Watches remain to be popular despite the prominence of smartphones, which readily display the time. The watch models available on the market are vast, ranging from regular digital watches to ring-like ones, and designer watches coated in precious stones.
Since the watch is such a common item, and some find it an important piece of accessories, it can be quite profitable. In fact, as per Statista, “revenue in the Watches segment amounts to US$123,642m in 2019. The market is expected to grow annually by 1.6% (CAGR 2019-2023).”
Watches are fashionable items amongst men and women alike, offering a large, diverse community to sell to the small businessman. Selling valuable items such as watches requires a great deal of product knowledge and the ability to sell.
To start a successful watch company and expand it into a profitable venture, here are some steps that you can take:
PLAN YOUR BUSINESS:
A coherent strategy and a clear business plan are important for an entrepreneur to succeed. They will enable you to analyze your business information and uncover some potential problems.
Look at the competition and write it down. Keep in mind the models being offered, the pricing and how the products are presented to the market. It helps you to assess local market demands. Check out what kinds of watch warranties or service plans are provided by the dealers as well. If you have opted to sell for a franchise, the contract price should include the warranties.
Since watches are small, there is not much space needed for their stocks or inventory. In fact, it is possible to run a whole watch company from a home office.
By starting with a limited inventory, setting up their own website, and relying on sustainable marketing strategies, entrepreneurs with limited capital can reduce their expenditures.
FIND SUPPLIERS YOU CAN TRUST
Understand the chain of supplies. Companies in China are different from America or other countries in the west. You should try to meet in person and develop that professional relationship if you’re manufacturing or importing watch parts from them.
Get in touch with the watch and/or watch parts distributors and ask for information on how to become an authorized watch retailer. Usually, watch manufacturers and suppliers have their own set of guidelines. You need to be authorized before you can offer your customers with warranties and their latest models of watches.
You can also partner with a reputable wholesale watch supplier as an alternative. Among the first actions to begin your online business is to look for a watch wholesaler.
In a wholesale retailer, there are two things you can aim for. The first one is production cost — does the bulk purchasing markdown offer you a sufficiently large margin to make money? The second is reliability — does the supplier have a proven track record and good credibility?
SET UP YOUR STORE
Using good photos of your available watches, you can take your new business online and sell watches over the internet. You will begin to grasp the importance of selecting the right software for the job as you experience how to sell watches digitally.
You’ll also need a handy feature collection that makes it easy to build gift packs, view and edit high-resolution images, and link your store to various social media platforms. The best way to do this is to get a website layout for an online watch store ready.
Another option is to sell from a physical store or to distribute via jewelry stores as a consignment partner. You can also set up a merchant booth during fairs, festivals, and trade shows. You can find a lot of avenues of income for your small business.
MARKET YOUR WATCH BUSINESS
Here are some great ways to improve your online presence and reach more potential customers:
- Promote on social media
- Start writing promotional blog posts
- Launch your own website
- Send an email with special offers or voucher codes
- Put pamphlets in other partner business establishments.
You will certainly not run out of ways to market your watch business! You’ll also want to choose a niche for your company. Only sell specific styles of watches that suit a specific demographic when selling watches online.
With a particular niche in mind, you can then create a brand for your company. Develop the name, logo, website design, colors, and more based on that brand.
You can promote your products through a variety of methods, such as search optimization, product feed listing, and consistent online presence.
A watch company offers watches to people interested in portable timepieces. This is an industry that is rife with growth, thanks to high demand and a captive market.
Now that you’ve picked the right business venture, all you need to do is make a move. There is more than just registering a company with the government to start a business. We hope to help you launch your watch business successfully with the simple step-by-step guide we have put together above.