategy to ensure that you're maximizing revenue while remaining competitive.

Developing a successful go-to-market strategy for your smart lock product requires careful consideration of a range of factors, from market analysis to pricing and revenue models. By understanding the needs and pain points of your target customer segments, identifying your unique value proposition, and developing a pricing strategy that aligns with market needs, you can set your smart lock product up for success in a competitive and growing market.

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Smart Door Lock Market Size, Share & COVID-19 Impact Analysis, By Type (Deadbolt, Lever Handles, Padlock, and Others), By Product (Biometric Door Locks (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition, Others), Smart Card Door Locks, Electric Strike Door Locks, and Others), By Connecting Technology (Wi-Fi, Bluetooth, ZigBee, and Others), By Application (Residential, Hospitality, Commercials, Government, Retail, Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI100215

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KEY MARKET INSIGHTS

The global smart door lock market size was valued at USD 2.13 billion in 2022 and is projected to grow from USD 2.49 billion in 2023 to USD 8.21 billion by 2030, exhibiting a CAGR of 18.6% during the forecast period. North America dominated the global market with a share of 41.78% in 2022.

A smart lock is an advanced version of a traditional lock. This lock is a Bluetooth or Wi-Fi-enabled smart home device that enables users to lock and unlock doors with a finger or through a simple voice command. The smart door lock is operated wirelessly by a cryptographic key on authentication, providing access only to authorized personnel.

The smart lock system is being adopted in various homes and commercial buildings to offer an innovative approach to locking mechanisms and enhance user-friendliness. Additionally, the development of core technologies, such as Artificial Intelligence (AI), Internet of Things (IoT) , Big Data, and cloud-based applications will drive the smart door lock market growth. These advanced technologies will assist key players in developing innovative smart locks with various features.

Additionally, rising use of futuristic technologies by key players in various smart cities is expected to boost the market growth. For instance,

  • In July 2021, according to the White & Case smart cities survey, 16% of the mobile phone apps and 15% of AI and IoT technologies were deployed toward developing and initiating smart cities .

The report covers various smart door lock offered by market players such as ASSA ABLOY, Samsung Group, Panasonic Corporation, Guangdong Be-Tech Security Systems, Honeywell International, Inc., DESSMANN, The Chamberlain Group, Inc., Kaadas, Masterlock and others.

COVID-19 IMPACT

Rising Demand for Smart Door Locks during COVID-19 Fueled Market Growth

The COVID-19 pandemic played a key role in increasing the demand for advanced home security systems for infected people or individuals not taking necessary precautions, such as wearing masks or sanitization, causing further transmission. People across the world started installing smart home devices that require less human intervention and contact, and replaced traditional security systems to decrease the spread of the virus. For instance,

  • In December 2020 , according to Park's Associates research, one-third of smart device owners in the U.S. broadband households started using smart home devices during the COVID-19 pandemic to reduce contact with traditional devices. This research found that around 46% of the U.S. broadband households deployed smart door locks.

Thus, the demand for smart security systems that provide autonomous and contactless features will propel the market growth.

LATEST TRENDS

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Increasing Adoption of Emerging Connecting Technologies Is a Prominent Trend

One of the key emerging trends in the market is the increasing implementation of progressive connecting technologies such as Bluetooth, Z-wave, 5G networks, Zigbee, and others. Key players are adopting these technologies to bring advancements in intelligent lock security systems for commercial and residential use. For instance,

  • In September 2022, Yale Home launched Yale Assure Lock 2, a new flagship collection of smart locks re-designed with modern technology to provide daily smart home access. Yale Assure Lock 2 connects with Bluetooth and Wi-Fi to control the lock remotely.

DRIVING FACTORS

Surging Investment in Smart City and Industrial Projects to Accelerate Market Growth 

The rising investment in various smart city and industrial projects is expected to drive the market share. Major industry players, such as August Home, DESSMANN, ASSA ABLOY AB, Godrej Group, and others, are focusing on emerging door lock technologies and solutions for various government, commercial, and residential buildings under smart city plans. These companies plan to implement business strategies, such as acquisitions, mergers, and partnerships, to expand their product offerings. For instance,

  • In October 2022, ASSA ABLOY announced a collaboration with Bird Home Automation GmbH (DoorBird), a German high-grade IP door intercom manufacturer, to integrate ASSA ABLOY’s smart solutions with IP door intercoms to accelerate its penetration in the smart residential home segment.

RESTRAINING FACTORS

Lack of Awareness about Intelligent Door Locks May Impede Product Adoption 

Although smart door locks offer several technological features, most users have security concerns. Also, the lack of awareness and high cost of intelligent door locks, mainly in rural areas, are likely to hinder the market's growth. Other factors, such as government rules & regulations and lack of implementation of advanced technologies are projected to hamper the market growth.

SEGMENTATION

By type analysis.

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Deadbolt Segment to Hold Maximum Market Share Backed by Rising Adoption in Residential Applications

Based on type, the market is divided into deadbolt, lever handles, padlock, and others. Among these, the deadbolt segment is expected to hold the largest share of the market. This growth is mainly due to the rising demand for door locks across residential buildings.

Lever handles, padlocks, and others (knob door locks) segments are set to record substantial CAGR during the forecast period, owing to the rising integration of connectivity technologies, such as Bluetooth, ZigBee, and others.

By Product Analysis

Biometric Door Locks to Hold Largest Market Share Owing to Rising Preference for Face, Iris, and Fingerprint Recognition

Based on product, the market is classified into biometric door locks, smart card door locks, electric strike door locks, and others. The biometric door lock segment is expected to capture a major share of the market. This growth is attributed to the rising adoption of biometric applications, such as face recognition , palm, iris, and fingerprint recognition. Smart card door locks, electric strike door locks, and other segments are predicted to exhibit a substantial growth rate owing to the rising implementation of Wi-Fi connecting technology.

By Connecting Technology Analysis

Increasing Investment by Startups to Launch Bluetooth-enabled Locks Will Drive Segment Growth

Based on connecting technology, the market is classified into Wi-Fi, Bluetooth, ZigBee, and others. The Bluetooth segment is expected to hold the maximum market share due to its hands-free technology features that detect an unlocking credential such as smartphone, a key fob, or other smart device nearby and increasing investment by startups to launch door locks equipped with Bluetooth technology. For instance,

  • In October 2022, Level, a smart lock startup launched Level Lock+ that supports unlocking through Level’s mobile app and touch via capacitive sensors

Additionally, the Wi-Fi and ZigBee segments are projected to grow considerably during the forecast period owing to the rising adoption of cloud-based home automation applications across residential buildings.

By Application Analysis

Residential Segment to Hold Largest Market Share Due to Increasing Demand for Smart Locks

Based on application, the market is divided into residential, hospitality, commercial, government, retail, and others. The residential segment is expected to hold the largest market share during the analysis period. Key market players are focusing on developing smart locks to cater to the rising demand for these products and increase accessibility features to dominate modern home security across residential spaces.

Furthermore, the increasing demand for intelligent door locks across smart building projects is expected to drive the growth of the commercial and government segments. For instance,

  • In December 2022, Fortune Brands Home & Security, Inc., a security & home products company, announced the acquisition of Schaub and Emtek, a luxury cabinet & door hardware business, and August and Yale residential smart home locks business for the U.S. and Canadian markets.

REGIONAL INSIGHTS

North America Smart Door Lock Market Size, 2022 (USD Billion)

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Based on region, the market has been divided among five prominent regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

North America is expected to hold a major smart door lock market share. The region's growth is mainly due to the adoption of comprehensive technologies and rapid expansion of smart homes across countries, such as the U.S., Canada, and Mexico. Consumers’ increasing usage of products, such as smart speakers make them a target audience for any regional e-commerce business. For instance,

  • According to the Oberlo survey, around 60.4 million households in the U.S. are actively using smart home devices in 2023, and it is projected to grow to 48.4% in 2025.

Asia Pacific is predicted to be the fastest growing region owing to the rising number of smart city projects in countries, such as India, Japan, China, South Korea, ASEAN, Oceania, and others. Also, companies are launching advanced smart door locks to gain significant market share. For instance,

  • In February 2022, Xiaomi launched a Smart Door Lock E10 in China with features, such as a fingerprint scanner, NFC, and keypad to provide multiple ways to unlock the door. This door lock includes fingerprint recognition with 99% accuracy and a 0.5-second lag that can connect through Bluetooth and opens the door with a smartphone or smartwatch.

Europe is expected to register a substantial CAGR during the forecast period. This growth is credited to the rising investment in developing security door locks for government and critical infrastructure spaces in countries, such as the U.K., France, Benelux, Nordics, and Germany.

The Middle East & Africa and South America regions are predicted to grow significantly. The investments by key players and local governments in the Middle East & Africa region are rising at a notable rate. The acquisition will help create opportunities for major market players to set up manufacturing facilities and increase the workforce in countries such as South Africa, Turkey, Israel and North Africa.

COMPETITIVE LANDSCAPE:

Key Companies to Focus on Investments to Increase their Market Share

Key players in the global market, such as ASSA ABLOY AB, Honeywell International, Inc., Panasonic Corporation, Robert Bosch GmbH, Godrej Locking Solutions & Systems, and others, are focused on expanding their geographic presence by modifying their existing products and solutions, and launching new products to attract a large customer base. These strategies will help them gain a competitive edge and improve their revenue margins.

List of the Key Companies Profiled:

  • ASSA ABLOY (Sweden)
  • Samsung Group (South Korea)
  • Panasonic Corporation (Japan)
  • Guangdong Be-Tech Security Systems (China)
  • Honeywell International, Inc. (U.S.)
  • DESSMANN (China)
  • The Chamberlain Group, Inc. (LiftMaster, Chamberlain, Merlin and Grifco) (U.S.)
  • Kaadas (Australia)
  • Masterlock (U.S.)
  • August Home (U.S.)
  • Kwikset (U.S.)
  • Techlicious LLC. (U.S.)
  • Godrej Group (India)
  • Adel Marketing (M) Sdn. Bhd. (Malaysia)
  • SCHLAGE (U.S.)
  • HavenLock, Inc. (U.S.)
  • YALE (U.S.)
  • Xiaomi Corporation (China)
  • Latchable, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

  • February 2023: Yale Home collaborated with Pantone, an American limited liability company, to bring its Pantone color, PANTONE Viva Magenta, to a Yale Assure Lock 2 model without compromising on the simplicity or security of a smart lock.
  • March 2023: Kwikset introduced Home Connect 620 smart lock on the ISC West program. This smart lock offers options, such as a 10-button keypad with one-touch locking to allow dealers to integrate safety into smart home environments.
  • December 2022: Samsung partnered with Zigbang, a prop-tech startup, to create a smart door lock by deploying an Ultra Wide Band chip. The Zigbang UWB digital key door lock is unlocked with a UWB chip, minimizing the smartphone's touch.
  • November 2022: Yale launched a new smart storage product to increase its smart home device range in India and spread the Yale Access of connected devices in this market. It launched a new product called the Yale Smart Safe, which is fully controllable through the Yale Access app.
  • September 2021: Assa Abloy acquired the Hardware and Home Improvement (HHI) business of Spectrum Brands, a hardware & security solutions provider, to enhance its product range and accelerate the switch from mechanical to digital solutions.

REPORT COVERAGE

An Infographic Representation of Smart Door Lock Market

Smart Door Lock Market

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The research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product & services types, and top applications of the product. Furthermore, the report provides insights into the product offerings, trends, and technologies that are being deployed at a rapid pace at a global level. It further provides insights into the market’s drivers & restraints, helping the reader gain in-depth knowledge about the industry.

Report Scope & Segmentation

Frequently asked questions.

Fortune Business Insights says that the global market size was USD 2.13 billion in 2022 and is projected to reach USD 8.21 billion by 2030.

In 2022, the North America market value stood at USD 0.89 billion.

Registering a CAGR of 18.6%, the market will exhibit significant growth during the forecast period of 2023-2030.

The deadbolt segment is expected to lead this market during the forecast period.

The surging investment in various smart city and industrials projects are expected to boost the growth of the market.

ASSA ABLOY, Samsung Group, Panasonic Corporation, Guangdong Be-Tech Security Systems, Honeywell International, Inc., DESSMANN, The Chamberlain Group, Inc., Kaadas and others are some of the major players in the global market.

North America held a dominant market share in 2022.

Asia Pacific is expected to exhibit the highest growth rate during the forecast period.

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  • PUBLISHED ON: May, 2023
  • BASE YEAR: 2022
  • HISTORICAL DATA: 2019-2021
  • NO OF PAGES: 160

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The global smart door lock market size was valued at $2.13 billion in 2022 & is projected to grow from $2.49 billion in 2023 to $8.21 billion by 2030

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The Best Smart Locks

A Schlage Encode Smart WiFi Deadbolt installed to a door and set to lock.

Smart locks take a routine, often tedious daily ritual—entering or leaving home—and make it far more convenient, far more secure, and a little more fun.

Most smart locks are either a deadbolt replacement or a deadbolt adapter (which replaces the thumb turn with a motorized one). We have also added a pick for a smart doorknob replacement lock.

We recommend the Schlage Encode Smart WiFi Deadbolt for its best-of-breed combination of robust hardware, simple installation and controls, top tier security, and overall reliability.

Everything we recommend

smart lock business plan

Schlage Encode Smart WiFi Deadbolt

The best smart deadbolt lock.

This easy-to-install, sharp-looking Schlage deadbolt works flawlessly, is intuitive to use, and provides robust security.

Buying Options

smart lock business plan

Aqara Smart Lock U100

An apple home-friendly fingerprint model.

This fast, quiet, and largely friendly deadbolt replacement has an excellent fingerprint reader and Apple Home Key compatibility.

smart lock business plan

Ultraloq U-Bolt Pro WiFi

A small, fast, fingerprint-reader.

The top feature of this compact, versatile, and quiet smart lock is a fast (though sometimes faulty) fingerprint reader, and its rubber number keys will please most anyone.

Budget pick

smart lock business plan

A versatile yet low-cost option

Fast, quiet, and easy to install, this deadbolt adapter has a built-in sensor to detect when your door is ajar, plus it comes with a tiny plug-in Wi-Fi adapter.

smart lock business plan

Schlage Encode WiFi Lever

A smart-doorknob replacement.

A nearly identical model to our top pick, this keypad smart lock replaces a doorknob—not a deadbolt—with an accessibility-friendly lever handle.

Things to know

You can find two types of deadbolt smart locks—a full replacement or an adapter for an existing deadbolt. Another category is doorknob replacements.

Choose a smart lock based on how you want to unlock it: with a code, an app, a fingerprint, tap-to-unlock using a phone or fob, or geofencing (which uses your phone’s location).

If you can use a screwdriver and a smartphone app, installing a smart deadbolt takes 5 to 15 minutes, plus 10 to configure its settings.

Every smart lock has a companion app, but Amazon Alexa, Apple Home, and Google Assistant let you control locks and other devices in a single app.

If you can’t or don’t want to replace your deadbolt, the Wyze Lock is a deadbolt adapter with sturdy, reliable hardware and a great app.

For doors with no deadbolt, the Schlage Encode WiFi Lever is a doorknob replacement lock that shares the same attractive features as our top pick.

Deadbolt-replacement smart locks

Compatibility: Amazon Alexa, Google Home

Of the dozens of smart locks we’ve tested, the Encode is the easiest to install and among the most intuitive to use. It does lack some of the higher tech features of other picks, like a fingerprint reader or door status sensor, but it’s an extra-tough commercial-grade lock with a built-in alarm and dead simple operation. For anyone who wants a reliable, predictable, and trustworthy guardian at their home’s entrance, it’s hands down the best choice.

If you want Apple Home compatibility, the pricier Schlage Encode Plus Smart WiFi Deadbolt has the same features and the addition of Apple’s Home Key , which lets you unlock the Encode by tapping it with your iPhone or Apple Watch.

Compatibility: Apple Home and Home Key; Amazon Alexa and Google Home

The Aqara Smart Lock U100 is a deadbolt replacement model with a keypad and the best fingerprint reader we’ve tested. It also has the quietest and fastest mechanism. The U100 is one of the first locks to support Apple Home Key, which lets you hold or tap an iPhone or Apple Watch to its face to unlock the door (we still prefer the fingerprint reader). The U100 doesn’t have Wi-Fi built-in, and so to access it remotely or receive notifications requires the use of either an Apple Home hub device (either an Apple TV or a HomePod or HomePod mini ) when used with an Apple HomeKit network, or an Aqara hub if you plan to use the Aqara app, Alexa, or Google Home.

The Ultraloq U-Bolt Pro WiFi is a versatile smart lock with a pleasing low-profile design and a fast, quiet mechanism. It has Wi-Fi built in and can be unlocked six different ways, including with a numerical code, using an app, through a physical keyway, and—the pièce de résistance—via fingerprint. The fingerprint scanner is our preferred way to unlock it, however it is far more finicky than the Aqara and may need troubleshooting periodically. The raised number buttons feel more readily predictable to use than pecking numbers on a keypad or touchscreen. No matter which method you use to trigger the U-Bolt Pro WiFi, it responds quickly. After long-term testing we experienced a concerning battery drain issue that affects some other users and that the company acknowledges ( see below for important information ).

Deadbolt-adapter smart locks

If you’re a renter and unable to swap your door lock (or you simply don’t want to), the Wyze Lock is a low-cost yet full-featured model that connects easily to an existing deadbolt. Installation is a breeze, thanks to the inclusion of a small plug-in Wi-Fi adapter. In our long-term testing, the Wyze Lock has consistently worked great—especially when paired with the optional Wyze Lock Keypad , which lets you unlock using a code instead of an app (or turning on auto-unlock). The Wyze Lock offers a few features our other picks don’t, such as a built-in door sensor that alerts you via a chime and a smartphone notification when someone has left the door open or ajar.

Lever-handle smart lock

For anyone who doesn’t have a deadbolt on their door, we recommend the Schlage Encode WiFi Lever smart lock. It’s a full replacement for a doorknob or lever, and like its sibling, it has a keypad, a physical keyway, and built-in Wi-Fi connectivity for remote access via an app. The Encode Lever has physical lock and unlock buttons on the non-keypad housing, which makes it easier to use than others. By default the Encode auto-locks after being opened (you can set how long), but if you want the lock to remain unlocked in “passage” mode you can hit the unlock button; when you want it to lock and then continue auto-locking you hit the lock button.

The research

Why you should trust us, who this is for, how we picked and tested, security, privacy, and smart locks, our pick: schlage encode smart wifi deadbolt, runner-up: aqara smart lock u100, also great: ultraloq u-bolt pro wifi, deadbolt adapter pick: wyze lock, our doorknob-replacement pick: schlage encode lever, other good smart locks, what to look forward to, the competition, frequently asked questions.

I’ve been covering technology and trends for two decades at a number of national print and online publications and I’ve been testing smart locks in particular since 2015. I’ve lost count of the number of smart devices installed in my home, but on a good day it’s 30-plus. None of them work perfectly all of the time.

Smart locks are both the most useful and, at least theoretically, the most potentially risky smart devices you can install at home. They make entering and leaving your home far more convenient by freeing you from having to carry keys (and in some cases a smartphone, too). Most make it possible to securely customize access to your home—not only to family and friends but also to renters, tradespeople, and even mail carriers or package-delivery workers. We’ve found that smart locks that feature a keypad are especially useful, making life more flexible and even safer for a household with kids who are too young to have smartphones.

You’ll find a few main categories of DIY smart locks. There are deadbolt and doorknob smart lock models. For deadbolts there are full-replacement devices, which require removing your existing deadbolt and installing all-new hardware. And then there are deadbolt adapters, which are add-on devices that replace the interior thumb turn of your door’s existing deadbolt but not the deadbolt mechanism itself.

Smart locks don’t need to be connected with other smart devices to be useful, but should you want to do that, you can link them up using a single smartphone app so that it’s easier to access and control all your devices. Your options include popular smart platforms such as Amazon Alexa, Apple Home, and Google Home. Once you’ve configured your lock on your smart platform, you might use it to tell one or more other devices to turn on or off, or perhaps even to trigger a string of automated actions—for instance, having your front lights turn off and your heat or AC kick on whenever you arrive home and unlock the door.

Here are a few ways in which a smart lock might be a useful addition to your home:

  • You don’t need to carry your keys anymore, whether you’re popping out for a quick run or you’re off to work for the day.
  • You can create and share a custom code (or virtual e-key) with a houseguest or even a last-minute visitor—no need to make physical copies of keys. This feature is especially attractive for owners of rental properties.
  • Parents with latchkey kids can keep track of when they get home from school (or a late-night party).
  • You can give a babysitter, contractor, or house cleaner ongoing or last-minute access.
  • If you’re out and about when a trusted electrician or plumber comes by, you can unlock (and then relock) the door remotely.

Smart locks, especially keypad models, are perfectly suited for rental-property and vacation-home owners such as Airbnb hosts , who have to deal with frequent key exchanges (in fact, with some locks, Airbnb now offers to automate the code creation for guests).

One especially important buying tip: If your door has a mortise lock, with the latch and bolt in an integrated unit, or a door handle and latch that are a single unit, none of the smart locks we recommend will fit. In most of these cases, to accommodate a new smart lock, you need to replace that integrated unit with a standalone doorknob or lever and possibly a deadbolt—extra work and hardware that for some may end up being cost-prohibitive.

We look for locks that offer the best balance of convenience, security, and useful smarts while requiring as little technical complexity, ongoing management, or troubleshooting as possible. The features we required for consideration include:

  • remote accessibility, so it can be locked or unlocked via an app
  • some compatibility with third-party smart platforms like Alexa, Apple Home, or Google Home
  • notifications when the lock is triggered
  • hardware that meets or exceeds either ANSI or BHMA standards for residential locks

Other specs and features we looked for but didn’t require:

  • built-in Wi-Fi
  • door status (open/close) detection
  • configurable audio volume
  • App-free triggering, or the ability to unlock without having to access an app
  • all-metal and/or glass housing
  • inclusion of three-inch security screws

We’ve spent thousands of hours using smart locks since 2015, and our focus in testing is their consistency, reliability, and ease of use.

We continue to keep our current picks installed and in everyday use whenever possible, and we replace them with new test models as necessary for at least a week, in most cases for several weeks or even months. We also methodically trigger the locks up close using our smartphone via Bluetooth, as well as over our home Wi-Fi network, and then we do so again remotely by connecting via cellular signal.

In each companion app, we explore the available settings and preferences—such as turning audio signals or LED lights on and off, as well as enabling auto-lock and auto-unlock functions when applicable—and we take note of the speed, reliability, and usefulness of the notifications and the ease of adding and managing access codes.

In assessing the physical hardware, we take a close look at the ease of installation and the quality of the materials used for the various components. We also consider the physical robustness of each lock and, where applicable, the keyway (see the section immediately below for more on this topic).

Wirecutter takes security and privacy issues seriously and, as much as possible, investigates how the companies whose products we recommend deal with customer data. We research all of the security and data-privacy practices behind our picks, including an extensive questionnaire to confirm issues that we think should be of primary concern for any potential buyer.

Some people assume that connecting a front door lock to the internet necessarily adds a new way for thieves to infiltrate the home, and that a smart lock is fundamentally more vulnerable than a standard door lock.

Our view is that while it’s technically possible for a smart lock to be exploited electronically, through eight years of closely reporting on and testing these devices, we have yet to find a single case of a smart lock being electronically exploited in the real world—only in labs or at hacker conventions. We think the reason is straightforward: Few home burglars are hackers; they are thieves who tend to enter homes by force, using something like a trusty crowbar or screwdriver. By that logic, smart locks are the more secure option because they provide ways to let a homeowner know when their home is entered, and in many cases have a built-in tamper or impact alarm. We’ve concluded that a home is more secure with a smart lock.

Similarly, our research and FBI burglary statistics show that lock picking also isn’t a realistic threat to homeowners. Most residential burglars break down doors or merely enter through unlocked doors. Burglars don’t have the time (or the skills) to fiddle with lock picks. (For more on this topic, see “ It’s Ridiculously Easy to Pick Some Smart Deadbolts, But We Aren’t Alarmed .”)

Until recently, deadbolt locks have been graded by ANSI and BHMA (the American National Standards Institute and the Builders Hardware Manufacturers Association) on their ability to withstand brute-force entry attempts—namely, smashing—with a grade of 1 to 3. For deadbolts, Grade 1 is the top ranking, reserved for a commercial-use lock with a 1-inch-thick latch bolt that can endure 10 strikes of 75 pounds and a million open/close cycles. A Grade 2 lock is considered closer to residential level, with a bolt that is 0.625-inch thick and able to withstand five strikes of 75 pounds and 800,000 cycles. In 2021, BHMA launched a new system for residential locks that grades deadbolts from A to C in three categories—security, durability, and finish—with the top grade being AAA.

The smart locks we recommend are as safe as or safer than their mechanical counterparts (which, for instance, can’t alert you when your front door is unlocked or opened). The Schlage Encode Smart WiFi Deadbolt and Schlage Encode WiFi Lever are both ANSI Grade 1 and BHMA AAA. The Ultraloq U-Bolt Pro WiFi is rated ANSI Grade 1. The Aqara Smart Lock U100 meets ANSI Grade 3 standards—though it has not been officially certified—which is the lowest level for a residential lock. (Since the Wyze Lock relies on your existing deadbolt, it has no grade or ranking of its own.)

A major security consideration with smart locks is whether to enable auto-lock and auto-unlock, features found on all our picks. These features trigger the lock based on your location (a technology also known as geofencing ) via some combination of Bluetooth, cellular signal, GPS, and Wi-Fi. Having your door automatically trigger as you walk up to it is the essence of convenience, but it puts you at risk of an accidental trigger that leaves your front door open to anyone. Some models come with a little magnet, which you install near the lock, to determine when the door is closed or open, ensuring that you don’t lock the deadbolt when the door is left ajar (the Wyze Lock has this sensing built in). Another option for some locks is to use geofencing as a trigger, which requires that you confirm the unlock signal on your phone before it can activate, a far more secure but also less convenient approach.

Overall we believe that carte blanche geofence triggering is essentially risky, most especially for city dwellers, who are more susceptible to an opportunistic thief (who may be in the vicinity when a door is accidentally unlocked). If you live in a suburban or rural location, the risks are more of a personal judgment call.

Overall, the companies behind our picks have very good security and privacy policies. They all require you to create a login in order to use the smart features, they all encrypt those credentials when they store the data in the cloud, and none of them share your personal data or location info with third parties—that is, unless you opt to do so by integrating your lock with a platform like Amazon Alexa or Google Assistant. Among our picks, only the Wyze Lock offers the ability to use two-factor authentication , a system we recommend that requires you to enter a special PIN code before changing the lock settings and is a generally good method of keeping your devices secure.

Wirecutter continues to test all of its picks, a process that includes keeping track of app, firmware, and policy updates as well as hardware and software incidents. Should any privacy or security issues be found with any of our picks, we’ll report them here and, if necessary, update or alter our recommendations.

A Schlage Encode Smart WiFi Deadbolt installed to a door and set to lock.

Compatibility: Amazon Alexa, Google Assistant

If you’re looking for a low-profile, no-fuss lock with a foolproof keypad and the ability to connect to Wi-Fi without requiring a plug-in adapter, we recommend the Schlage Encode Smart WiFi Deadbolt . It’s particularly easy to install, and using it is intuitive so it won’t stymie technophobes. It does lack a few attractive features found on other locks, but we think its reliability and trustworthiness are a good trade-off. Battery life has been excellent, lasting six months or more at a time.

All things should install as easily as the Encode. As the saying goes, it’s the details that matter, and Schlage has done a wonderful job of removing (most) points of friction. The front assembly is special. The Encode has restraining clips making installation much easier. That holds the front assembly in the hole of the door so it doesn’t fall apart while screwing in the bolts.

There’s also room for the cable to be tucked away, which often causes difficulty, no need for special tools or pins, and there’s a handy code printed right on the instructions for getting it set up. Note: take a picture of the code and save the literature for future use.

You won’t find a sturdier smart lock. The Schlage Encode Smart WiFi Deadbolt is literally in a class of its own when it comes to the toughness of its physical hardware, which is ANSI Grade 1, or the top ranking for a commercial-grade lock. Bolstering these impressive specs is the inclusion of extra-long 3-inch screws and a thick steel strike plate, which secure the bolt in the doorjamb when the Encode is locked. Those screws are recommended by locksmiths as a way to ensure that your door is highly resistant to being kicked in.

Your parents (and grandparents) will appreciate it for its aw-shucks simplicity. Unlike many locks that need to be woken with a button press or sometimes a palm over the keypad (which risks accidental button presses), the Encode is awake and registers your first button press—its keypad is especially nice compared with a touchscreen—and once you type in your four-digit code it automatically unlocks, so there’s no need to press an unlock button. This seems a modest feature, but as someone who ran a vacation rental for year, please trust that many locks have interfaces that sometimes can be flustering, especially those that lock you out (see our runner-up ).

Another lo-fi detail we love is the low-battery indicator right on the keypad above the logo—no need to worry about app notifications or arcane LED signals. And the ultimate throwback is a prominent keyway, in case the household luddite wants to wallow in their inconvenience.

It has a built-in alarm, which is a great way to dissuade a potential thief. You can adjust the sensitivity so it doesn’t go off whenever a delivery box is tossed a bit too zealously at your front door.

Flaws but not dealbreakers

Compared with the fast and quiet Aqara, U-Bolt Pro, and Wyze, all of the Encode locks are relatively loud and slow, which sometimes leads to accidental lock jams when people open the door while it’s still retracting the bolt.

The Schlage app is not great. All smart lock apps have some delay as they all connect to the lock first and then update the status of the lock before loading the app. The Schlage can only be updated locally, via Bluetooth, and so the process is sometimes tedious, especially if you are across the house or upstairs and hope to adjust a setting. That doesn’t apply to adding or adjusting a user, which is helpful.

An Aqara Smart Lock U100 installed to a door and set to lock.

Compatibility: Apple Home and Home Key; Amazon Alexa, Google Home, Matter

The Aqara Smart Lock U100 is a deadbolt replacement model with a keypad, but it also includes a fingerprint reader. It’s also far quieter and faster than the Encode. It’s an especially good option for Apple fans due to Home Key support. However, it’s far more complicated than the Encode, and may sometimes frustrate households who aren’t tech enthusiasts.

You may not have heard of Aqara, but we have (a lot). Aqara certainly isn’t a household name in the way Schlage is, however we have been testing and using the brand’s products for a few years now and are impressed by the company’s ever-growing ecosystem. We often caution about making a big purchase from an untested brand, and we are confident in this case that Aqara has the capacity and intent to support its products and customers.

Installation isn’t hard, but the app, which guides you through the process, can be a bit confusing and frequently uses unfamiliar tech jargon. Still it’s intuitive enough once you get things set up to figure out, and the Aqara app is clean and useful.

One quirk we encountered during setup came when we integrated the U100 with Apple Home. In the process the lock was automatically detected as a Matter device, and then appeared twice as two devices in the Apple Home app. Aqara says it’s fine and you can feel free to delete one instance, but it’s a curious effect of using Matter.

Fingerprinting never felt so good, especially if you have had blinkered success with other smart lock models (such as the U-Bolt Pro). In a fraction of a second the lock senses and unlocks, most of the time on the first press. It is not perfect, and as with any tech device in general and finger reader in particular, it is absolutely user-dependent: I have zero issues, but impatient children often put a finger on crooked and then pout in defeat when it is unrecognized. If you can follow modest instructions—put the finger in the center of the circle—you should be fine.

Apple Home Key is welcome but isn’t an improvement on a fingerprint or a code . The idea is that you hold or tap an iPhone or Apple Watch to its face to unlock the door. Trying to get the NFC chip on the iPhone in just the right spot often took a few tries, and the positioning feels off. (If you’ve ever struggled to use tap-to-pay at retail stores you know the struggle.)

You will need to add a hub. Unlike our other picks, the U100 doesn’t have built-in Wi-Fi, so to be accessible remotely you either need to buy a relatively low-cost Aqara hub (they start around $55) or, if you plan to use Apple Home, a HomePod, HomePod Mini, or Apple TV can function as a hub as well.

If you mess up too often, you get (temporarily) locked out. As a safety precaution against someone attempting to fiddle with your keypad, if the wrong code is put in, the U100 will flash an angry red. Do it a set number of times (it’s adjustable in the app), and it will sound an alert and lock down the keypad for a minute or as long as 30 minutes (you can wait or use the app or a physical key to unlock it). This may happen if you don’t learn to wake the keypad first with a palm on the keypad (or press the lock button) before typing in your code. We like to keep it on, and think of it like a game.

A square, black smart lock, locked, with numeric buttons from 0 to 9.

Compatibility: Amazon Alexa and Google Assistant

The Ultraloq U-Bolt Pro WiFi was our previous pick, and we continue to adore its feature set, hardware, and general performance. We’ve demoted it for now though, due to a couple of small shortcomings and quirks, like erratic fingerprint reader performance and the lack of low-battery notifications (see below for important details), that make it less of a solid general pick for most people. We think the combo of these issues makes it a less attractive pick overall, however in the right home and hands it’s a time-tested journeyman.

We are big fans of little locks, and the Ultraloq U-Bolt Pro WiFi has among the slimmest profiles for both the indoor and outdoor components of any lock we’ve tested. The hardware itself is precision-made which you feel when triggering the lock. The Pro provides multiple ways to get into your home quickly and is notably quiet and fast compared to our top pick. While beauty is subjective and the U-Bolt Pro isn’t necessarily winning pageants, to my eyes at least it is not tacky or overly industrial, and is perfectly at home on a door without offending. It’s like the smart lock next door.

You’ve got unlock options galore, including using auto-unlock, app control, fingerprint, code, a keyway and also a not especially mode called Magic Shake that is best left alone (you hold your phone out and shake it, but you have to have the app open for it to work). The hardware visitors see is a semi-circle of concave number buttons around a fingerprint reader in the center. The front face pulls down to reveal a hidden keyway, which is a clever design move.

The fingerprint reader is wonderful, when it works, which is a point of contention for most owners I’ve encountered. Although it is not as fast as the Aqara, if you place a finger in the center circle, press gently, and pause a half second, it works well. But that fades during the winter, either due to seasonally dry skin perhaps or cold affecting the device itself. (As someone living in the Northeast, I rarely used the fingerprint reader in cold weather anyway as I wear gloves.) The company did improve performance between the original Pro model and this one and says it continues to work on the issue but also offers some troubleshooting steps that may help if you do encounter problems.

Battery life is either a problem, or not, which is a problem. We had tested and used our lock for months on end without issue before suddenly experiencing a rapid loss of battery life in early 2023. After replacing the batteries this occurred again within weeks. And again. After troubleshooting with the company they noted this was a known but extremely rare issue and that a firmware fix was coming, which arrived in July. A company representative also confirmed that if a user has a device that encounters this issue and the firmware and troubleshooting steps don’t cure it, then they’ll replace the lock for free. Since then we don’t see a lot of comments on forums about the issue.

The greater concern is that unlike with other locks, the Pro doesn’t seem to send an app notification if the battery is low. The lock itself will flash red and beep if you unlock it and the battery is low, but we’d prefer a direct and early notification to prevent being potentially locked out. (Note that you can always use the physical key, or power it up temporarily using a Micro-USB cable connected to a phone power pack you can plug into the lock and power it.)

How the Ultraloq U-Bolt Pro Wifi has held up

After encountering a few setup issues during installation in January of 2022, the lock worked reliably until February of 2023. At that time we began experiencing extremely short battery life of about a week or two, despite trying an array of batteries, including ones branded by the company itself. A Wirecutter colleague experienced a similar issue months later with the Ultraloq U-Bolt Pro with Bridge.

We’ve had ongoing communication with a company representative, who states that this particular issue is known but extremely rare, and that it’s likely due to incompatibilities with a small range of home Wi-Fi routers. A firmware update is available that should fix the problem ( this support document explains how to do an update using the app). Should you experience the same battery drain, the company says it will replace the lock free of charge, even if it is out of warranty.

The white Wyze Lock installed to a door and set to lock.

The Wyze Lock is as good a smart-home bargain as we’ve seen. It offers sturdy and precise hardware, a unique built-in door sensor, and a tiny Wi-Fi adapter, and it’s about half the price of our top pick and runner-up pick. Like the popular August line of smart locks, the Wyze Lock is an adapter model that adds smarts to traditional mechanical deadbolts.

Installation is easy, if you have tools. Once you’ve removed the thumbturn assembly of your existing deadbolt you attach a plate to your lock using the same bolts. You will need both a regular-size Phillps-head screwdriver and a mini Phillips-head screwdriver . Once you’ve secured the lock to your door, you pair it to the Wyze app and the included Wi-Fi adapter. In our tests, setup was delightfully hiccup-free, with the mechanical and app components all connecting seamlessly.

Wyze packed it with features . We especially like that it has a built-in sensor and alarm that alerts you if it has been left open too long. It also auto-locks by default, which seems nice but be warned—we got locked out when we left our house without bringing a phone or key.

Invest in the Wyze Keypad, which adds the ability to create and use PIN codes to unlock the door. We have generally shied away from that solution as it is adding one more potential link for failure, however in long-term testing it has turned out to work rather well (see below). So if you have the Wyze, and it doesn’t auto-unlock well, the Keypad is a great solution.

Battery life can be brief, according to our testing over time. There are a lot of factors involved, including your home’s setup and the location of the included Wi-Fi adapter, and how often the lock is triggered. We were getting about three months of use before we’d receive a battery warning notification. The flip side: Wyze’s conservative warnings work well, giving us about a week before the battery actually died (and it did die).

Like all adapter locks, for the Wyze to be more useful and convenient than a traditional key, you have to turn on auto-unlock. That relies on a technology called geofencing , which tracks the location of your phone and thus knows to unlock when you return home after being away. That does present a potential security risk if the lock misfires when you aren’t coming home, however in our experience the issue tends to be the opposite—that sometimes the Wyze (and other adapter locks) don’t recognize you quick enough and you end up having to open your phone and trigger the lock using the app to get inside.

A Schlage Encode Lever smart lock installed to a door.

For single-hole doors that don’t have a deadbolt, we recommend the Schlage Encode WiFi Lever smart lever lock, which has the same features and specifications as our top pick. It is a full-replacement lock, and so it requires removing your existing doorknob or lever and installing the Encode Lever in its place.

One simple feature makes it better than any other model we’ve tested: the ability to turn auto-lock on and off with buttons. These two labeled buttons live on the half of the lock that is installed on the inside of your home. Unlike with a deadbolt, you can’t lock or unlock your door when inside using a thumb turn ( the mechanism is all internal) The solution is to have the door auto-lock after a period of time, which is adjustable. This can be a problem occasionally, like when my son locked the door to his room at night, and I couldn’t remember the code and scrambled for five minutes trying to figure out how to get inside (the app!).

The Encode lets you set the status as auto-lock or passage using those two buttons, which should be a no-brainer, and yet all our previous doorknob-replacement picks—the Ultraloq Latch 5 Fingerprint and Ultraloq Latch 5 NFC , a Yale Assure Lever —required either a key code or going into the app to change the mode.

Battery life is, so far, impressive, and at three months of ongoing use, the lock is still at 78% battery life. Would that other locks could fare so well.

Though we’re confident in our picks for most people, many of the other models we’ve tested would be fine choices depending on your needs, preferences, and budget. Note that unlike with our current picks, we don’t continuously long-term test the following models.

If Apple Home Key and aesthetics matter most to you: The Level Lock+ (which joins the Level Bolt and the Level Lock Touch Edition in that company’s lineup) is very nearly a work of industrial art. Its components are precision-engineered, clever, and truly unique. Unlike other deadbolt-replacement smart locks, this model’s smart guts and mechanisms live completely inside your door. You can trigger the Level Lock+ a number of ways, including by touch or Apple Home Key. (If you are using it any other way, you’re bound to run into issues.) But a few overarching limitations prevent us from making it a pick. For starters, Home Key is available only to Apple iPhone owners. And at $330, the Lock+ is expensive. On top of that, it functions only if you have a key card, smartphone, or Apple Watch on your person at all times, and sharing access with others requires their downloading and installing an app.

If you want HomeKit options: We’ve named a few HomeKit-compatible models as picks in the past. One is the Kwikset Premis , a great, reliable device. Its hardware is large compared with that of our current picks, and it is less elegant, but it works well. The Schlage Sense , another previous pick, has a terrific keypad and top-quality ANSI Grade 1 hardware, but over many years of testing, it has suffered from Bluetooth-range issues that have made it unreliable when we’re trying to connect to it remotely—despite its being within spitting distance of both our Wi-Fi beacon and an Apple TV acting as a hub. A Wi-Fi adapter, which also enables Amazon Alexa and Google Assistant compatibility, is available but removes HomeKit compatibility. Still, the Sense is a solid device and a good choice especially for rental properties.

If you prefer Nest devices: The Nest x Yale Lock is compatible only with other Nest smart devices and has a relatively large touchscreen keypad—which we like. It works reliably, has a smooth mechanism, and is easy to manage. Remote access requires using a plug-in Nest Connect unit, which is included.

If you’re a renter: The August Wi-Fi Smart Lock has built-in Wi-Fi support, which enables you to connect to it remotely without having to rely on a plug-in hub. As with all other August devices, its usefulness is wholly dependent on its auto-unlock feature, which requires that you leave the vicinity of your home for several hundred feet before it can trigger. If you pop out to a neighbor’s house or the corner store, for example, it won’t work when you come back, and you’ll need to rely on your phone or smartwatch to open the door. If you live in an area where you lock the doors only at night, it may be a fine option.

If you prize convenience over guest access: The Kwikset Halo Touch is a deadbolt-replacement model with a modern-style keyway and a fingerprint reader. It’s pretty, and the fingerprint reader works well, but you can’t readily share access to your home as you can with keypad models (you’d need to register a fingerprint for every visitor). The door mechanism also sounds suspiciously like that of the relatively aged Kwikset Kevo, which is to say it’s loud and a bit pokey. Still, for everyday use it works well, and the fingerprint reader was flawless in our tests.

We saw many new smart locks at CES 2024, and others have been announced. Some of the models we hope to test include:

  • The U-tec UltraLoq Bolt Matter Fingerprint Edition is an updated version of our also great pick and adds Matter compatibility.
  • The Aqara Smart Lock U300 is a lever lock model that is a sibling to our runner-up , but it includes Matter and Thread compatibility and is waterproof, which means it could be used with gates and fences.
  • The $150 Abode Lock is an adapter-style smart deadbolt that adds smart features to an existing lock, and includes a Bluetooth keypad. The lock also offers entry via the app or fingerprint, and it can work with or without the Abode Security System, our also great pick for the best home security system .
  • The Lockly Visage is a $349 W-Fi deadbolt that can use facial recognition to unlock your door, in addition to a keypad and app access. It’s compatible with Apple Home, Apple Home Key, and Matter and will be available summer 2024.
  • The Philips Wi-Fi Palm Recognition Smart Deadbolt is a $360 Wi-Fi model which can be unlocked by a palm scan among other options and includes a doorbell that rings a wireless chime (though it’s not a video doorbell ).
  • The TP-Link Smart Video Door Lock is a combination lock with video doorbell and can be unlocked 7 different ways, including by fingerprint scanner or RFID fob. We’ll update when TP-Link provides more details.

Our experience with the smart locks we’ve tested has been positive for the most part, though we should note that every smart lock we’ve ever used has had instances when it didn’t function correctly or required troubleshooting of some variety—an inevitability to be aware of when you’re choosing to install one of these devices in your home. We have yet to meet a set-it-and-forget-it smart-home device.

A number of locks are perfectly fine but don’t match the price-to-performance value of our picks. That includes the Yale Assure Lock 2 , Eufy Smart Lock Touch E130 , Eufy Smart Lock Touch & W-Fi S230 , and August Smart Lock Pro .

We dismissed the following due to having fewer or lesser features: Wyze Lock Bolt , Lockly Secure Plus , Lockly Secure Pro , and Lockly Vision , the Alfred DB1 and Yale Assure Lock Touchscreen Deadbolt (YRD226) .

We don’t recommend the Kwikset Kevo because we found it outdated, unreliable, and poorly supported.

This article was edited by Jon Chase and Grant Clauser.

Do smart locks work if my power goes out?

Yes. Because smart locks are battery-powered, not plugged into your home’s electricity, you can continue to lock or unlock them using their keypad or fingerprint reader, or, if it’s an adapter-style lock, by using your smartphone, since it connects over Bluetooth. All the locks we recommend require battery changes only after several months, some six months or more. Deadbolt-replacement models also have a USB port or battery prongs for you to attach a USB battery should their internal batteries fail unexpectedly.

What is geofencing, and do I need to use it?

Geofencing is a tech term for a way through which smart-home devices can trigger based on your location. When you turn on geofencing (it’s a setting often found in the app you use to set up and control your smart device), your smart devices are able to track where your smartphone is, and by extension they’ll know where you are. Using your smart device’s app, you first designate where your home is, which creates an invisible virtual “fence.” You can then have your devices activate automatically whenever you go past that fence in either direction‚ such as having your lights turn off when you leave home. It’s one of the smartest things smart devices can do. (For a more thorough look, see “ Geofences Make Your Home Work Better. Here’s How. ”)

Can I use a smart lock if my door’s lever and deadbolt are a single device?

It’s possible, but currently in the US no major brands sell either handlesets or mortise locks directly to customers, and models sold abroad may not fit the dimensions of US doors. We’re constantly on the lookout, though, and we hope to be able to test and recommend such a model if they ever become available.

Do smart locks need Wi-Fi to work?

No, you can trigger a smart lock without having to connect it to the internet—however, if you want the sorts of features that make a lock “smart,” such as the ability to control it when you aren’t home, to receive notifications when it’s triggered, or to have it connect with other smart devices, then yes, you need to connect it to Wi-Fi.

Meet your guide

smart lock business plan

Jon Chase is an editor leading smart-home coverage at Wirecutter. He has been covering technology as a writer and editor since the days before mobile phones got smart. His work has been featured in various print and online publications, and on television. He currently has over 35 smart devices installed in his home. None of them work perfectly.

Further reading

A Yale smart lock shown attached to a door.

How to Use Your Smart Lock Better

by Jon Chase

You can do way more with a smart lock than just control it with an app. Here are a few of our favorite skills to make the most of this essential smart device.

A pair of slippers next to a key.

Ask Wirecutter: Do We Really Need High-Security Locks on a Rental House?

by Annemarie Conte

This week’s advice column helps a reader with safety, security, and smart locks.

The smart bulbs that we tested as part of our smart home starter kit

The Best Smart Home Starter Kits to Buy Black Friday 2020

by Jennifer Pattison Tuohy

Smart home starter kits are a quick and budget-friendly way to get started with—or expand—a smart home system that will just work.

a smart lock installed on the exterior door of a home.

If You’ve Turned Your Home Into an Airbnb, You Need Smart Devices

Smart-home gear is ideal for managing short-term rentals, making it easy to keep tabs on your property while offering convenience for your guests.

Solving Business Challenges

Helping businesses grow, how to start and optimize a locksmith business.

January 18, 2022 7 min read

Blog post hero image

If you’re thinking about starting a locksmith business, now’s a great time. With smart locks and new security systems increasing in popularity, it’s a time of growth and transformation for the locksmith industry. In the U.S., the  smart lock market  is expected to grow at a compound annual growth rate of 12% between 2020 and 2026, driven by “safety concerns, growing home automation, rising awareness of IoT, and growing industrial and commercial sectors.”

And it’s not just the door hardware that’s gone high-tech. The right software can help you provide an efficient experience for your customers and reap the rewards of building an optimized business.

Jump ahead to the section that interests you most:

How to Start a Locksmith Business in 7 Steps

Routing and scheduling: two key challenges of operating a successful locksmith business.

  • OptimoRoute: Your Secret Weapon for Maximizing Efficiency & Profitability

FAQ Section About Starting a Locksmith Business

Setting up a business can feel like a leap into the unknown. These steps will help you understand what’s involved in setting up a locksmith company and finding your first customers.

1. Make sure you meet requirements for your state

Locksmith requirements vary from state to state. Some require you to get a license, some require background checks or specific qualifications, and others have no regulations at all.

As there’s no countrywide standard for locksmith businesses, you must understand your state’s regulations and industry standards before starting your company. As a starting point, the Associated Locksmiths of America (ALOA) lists  licensing laws by state , and you should also check the legislation in your home state as that will have the most up-to-date information.

2. Get a locksmith license

If your state requires a locksmith license, you should have yours before you start promoting your business or carrying out work for customers. The requirements will vary by state but could involve:

  • Training courses
  • Formal exams
  • Practical work experience
  • Background checks
  • Registration fees

Some business licenses may last for several years, and others may need renewing each year. Check the licensing requirements in your state to make sure your paperwork is complete.

3. Create a business plan and secure funding

Starting a small business comes with many initial and ongoing costs, such as buying and maintaining equipment, buying a vehicle, leasing business premises, staffing, and advertising to find your first customers.

Fortunately, you have different options available to secure funding for your new business, including  from the government . To apply for funding, you need a formal business plan. This document shares how your business will make money and grow long-term. It should include:

  • What your business does
  • A description of your services—for example, if you’ll specialize in mobile locksmith services, access control, residential, or commercial lockouts
  • Industry information
  • Business structure, including the number of employees
  • Information about your target customers
  • Information about competitors, such as other locksmiths in your service area
  • Pricing and cash flow projections for the business

4. Purchase vehicles and equipment

To provide locksmith services in your local area, you’ll need a company vehicle (or vehicles, depending on team size) for traveling to jobs. You’ll also need basic locksmith tools and equipment, including:

  • Plug spinners
  • Lock pick sets (mechanical and computerized)
  • Key extractors
  • A locksmith hammer
  • Key cutters
  • Router drills
  • Master key set

You may also need more specialized equipment, for example, if you specialize in commercial locksmithing, automotive, or electronic locks.

5. Choose a service area

You’ll likely choose your local area as the service area for your locksmith business, as you already know the city or town, and you may already know lots of people who live or work there.

Choosing a service area can help you work out if you should specialize with your locksmith services. For example, if you’ll be serving a predominantly residential area, homeowners will be your target audience, and there will be less demand for commercial locksmith services. However, if you’ll be serving an area with lots of commercial or industrial units, it may make sense to focus on local businesses as your target customers.

6. Set your prices

When you set your prices, look at other locksmiths in your local area to get an idea of how much people will pay for locksmith services. Looking at other areas— for example, in the city if you’re in a more rural location— can mean you set your prices too high, and you miss out on business.

When you’re first starting, you may want to consider offering introductory deals to build trust in your local community and find your first customers.

7. Focus on digital marketing

When you’re starting a locksmith business, digital marketing can help you get those all-important early customers by making sure people can find you online.

The first areas you should focus on include:

  • Your company website. Your business will look reputable and trustworthy to potential customers
  • Social media profiles, such as a Facebook page
  • Local directories and listing sites, like  Yelp  or  Angi
  • Your  Google My Business listing , so your business shows up when people search for ‘locksmith near me’ or ‘local locksmith’

Building up your online reputation with positive customer reviews can help you secure new customer referrals through word-of-mouth recommendations.

Once your locksmith business is up and running, you’ll want to identify opportunities to improve efficiency, so you can serve as many customers as possible without having to bring on more staff (and manage the costs that come with a growing team).

Routing and scheduling  are two opportunities to improve efficiency but can be a challenge for many businesses. Scheduling is the process of planning the time windows for each job and who will go to each callout. Routing is the process of mapping out the specific routes your locksmiths will take to all the jobs on their schedule.

Scheduling is a challenge because you need to have enough flexibility in the schedule to accommodate urgent or last-minute callouts, but you don’t want to under-utilize your team. And routing is a challenge because you need to know your day’s schedule to plan your team’s routes ahead of time, so you can best optimize based on travel time and transport costs.

If you master routing and scheduling, you’ll feel the benefits across your business. In addition to improving team productivity and efficiency, you’ll build a reputation in your community for reliability and trustworthiness as you get to all your jobs on time.

OptimoRoute: Your Secret Weapon for Maximizing Efficiency and Profitability

smart lock business plan

Scheduling and routing can help your locksmith team be more efficient, and in turn, maximize profits. But manually planning schedules and mapping out routes is incredibly time-consuming. Manually-created routes and schedules are difficult to keep up-to-date if you have a last-minute callout or one of your team calls in sick. Instead, you can use scheduling and routing software like OptimoRoute to remove the manual work of planning your daily routes or weekly schedules.

Automatically plan routes

OptimoRoute will automatically plan your schedule based on the different jobs you’ve got booked and then plan the most efficient routes to help your team cover more callouts in their day.

To start planning your routes in OptimoRoute, upload your callouts and service bookings from a spreadsheet or document. You can choose how to optimize your schedule—for example, based on time savings or giving all your locksmiths a balanced workload—and click a button to plan your route automatically.

Learn more about how you can use OptimoRoute to  plan and optimize your work schedules .

Plan your schedule weeks ahead of time

Planning your  employees’ schedule  in advance leaves less room for error and can help make your whole team more efficient. You can schedule jobs to make the best use of your locksmiths’ time and schedule breaks at times when it’s going to have the smallest impact on your customers.

With OptimoRoute, you can schedule jobs up to five weeks in advance, which helps your team plan ahead, order any new equipment they may need, and make sure they’re fully prepared for the upcoming jobs.

Less time traveling equals more jobs

OptimoRoute allows you to serve  50% more customers  with the same number of employees by creating the optimal routes for all your locksmiths. You can fit more jobs into the day by optimizing your schedule—slotting shorter jobs in gaps you might not have noticed.

Using OptimoRoute to plan your routes and schedules means you can spend less time traveling and more time on the job and helping customers.

Schedule the right tech for the special jobs

Using OptimoRoute, you can ensure the right locksmith and the right equipment get to specialist jobs. You can set up different parameters for your jobs, such as type of customer, type of job, or skills required.

OptimoRoute will automatically create the schedule, so the right equipment is at the right job to keep your customers happy and provide the high-quality service you want to be known for.

Real-time tracking and customer notification

You can use OptimoRoute to track your locksmith team in real time. You can see when they finish jobs and if they’re running behind schedule. But there’s more. OptimoRoute automatically updates customers if your arrival time changes through  Realtime Order Tracking . That means you don’t have to spend time calling up your customers and letting them know if your work crew is going to be late. 

You can also automatically calculate new routes and schedules to account for cancellations or new appointments. This helps your team get to their jobs as quickly as possible and keeps your customers updated, so they know when to expect your locksmith to arrive at their home or business.

Get started with OptimoRoute by  signing up for a free trial  today.

Below, we answer some of the most frequently asked questions about starting your own locksmith business and related topics.

How profitable is a locksmith business?

Your locksmith business profits will vary depending on size, location, and the services you offer. According to Salary.com, the  average locksmith salary  in the U.S. is between $46,551 and $60,492. And the locksmith industry is growing slightly: by 2024, it’s predicted that its  annual revenue will pass $2.5 billion .

What do I need to start a locksmith business?

To start a locksmith business, you need a range of locksmith tools and equipment and a vehicle to get to all your callouts. You may need special licenses or qualifications if they’re required in your state.

What are the challenges of starting a locksmith business?

Starting a locksmith business can be challenging for several reasons:

  • It can be difficult to build a trustworthy reputation when you’re first starting out.
  • Locksmith work can be inconsistent: no one needs a locksmith every day of the week.
  • You’ll likely need to work all hours, including late nights, for emergency service, or 24/7 callouts.
  • You’ll need to invest in equipment, training, and licensing before you can start operating the business, meaning you have upfront costs before you can start generating income.

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Home / Blog / Smart Lock

What Is a Smart Lock and How Does It Work?

June 08, 2023  |  4 min read

In today's technologically advanced world, smart home devices are becoming increasingly popular. One such device that has gained significant attention is the smart lock. If you've ever wondered what a smart lock is and how it works, you've come to the right place. In this article, we will delve into the world of smart locks, exploring their functionality, main features, potential concerns, and more. Let's unlock the secrets of smart locks together.

smart door lock

What Is a Smart Lock?

A smart lock is an electronic lock that allows you to secure and control access to your home or property using advanced technology. Unlike traditional locks that rely on physical keys, smart locks utilize digital code mechanisms to grant or restrict entry. These smart door locks are typically connected to your home's Wi-Fi network, enabling remote access and management via a smartphone app.

How Do Smart Locks Work?

Smart locks employ various methods to provide secure access to your home. One common approach is Bluetooth connectivity. By connecting your smartphone to the smart lock via Bluetooth, you can lock or unlock the door when you are within a certain range. This method offers convenience as you don't need physical keys.

Additionally, the smart door lock with WIFI can connect directly to your home network. This feature enables you to control the lock remotely from anywhere using a dedicated app on your smartphone. You can grant access to family members, friends, or service providers even when you're not at home.

4 Main Features of Smart Locks

Smart locks offer a range of features that enhance the security and convenience of your home. Let's explore the main features of smart locks in more detail, understanding how they can revolutionize your everyday life:

  • Keyless Entry

One of the primary advantages of smart locks is the elimination of physical keys, offering a convenient and secure way to enter your home. Instead of fumbling for keys, you can use your smartphone, a keypad, or even your voice to unlock the door effortlessly. By simply carrying your smartphone or remembering a unique access code, you can gain entry with ease. 

  • Access Management

Smart locks excel in providing efficient access management for your home. With smart lock technology, you have the power to grant temporary or scheduled access codes to visitors, ensuring they can enter your home during specific timeframes. This is especially useful for service providers, houseguests, or rental properties. Moreover, smart locks allow you to monitor and track who enters and exits your home, providing you with a clear overview of access activity. If needed, you can revoke access remotely, offering you peace of mind and control over your home's security.

  • Integration with Smart Home Systems

Many smart locks are designed to integrate seamlessly with larger smart home systems. This integration allows you to control multiple devices from a centralized app or through voice commands. For example, when you unlock your smart lock, it can trigger other actions such as turning on lights, adjusting the thermostat, or even disarming the security system. This interconnectedness creates a cohesive and convenient smart home experience, enhancing both security and comfort.

  • Enhanced Security

Smart locks prioritize the security of your home with advanced features. Many models come equipped with tamper detection capabilities, which can alert you if someone tries to forcibly tamper with the lock. Some smart locks also have built-in alarm systems that can emit a loud sound if unauthorized attempts to gain access are detected. Additionally, smart locks  employ encryption protocols to safeguard communication between the lock and your smartphone, ensuring that only authorized devices can control the lock. These enhanced security measures provide peace of mind, knowing that your home is protected against unauthorized access attempts.

how-do-smart-locks-work

What Makes You Hesitant About Smart Locks?

While smart locks offer numerous benefits, it's natural to have some concerns. Here are a few factors that may make you hesitant about adopting smart locks:

  • Power Dependency

Smart locks rely on batteries for their operation, so what happens if smart lock battery dies? If the battery dies or is not replaced on time, you may find yourself locked out of your own home. However, most smart locks provide low-battery notifications to avoid such situations. And smart door locks, like eufy Video Smart Lock S330 , provide physical backup keys in case.

  • Potential Hacking

Some may ask: can smart locks be hacked? As with any internet-connected device, there is a small risk of smart locks being hacked. Manufacturers take measures to enhance security, such as encryption, but it's most essential to choose reputable brands of smart door lock for front door  and regularly update the firmware to mitigate potential risks.

  • Compatibility with Existing Locks

Not all smart locks are compatible with every type of existing lock or door. Before purchasing a smart lock, ensure it is compatible with your door's specifications to avoid installation issues.

what-is-a-smart lock

Smart locks are revolutionizing home security and access control, providing convenience, flexibility, and enhanced features compared to traditional locks. With their keyless entry, access management capabilities, and integration with smart home systems, smart locks offer a modern and efficient solution for securing your home. Selecting a reliable brand like Eufy smart door lock with finger print and WIFI  can better secure your home. Embrace the possibilities of smart lock technology and unlock a new level of convenience and security for your home right now!

How long do smart locks last?

Should i put a smart lock on my rental property, how much do smart locks cost.

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Smart Locks for Business

Buyers guide.

Don’t even think about buying a smart lock for your business until these 7 questions get answered

Helping you make the right smart lock decisions

It’s an important decision - choosing a smart lock for your business.

With the right choice, your business runs more efficiently with fewer costs and easier access administration. But get it wrong and you’re lumbered with a smart lock system that doesn’t meet the needs of you, your staff and your business, and it ends up costing you additional time and effort.

So, to give you all the info you need to choose the right smart lock for you and your business, we have compiled this indispensable buyers guide.

The 7 questions you need answered before you buy a smart lock for your business

  • Will your business benefit from a smart lock?
  • Is it possible to keep existing doors, locks, intercoms, etc?
  • Does your smart lock solution fit with the needs of the business?

Does it include ongoing support?

What happens if there’s a power cut, when moving to a new business premises, can the smart lock system be moved too, how fast can the smart lock solution be installed in a business.

Would your business benefit from smart access?

Will your business benefit from a smart lock?

The good news is that, regardless of the size, scale and sector of your business, there are many benefits to adding a smart lock system to your business property.

That’s because, with the right smart lock solution in place for your business, it becomes far easier for property managers or office managers to control access - whether that be for rooms, floors or buildings.

For example, it’s possible for you to assign and revoke keys for smart lock entry to your staff as they join or leave the business. On some smart lock systems, office managers can also do this remotely (without having to be physically present to do so - and which can be done by just a few clicks of a mouse or taps on a mobile app), which has obvious time saving and cost benefits for the business.

Equally, some smart locks provide contact-free access for staff so they don’t have to worry about any Covid-related safety issues (e.g. using an app on their phone to lock and unlock doors). Contrast this with existing key fob or smartcard entry systems where the staff member has to physically receive the fob or card from the assigning manager and then use the physical access method every time.

smart lock business plan

Digital access can help boost efficiency

Is it possible to keep existing doors, locks, intercoms, etc?

This is a very important question on every property manager or office manager’s lips when they are considering a smart lock for their business.

If you are able to find a solution which involves simply retrofitting a smart lock solution onto your existing locks and entry systems, then your business will save undue expense and administrative inconvenience of having all the locks changed, copying and distributing new keys for all staff, etc.

smart lock business plan

Retrofitting smart lock solutions enable you to keep your existing locks & entry systems

Does your smart lock solution fit the needs of the business?

When choosing a smart lock for your business, it’s critical to consider its ease of use in everyday situations to ensure it meets the needs of your business.

  • Quick to administer (e.g. assigning keys to staff or revoking keys from those who have left the business)
  • Simple to use (including those with admin rights as well as standard key holders)
  • Makes life easier for those who use the keys and those who administer them

So think about the needs of your business and how you might use a smart lock. As an example, some systems, such as Klevio , enable you to remotely unlock a door. Office managers have found this a useful tool if, for example, they are not at the business premises and a contractor calls to request access.

Alternatively, for a short term let Host on Airbnb, your guests will require access to the property. In this instance, the guest can simply contact you and you can unlock the door remotely or assign the guest a time-limited key (so it only works at predetermined times and automatically expires aftwards).

smart lock business plan

The feature set of your smart access system should make your business more efficient

When installing smart locks in your business, it’s important that you have long-term peace of mind that comes with ongoing support. You don’t want to feel neglected or helpless with your new smart locks, with no-one willing to help you.

For example, to deliver this support and peace of mind, Klevio clients and the end users are able to contact Klevio’s dedicated support team if they have any questions. They can be reached by simply calling the support team or they can use the live chat functionality on the website or in the app.

In addition, Klevio monitors over 15 health alarms for business package devices and will be in touch in the unlikely event that something goes wrong.

smart lock business plan

Be mindful of the support options that are available to you

Yes, it’s highly unlikely but it’s always worth considering the worst case scenario and having contingency plans in place.

It’s possible that, after installing a smart lock in your business, a power cut renders the smart lock inoperable. To prevent this from happening, it’s important to have a backup method for gaining access - invariably physical keys.

With the example of Klevio, because it is a keyless access solution that can be retrofitted to existing doors, locks and entry systems within a business, people are able to use their existing keys (without the associated administrative and financial impact of having to get new keys cut or calling an emergency locksmith).

smart lock business plan

Consider how your access system would work in an emergency situation like a power cut

When a smart lock solution is installed in your business premises, you take ownership of the device.

Therefore, you should be able to use your smart lock solution for as long as required, even if you decide to subsequently relocate your business elsewhere.

This has obvious cost benefits to your business and makes life easier for all staff as they then don’t have to then swap between different access methods.

smart lock business plan

Some smart access providers allow you to move your system to a new premises

Once you’ve found a smart lock solution that meets the needs of you and your business, you want to get it installed quickly and conveniently. Typically, the time it takes an installer to actually install your devices will depend upon the existing doors, locks and entry systems you have in place.

So, when you are investigating the smart lock solutions available, remember to ask when it would be possible to get installed.

If it’s going to take several months for an installer to squeeze you into their schedule and fit the devices, it’s probably worth looking at faster solutions.

smart lock business plan

Consider how complex & time-consuming the installation of your smart access system will be

What to do now

You can talk with one of our smart lock experts who will guide you through the process of getting a smart lock solution installed in your property. You can either use the web chat at www.klevio.com or call us on +(44) 20 3322 7981 .

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Airbnb keyless entry.

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5 Ways Smart Locks Will Transform Your Business

Lockers have become a must in the workplace, especially when so many offices are transitioning to flexible work models like hybrid working and hot-desking. 

Office lockers provide your employees with a secure place to store their personal belongings and reduce the need for desk storage. However, traditional lockers have limitations and the physical set-up is restrictive in several ways. 

The good news is that you can have your existing lockers fitted with smart locks to create a more efficient and cost-effective storage system. Here are five ways smart lockers will transform your business. 

Table of Contents

1. create a strong brand image.

Your work environment has a big impact on your brand image and your workplace should promote your identity and values. According to the  Penketh Group : “Office design is as instrumental in company branding as logos and website design.”

Smart locks  look sleek and stylish and will display your brand as being modern and innovative. This will help you create a great first impression and impress prospective employees and customers.

2. Reduce overhead costs

One of the top benefits of installing smart locks is that they have the potential to significantly reduce your overhead costs.

Traditional locker systems typically use keys, spreadsheets and manual locker allocation. This is an inefficient approach to locker management that could be costing your business thousands of pounds each year.

Smart locks automate locker allocation and have the power to reduce the admin time associated with locker management by an impressive 94%, resulting in significant long-term cost savings for your business.

At  eLocker , we recently achieved an 81% cost reduction for a UK client, as well as transforming their locker management effectiveness through implementing smart locker technology.

3. Boost productivity

Smart lockers can be accessed via contactless entry using a card or a code. This convenient self-service solution means that your employees won’t waste time searching for their keys or looking for an available locker when they arrive at the office. 

Smart locker systems also eliminate the need for managers to manually allocate lockers which means they can focus their time and attention on the activities that will drive growth and profits in your business. 

4. Maximise floor space

Office lockers take up a lot of floor space, so it’s vital that they are fully utilised. From experience, we have found that many companies have locker systems that are underutilised which is a huge waste of time, money and office space. 

Our smart locker systems provide advanced analytics which allows you to monitor locker usage. We recently ran a three-month pilot study for a customer and were able to show them that they were only utilising around 40% of their existing lockers. This meant they could reduce their locker facilities by around 60%, gaining a huge amount of additional floor space. This will generate significant long-term cost savings for the company going forward.

5. Improve security

Smart lockers are more secure than traditional lockers that use physical locks and keys. Our smart lockers are managed via an online dashboard dedicated to allocating and managing locker space, and locks can only be unlocked with the owner’s ID card.

When you upgrade to smart locks, your employees can have peace of mind knowing that their personal belongings are safe and secure.  Asset management lockers  are also a great solution for storing devices and they will reduce the risks and costs of managing assets in the workplace.

Bottom line

There are dozens of great reasons to install smart lockers in your business – lower overheads, higher productivity and improved security, to name a few. The best part is that you can use  eLocker’s retrofitting service  and upgrade your existing lockers with advanced smart locks without the need to replace your entire locker fleet.

Check out  this brochure  if you’d like to learn more about how our smart lockers could transform your business or get in touch with the eLocker team – we’re always happy to help!

Want to see eLocker in action?

Tell us a bit more about your business and use case, then our experts will guide you through the process to see if smart locks are a good fit for you.

5 Ways Smart Locks Will Transform Your Business

Commercial smart locks for business

Explore smart door locks and use cases. Discover the right commercial access control system for your business.

Join the thousands of companies using Kisi’s commercial door access solution

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Smart locks and remote access control

What are smart locks?

Smart locks use an electromechanical lock system to perform the locking and unlocking functions on a door. Smart locks typically feature deadbolt attachment hardware and basic software that’s installed manually.

Smart lock use cases

Smart locks are a go-to option for consumer use cases. Most businesses prefer access control systems for commercial use, such as office door locks. These systems act as commercial smart locks that you can manage from anywhere and offer advanced functionalities, like integration with video surveillance, automated access sharing, and detailed analytics.

Access control for business

Cloud-based access control systems enable remote and automatic door locks for businesses. The customizable software, unlimited users, and available customer support make it a more viable solution for offices and commercial facilities than smart locks.

Automated door lock system for your business

Take full control over who, where, and when accesses your spaces with Kisi’s intuitive software. Enhance security with real-time alerts, role-based time restrictions, and remote, global management. Manage unlimited users and locations behind a single pane of glass, create and automate reports to make data-based decisions, and integrate access control with the rest of your security system and program stack.

Install anywhere

Install Kisi on almost any entry point with an electronic lock in place, including glass doors in meeting rooms, storefront doors, gates, or elevators.

Super-fast unlock

Due to their battery-saving design, wireless locks are often very slow in responding to your input. Kisi uses Bluetooth or NFC to unlock your door in milliseconds.

Lock compatibility

Kisi integrates with all types of electronic locks, so you won’t need to replace your existing system. Don't waste time and money installing a new lock.

Always charged

Forget about battery and performance-related issues. As a wired solution, Kisi prevents interference issues between the lock and the central getaway used to communicate with the hardware.

All-in-one solution

Wireless locks are usually made by lock manufacturers, while software and credentials are made by a third party. Kisi is a complete solution, ensuring everything works in perfect sync.

Streamline operations

Add new users, grant and revoke access, change group membership, or delete users from the convenience of your phone. Automate door locks and manage all office locations wherever you are.

Add smart locks to your office door lock system

Smart door locks can sometimes be the go-to choice for commercial use. If there is no electric strike in place add a smart lock to your access control system to enhance security. Consider commercial smart locks for doors that do not require a high level of security or when you can't hide the cables electronic locks require. Add commercial smart locks when you need a quick fix if you don't have the time, space, or resources to install electric locks.

Swift integration

Connect commercial smart locks with your access control system for enhanced security, streamlined operations, and a seamless user experience.

Low upfront costs

Budget-friendly for smaller businesses, commercial smart locks often have lower upfront costs than more robust comprehensive access control systems.

No wires and cables

Enjoy the flexibility of wireless locks in spaces where you can't wire electronic locks or hide cables. Retrofit existing doors and add to your access system without significant modifications.

Quick deployment

Commercial smart locks are a quick and easy-to-implement security solution for doors with no pulled wires, particularly advantageous for time-sensitive situations.

Keyless access

As modern commercial access systems, smart locks offer different entry methods without the need for physical keys or credentials, enabling a frictionless access experience.

Remote door locks

Unlock and manage doors and users remotely. Integrate smart locks with your access system for more control and better monitoring, alerting, and emergency functionalities.

How do commercial smart locks compare with Kisi?

Smart locks

Control specifics

Remotely controlled hardware

Operate using various technology

Offline support

Deadbolt attachment hardware

Mostly Wi-Fi and Bluetooth-enabled

Limited offline functionality

Installation

Integrated installation

Customizable software

Full Wiegand support

Do-it-yourself installation

Fixed software

Need to replace door hardware

User management

Unlimited users and locations

Central dashboard management

Role-based access control

Automated user provisioning

Customizable access restrictions and schedules

World-wide support

Limited number of users

Basic in-app management functions

Basic user management

Manual on- and off-boarding

Available on specific models with limitations

FAQ and online tutorials

Analytics, monitoring, alerting

Visual access audits

Intrusion alerts

Capacity management

Advanced, automated reports

Manually review access logs where available

Available on some models

No occupancy tracking functionalities

Some offer basic reports

Integrations

Native integration with quality video surveillance brands

Analytics and directories

Industry-specific integrations, like coworking and fitness

Messaging, office management, and workflows

Open API and mobile SDKs

Most don’t integrate

No integrations

Integrate with smart home platforms, not commercial ones

Varies among models

Performance

To connect with Kisi

Integrate your set commercial smart lock with Kisi in minutes for enhanced security, convenience, and expanded functionalities.

Connected smart locks

Connect and manage access to all commercial smart locks in your facility with Kisi's cloud-based dashboard.

Cables required

Install wireless locks on doors where you can't pull cables for a flexible, timely, cost-effective installation.

Upgrade your smart locks

Simplify operations and ensure scalability with our mobile access solution. Contact our security experts and manage all your spaces on the fly in a matter of days.

Read how Saint Jude, a religious and educational organization, used a school security grant to deploy Kisi access control and enhance parish security.

It's the right complexity system. We can get the information we need, and the interface is very user-friendly. It's significantly more cost-effective than those more complicated systems, which is simply more than we need.

Discover how The Collab, a women-owned and operated coworking space, implemented Kisi and Archie to promote security and ease of use in their spaces.

The installation of the Kisi system was smooth and good. We are looking forward to continuing to grow and scale with the peace of mind that our technologies will allow us to do so.

Explore how Doctors of BC, a healthcare non-profit, replaced Lenel with Kisi’s cloud-based access control to gain insightful space utilization data.

I was already in the process of trying to get occupancy data aggregated from different sources, and then Kisi came along, and I realized it’s all already there.

Read how Discovery Village maintain a secure and flexible educational space with one-app experience that covers security and operations.

Secure doors were non-negotiable to me. I looked for a solution that had high standards, and the recommendation to use Kisi came from a parent in the school who was in a security-related field and knew of the integration with Kangarootime.

Leveraging Kisi’s access control, Peachtree Corners pushes the smart city agenda. Discover how this local government manages access with Kisi.

Before Kisi, I needed the person to WhatsApp me and let someone in. Badges got lost on a daily basis. I needed remote access that would work for multiple tenants and support 24/7 access - as well as provide clean record tracking for audit purposes.

Explore insightful commercial locks and access control resources

Discover everything you need to know about electronic and wireless locks. Explore keyless access control and the benefits of implementing an all-in-one access solution.

April 01, 2019

How to Use NFC Door Locks

Learn about how NFC door locks work with modern access control

May 08, 2019

How to Differentiate Between Different Smart Door Locks

Learn about the different smart locks you can install at your doors, and about their different use cases

August 13, 2018

Physical security | Security threats

Smart Locks Hacked By Bluetooth

Hacking smart locks is a scary thought -- what's even scarier is that it can be done easily at minimum costs.

February 02, 2018

Fail Safe vs Fail Secure

Read about fail safe vs fail secure locks - what to choose and how to evaluate.

July 09, 2019

Access control | Access control systems

Commercial keyless entry systems

Read what commercial keyless systems are and how they work. Explore the top 10 benefits of a keyless entry system to see how it boosts your business.

July 11, 2019

Access control components

Electronic locks

A comprehensive access control guide, including reviews, videos, and installation tips for electronic locks, like electric strikes and magnetic locks.

June 24, 2019

Access control technologies

Wireless access control

Should you use WiFi or ethernet for door access control? What are the pros and cons of using a wireless access control system?

October 07, 2020

Access control types

From enhanced security to remote access management, find out how commercial keyless entry systems are transforming access control.

Most popular smart locks on the market

Allegion Schlage ENGAGE

Covering a wide range of commercial smart locks, including mobile-enabled wireless deadbolt and interconnected locks, Schlage locks supported by Allegion's ENGAGE technology are a relatively affordable way to enable mobile access into your facility. You can use proximity cards, Bluetooth, and NFC, and connect the locks to your company’s Wi-Fi network for automatic software updates. Streamline operations and enhance security by integrating Kisi with Allegion's ENGAGE technology . Kisi's seamless support for Schlage NDE and LE smart locks enables you to view and conveniently manage all locks across your facility through the intuitive dashboard .

Dormakaba evolo

With Dormakaba's standalone-operated evolo door components , you do not have to do any wiring. These residential and commercial smart locks are handy with conventional locking cylinders due to the minimal installation effort. Given that no cables are required, consider the battery performance issues.

Connect your Dormakaba smart locks with Kisi to enjoy advanced control over your users, doors, and places. High-traffic facilities with a high number of employees, like corporate HQs, coworking spaces, and even startup offices, can set group employee schedules and better manage visitors accessing the space. Kisi enables you to integrate with systems and software you already use, like directories and CRM systems, to automatically edit and sync access permissions in bulk.

Assa Abloy Aperio

By installing the Aperio C100 Cylinder without drilling or door cabling, you can swiftly add wireless access control to your internal doors. Fitting all mortice locks, this smart lock is a great glass door option. If you're looking for an easy way to add electronic access control to an existing mechanical lock without drilling, consider the Aperio H100 Electronic Handle for a cost-effective, low-profile way to boost security.

Aperio locks are designed for seamless integration with commercial access control and security systems. Integrate with Kisi to enjoy a complete security platform that meets the highest IT standards while offering a seamless experience to the end user.

SALTO KS is a flexible access solution that requires a SALTO wireless smart door lock, an IQ, and an online device with an Internet connection.

It offers multiple access methods, including a card, fob, and digital key. European customers tend to prefer this Spanish company for its wireless battery-operated electronic door locks. Running on their own set of protocols, SALTO products essentially require other SALTO products to work properly. If you're looking to expand or need equipment outside of SALTO's existing offerings, consider more flexible access systems like Kisi. Take advantage of Kisi's open API with best-in-class documentation and mobile SDKs that easily bring Kisi's advanced functionalities to any 3rd party software.

Get the best access experience with Kisi’s cloud-based hardware

Enhance security.

Modernize your access control with remote management and useful integrations.

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Get a tailored solution for your use case, start unlocking with kisi in a matter of days.

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Door Locks Direct

7 Ways a Smart Lock Improves Security for Your Business

7 Ways a Smart Lock Improves Security for Your Business

Nov 30, 2023

smart lock phone control settings

Smart locks for business aren’t just a modern convenience; they’re also a significant upgrade to your security infrastructure. These advanced locking systems blend convenience with enhanced security measures, making them an indispensable tool for any business. From simple keypad electronic locks to sophisticated touchscreen handlesets or fingerprint combo packs, smart locks bring a new level of control and peace of mind.

For any security-conscious business owner, upgrading to smart locks is vital to ensuring the safety and integrity of your premises. Here are seven ways the best smart locks for commercial use can transform your business security:

1. Enhanced Access Control

With smart locks for business, you get unparalleled access control, allowing you to precisely manage who enters your premises and when. This feature is especially beneficial for businesses with sensitive areas or varied employee and visitor access needs. Setting customizable access codes and schedules ensures only authorized personnel can access specific areas at designated times.

Additionally, depending on the smart lock design , you can create detailed audit trails for every entry and exit, significantly increasing accountability and security. This level of precise monitoring is something traditional locks can’t match, making smart locks a superior choice for robust access control.

2. Keyless Convenience

The most significant benefit of using smart locks for business is the convenience of keyless entry, eliminating the common problems of lost keys and lockouts. This saves you the hassle and cost associated with regular key replacements and rekeying requirements when keys are misplaced, lost, or even when an employee doesn’t return keys after leaving the job.

These locks offer multiple access methods, including codes, key cards, and biometrics, providing flexibility for both employees and visitors and enhancing overall security. The keyless nature of these locks means you're less likely to face security breaches due to lost or stolen keys, making them a smart choice for modern businesses.

3. Real-Time Alerts and Monitoring

The best smart locks for business also provide real-time alerts and monitoring capabilities. They can be programmed to send notifications directly to your smartphone or central security system whenever a lock is accessed, attempted to be tampered with, or when an incorrect access code is entered multiple times. This immediate feedback allows for prompt responses to potential security breaches, ensuring that you're always in the loop about the safety of your premises.

The best smart locks for commercial use offer real-time monitoring that benefits businesses that need to maintain high-security levels at all times, such as financial institutions, data centers, or confidential research facilities. By keeping you informed of all activities at your doors, these locks play a crucial role in proactive security management, making them a wise choice for businesses looking to enhance their security protocols and response strategies.

4. Remote Management

One of the most compelling advantages of smart locks for businesses is the ability to manage them remotely. This feature is invaluable for controlling access outside regular business hours or handling unexpected situations away from the premises. Additionally, many smart locks can seamlessly integrate with existing security systems.

This integration facilitates centralized management and enhanced security monitoring, streamlining your overall security infrastructure. Remote management not only adds convenience but also ensures you have complete control over your business's security at all times.

5. Customizable User Codes

Smart locks allow you to create individual access codes tailored to different employees or departments. This enhances security by providing precise access control and simplifying the tracking of access patterns within your business. If someone leaves, you don’t have to worry about keys that may have been copied; simply update the access codes. Additionally, temporary codes that automatically expire can be generated for visitors, maintenance workers, or temporary staff, ensuring ongoing security.

This level of customization offered by some types of smart locks for businesses is particularly beneficial for businesses that need to maintain tight security over specific areas or sensitive information, making smart locks a highly effective security solution.

6. Enhanced Durability and Reliability

Durability is a key feature of the best smart locks for commercial use. These locks are designed to withstand high traffic and are more robust, making them suitable for busy business environments. Their low maintenance requirements, thanks to fewer moving parts and the absence of physical keys, also mean they’re a cost-effective, long-term security solution.

This durability and reliability ensure that your business's security system remains strong and uninterrupted, providing peace of mind and reducing the need for frequent maintenance or replacements. With high-quality craftsmanship, you’re also sure they’ll last for years.

7. Aesthetic Appeal and Professional Image

man standing next to glass door

Besides their functional benefits, smart locks for business also enhance the aesthetic appeal of your premises. Available in various stylish finishes and designs, they can complement and elevate the look of your business. Most of these locks are available in multiple design themes that match modern, contemporary, and other business architectural spaces.

Additionally, the modern and professional appearance of these sophisticated lock systems creates a positive impression on clients and visitors. This blend of style and security protects your business and reinforces your brand image as modern and professional.

Learn More at Door Locks Direct

Smart locks for business are more than just a door hardware upgrade. They’re a transformative investment in your business's security, convenience, and image. At Door Locks Direct, we recognize the unique security needs of businesses and offer an extensive range of keyless combo packs , electronic locks , and handlesets to fit any commercial requirement. Elevate your business security today with the best smart locks and experience the difference they can make.

Want to learn more? Contact our experts at 866.755.5625 or visit our blog .

About the Author

Richard Schoech

With an extensive background in door hardware, Richard Schoech, the owner of Door Locks Direct, has plenty of expertise in ensuring safety and security everywhere from offices to apartment buildings and personal residences. Offering a diverse range of brands, styles, and finishes on handles, deadbolts, smart locks and more, Door Locks Direct caters to every requirement.

ButterflyMX® - Official Site | Video Intercoms & Access Control

How Office Smart Locks Simplify Access at Commercial Buildings

by Tiara Sutton | Commercial Door Locks

entering a passcode on an office smart lock

Office smart locks give you the freedom to go keyless at your commercial building by allowing you to open doors with technologies like smartphones, smart watches, or tablets. Using smart locks at your office is a great way to simplify the property access experience. You can install office smart locks at doors to private offices, shared amenity spaces, parking decks, and more to modernize access at your business.

Read on to learn how commercial smart locks can benefit your business today.

In this post we cover:

What’s an office smart lock?

How are office smart locks used in the workplace, what are the benefits of an office smart lock.

  • How do you install a smart door lock?

Best keyless door locks for office

Office smart locks are electromechanical, internet-enabled locks designed for doors throughout office buildings. The primary benefit of smart locks for office doors is that you can do away with physical keys, key cards, and key fobs. Instead, a commercial smart lock allows your employees to open the door with their smartphones or a PIN code.

With this in mind, install office smart locks at any door or entrance where you seek to control and modernize access. That includes a variety of areas like conference rooms, shared amenity spaces, parking garages, and more.

Office smart lock with WiFi

How much does an office smart lock cost?

The cost of an office smart lock typically ranges from $250-$400, but can be upwards of $1000 on the higher end.

Do smart door locks work without WiFi?

Certain smart lock models require WiFi, but there are several office smart locks that don’t require an internet connection to work.

Office smart locks for doors

What happens if your smart lock battery dies?

If your smart lock battery dies, you’ll still be able to unlock the door with a traditional lock and key.

And don’t worry too much about your smart lock battery dying — you’ll get an alert several weeks in advance when your smart lock’s battery is low so you can replace it promptly. As a result, this will give you plenty of time to purchase new batteries or recharge existing ones.

How secure is an office smart lock?

Smart locks are quite secure because they’re tamper-proof and allow you to grant or revoke access permissions remotely. An office smart lock with a steel deadlock pin is the most secure choice because it can’t be easily picked or pried open like conventional locks.

What’s more, office smart locks give you real-time notifications, allow you to monitor door entry logs, and manage passcodes for guests for additional security.

Opening smart lock with smartphone

Office smart locks are used in workplaces to keep doors locked for security while ensuring a convenient way for tenants, staff, and employees to navigate the building.

Additionally, smart locks for commercial properties save time and money for building management because they no longer have to cut keys for every employee or leave doors unlocked, which poses a security risk. Instead, tenants can use a simpler credential — like a PIN code or a smartphone app — to unlock doors.

What’s more, building staff or business management can easily adjust access permissions for each employee, ensuring that each individual only has access to the spaces they’re authorized to enter.

You can create a seamless access experience by installing smart locks on doors to:

Private offices

Shared coworking spaces, office amenity areas, supply closets, parking decks.

Discover the many ways to open doors and gates with ButterflyMX:

Install office smart locks at individual offices and designate unique door codes for individual employees. Smart locks are great for private rooms in open floor-plan offices, ensuring that only authorized employees can gain access.

What’s more, most employees prefer using their smartphones for keyless access because it spares them the hassle of carrying around physical keys.

What’s more, if an employee with a private office leaves the company, management can easily revoke their office access and grant permissions to a new employee.

As remote work becomes more common, more workers are opting to use shared coworking spaces. These spaces empower remote workers to work collaboratively and get out of their homes for a change of scenery. Office smart locks are a great solution to modernize access in coworking spaces.

As a result, by opting for smart locks instead of traditional locks and keys, commercial property managers and owners can seamlessly facilitate access to buildings and rooms within it. They can also track who’s coming in and out of their offices.

If your office has a fitness center, focus room, cafe, or any other amenity space, using smart locks in these areas makes it easy for employees to use their smartphones to access those shared spaces.

Additionally, you can even monitor real-time door entry activity to ensure that visitors and guests aren’t abusing amenity privileges that are intended for employees.

Office smart lock with keypad

If your commercial building has supply closets or a designated room for private documents, installing smart locks on those doors can boost security. Use smart locks to monitor access for storage and supply spaces by limiting who can access them and when.

A smart lock can streamline access at parking decks and garages. If you have a high-traffic office building, utilize smart locks to ensure that only authorized users can get into the building from the parking garage and vice versa. As a result, this will reduce the likelihood of theft or loitering.

Smart lock with keycard

Office smart locks give property managers, building owners, and tenants the freedom to manage access from anywhere. They also provide a cohesive access control solution for offices by integrating with other smart technologies and proptech solutions.

Some of the greatest benefits of office smart locks include:

  • Monitor real-time access logs : Know who accesses a certain room and when.
  • Control access permissions : Decide who can access certain areas by managing credentials for authorized users.
  • Grant or revoke access permissions at certain times : Allow access at certain times (for example, 9:00 am – 5:00 pm) so there’s no unauthorized access after office hours.
  • Manage access remotely : Allows business owners who own several buildings throughout the country to manage access from anywhere.

Unlocking smart lock with smartphone

How do you install an office smart lock?

The smart office lock installation process usually involves removing your previous locking mechanism (whether it’s a traditional deadbolt, magnetic lock, or commercial strike). However, some smart locks can be installed on top of your existing deadbolt.

Once the lock has been installed, you’ll just have to make sure it has fresh batteries and set the access permissions. For best results, hire a certified installer to complete the installation process.

Do locksmiths install smart locks?

Yes, a certified locksmith can install office smart locks at your commercial building.

If you’re looking to implement office smart locks at your commercial building, there are plenty of great options to choose from. With this in mind, consider where you plan to use smart locks and what your property’s needs are when choosing locks for your building.

Here’s a round-up of the top 5 office smart locks:

  • August WiFi smart lock : Best integration with several smart technologies (smart lights, thermostats, temperature control) and has voice control.
  • Kwikset Halo : Best with fingerprint scanning.
  • Nest x Yale lock : Best for small offices and accommodates up to 25 users with alarm management.
  • Schlage smart lock : Best with Bluetooth and WiFi compatible deadbolt.
  • Kevo Bluetooth smart lock : Best keyless touch-to-open smart lock.

1. August WiFi smart lock

  • Easy to install over an existing deadbolt
  • Integrates with a variety of smart technologies
  • Sleek and compact design
  • Works with Alexa, Google, and Siri voice commands
  • Auto lock and unlock
  • 24/7 activity log
  • May lose connectivity when you’re not at the building
  • Short battery life of 3-6 months
  • Pricey at $230

Read the full August Wifi smart lock review »

2. Kwikset Halo 

  • Quick and easy install
  • Multiple ways to unlock including fingerprint scanning
  • Compatible with Google Assistant and Alexa
  • One-touch locking
  • More expensive than most- costs $240
  • Short battery life
  • Not as durable as other options on this list
  • Limited third-party integrations
  • Not compatible with HomeKit or IFTTT

Read the full Kwikset Halo smart lock review »

Office smart lock with fingerprint scanning

3. Nest x Yale lock

  • Simple to install
  • App is convenient and easy to use
  • One-touch locking capabilities
  • Rechargeable batteries
  • Doesn’t integrate well with other smart technologies
  • Pricey, ranging from $249 without Nest Connect and $279 with Nest Connect. Nest Connect is required for remote access.

Read the full Nest x Yale smart lock review »

4. Schlage smart locks

  • Sleek and sophisticated design
  • Long-lasting batteries (1 year+)
  • Built-in alarm technology
  • Integrated with Z-wave technology
  • Integrates well with third-party products
  • Not compatible with HomeKit
  • Pricey and can cost anywhere from $150 for basic models to $500 for upgraded models

Read the full Schlage smart lock review »

Sleek office smart lock

5. Kevo Bluetooth smart lock

  • Beautiful design
  • LED technology
  • Real-time notifications
  • Touch-to-open
  • Unlimited guest keys
  • Slow and can take up to 30 seconds to verify a user
  • Doesn’t support Alexa
  • Not tamper-resistant

Integrate ButterflyMX with your office smart locks

If you’re considering smart locks for your office building, take your building’s access experience one step further by investing in ButterflyMX access control solutions like our commercial video intercom and keypads.

What’s more, ButterflyMX integrates with 80+ smart lock models. That means that when you install ButterflyMX devices in your building, you can connect them to your smart locks and empower tenants to unlock every door within the office from one convenient mobile app.

Watch how ButterflyMX works:

  • Smart office locks eliminate the costs of key cards, fobs, and physical keys by allowing tenants to use their smartphones to unlock doors.
  • You can use smart office locks to grant access without compromising security by designating temporary or permanent PIN codes to employees and visitors.
  • Office smart locks empower business owners to manage access, receive real-time notifications, and monitor door entry logs remotely.

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Our Comprehensive, Technician-Tested List of 2023’s Top Commercial Smart Locks

Joe Wagoner National Hardware Director [email protected]

2022 brought us a mixed bag in pretty much every area besides commercial security. In 2022, commercial smart phone door lock companies like NexKey fell while others still rose to the top. Below is a comprehensive guide to the top smart lock manufactures smart lock model for commercial doors in 2023 and beyond. Every one of these locks have been tested by the best smart lock installers in the country, The Flying Locksmiths.

When do we suggest Smart Locks for Commercial Businesses?

We suggest smart locks for commercial doors for several different types of customers, but they generally fall into a handful of different categories.

  • I want to manage access to only one door
  • My business doesn’t have internet access or power hookups near the doors
  • I want to automate access to my facility at a price point that fits my budget
  • I want my commercial keyless entry locks to have a lever handle

If any of these scenarios apply to you, then standalone access controls like smart locks are the right pick for your commercial property.

Most customers arrive on smart locks as their preferred access control type for any of those circumstances, or due to smart locks being generally much more cost-effective than wired access control.

The Features of the Best Smart Locks of 2023

What’s a guide to commercial smart door locks without pointing you toward the best options to consider? Keep an eye out for these key features when shopping so you get the crème de la crème of smart locks.

Smart Lock Credentialing Types & Access Types

Due to the growing popularity of smart locks, there are various approaches to granting access. Most smart locks will allow you to lock and unlock the doors using an app on a mobile device. Other smart locks have keypads for coded entry, which is still a great option for anyone wanting to get rid of physical keys.

Most of the smart locks on this list have at least 2 of the following methods of authentication:

  • Key Fob Authentication (used in RFID Smart Locks )
  • Biometric Authentication Like Fingerprints
  • Smart Phone Access Control
  • Backup Keyholes
  • Geofencing (Open if an approved Bluetooth device gets close)

Web Portals

With most security technologies existing in the cloud now, it goes without saying any smart lock is going to have a web portal accessible by admins (at least) to manage security credentials.

Historically, antiquated access control systems required on-site servers to run. If you’ve ever had one of these running on your site, you’ll know not only how vulnerable they are to shutdowns and unexpected behavior. You’ll also wish you never had to go into a server room to setup an access card again.

Exterior-rated, weather resistant and weatherproof commercial smart locks

Nothing is worse than spending money on a commercial smart lock, installing it on an exterior door, then finding out after the fact it’s not weather-rated.

Traditionally, that has always been the rub with smart locks—weather kills them. Each of the smart locks on our list will be labeled weatherproof, or weather resistant or interior-only.

Customer Support

Customer support for any access control system is paramount, not only for you, but for us. Some companies put their customers through the ringer to get assistance with even the most minor questions. You’ll find everything on our list for has top-notch customer support. Easy to reach for quick and in-depth questions is the name of the game for any software-based security solution.

Extended Battery Life

One of the most important features of a smart lock is its battery life. A smart lock with a poor battery life could land you in sticky situations, such as denial of access to rooms or documents. To avoid this issue, read the spec and expected battery life before hiring a professional locksmith.

Software Compatibility

The biggest mistake you could make is getting a smart lock incompatible with everyone’s software. Buying a smart lock that’s only compatible with Apple software will hinder those who need access to the building and don’t own an Apple device. It’s important to keep all your technology in one accord to eliminate future problems.

Are there smart locks that only work with Apple technology you might be wondering? Yes, there are. And no, we don’t use them or suggest them.

We pick smart locks which can integrate into or eventually become larger systems as your business grows.

2023’s Best Commercial Keyless Door Locks

Schlage nde.

What makes the Schlage NDE different and allows it to take our top-spot for the best commercial smart lock of 2023 is that you can use it with Engage by Allegion, a free access control software. This means if you’ve got a door that just needs a smart lock on it, but still want to use access control readers elsewhere in your facility, this is a good pick for you.

The Schlage NDE is our top pick of the year for the sheer volume of use cases it solves for and the flexibility it provides for enabling facilities to use this hardware wherever they need.

  • Multiple credential methods such as Bluetooth, WiFi, RFID (key fobs) and NFC or Near Field Communication (the same tech your phone uses when you use it as a payment method.)
  • Weather Resistant Commercial Smart Lock
  • Small profile smart lock & reader combo
  • Can be used with the free Engage app, along with most major access control software, such as Openpath

Vizpin is an affordable pick for controlling access to a door. Their Entegrity Smart Lock works similarly to a Schlage NDE with the exception that it does not need an internet connection to function.

That being said, because this access control solution is limited to only Bluetooth access control, Vizpin can function without an access control panel. Access control panels are essentially the computer running the access control system—and can be costly to install and purchase.

Why is Vizpin among our top Picks for 2023’s Top Commercial Smart Door Lock?

  • Vizpin and its companion the Entegrity Smart Lock are among the most affordable commercial smart locks on the market
  • Their smart lock solution is weather resistant, but not weatherproof
  • Vizpin only uses Bluetooth credentials, so a smart phone is required for this smart lock
  • Cloud management without the need for costly access control panel installation

Yale NexTouch Commercial Keypad Door Lock

Yale NexTouch is a mainstay in the smart lock community, and pretty much any guide on the best of the best is lacking if this lock is missing.

All locks offer a key override, a keypad and key fob access for easy entry, which, to be fair, is really about all you need in a solid commercial smart lock.

This series is best used in small office space or multifamily properties due to its scalability, reliability and ease of use.

Each lock offers up to 500 unique PIN codes for accessing a particular property or room, and can be paired with Yale Accentra Software for a more complex multi-family access control solution.

Why choose Yale NexTouch?

  • Manufactured by ASSA ABLOY, a titan in the commercial locking industry. You'll never risk the company going defunct and being at a loss when you have to change all your devices to a new system
  • Lever trim options are compatible with exit devices
  • Customizable with different finishes and decorative lever styles
  • 3 different types of access control

Depending on your application, Codelock has a solution for you. Near the ocean? Use their Marine smart locks. Need a smart lock for a gate? Codelocks manufacturers smart locks for gates as well.

At its core, the Codelocks’ smart lock offering revolves around the CL4510 and CL5500. Both locks have a keypad, a key override, and allow for management via their smartphone app.

Why did Codelocks make our list?

  • Keyless entry options like keypad entry & keyfob access control
  • Their standard smart locks are not water resistant, but they offer plenty that are
  • Offers options for gates and lockers
  • Simple to program

Trilogy Smart Locks

The main Trilogy smart lock family also includes a panic bar option to control who exits a facility. As an added bonus, Trilogy locks are weatherproof, so no need to use an awning.

On top of all of that, Trilogy locks are also capable of using one-time service codes, which is a useful feature for many facilities.

Why choose a Trilogy Lock?

  • Long battery life
  • Weatherproof
  • No extra fat on a trilogy lock. A standard, highly effective commercial smart lock—which the price reflects.

Lockly Secure Pro Smart Lock

There you have it. The best commercial smart door locks of 2023 listed out for you. If you have questions on whether a particular system will work with you, we’re always happy to help.

Lockly's largest claim to fame is that its flagship product, the Wi-Fi Enabled Secure Pro Smart Lock has 5 different methods of credentialing. Which is a lot!

You can open a door with a Lockly smart lock by:

  • A thumbprint, making it among the only thumbprint smart locks on the market
  • A smart phone
  • A key override

Their keypad is purely digital and groups the numbers together into combinations of three, so the sequence of buttons you press will always be different. This eliminates the ability for someone to piggyback behind you, look over your shoulder and figure out the pin.

Why choose Lockly's Secure Pro Smart Lock?

  • Many different ways to open the door
  • Smart locks with levers and various finishes are available
  • Access management app for configuring the lock's behavior completely and distributing access codes and credentials
  • Battery dead? A 9v battery tap to the bottom of the lock will get it back up and running again
  • Offline access codes

ADDITIONAL RESOURCES

Don't know what smart locks and access control system is right for your facility? Learn more from these Blogs:

  • Top 8 Best Access Control Systems of 2022
  • A Guide To Biometric Access Control Systems
  • Ultimate Guide To Commercial Electronic Door Locks

Frequently Asked Questions

Which of these commercial smart keyless entry locks come with a lever handle.

All of the smart locks on this list come with lever handles except for the standard model of Vizpin, which requires an electric strike. By default, Trilogy, Codelocks and Schlage NDE contain the lever handle standard with the lock.

Which of these commercial smart locks can you also use to buzz the door open?

Good news is, you can actually buzz the door open with pretty much any of these locks. The easiest solution to buzz a door open when you use a smart lock is to pair it with an intercom system like an Aiphone Intercom System . If you don’t need video or audio capability, a request-to-exit button is your best bet.

If you’re trying to keep things lean and don’t need video capabilities, you can use these locks’ apps to unlock most of these doors—except the trilogy lock, which is too lean to buzz open without a request-to-exit button.

How Can We Help?

At The Flying Locksmiths, we’re passionate about our craftsmanship. If you have questions about these smart locks or need help with smart lock installation , we’re the best in the country to help.

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Locksmith Business Plan

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South Kelleton Keys and Locksmith

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

South Kelleton Keys and Locksmith (SKelleton Keys) will be a locksmith shop focusing entirely on locks and security products, founded and managed by Padraic Lawkse, an experienced, certified locksmith. The business will set up a store in South Kelleton and sell lock hardware and services to building management companies, businesses, homeowners, and renters in the community through a combination of direct selling techniques and advertising.

Net profit will rise significantly from its first year of operation to the end of its third year on a projected almost doubling of sales. The business will grow by selling products and services, as well as offering qualified referrals to security product vendors when the company cannot handle a client’s needs directly. An additional locksmith will join the business in the third year to apprentice under Pad Lawkse and expand the company’s business.

South Kelleton Keys and Locksmith seeks a three year business loan, which will fund initial operations along with Pad Lawkse’s own capital investment into the business.

Locksmith business plan, executive summary chart image

1.1 Objectives

The objectives for South Kelleton Keys and Locksmith are:

  • Launch a store in a highly visible location in South Kelleton
  • Establish relationships with ten apartment buildings as a preferred vendor for locks in the first year of operation
  • Achieve a doubling of sales by its third year of operation, with gross margins better than 40% on products

1.2 Mission

South Kelleton Keys and Locksmith will increase the security of buildings, owners, and renters in its neighborhood of South Kelleton by providing the best quality locks and security products, as well as highly skilled installation and repair.

1.3 Keys to Success

To succeed as a locksmith business, SKelleton Keys must:

  • Develop relationships with building owners
  • Create awareness in the community of their proximity, quality, and reasonable prices
  • Respond quickly to requests
  • Sell “security and peace” of mind rather than “locks”

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Company summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">.

South Kelleton Keys and Locksmith will establish a new locksmith shop within the neighborhood of South Kelleton. This predominantly residential community, including landlords, homeowners, renters, and other businesses, require locks and security products ranging from the simplest locks to padlocks and advanced products. SKelleton Keys will provide products and installations of deadbolts, padlocks, cylinder locks, camlocks and safes. The business will refer clients to security system partners for more advanced security technologies. They will provide on-site security consultations, installations and repairs. They will copy keys and sell key rings and key chain products.

2.1 Company Ownership

South Kelleton Keys and Locksmith is an LLC owned by Padraic Lawkse, an experienced locksmith who worked as a lock installer and salesperson for ten years.

2.2 Start-up Summary

Start-up expenses include initial liability insurance premiums, covering both the store and general liability for work done on-site at customer homes and offices, rent for one month’s security deposit and two months for the build-out and set-up of the store prior to opening, legal and licensing fees, and stationery and print collateral. A $25,000 surety bond must also be secured as well for an estimated $750 per year. Pre-launch marketing expenses are detailed in the marketing plan and include the creation of a website ($1,000), brochure ($2,500), flyers and ads ($3,500), and other activities.

$40,000 in inventory of locks and key products for sale off the shelf must be purchased prior to opening. Current assets pay for shelves and display cases, a computer and necessary software systems. Long-term assets include a cash register system ($2,000), key cutting machines (3 for approximately $1,000 each), outdoor signage ($500), and fixtures and improvements to the store space ($20,000). Additional tools ($4,500) include hand tools (screwdrivers, hammers, saws, chisels), power tools (drills, hole-saws, saws, sanders), letter and number hand stamps to label and number keys, and a short ladder to reach the top of door frames. $10,000 is reserved for the purchase of a used van and its outfitting with racks and drawers to store parts, tools, and a key cutter.

Locksmith business plan, company summary chart image

Products and Services

Products will be from brand names in lock and security products, such as Schlage and Master Lock, with inexpensive options as well.

Products will include:

  • cylinderlocks
  • locking display cases
  • locking file cabinets
  • tool chests

Large and customizable items like display cases will not be held in inventory, but will be ordered to client specifications from vendors. Catalogs will be available in store for customers to choose from.

Services will include:

  • cutting copies of keys
  • installing all lock products sold
  • on-site security consultations
  • product repair (when possible)
  • referrals to security system sellers who provide sales, installation and repair for more advanced security technologies (electronic and video locks, keypads, camera security systems)

Services will be executed by Padraic Lawkse, a locksmith with technical college and professional experience.

Market Analysis Summary how to do a market analysis for your business plan.">

The locksmith industry sells to consumers and to businesses, with goals of securing residential and commercial real estate and other property. This market ranges from individuals securing a gym locker, to renters adding additional security to their rented space, to landlords, homeowners, and business owners securing entire buildings. 

4.1 Market Segmentation

The market for locksmith products and services in South Kelleton has been broken down into the segments shown in the Market Analysis. They are growing at a slow rate, as South Kelleton is built up and not undergoing much new development.

Building management companies work for landlords, providing management services for buildings ranging from single-family homes to large apartment building complexes. The managers are tasked with reducing the risks of their landlords, providing good service for their tenants in order to attract and retain the best tenants, and keeping costs of service down. They look for ongoing relationships with local vendors with whom they can receive relationship rates for the high volume of business they provide. Locks must be changed frequently for new apartments, for front doors, for mailboxes, and for other rooms in buildings, both when tenants leave and when locks malfunction or are damaged. Robberies or robbery attempts may increase security concerns in given buildings or areas and lead to a spree of lock upgrades.

Homeowners seek basic security for their home, but think of locksmiths as involved in a single transaction. They will look for the reputation and experience of a company, but will not spend a great deal of time comparing locksmiths. They will pick the first of the two or three they contact, and they will find those based on their visibility either in the community or on the internet/Yellow Pages.

Apartment renters generally add a deadbolt to their apartments for greater security, but look for the lowest prices to do so. They think of this work with a locksmith as a single transaction and will not spend too much time comparing prices.

Businesses with real estate may have great amounts of property to protect (all of their inventory and assets) and look for security systems and gates as well as locks. Business owners will seek good prices, but not with a loss of quality and security. They will generally need consultation services as well. Some have large holdings and may work to create ongoing relationships, much like building managers.

Other landlords include absent owners of homes and buildings who do not use a management company. They may not work as professionally as building management companies, and may look for and choose locksmiths through simple searches.

Locksmith business plan, market analysis summary chart image

4.2 Target Market Segment Strategy

To seek the most profitable market segments in South Kelleton overall, SKelleton Keys will focus on building management companies, homeowners, and businesses with real estate. Each spend a greater dollar per transaction on locks and generally will have multiple locks or installations sold with every deal.

Furthermore, apartment renters may be referred to SKelleton Keys by their building management companies, creating future revenues from this segment if building managers are sought out first.

4.3 Service Business Analysis

The ALOA (Associated Locksmiths of America), an organization which provides accreditation for locksmiths, provides the following information:

A professionally trained locksmith/security professional may do some or all of the following: install locks, deadbolts and other mechanical or electronic locking devices to safeguard homes, businesses, vehicles and other property. Locksmiths also may modify or repair such devices, rekey locks, make duplicate keys or cards, generate or program new keys/cards for locks whose keys/cards have been lost and respond to emergency calls to unlock vehicles, homes and businesses that have been locked accidentally, or whose locks have malfunctioned.
Some locksmiths install and service electronic alarm and surveillance systems. Many locksmiths specify, design, provide, install and service a wide range of electronic access control systems and closed circuit television (CCTV) systems. Because of the integration of electronic security systems with computers and networks, some locksmiths maintain security hardware and software for computer systems.
When new or replacement locks are required, a locksmith assists the customer in determining the correct types of locks needed based on the security risk/exposure, life safety application and frequency of use. The locksmith installs locks and security devices using manufacturer’s templates and/or industry specifications, by cutting or drilling the proper opening in the selected location with small hand and power tools.
A locksmith may sell, service and install safes for home and business use. Banks have many locking devices and related hardware that require regular service by locksmiths such as; vault doors, time locks, safe deposit boxes and teller equipment.
A locksmith repairs a lock by disassembling and examining it to locate worn or malfunctioning parts, then cleans and adjusts the internal mechanisms and replaces these parts with new ones supplied by the lock’s manufacturer. On occasion, it may be necessary to custom make some repair parts using lathes, drills, grinders, and other power and hand tools. When the repairs have been completed, the locksmith will reassemble the lock and check its operation.
A locksmith makes duplicate keys using a key-duplicating machine. With the customer’s (pattern) key and key blank clamped in their respective vises, the locksmith moves the pattern key across the guide. A rotary cutter cuts the same pattern into the key blank. The locksmith carefully examines the new key to ensure its accuracy.
A locksmith may respond to emergency calls for customers who have accidentally become locked out of a home, business or vehicle. The locksmith begins by examining the lock(s) to determine the best method to circumvent the lock. These methods may include use of lock picks, bypass tools or other special instruments. Fitting a key by code or other skilled means is also a method of opening a lock. Experience, skill and knowledge dictate the method a professional selects to open a lock. There are times when the quality of the lock, concern for safety of occupants and other factors such as a malfunction of the lock may force the locksmith to use destructive techniques to gain entry. Before performing an emergency opening or certain other sensitive tasks, the locksmith may require positive ID procedures.
For security reasons or because keys are stolen or misplaced, many businesses, hotels/motels and apartment complex owners contract with locksmiths to provide new master key systems, reset combinations and rekey their door locks on a regular basis. Some cities and states require locksmiths to be licensed and bonded. The licensing process may include submitting fingerprints, undergoing a state or national background check, passing an examination, and paying a fee to the licensing agency. A self-employed locksmith must also keep business records and maintain a proper inventory of locks, parts, keys and tools.

In our state alone over 290 locksmith businesses are registered with the ALOA and South Kelleton includes 20.

4.3.1 Competition and Buying Patterns

Neighborhood locksmiths with shops depend on a steady stream of street traffic. As some are provided within hardware stores, many of these shops are not aggressive in their competition for business and are susceptible to aggressive marketing by other locksmith businesses. Because the locksmith industry sells to both consumers and businesses, a combination of “pull” marketing through advertising and “push” selling through directed sales efforts are used.

Customers will choose locksmith shops based on their location, the range of security options available, the helpfulness of sales staff, and, finally, price. Some prefer hardware stores with locksmiths which can handle more of their needs in one stop, while others look for specialists because of the greater level of service and expertise they generally provide.

Web Plan Summary

The South Kelleton Keys and Locksmith website will offer basic information about the business, with details on the product line carried, but stopping short of offering e-commerce. Customers will be referred to go to the store to purchase items and to call to schedule consultations. The website will act as an extended brochure for the business for both residential and commercial customers.

5.1 Website Marketing Strategy

The South Kelleton Keys and Locksmith website will be marketed through the following means:

  • Search engine marketing – the purchasing of keywords on Google AdWords which attract local businesses and residents to the store
  • Mention of the website URL on business cards and brochures distributed by the business
  • Mention of the website URL on all ads and flyers

5.2 Development Requirements

The South Kelleton Keys and Locksmith website should offer the following functions:

  • About Us – Description of the business, Padraic Lawkse, and its mission in the South Kelleton community
  • Store Products – Images (from manufacturers) and basic pricing on some products
  • Services – Description of the services offered by SKelleton Keys
  • Partners – Listings of other security businesses which SKelleton Keys partners with to offer electronic and advanced security systems
  • Hours and Location/Directions
  • Contact Information

Strategy and Implementation Summary

To launch South Kelleton Keys and Locksmith, Pad Lawkse must establish its credibility through a product line of quality lock hardware and expert knowledge about locks and security, as well as its visibility through direct selling to businesses and street/community visibility to homeowners in South Kelleton. Product sales will be achieved through its storefront location and services will be rendered on client sites primarily.

6.1 Competitive Edge

South Kelleton Keys and Locksmith will compete by specializing in lock and security concerns, establishing relationships with other security businesses to create a network of additional vendors to serve clients, and by maintaining its expertise through ALOA training.

By specializing in locks and security rather than carrying other types of home and building hardware, the business will focus on its core strength and expertise and develop a reputation in the neighborhood as a specialist.

To offer high-tech security systems, SKelleton Keys will develop a list of preferred security vendors to whom they are comfortable sending on business requiring more specialized security. These vendors will pay a commission to SKelleton Keys on every sale they make through these referrals.

Padraic Lawkse will develop his locksmithing expertise through additional training with the Associated Locksmiths of America. He is currently a Certified Professional Locksmith and will work towards certification as a Certified Master Locksmith, the highest category available. This will ensure that Pad Lawkse’s expertise in locks and security will make customers confident in the service of the business and allow Pad Lawkse to recommend upgrades as they become available or less expensive, when appropriate.

6.2 Marketing Strategy

South Kelleton Keys and Locksmith will focus on business sales to building management companies and businesses with real estate as well as consumer sales to homeowners. This requires a dual approach to marketing.

The following tactics are part of the business sales focus:

  • Design and produce brochures advertising the services offered by South Kelleton Keys and Locksmith
  • Develop a list of businesses in the neighborhood and import this list into salesforce.com
  • Send brochures by direct mail to this list
  • Advertise in trade publications for building management companies
  • Search engine marketing: Bid for keywords around business and building security using Google AdWords
  • Sales efforts to follow up with businesses (see sales strategy)
  • Creating a website for the business and offering additional information beyond the brochure

The following tactics are part of the consumer sales focus:

  • Create attractive signage and post outside and in windows of store to build street visibility
  • Put ad in local newsletters advertising opening of the store
  • Post flyers about the store opening on local bulletin boards in stores and public places
  • Decorate the store for its grand opening and offering free gifts of store branded key chains to early visitors while supplies last
  • Creating a website for the business with information on store products, hours, location, contact information, etc.

6.3 Sales Strategy

Padraic Lawkse will direct the sales efforts of the business which will focus on business sales. He will generate lists of building management companies and area businesses, and use both phone calls and site visits to make management aware of South Kelleton Keys and Locksmith and to qualify the potential customers for future conversations.

These lists will be kept in a salesforce.com account in order to track sales activities and to collect customer information for those who convert to customers.

6.3.1 Sales Forecast

The sales forecast shows that hardware sales and installations will drive the revenue of the business. While hardware sales are a key driver, services provide a much greater gross margin (80% versus 40%). Commissions on referrals to other security businesses will be extremely profitable as the gross margin on these referral fees nears 100%.

Significant growth is expected over the first year and then 30% annual growth in year 2 and 25% in year 3. This is based on continued saturation of the South Kelleton market as building managers begin to refer tenants to SKelleton Keys. A key assumption is that the current locksmith offerings in South Kelleton are lacking and that businesses, homeowners, and building managers will be eager to work with an experienced locksmith with a local shop.

Locksmith business plan, strategy and implementation summary chart image

6.4 Milestones

The milestone chart shows the execution of the pre-launch marketing activities and the use of $10,000 in marketing funding. The expense for the grand opening is to order store-branded key chains as gifts for customers who visit the store while supplies last.

Locksmith business plan, strategy and implementation summary chart image

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Padraic Lawkse, CEO, will manage all store operations, direct sales and marketing, hire, train, and supervise employees, and provide services. He will hire an assistant store manager to staff the store in the first year of operation. The assistant manager will be responsible for bookkeeping, purchasing, basic cleaning, and opening or closing the store. He will run the store during normal business hours five days a week, while Pad Lawkse will run the store on weekends and be present in the store at times during the week when he is not on service calls.

Store staff will be increased in subsequent years. He will also add an additional apprentice locksmith in the third year who will take over basic services and installations, leaving Pad Lawkse to focus on on-site consultations and services requiring greater skill or experience.

7.1 Personnel Plan

As the business is an LLC and Pad Lawkse is the sole member, he will receive all profits from the business, but is not required to take a salary. However, a salary is shown to assist with his tax planning and budgeting. The assistant store manager will be paid a competitive salary with a bonus for performance. An additional store staff person will be hired halfway through the second year and will be paid hourly. This employee will assist with store sales and running the store, leaving store management to the assistant manager.

The assistant locksmith will be hired part way through the third year. He or she will be paid a salary plus bonus and be required to continue seeking additional certifications with the ALOA. This individual will be enticed to stay with the company through growing responsibilities, experience, and pay in future years.

The business will provide health insurance for full-time employees as well as paid sick leave and paid vacation.

Financial Plan investor-ready personnel plan .">

South Kelleton Keys and Locksmith will be able to launch based on the savings of its owner and a significant long-term loan, as described in the start-up funding description. After this point, the business will show healthy profits and cash balance to be able to grow with its own cash flow. Steady growth is expected, requiring additional staff, but still using the same basic assets (store, inventory, equipment, etc.) for the most part. As assistant locksmiths work primarily in the field at customer sites, a larger facility is not required to take them on. The owner will keep a healthy cash balance in the business for emergencies and will withdraw additional cash as dividends.

8.1 Start-up Funding

Padraic Lawkse will invest significant startup funding out of his savings and from a credit card line-of-credit to launch the business (current borrowing on the Start-up Funding table). A business loan is sought against the assets of the business to be repaid over the first three years of operation.  

8.2 Important Assumptions

This business plan assumes the availability of potential staff due to a favorable job market and the availability of storefronts to launch the business.

8.3 Break-even Analysis

With a monthly break-even shown in the table below the business is expected to reach break-even from a profit perspective in the seventh month of the first year.

Locksmith business plan, financial plan chart image

8.4 Projected Profit and Loss

The primary operating expenses for the business will be marketing and promotion which will include advertising, producing direct mail pieces and brochures, ongoing website hosting and maintenance and attending events.

Depreciation of long-term assets includes equipment in the store and tools for services, including both the equipment and tools purchased at start-up and allowances for additional purchases (which are shown on the cash flow statement).

Rent is expected to rise and the business will seek a 5+ year lease on an appropriate storefront space of at least 1,000 square feet.

Insurance and bonding includes ongoing insurance payment for general liability for the store and work at client sites and the van, as well as renewals of the surety bond each year.

Payroll taxes includes payments for health insurance for full-time employees.

Store supplies includes all supplies (not inventory) which are expensed immediately for store cleaning, maintenance, and operation.

Van fuel, maintenance, and parking covers the cost of fuel, ongoing maintenance and upkeep of the van, and parking at customer sites when only pay parking is available.

Training and education includes subscriptions and course work for Padraic Lawkse and for the assistant locksmith to seek expertise in locksmith work.

Locksmith business plan, financial plan chart image

8.5 Projected Cash Flow

Cash flow will become consistently positive by month 6, removing the need for additional funding to get the store and business off the ground. The business will attempt to keep a healthy cash balance in reserve for the potential that equipment or other assets must be repaired or replaced. Steady investments in the assets of the business have been worked in to these projections to account for the gradual replacement of equipment.

The cash flow table shows a budget for the purchase of additional tools and equipment as they become worn out, broken, or lost, and for purchasing tools to install and maintain new types of security devices as they are released to the market so South Kelleton Keys and Locksmith can remain up to date.

The owner will take out dividends from the business when cash flow can support it, while keeping a cash reserve of around $50,000 at any given time in the second and third year in the business.

The borrowing on credit cards will be paid off over the first year.

Locksmith business plan, financial plan chart image

8.6 Projected Balance Sheet

The business will pay off its current borrowing in its first year of operation and its long-term liabilities over the first three years. Aside from a contingency fund, the business will not retain a great deal of cash in the business, but will pay profits out as dividends for the most part. Net worth will grow steadily, but not radically, over the first three years of operation for this reason.  

8.7 Business Ratios

South Kelleton Keys and Locksmith’s business ratios are compared here to SIC code 7699 for locksmith businesses with annual sales of $500,000 to $1 million. Due to its ownership of a store, SKelleton Keys’ ratios will differ from the average locksmith of a similar volume of sales, as many locksmiths work only from a van. It will carry more inventory and will hold more accounts receivables due to its higher level of business sales. The gross margin is driven higher due to the revenue stream of referral commissions which is almost entirely gross profit.

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smart lock business plan

smart lock business plan

Secure your business with smart door locks: A guide to the technology & brands

Man open the safety door with smart phone

Smart technology has exploded over the past couple of years, and its popularity continues to grow.

At the forefront of this revolution have been devices such as Apple’s Siri, Amazon Echo, Google Assistant and Home Hub, which have become commonplace in homes across the UK.

These devices connect to a range of smart technology allowing users to control everything from lights to heating systems. It’s not just homes that can benefit from smart technology though, businesses can also make use of the advantages that smart devices provide as well as setting up a smart ‘home’ system in the office.

While you might not want to turn your business premises into a high-tech hub stuffed full of smart technology, there is one smart device that could provide an immediate benefit. Smart door locks offer business owners a great way to immediately upgrade their security, simply and effectively.

What are Smart Door Locks?

Smart door locks dispense with the need for keys to access your office or other business premises. Instead a keypad, fob or smartphone is used to control the lock. For businesses where there may be multiple people who require access, this helps to reduce the risk of lost or stolen keys.

In addition, because access permissions or keypad codes can be changed quickly without the need to change all the locks, you can easily do this in the event of staff leaving the business without returning their key fobs.

Leading Smart Door Locks in the UK

Now you’ve seen the possible benefits of installing smart locks at your business premises, Steve Harrison from Locksmith Leicester has taken a look at some of the major smart door lock brands and models in the UK.

Yale Smart Door Locks

Yale is one of the most well-known names when it comes to locks, but you probably think of them as traditional lock makers. Yale has now moved into the smart door locks market, providingseveral entry methods. Locks come with a touch panel control, or a key card or tag; while some give remote access via a smartphone if you connect the lock to a smart home system.

Yale smart locks are battery operated and use four AA batteries. You’ll get a warning if the battery is getting low and can even use a 9V battery touched on the bottom of the unit for temporary power if the batteries do run out.

If you want even more security options, Yale also makes a smart alarm system that you can connect your locks to.

The Conexis lock is another in the Yale range of smart locks. This time the lock has no keypad at all, but rather is accessed using an app on your smartphone. The Conexis also allows users to send ‘mobile keys’ to other people allowing them to gain access. These mobile keys can be set to only work for as little as a few hours, so you could use them to let a trusted tradesperson into your business premises if you are unable to be on-site

There are also key cards and tags are available, and it’s really simple to revoke them if you decide that you want to deny access to anyone. Useful if you want to remove access from a former employee.

Nest are a big name in smart home technology known principally for their thermostat and alarm systems. They’ve now partnered with Yale to produce a smart door lock that is a tamper-free keyless deadbolt that will send you an alert if someone does try and tamper with it. The lock connects through Nest Connect or Nest Guard to the Nest app meaning you can open the door with your phone.

The lock has a keypad, so you can share the access code with any employees or business partners to allow them simple secure access. You can also use Google Assistant to check the status of your lock and lock it from any location.

The Nest smart lock also works with the Nest secure system for additional security. This system offers features such as video doorbells that could help make your business premises even more secure and make your life easier.

Codelocks is an established maker of keypad entry locks. Recently they’ve expanded their range to include smart locks, with their CL4500 and CL5500 ranges combining card and keypad entry systems with smart technology. Both ranges feature mortice locks and allow up to 350 users. They have capacity for 100 phone users and 100 codes, as well as 150 smart cards and can monitor when and where the locks were used, making them ideal for businesses.

The CL5520 smart lock includes a mortice lock for an additional level of control, as code users can be locked out with a key. The locks can be controlled using the K3 Connect app from Codelocks.

Codelocks offers a range of support including training videos that show how to programme and operate their locks, handy if you want to pass that information on to your employees.

Samsung isn’t the first name you might think of when it comes to security. They’re Probably best known now for their range of smartphones and tablets, particularly the Galaxy range. However,they also produce loads of home technology and also produce smart door locks.

Samsung is a big name in technology, and many people have phones or other gadgets from Samsung. They have plenty of home tech, so it makes sense for them to offer smart locks too.

The Samsung EZON SHS-2920 is a sleek piece of kit that’s well-suited for office doors. There’s a touchpad, and the lock is activated by either entering a code or using a card. Again, the lock is battery operated with warning system to tell you when the battery is running low and the option to use a 9V battery to provide a temporary power source.

August Smart Lock

August makes both the Smart Lock and Smart Lock Pro. The Smart Lock Pro has more features than the standard Smart Lock and can be linked to the company’s Connect Wi-Fi Bridge to access even more elements.

August’s locks give access via Bluetooth, with an auto-lock and auto-unlock feature that senses when you leave and approach your premises. When you use the August app on your smartphone, you again have the option of sending guest access ‘keys’ that are active for as little as a few minutes. The app also lets you access the DoorSense™ feature, which lets you know whether your door is open or closed giving you piece of mind, particularly if someone else has locked up.

Another benefit of August smart locks is that they are compatible with most single-cylinder deadbolts, which means you can add them to almost any door without having to replace the whole lock.

Smart Lock Fitting and Maintenance

A smart lock can provide added security for any business, but because they are so closely tied to ‘smart home’ systems sometimes people don’t appreciate just how applicable they could be to a commercial situation, particularly for smaller businesses. Whatever smart lock you decide to install it’s important that you consider all the options first to find out which is best for you, as many aren’t suitable for DIY installs.

Things you might want to think about include: –

Before you decide on anything, why not speak to a professional commercial locksmith like Leicester Locksmiths and find out what your options are.

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Resources On Smart Lock Installation Service

  • Financial Model
  • Value Proposition
  • One-Page Business Plan
  • SWOT Analysis
  • Business Model
  • Description

Executive Summary

Products & services, market analysis, marketing plan.

  • Management Plan
  • Financial Plan

The Smart Lock Installation Service business aims to address the growing need for enhanced home security among residential and commercial property owners in the US. With the rise in property-related crimes and the increasing popularity of smart home technology, there is a strong demand for professional installation and integration of smart locks.

Many property owners struggle to find reliable and knowledgeable service providers who can recommend and install the most suitable smart lock solutions based on their individual needs and preferences. This lack of expertise often leads to ineffective security systems or the use of outdated technologies, leaving properties vulnerable to break-ins and theft.

By offering personalized consultations, staying up-to-date with advancements in smart lock technology, and providing efficient installation services, the Smart Lock Installation Service business aims to fill this market need and ensure that property owners have access to trusted and reliable home security solutions.

SecureTech Solutions offers a comprehensive Smart Lock Installation Service to address the increasing demand for enhanced home security in the US. Our team of skilled technicians provides professional installation and integration of smart locks for residential and commercial properties, ensuring convenience and peace of mind for our customers. In addition, we offer personalized consultations to recommend the most suitable smart lock solutions based on individual needs and preferences. By staying up-to-date with the latest advancements in technology and home security, we aim to be a trusted and reliable provider in the industry, offering exceptional customer service and efficient installation services.

Target Market

The target market for our Smart Lock Installation Service includes residential and commercial property owners in the US who are seeking enhanced home security. This customer base is increasingly recognizing the need for advanced security solutions and is willing to invest in smart lock installations to protect their properties.

Our service will cater to individuals who value convenience, peace of mind, and the latest advancements in technology. We will focus on customers who prioritize professional installation and integration of smart locks, personalized consultations, and recommendations based on their specific needs and preferences.

By targeting this defined customer base, we aim to fulfill the growing demand for enhanced home security solutions and establish ourselves as a trusted and reliable provider in the industry.

Competition

In the current market, there are several alternatives and substitutes for our Smart Lock Installation Service. Traditional locksmiths offer standard lock installations, which may not provide the same level of convenience and security as smart locks. Some homeowners opt for do-it-yourself installations, but those come with the risk of incorrect installation and potential vulnerabilities. Additionally, there are other companies that offer similar smart lock installation services. However, our competitive advantage lies in our professional expertise, personalized consultations, and our commitment to staying updated with the latest advancements in technology and home security. We aim to differentiate ourselves by offering exceptional customer service and efficient installation services, positioning ourselves as a trusted and reliable provider in the industry.

Financial Summary

Key highlights of the financial plan:

  • Projected annual revenue of at least $500,000 by the end of the third year
  • Net profit margin target of 15% by the end of the third year
  • Break-even expected within the first year of operation
  • Funding goal of $200,000 through a combination of equity funding and business loans
  • Costs include salaries and training for skilled technicians, marketing and advertising expenses, maintenance and support costs, and technology infrastructure costs
  • Sales revenue expected from service fees for smart lock installations, maintenance and support contracts, as well as referral fees from partnerships
  • Focused efforts on achieving a customer satisfaction rate of 90% or above within the first year
  • Maintaining a healthy cash flow to support ongoing operations and potential expansion

Funding Requirements

- $100,000 through equity funding: Seeking investment from angel investors or venture capitalists to support initial startup costs, marketing efforts, and hiring skilled technicians. - $100,000 through business loans: Applying for a small business loan to cover equipment purchases, technology infrastructure costs, and operational expenses.

The total funding requirement for the Smart Lock Installation Service business is $200,000, which will be utilized for essential startup activities, marketing initiatives, and the acquisition of necessary resources. This funding will facilitate the establishment of a strong foundation for the business, ensuring its successful launch and subsequent growth in the market.

Milestones and Traction

The Smart Lock Installation Service business has already achieved significant milestones in its journey towards becoming the leading provider of smart lock installation services in the US. Some of the major accomplishments include:

Looking ahead, SecureTech Solutions has identified key milestones to further drive its success:

By setting these specific milestones, SecureTech Solutions aims to continuously enhance its operations and position itself as a market leader in the smart lock installation service industry.

Problem Worth Solving

Traditional lock and key systems can often be unreliable and vulnerable to break-ins, leaving residential and commercial property owners concerned about the security of their premises. The inconvenience and potential risks associated with lost or stolen keys also contribute to customer frustration. Furthermore, the lack of personalized recommendations and support for selecting the right smart lock solution adds to the complexity of the decision-making process.

SecureTech Solutions aims to address these pain points by providing a professional smart lock installation service. By offering expert advice, personalized consultations, and recommending tailored smart lock solutions, we aim to enhance home security and provide peace of mind to our customers. Our team of skilled technicians will ensure the seamless installation and integration of smart locks for residential and commercial properties, offering a reliable and convenient alternative to traditional lock systems.

Our Solution

At SecureTech Solutions, our proposed smart lock installation service offers a comprehensive solution to the increasing demand for enhanced home security in the US. We specialize in providing professional installation and integration of smart locks for both residential and commercial properties, ensuring convenience and peace of mind for our customers.

Our skilled technicians are trained to efficiently install and integrate a wide range of smart lock systems, utilizing the latest advancements in technology. We understand that every customer has unique needs and preferences when it comes to home security, which is why we offer personalized consultations to recommend the most suitable smart lock solutions. By alleviating the problem of traditional lock vulnerabilities, we provide our customers with enhanced security and convenience.

With our exceptional customer service, efficient installation services, and ongoing support through maintenance and support contracts, we strive to establish ourselves as the trusted and reliable provider in the industry. Our goal is to ensure that our customers feel secure and confident in their choice of smart locks, offering them the peace of mind they deserve.

Validation of Problem and Solution

Market research conducted in the US has shown a growing concern among residential and commercial property owners about home security. According to a study conducted by XYZ Research, 87% of homeowners expressed a desire to enhance their home security measures to protect their families and valuables. This highlights the need for reliable and convenient solutions in the smart lock installation industry.

We have conducted extensive surveys and interviews with potential customers, which highlighted their frustration with traditional lock systems and their interest in adopting smart lock technology. Based on the feedback received, our personalized consultation service has been well-received, with customers appreciating the tailored recommendations of suitable smart lock solutions based on their specific needs and preferences.

In addition, we have successfully completed pilot installations with select customers, receiving positive feedback on the ease of use, security, and convenience provided by our smart lock installations. This feedback has reinforced our belief in the effectiveness of our solution in addressing the security concerns of our target market.

Overall, the validation of our problem and solution through market research, customer feedback, and successful pilot installations has given us confidence in the potential of our smart lock installation service to meet the needs and expectations of customers seeking enhanced home security.

Product Overview

Our smart lock installation service provides professional installation and integration of smart locks for residential and commercial properties, ensuring enhanced home security. With a team of skilled technicians, we offer convenience and peace of mind for our customers by recommending and installing suitable smart lock solutions based on their individual needs and preferences. Our service caters to property owners in the US seeking advanced home security measures, providing them with exceptional customer service and efficient installation services.

Currently, there are several companies in the market offering smart lock installation services. However, SecureTech Solutions stands out from the competition by providing a unique combination of professional installation, personalized consultations, and ongoing maintenance and support contracts.

Unlike other providers, SecureTech Solutions takes the time to understand the individual needs and preferences of each customer, offering customized recommendations for the most suitable smart lock solutions. This personalized approach sets us apart, as we prioritize our customers' satisfaction and strive to exceed their expectations.

In addition, SecureTech Solutions aims to establish key partnerships with leading home security companies and smart lock manufacturers, ensuring that our customers have access to the latest advancements in technology. By staying up-to-date with industry developments, we can offer cutting-edge solutions that provide enhanced home security and convenience.

Our commitment to exceptional customer service, efficient installation services, and ongoing support sets us apart from our competitors. SecureTech Solutions is dedicated to becoming the leading provider of smart lock installation services, setting a new industry standard through our unparalleled attention to detail and dedication to our customers' safety and peace of mind.

In establishing and growing our Smart Lock Installation Service business, we have taken several steps to ensure the success and profitability of our operations. The following is a summary of the progress we have made so far:

Looking ahead, we have outlined the following steps in our roadmap to further establish and grow our business:

  • Expand marketing efforts to increase brand awareness and attract more customers
  • Forge partnerships with at least three home security companies
  • Build relationships with two manufacturers of smart lock systems for exclusivity deals
  • Continue investing in research and development to stay at the forefront of smart lock technology
  • Implement a customer loyalty program to encourage repeat business

By following this roadmap, we are confident in our ability to achieve our business goals and establish ourselves as a leading provider of smart lock installation services in the US.

Market Segmentation

By targeting both residential and commercial property owners, the smart lock installation service can tap into a large market with diverse security needs. The size of the residential segment is significant due to the high number of households in the US, while the commercial segment offers substantial potential as businesses prioritize security measures.

Target Market Segment Strategy

The ideal customer for our Smart Lock Installation Service is residential and commercial property owners in the US who are seeking enhanced home security through smart lock installations. Our target market segment consists of individuals and businesses who prioritize convenience and peace of mind, and are willing to invest in reliable and cutting-edge security solutions.

We understand that home security needs vary from customer to customer, so we will adopt a personalized approach to cater to their specific needs and preferences. Through in-depth consultations, we will identify their individual requirements and recommend the most suitable smart lock solutions.

Our target customers are likely to value the expertise and professionalism of our skilled technicians, ensuring that the smart locks are installed and integrated correctly for optimal security. By staying up-to-date with the latest advancements in technology and home security, we aim to meet and exceed our customers' expectations, earning their trust and loyalty.

By positioning ourselves as a trusted provider in the industry, offering exceptional customer service and efficient installation services, we anticipate attracting customers who prioritize the safety and convenience of smart lock systems for their residential and commercial properties.

Key Customers

The ideal customer archetype for our Smart Lock Installation Service business is a residential or commercial property owner in the US who prioritizes home security and convenience. This customer is tech-savvy and values the latest advancements in smart lock technology. They are motivated to invest in high-quality smart lock systems to enhance the security of their property.

Our key customers are individuals who seek the expertise and professional installation services provided by our skilled technicians. They appreciate personalized consultations and recommendations tailored to their specific needs and preferences. Moreover, they value exceptional customer service and efficient installation services that provide peace of mind.

These key customers will become our main advocates, spreading positive word-of-mouth recommendations about our business to their friends, family, and community. Their satisfaction with our services will contribute to building a strong reputation and increasing our market share in the industry.

Future Markets

Based on the market analysis conducted, the potential market for the smart lock installation service is significant and continues to grow. The increasing demand for enhanced home security in the US provides a strong foundation for the business to thrive and expand.

The business strategy of providing professional installation services, personalized consultations, and staying up-to-date with the latest advancements in technology positions the company as a trusted and reliable provider in the industry.

By continually adapting and innovating within the market, the business aims to capture a larger share of the smart lock installation market and target new segments such as property management companies, real estate agencies, and more. This expansion will enable the company to reach a wider customer base and increase its revenue streams.

Through strategic partnerships with home security companies and manufacturers of smart lock systems, the business will be well-positioned to tap into future markets and leverage the growth potential of the smart home industry.

A HTML table displaying potential competitors in the market:

Marketing and Sales Plan

Our marketing and advertising strategy for the Smart Lock Installation Service business includes the following:

  • Costs: We will allocate a budget for online advertising, targeted ads on social media platforms, and referral programs. Additionally, we will invest in search engine optimization (SEO) to increase our online visibility.
  • Advertising Channels: We will utilize online platforms and websites for customer inquiries and bookings. We will also form partnerships with home security companies and manufacturers of smart lock systems to expand our reach.
  • Goals: Our primary goal is to raise awareness about our professional smart lock installation service and establish ourselves as a trusted provider in the industry. We aim to generate a steady flow of customer inquiries and bookings through our online platform and targeted advertising efforts.

Based on market conditions and our capacity, we anticipate generating a significant number of sales for our smart lock installation service. With the increasing demand for enhanced home security in the US, we expect a steady flow of customers seeking professional installation and integration of smart locks for their residential and commercial properties.

Our pricing strategy will be competitive yet profitable, ensuring that we are able to cover our costs and generate a sustainable revenue stream. We will conduct market research and analysis to determine the appropriate pricing levels that reflect the value of our services and meet the expectations of our target customers.

In addition to direct sales through our online platform, we will also leverage partnerships with home security companies to expand our reach and access a wider customer base. Our targeted online advertising and referral programs will help in attracting new customers, while our exceptional customer service and efficient installation services will contribute to customer loyalty and repeat sales.

Overall, our sales plan is focused on delivering a high-quality service, meeting the needs of our customers, and fostering long-term relationships in order to achieve our business goals.

Location and Facilities

The physical location of SecureTech Solutions will be in the heart of New York City, New York. However, as a service-based business, the majority of our operations will be conducted at our customers' premises where the installation and integration of smart locks will take place. Therefore, we will not require a dedicated office space at this time.

Our technicians will be equipped with all the necessary tools and equipment to complete installations efficiently. We will also invest in technology infrastructure, such as laptops and mobile devices, to enable remote communication and provide timely customer support.

As our business grows and expands, we may consider establishing a centralized office space to serve as a base for administrative activities and customer inquiries. However, this will be evaluated based on the demand and feasibility in the future.

Our Smart Lock Installation Service is founded on the integration of innovative technology to provide enhanced home security solutions. We utilize state-of-the-art smart lock systems that incorporate advanced features such as biometric authentication, remote access control, and real-time monitoring. These smart lock systems are designed to seamlessly integrate with existing home automation systems, allowing customers to control and monitor their locks remotely through smartphone apps or voice assistants.

With the rapid evolution of smart home technology, we stay updated with the latest advancements in the industry to ensure that our customers have access to the most secure and cutting-edge solutions. Our team of skilled technicians is trained to install and integrate these smart lock systems efficiently, ensuring that they are seamlessly integrated into our customers' properties.

Equipment and Tools

Below is an outline of the required equipment and tools for our Smart Lock Installation Service business, along with the associated costs:

These equipment and tools are essential for the professional installation and integration of smart locks in residential and commercial properties. We will make sure to invest in high-quality equipment to ensure efficient and reliable services for our customers.

Management and Organization

Organizational structure.

The organizational structure of the Smart Lock Installation Service business will be designed to facilitate efficient communication, decision-making, and operational management. The following table outlines the roles and responsibilities of key employees and the flow of information within the organization:

The flow of information within the organization will primarily occur through regular meetings, email communication, and a centralized online platform. The CEO/Founder will provide strategic directions to the Operations Manager, who will oversee the technician team and ensure efficient installation services. The Marketing Manager will collaborate with the Operations Manager to align marketing efforts with operations, while the Customer Support Representative will liaise with both the Operations Manager and Marketing Manager to provide excellent customer service and support.

Management Team

The management team of our Smart Lock Installation Service business will consist of highly skilled professionals who possess a strong background in the security and technology industries. We anticipate filling the following high-level management roles within our company:

Together, our management team is committed to delivering the highest quality service to our customers, driving innovation, and building strong partnerships within the home security industry.

Management Team Gaps

As of now, there are no candidates available to fill the positions of a qualified marketing manager and a technology specialist within the management team. These roles are crucial for overseeing marketing and advertising strategies, as well as staying updated with the latest advancements in smart lock technology. It is essential to identify and recruit individuals with expertise in these areas to ensure the success and growth of the smart lock installation service business.

Personnel Plan

The management and organization of the Smart Lock Installation Service business will require a team of skilled technicians and administrative staff to ensure efficient operations.

The team of skilled technicians will be the backbone of the business, responsible for the installation and maintenance of smart locks. The customer service representative will ensure responsive and personalized support, handling customer inquiries and scheduling installations. The operations manager and administrative assistant will oversee daily operations and provide administrative support, while the marketing manager will focus on promoting the business and building partnerships.

Company History and Ownership

SecureTech Solutions was founded in 2021 in New York City, New York, with a vision to cater to the increasing demand for enhanced home security through smart lock installations. The company was established by a team of experienced entrepreneurs with a deep understanding of the industry and a passion for providing convenient and reliable solutions to customers.

The founders identified the growing need for advanced home security systems and recognized the potential of smart lock technology. By leveraging their expertise and knowledge in the field, they aimed to create a business that would offer professional installation services, personalized consultations, and exceptional customer service.

The company's founders conducted extensive research and analysis to determine the market potential and customer demand for smart lock installation services. They also conducted thorough industry assessments to identify key partnerships with home security companies and manufacturers of smart lock systems.

With a clear vision and a strong understanding of the market, SecureTech Solutions was established to become a leading provider of smart lock installation services in the US. The company's history and expertise serve as a foundation for the development of a comprehensive business plan, allowing for strategic planning and effective execution of business operations.

Management and Organization of SecureTech Solutions has laid out a detailed roadmap of specific goals and objectives to achieve in order to effectively manage and steer the Smart Lock Installation Service business. The following milestones have been identified:

By setting these milestones, SecureTech Solutions aims to effectively manage and track the progress of the Smart Lock Installation Service business, ensuring the attainment of key objectives within designated timeframes.

Key Metrics

In order to gauge the overall performance and health of our smart lock installation service business, we will track key performance indicators (KPIs) that directly reflect our business objectives and customer satisfaction. These metrics include:

  • Customer satisfaction: Measured through customer feedback surveys and ratings, we will regularly assess the satisfaction levels of our clients to ensure that we are meeting their expectations and providing exceptional service.
  • Installation efficiency: By tracking the average time it takes for our skilled technicians to complete a smart lock installation, we can ensure that our services are delivered efficiently and on schedule.
  • Conversion rates: We will monitor the percentage of inquiries and consultations that lead to actual bookings to assess the effectiveness of our sales and consultation processes.
  • Revenue growth: A key indicator of the success of our business, we will monitor our revenue growth over time to track the profitability and sustainability of our service.
  • Referral rate: By measuring the number of referrals we receive from satisfied customers, we can determine the level of customer advocacy and the quality of our services.

Tracking these key metrics will enable us to assess and improve the performance and health of our smart lock installation service business, allowing us to continuously meet and exceed our customers' expectations.

Financial Plan and Metrics

Sales forecast.

The projected sales for the three years (2024, 2025, 2026) are outlined in the table below. The first column represents the sales forecast broken down by product categories, with the total at the bottom. The subsequent columns indicate the sales figures for each respective year.

These sales projections demonstrate the anticipated growth of the business, with increasing revenue each year as more customers utilize our Smart Lock Installation Service and opt for maintenance and support contracts. With the aim of achieving a minimum of $500,000 in annual revenue by the end of the third year, we expect to meet and exceed our financial targets based on market demand and the quality of our services.

The financial plan for the Smart Lock Installation Service business includes the estimation of both startup costs and operational expenses. These costs are necessary to start and operate the business effectively.

Startup Costs

Operational expenses.

The expenses listed above represent the expected or incurred costs necessary to start and operate the Smart Lock Installation Service. These costs will be carefully managed to ensure the business remains financially sustainable while providing exceptional service to customers.

Projected Profit and Loss

Below is the projected profit and loss statement for SecureTech Solutions, the Smart Lock Installation Service business for the years 2024, 2025, and 2026:

As depicted in the profit and loss statement, the projected revenue for SecureTech Solutions is expected to increase over the three-year period, with $300,000 in 2024, $600,000 in 2025, and $900,000 in 2026. The cost of goods sold (COGS) is estimated at 50% of the revenue for each year. This results in a gross margin of $150,000 for each year, maintaining a 50% gross margin percentage.

The expenses list includes various costs associated with salaries, training, marketing, advertising, maintenance, and support. These costs are projected to be $100,000 in 2024, $200,000 in 2025, and $300,000 in 2026. After deducting the expenses from the gross margin, the business is expected to generate a profit of $50,000 in 2024, $100,000 in 2025, and $150,000 in 2026. The profit margin is approximately 16.67% for each year.

This projection demonstrates the potential profitability of the Smart Lock Installation Service and the gradual growth expected over the three-year period.

Projected Cash Flow

Below is a projected cash flow statement for the Smart Lock Installation Service business for the years 2024, 2025, and 2026:

The projected cash flow indicates the expected inflows, outflows, net cash flow, and cumulative net cash flow for each year. It shows that the business is anticipated to generate increasing revenues over the three-year period. The net cash flow indicates the profitability of the business, with a positive net cash flow in each year, signifying the ability to cover expenses and generate profits. The cumulative net cash flow demonstrates the growth and accumulation of cash over time.

Projected Balance Sheet

In order to successfully operate the Smart Lock Installation Service business, we plan to hire a team of skilled technicians who are experienced in installing and integrating smart locks. These technicians will be responsible for providing professional installation services to our customers.

When it comes to compensation, we intend to offer competitive salaries to our technicians to attract and retain top talent in the industry. In addition to base salaries, we may also consider providing performance-based incentives to encourage exceptional service and customer satisfaction.

In terms of fitting into our business operations, the technicians will play a crucial role in ensuring the smooth functioning of our core activities. They will be responsible for conducting personalized consultations with customers, recommending suitable smart lock solutions based on their needs, and efficiently installing and integrating the smart locks in residential and commercial properties.

Moreover, our technicians will also be trained to provide post-installation support and maintenance services, addressing any concerns or issues that customers may have.

Overall, our team of skilled technicians will be an essential part of our business operations, delivering high-quality installation services and contributing to our goal of becoming a trusted and reliable provider in the industry.

Use of Funds

The funds raised through equity funding and business loans will be strategically allocated to support the growth and operational needs of the Smart Lock Installation Service business. The following table provides an overview of how the funds will be utilized:

The allocated funds will ensure a successful launch and initial operations, covering essential aspects such as startup costs, marketing efforts to promote the business, hiring skilled technicians to provide quality service, purchasing necessary equipment, establishing robust technology infrastructure, and managing ongoing operational expenses. This financial plan ensures the business has the resources needed to achieve its goals and create a strong foundation for future growth and expansion.

Exit Strategy

The long-term goal of our Smart Lock Installation Service business is to establish a strong presence in the industry and become a trusted name in home security. While we are committed to growing and expanding our services, we also recognize the importance of considering an exit strategy for the future.

One potential exit strategy we may consider is acquisition. If the opportunity arises, we would carefully evaluate the possibility of being acquired by a larger security company or technology provider that aligns with our values and goals. This would allow us to leverage their resources and expertise to further enhance our offerings and reach a wider customer base.

Another possibility is passing the business along to a family member or trusted employee. We believe in nurturing talent and creating a supportive work environment, so we would consider transitioning ownership to someone who shares our passion for home security and has the skills and dedication to continue providing exceptional service to our customers.

Ultimately, our exit strategy will align with our mission of ensuring the long-term success and sustainability of our Smart Lock Installation Service. We will carefully assess the opportunities and possibilities that arise in the industry and make informed decisions based on what is best for our customers, employees, and overall business objectives.

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Smart Lockers for Business: The Ultimate Guide

Increasing package volumes and the proliferation of remote work is straining nearly every enterprise distribution point, including the mail center. In response, enterprises are adopting a traditional storage solution with a modern digital twist—smart lockers for business. Learn how workplace storage lockers with digital security features are automating package and asset distribution, inspiring new contactless services and giving the enterprises who adopt them a competitive edge.

Inside this article

What’s driving the “smart lockers for business” trend? How does a smart locker for business work? Top 10 benefits of a smart locker for business Smart lockers for business: technology deep dive Choose the right smart locker for your business

What’s driving the “smart lockers for business” trend?

Who would have guessed that the humble workplace storage locker would be the answer to some of today’s most difficult business challenges? Well, who could have predicted that the rise of ecommerce would one day push enterprise mail centers to a breaking point? Or that the option to work remotely might become a corporate mandate.

Let’s discuss in more depth three major trends propelling the need for smart lockers for business.

Over 61% of enterprises are planning to invest in smart locker technology

Smart lockers for business driven by ecommerce

The number-one driver motivating enterprises to adopt smart lockers for their businesses is ecommerce. The booming ecommerce industry combined with consumer incentives like free shipping drove package shipping volume up by nearly 17% in 2020. The trend shows no signs of slowing down either, with annual shipping volume expected to increase by nearly 15% through 2024.

If you’re wondering how online shopping habits are impacting your corporate mail center, consider this: a recent Pitney Bowes study found that one in five respondents prefer to receive packages in the workplace versus at home. That number goes up to one in three for millennials. Those percentages climb even higher for both groups if it’s a high-value order.

The result? Overwhelmed mail centers, lost and misplaced packages and disgruntled employees seeking answers. Whether you’re a 500-strong corporate office or a facilities management firm, the answer to these challenges is the same: you need a safe way to manage and track packages across the workplace. Smart parcel lockers for business are a secure, modern solution that help enterprises automate package delivery processes, establish a full chain of custody and give employees a convenient, contactless package pick-up service.

The more parcels a mail center receives each day, the more lost, misplaced or stolen parcels it experiences each year.

Smart lockers for business driven by remote work

Workplace dynamics have evolved along with shopping and shipping habits. Some 90% of companies are transitioning to a “hybrid” workforce that combines on-site and remote employees. This hybrid workforce compounds the challenge of package distribution. Parcels are delivered, but there’s a chance the recipient is not onsite to receive them. Smart lockers for business help ensure employees their items remain safe and secure until they can pick them up.

An even bigger concern introduced by remote work and solved with a secure smart locker is asset management. Distributing and managing assets has always been a challenge for employers. Remote work has only increased the pain. As hybrid work environments become the norm, so too will smart parcel lockers as a secure and logical solution for managing IT, equipment and supplies for both remote and onsite workers.

Ensuring employees feel safe, productive and valued whether working remote at home or hot-desking it in the office is critical. And it helps explain why over 61% of enterprises are planning to invest in smart locker technology to meet their business challenges.

Smart lockers for business now and after Covid-19

Enterprises around the globe were severely impacted by the pandemic and the closures and mandates that followed. The need for social distancing further complicates already challenging enterprise services like package pick-up and asset distribution—especially with so many employees working remotely.

Waiting in line at a mail center or other distribution point isn’t just an inconvenience now, it can be health risk. Maintaining safe distance isn’t easy in a crowded mail center designed for volumes of mail versus packages. Enterprises are quickly waking up to this new reality, which is evident in a recent survey that revealed 53% of businesses are interested in a contactless solution that will keep employees and visitors safe.

How does a smart locker for business work?

Much like traditional business lockers in the workplace, a smart locker consists of multiple storage compartments and doors that lock. The similarities end there. A smart locker is more modular and scalable and the manual door locks have been replaced with digital security features that require barcodes or PIN numbers to access.

Smart lockers that integrate easily with business software and systems take enterprise security and automation a step further by allowing administrators to govern every package delivered to a locker from the moment it’s dropped off until it’s picked up by the recipient.

In short, smart lockers for business combine the benefits of workplace locker storage with the advantages of tracking software that automates processes and features live analytics. That means parcel drop-off and pick-up is just the beginning. Enterprises are also using smart lockers to automate asset distribution, IT maintenance and other business and employee-focused services.

Each business case for a smart locker is unique, but the simple steps involved in using and managing one are similar. Some of the most common enterprise scenarios are illustrated below.

smart locker for business

Smart lockers for business and parcel pick-up

Scenario: Busy mail center of an enterprise

Software: Tracking

  • Smart locker operator receives parcels from carrier and scans their barcodes to enter the parcels’ details into the smart locker’s tracking system.
  • Operator delivers parcels to smart locker, triggering pick-up notifications to the recipients.
  • Recipient scans the access barcode from their notification at the smart locker.
  • The designated smart locker opens, and the recipient retrieves their parcel.
  • Management uses tracking software analytics to gain insight into fluctuating volumes, changing needs and irregular movements.

Smart lockers for business and equipment/supplies distribution

Scenario: Remote and hybrid work environments, any enterprise that manages equipment and supplies

  • Smart locker operator uses tracking software to create barcodes for each asset that needs to be tracked.
  • Operator delivers requested equipment or supplies to a smart locker, triggering a pick-up notification to the recipient.
  • The designated locker opens, and the recipient retrieves their equipment or supplies.

Smart lockers for business and IT asset maintenance

Scenario: Campus IT departments

Software used: TBD

  • Employee files a ticket with IT to have equipment serviced, triggering a notification that includes an access barcode.
  • Employee scans the access barcode from their notification at the smart locker.
  • The locker opens and the employee drops off their equipment for servicing, triggering a notification to IT.
  • Once equipment is serviced, IT triggers a notification with an access barcode to the employee.
  • The employee scans the access barcode at the smart locker and retrieves their serviced equipment.

Top ten benefits of a smart locker for business

1. increase safety and security.

Smart lockers for business support health and safety in the workplace by offering employees and visitors a contactless pick-up option and by reducing the number of staff needed to manage the mail center and other distribution points.

Security-focused enterprises are adopting smart lockers to secure packages and business assets, control access and increase accountability. Access features like PINs and barcodes along with full chain-of-custody tracking keep items secure and accounted for from the moment a package or asset is scanned into the system until the rightful recipients retrieve them.

2. Automate processes and boost productivity

Smart lockers automate many of the laborious tasks associated with tracking individual packages and assets, with the added benefit of collecting usage data and creating logs. Manual asset management and package delivery processes are time consuming and error prone. A smart locker solution helps your business avoid costly mistakes by replacing spreadsheets and scheduled audits with tracking dashboards and live reports.

Smart lockers for business also help ensure packages are routed to the right employee and shared assets are available to those that need them when they need them. Employees can pick up packages and request, retrieve and return assets at their convenience or as schedules permit. Real-time alerts, automatic notifications and full chain-of-custody tracking free administrators from needing to hunt down package recipients or unreturned items.

3. Gather business intelligence

Smart lockers gather and deliver business intelligence with each swing of a locker door. Used together, smart lockers and tracking software can provide analytics and data reporting to help identify and remedy issues, enhance the employee experience and optimize operations.

Enterprises of all types and sizes are implementing smart lockers to govern packages and assets across the full chain of custody and gain insights into fluctuating volumes, changing needs and irregular movements.

4. Deliver the experiences employees expect

We live in a digital world and if your organization isn’t delivering the convenient, on-demand experiences your employees expect, they might just seek out an employer who does.

Smart locker solutions help reduce turnover by demonstrating that you value your employees’ time. No more standing in line at the mail center or service desk. Instead, they receive a notification alerting them that their package or asset is ready for pick-up from a smart locker and they retrieve it at their convenience.

But it’s not just about speed and convenience anymore; autonomy and safety concerns are also top of mind. Smart lockers began offering contactless pick-up before “contactless” was a popular concept.

Employee or customer using phone to access locker

5. Reduce misplaced packages and assets

The more crowded and busy a mail center or distribution point becomes, the easier it becomes to lose, misplace or misroute a package or asset. Through package tracking, you will be able to find out when packages were received and placed into the locker. The smart locker software can then identify who picked up an asset, when they picked it up, and in what condition it was returned. Staffers can track packages and assets from beginning to end in real time, creating a full audit trail.

For full security and control, tracking solutions can also allow you to designate who is authorized to access the locker to use specific business assets and equipment.

6. Automate business compliance

If an enterprise needs to track regulated documents and assets, ordinary inventory lists and spreadsheets are simply too risky. Neither are designed to handle large amounts of data and both are prone to human error. Smart locker solutions that include automated compliance features can protect your business and its reputation. Asset tracking software and dashboards provide the detailed usage logs needed to address internal security and policy policies, as well as industry-specific regulations.

7. Empower remote workers

Although much of the surge of remote work was spurred on by the pandemic, many employees are saying they don’t want to return to business as usual. Instead, they want the flexibility to decide where they are most productive—whether that’s working in the office or remotely. There are speed bumps that can interfere with that productivity, including the distribution of needed technology and supplies.

Smart lockers for business help organizations maintain health and safety protocols and support remote employees by offering contactless, 24/7 access to hardware, equipment, documents and other business-related assets.

8. Innovate new enterprise services

IT departments are using smart lockers to manage the repairs and maintenance of employee-issued laptops, tablets and mobile devices. Multi-shift teams are using smart lockers as secure workplace storage for personal belongings and to share equipment. Client services are using them to exchange business-critical documents and items with clients during and after hours.

The possibilities are endless. There are many other innovative ways to integrate smart lockers into your services, including ones yet to be invented. Be the one pioneering services to better serve your customers’ needs.

9. Gain the Millennial edge

Millennials account for over a third of the current US workforce. You need a competitive edge when trying to hire and retain talent from this generation. Many enterprises are finding that by launching new smart locker services.

One of the defining characteristics of Millennials is their affinity with all things digital. They’ve grown up with access to broadband, smartphones, laptops and social media. They do most of their shopping, banking and job searching online. They’re the first generation to enter the workplace wholly prepared to use whatever digital business tools you offer. Promote the digital-forward amenities your enterprise offers, including its smart lockers and your business has potentially won over a new recruit.

10. Brand it

Smart lockers for business are available in a range of sizes and configurations. Some can even be customized to fit your specific volume, space, layout and workflow requirements. Smart locker systems that integrate with your business software offer limitless options for how they’re used and what processes they replace—from managing shared equipment to delivering secure documents.

Don’t forget workplace aesthetics. A smart locker is like a blank canvas. Use that space to showcase your brand identity or convey a message to employees and visitors. See what ideas your creative team can come up with and transform your rows of smart lockers into a work of art.

Smart lockers cost considerations

There are many factors when it comes to determining the overall cost of a locker system. But to put it simply, it depends on the size and complexity of the system you need. And those can be broken down into two categories: hardware and software.

Smart lockers are available in a variety of materials, each with differing costs. But you should consider the overall attributes any given material will provide. Given that workplace storage and parcel lockers undergo heavy use, investing in steel lockers makes the most sense due to the combination of strength, maintenance, flexibility and longevity.

Turnkey smart locker systems are specifically designed for the most common business delivery and storage scenarios and allow for some cost savings. They provide simplicity and convenience, along with fast delivery and installation windows. Turnkey doesn’t mean you don’t have options; most smart lockers are available in a selection of layouts and colors. Some smart locker providers offer multiple sizes of lockers in the same unit and the option to add columns as your business needs grow.

Custom smart locker systems may take longer to manufacture and deliver, which impacts its upfront expenditure. However, the extensibility and scalability they offer can make up for the additional time and cost.

First, consider if your business needs a custom solution. Maybe your team requires lockers in unusual shapes and sizes, such as an architectural office that needs to accommodate large rolls of blueprints, or a manufacturing facility that distributes construction material samples that come in atypical sizes. Or your mail center’s footprint won’t accommodate a turnkey layout. Whatever your specific workflow, space or need, a custom smart locker can be designed to precisely suit your business requirements. They can even be designed with your brand’s precise color scheme, using industry-standard color-matching systems.

Smart locker software

Automation is both a business mandate and a defining characteristic of a smart locker solution. It’s the operating and management software that transform an ordinary locker into an intelligent one. Regardless of the size and complexity of the system, it requires a control column to make it all work together.

Control column

The control column is located on the locker unit itself and serves as the processing center of the smart locker network. In addition to the processor, two of its most critical components, particularly in the case of a business’s package delivery and asset lockers, are the barcode scanner and operating system.

  • Barcode scanner: With a simple swipe, a locker operator can scan a package or item’s barcode before it’s placed in the locker. With another simple swipe, an employee can scan the code they’ve been sent to retrieve the package or item.
  • Operating system: The locker’s operating system allows locker operators or administrators to manage a single smart locker or multiple lockers across business locations. The locker integrates with business management software for tracking and resource planning.

Other components that interact with the control column include a touchscreen, ADA controller and other types of ID verification, including smart ID readers and PIN pads. These additional systems can contribute to the overall cost.

Tracking Dashboard Screenshot

Management systems

Smart locker software is the key component to automating existing business processes. When combined with additional business software, your system’s functionality can be improved, even innovated on.

Smart locker solutions that integrate with third-party software make it possible to create smart locker services based on the specific needs of your business and its employees.

For example, the most common use case for enterprises is track-and-trace software. Tracking software automates processes for delivering packages and managing valuable business assets and equipment. Most critically, it establishes an end-to-end chain of custody from the moment a package or asset is scanned into the system until an employee picks it up, or in the case of an asset, returns it.

This additional software functionality can affect the overall cost. Depending on the developer, this software that may require a licensing or subscription fee.

Choose the right smart locker for your business

As discussed, a smart locker solution is part hardware installation and part software deployment. To find a solution that delivers both at the highest level, take these three factors into consideration:

  • Ease of integration: How easily can you integrate your smart locker solution with your other business systems? Look for solutions that place an emphasis on third-party integration and interoperability.
  • Flexibility and scalability: Your business is ever evolving, and your smart locker solution needs to keep up—whether it’s changing a business rule, creating a new service or just adding an extra column of doors. Prioritize solutions that can grow and change with your business.
  • Provider capabilities: The easiest, most cost-effective smart lockers for business involve a single provider that offers integrated hardware and software capabilities. Consider overall serviceability and onsite training and service, as well.

Smart lockers make good business sense

There’s never been a better time to make employees feel valued. Smart lockers simplify time-consuming processes and enhance safety and convenience by providing autonomous and contactless package and asset services that digitally connected employees expect.

And the benefits go far beyond employee satisfaction. Smart lockers provide the security to protect valuable business assets and the digital intelligence required to optimize operations.

When you consider the rapidly growing advancements in the way we do business, from task automation to machine learning and artificial intelligence, the opportunities to innovate are limitless.

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U.s. department of commerce releases 2023 update to equity action plan, outlines new commitments to advance equity, office of public affairs.

Today the U.S. Department of Commerce released the 2023 update to its Equity Action Plan , in coordination with the Biden-Harris Administration’s whole-of-government equity agenda. This Equity Action Plan is part of the Department’s efforts to implement the President’s Executive Order on “ Further Advancing Racial Equity and Support for Underserved Communities Through The Federal Government ,” which reaffirmed the Administration’s commitment to deliver equity and build an America in which all can participate, prosper, and reach their full potential.

“Homogeneity is the enemy of innovation. If we are to out-build, out-innovate, and out-compete the rest of the world, we need to ensure we’re harnessing and empowering Americans across the country by utilizing our greatest strength - diversity,” said Secretary of Commerce Gina Raimondo. “That’s why the Biden-Harris Administration’s commitment to equity is so important and why I’m proud to see that reflected in this updated action plan. We fail to meet our full potential as a nation unless we harness the talents and strengths of all parts of the country, including those who have too often been left behind.”

Deputy Secretary of Commerce Don Graves will participate in an event at the White House this morning to outline the updated Equity Action Plan, where he will be accompanied by Donna Ennis, Co-Director of the Georgia Artificial Intelligence in Manufacturing (Georgia AIM), who is a winner of the Build Back Better Regional Challenge (BBBRC). The presentation will highlight  workforce pipelines put in place to ensure all Americans, including people from underserved communities, can participate in the innovation economy.

“Thanks to President Biden’s continued and steadfast commitment to supporting underserved and underrepresented communities, this Administration has made historic progress to achieving equity centered initiatives,” said Deputy Commerce Secretary Don Graves. “Through investments in business grants and funding opportunities, the Secretary and I are proud of the Commerce Department’s efforts in promoting equitable and inclusive capitalism that will pave the path to America’s economic prosperity.”

In alignment with the Department of Commerce’s strategic goals , the Equity Action Plan includes real-life examples of how America’s economy and people are best served by filtering our work through a prism of equity. America’s diversity is its competitive advantage – but only if everyone has an opportunity to fulfill their potential and fully participate in our economy.

The equity strategies associated with each strategic goal will assist in designing programs that will address barriers to equity and meet the needs of all Americans, including underserved communities.

  • Equity Strategy 1: Mobilize our nation’s diversity to fuel innovation and sustain our global competitiveness across geographic regions so that all communities have equal access to opportunities.
  • Equity Strategy 2: Expand growth opportunities for businesses and entrepreneurs, including in underserved communities.
  • Equity Strategy 3: Promote equitable economic development and career pathways to good jobs.
  • Equity Strategy 4: Use targeted investments and program design to address the climate crisis through mitigation, adaptation, and resilience efforts to ensure environmental and economic resilience.
  • Equity Strategy 5: Expand opportunity and discovery through data to inform and evaluate actions that improve community outcomes.

Since the release of its first-ever Equity Action Plan in 2022, the Department of Commerce has:

  • Released $3 billion in American Rescue Plan dollars across 780 awards through six innovative economic development programs.
  • Reduced the cost of bringing high-speed internet to unserved and underserved communities, and increased the resilience of internet infrastructure.
  • Invested $100 million to support the needs of tribal governments and Indigenous communities across 51 awards in 25 states and the Northern Mariana Islands.

Learn more about the Administration’s equity work at whitehouse.gov/equity and check out all Federal Equity Action Plans at performance.gov/equity .

To follow stories and posts across agencies, follow the hashtags #GovEquity and #GovDelivers on social media.

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