A lot of factors are involved when we look at the estimated earnings of a locksmith. Professional locksmiths, working under contracts can earn $27,000 to $60,000 annually. However, based on statistics it has been discovered that self-employed locksmith earns more than professionals. A factor which has a major effect on the earning is their total working hours. Usually, locksmiths working under contracts have specified weekly hours whereas; self-employed can choose to stay on job round the clock.