With Clockwork Precision: 6 Effective Ways To Start A Small Watch Business
A decent wristwatch is a vital accessory for casual yet fashionable dressers or of course, professionals. Timepieces are popular with both genders, which provides the small business proprietors a broad and diverse group to sell their products.
Selling personal accessories like wristwatches needs a combination of merchandise expertise and skills in sales.
There are a lot of avenues to sell watches, but expanding your business and goods by spending too much money might take its toll on you. It is ideal for you to focus your objective in a niche market initially then learn how to master it effectively.
Mind The Selling Channel
Choose the watch models and brand you intend on selling, based at least slightly on which setting you plan to utilize to sell your timepieces.
For instance, if you want to sell wristwatches only at a farmer’s market, then don’t expect a lot of buyers looking for sophisticated timepieces. If you intend to sell watches in a mall shop, you could pick expensive watches. On the other hand, if you want to sell watches through a mall kiosk, then your offerings need to be less pricey and budget-friendly.
Obtain Approval From Watchmakers
Contact watch manufacturers and ask for details on becoming an official distributor of their wristwatches.
Each business has a set of criteria. Still, you must have permission to offer the watch maker’s warranty and obtain access to the most recent released wristwatches from your selected product line.
For instance, some wholesalers only allow brick and mortar shops that have been in business for a particular period to sell their exclusive products. Also, you may decide to sell used, specialty watches because the manufacturers don’t usually regulate these kinds of timepieces.
Establish Your Shop
If you want to bring your ventures into a larger audience, then you might consider taking your small watch business online and try selling those timepieces using clear, close-up, and detailed photos of your available wristwatches.
Selling by consignment via jewelry shops or brick and mortar shops are also options you can choose. Also, you can observe other timepiece sellers make sales kiosks at trade shows, expos, and fairs because a small business can increase its profits by having more channels of income.
Take Note Of The Competition
Always note the sold models, the retail price, and the way how other dealers display the timepieces. This method will help you in ensuring the demands of the local business.
You can also ask what kinds of service plans or wristwatch warranties the dealers offer their customers. On the other hand, if you decide to sell for a particular franchise, always remember that warranties should become a component of your contract rate.
Associate with Investment Firms That Finance For Consumers
Some timepieces like the Omega Speedmaster are expensive, and offering consumers with financing is an advantage, particularly for a small wristwatch business.
You may ask the finance firm to send you the needed requirements or computer login credentials to streamline the process of financing. You need to have everything prepared and available to your consumers.
Be Careful With Pricing
Establish the prices for your timepieces, keeping the cost of wholesale and the rates your competition employs in mind. Your price must be capable of covering your wholesale expense but also remain ambitious with other dealers.
If you can fix the price of your products at a lower figure than other sellers, then this outcome can help you secure the sale.
Furthermore, you must include the costs of warranty. If you provide a month or yearly warranty, you will need to add between 2 percent and 5 percent to the price of the timepiece to compensate for the warranty. But, if you went for a franchise method, then the manufacturer will cover this particular cost.
Setting up a startup wristwatch business is probably one of the most challenging ventures. On the bright side, by continuously gathering the correct information and acquiring additional insight as to how you can find funding for your business, then there is a considerable chance of your business to become successful.