So you are planning or thinking of starting a watch retail store.
But, how well prepared are you? Do you know what you need to do? Have you done proper research? Who are you targeting? Do you have a distributor in mind?
These are but a few of the questions you need to answer.
And in the following minutes, I will show you 5 essential tips that will make your venture successful.
1) Have a proper understanding of watches
Setting up a good watch shop can be an expensive venture.
And the last thing you want is stocking watches then realizing that you placed the wrong order.
It’s true that watches serve the same purpose which is to tell time and also show date.
However, they come in many categorizations.
You have vintage, analog, digital, automatic, mechanical, semi-auto, digital-analog, pocket, and sports, male, female and other types. The brands’ are also quite varied.
It pays to gain more knowledge about the styles and classifications.
Leaning a thing or two about the materials used (stainless steel, titanium, resin, leather, acrylic, sapphire, mineral….) and the parts (case, case back, crown, band/strap, buckle/clasp…) also helps.
It minimizes the possibility of placing the wrong order and disappointing your customer.
2) Know your market
It’s true that people love wearing watches.
However, each person has a unique taste. There are those who love simple and classy watches to adorn with their business suits.
Some people love the rugged timepiece because it can handle the outdoors and extreme activities. You’ll also find individuals who are very specific to a brand.
Before you start ordering for watches, you need to identify your niche.
Are you targeting business people, teens, outdoor enthusiasts, men, women, or lovers of vintage watches?
Finding the best fit requires researching the market and trends. Google searches and analytics will help you know the latest trends.
With this in mind, you’ll be able to know the most profitable area to focus on.
3) Source of the watches
Where will you be getting the products from?
Is it directly from a manufacturer, a distributor, or third parties?
The timepieces come from different manufacturers. You have Swiss, Japanese, US, Chinese and more.
It’s always advisable to deal with a reputable supplier as this lowers the possibility of purchasing a knockoff or fake.
You’ll make more profit if you buy in bulk or wholesale. Nevertheless, this means you’ll need to have higher capital.
You’ll also need to open an account with the distributor or manufacturer who will be stocking your inventory.
4) Getting the right permits and licenses
Like any other business, your watch venture needs to be registered.
This gives you the go-ahead to order and sale the accessory to the public. The regulations and requirements will vary from state to state and from one country to another.
It’s important to research and know the requirements, any preconditions, tax requirements, and more.
Common permits include business registration, assumed name certificate, tax registration, employer identification, and resale permit.
You can talk to people who already run a similar business for guidance.
Operating the business without proper permits may attract high fines, penalties, and possible closure.
5) Have a marketing strategy
Starting a watch business is one thing and getting them out to the public is another.
Without a proper marketing plan, you’ll experience slow sales which go against your goal of maximizing profitability.
Before you even order for the first watch or start searching for licenses and permits, you need to have a clear-cut plan in regards to marketing.
How will you be doing it? Who will be involved?
What is the cost or budget for each method? Do you have a fallback plan?
Common methods of marketing include online marketing, promotional blogs, social media, affiliate marketing, email marketing, issuing newsletters, fliers, and coupon codes among others.
The costs will vary from one strategy to another. You can also decide to use several tactics.
It’s important to always gauge how the strategies are performing. This evaluation gives you an idea on which methods are best and how you can maximize them.
Starting a watch retail store is a good idea.
Watches are an important part of life and people simply love their watches.
Nevertheless, for your business to succeed you need to have the right strategy.
And what we’ve shown you above might be a good starting point. Also, if you need to find out more about great types of watches that can really make people smile, visit https://www.wickedcoolwatches.com/ for more information.