When it comes to watches, one of the most common questions from investors and buyers alike is: Is selling wristwatches a good business? Since time immemorial, humans have been obsessed with tracking time. Knowing what time of day, what day of the month and what month of the year it is maybe as pedestrian as smartphones nowadays, but to some of our ancestors, it’s their whole life.
The watch business started way back before wristwatches came into fashion. In the 12th century after the collapse of classical civilization, the interest in mechanical watches arise. Before this, there was a gap between ancient civilization’s interest in clocks and the emerging society after that. The interest in clocks waned but soon resuscitated.
The bloody wars that shaped our civilization today not only brought about with them destruction, famine, and loss of human and animal life. It also produced necessities including pocket watches that originated on the need to coordinate attacks. Under the belly of the beast is a booming business, which many astute businessmen pounced upon.
So when you want to start your own watch business, it’s imperative that you know at least half of what you’re doing. Here are some helpful foundational tips to help you along the way:
Every great business starts with a robust, solid business plan. This means that when you’re thinking of dipping your toes in the watch business, a 3-year course of business should already be in your hands. This includes looking at a sound product line, marketing collaterals, and human resource acquisition. Most importantly, incomes and expenses.
Although the trend for watches skews to more technology-based additions at the moment, the market for analog, even Quartz movement wristwatches sold online is still at its peak and growing annually with at least 8 billion during the past two years. Additionally, the segment has sustained a positive growth rate each year by the year starting in 2015.
Take it online
The majority of your demographics have switched their buying habits. That’s a fact. The Internet paved the way for a new level of convenience through a few clicks. This includes selling and buying. Online shopping is all the rage these days, so you’d be remiss if your business plan doesn’t include an online presence.
A number of recent watchmakers found their successes online. Take a look at Fillipo Loreti. They’re an Italian watchmaker that’s started a major campaign on social media and gained not just quite the following, the brand created the framework on how to bank on crowdsourcing to market watches.
Social media is a great tool when it comes to marketing your products. Even if you just want to sell lowly brands, you’ll find the right demographic for your products soon enough. If you’re going for a watch store that will house iconic brands such as Rolex, Longines and James Bond’s favorite Omega Seamaster, you’d still need these platforms to sell well.
Create a brand that will define your business
Whether you’re planning to create watches from the ground up or looking at reselling them for profit, the importance of having your own brand can’t be stressed enough. Nowadays, branding is everything. Make your own mark, build your own identity as a company and effectively relay it to your consumer base.
To create a brand that’s uniquely you, it’s imperative that you know firsthand the core of your business. Is your watch brand a startup that’ll redefine luxury watches? Is it a retail store that’s unlike any other? Do you have a product line that will interest the general masses? Dig deep on what you have and what is planned. Only then, you’ll identify what makes your brand unique.
Building a watch business from scratch certainly is a daunting task. But it’s been done before, and done successfully over and over again. If you want to create the next big thing in the watch industry, you’ll need a whole lot of persistence, determination and backing up.