If you're good at it, treat people like you like to be treated, and conduct business responsibly, you'll do well in the locksmith business.
You don't have to gouge people, and you don't have to give your work away for next to nothing. Ironically, those are two of the fastest ways to put yourself out of business.
If you stick it to a customer, you'll probably never hear from them again. OTOH, if you cut your fellow locksmiths' throat on pricing you'll get all the bottom feeding, haggle-ya-down, PITA customers you can handle. (Not all repeat business is _good_ repeat business)
Now... Are locksmiths expensive? The good ones are. If you're good, you don't have to be cheap. If you're cheap, you don't have to be good.
If you simply charge what you're worth and know your craft, you'll never have to rip off the customer to succeed. Never.
Just some thoughts,
Bobby