The watch industry and the fashion industry at large are exciting areas to be a part of. Follow these steps to start your own watch company.
Perform a market study to determine your target audience.You have the chance to decide exactly the type of watch products you will develop and market. But before you act just on your own preferences, you should perform a market study to see what products are selling well and to determine whether there are needs in the market that you can satisfy. This market study will help you decide important decisions such as whether to focus your watch company on men’s, women’s, or children’s watches (or all the above). The study will help you target your market not only in terms of gender, but also the geographical area, price range and type of design.
Obtain financing. Decide if you will fund the creation of your watch company yourself or whether you will secure bank financing.
Develop your watch design and production plan. Put together a watch design yourself or hire a company to develop a design (or several designs) for you. For a list of watch designers and contact information, visit All About Gemstones. A private label can both design and produce the watch for you or you can contract with a larger watch company who can perform these tasks. If you already have a design you can find a workshop or manufacturing company who specializes in producing watches. Be sure to copyright the design.
Create a brand and marketing plan. Decide upon a brand name for your watch and develop a trademark to protect your legal rights. You may do this either on your own or with the aid of an attorney. Determine your sales target and decide what you will charge for your products. Establish an advertising plan. Hire a marketing or advertising firm to help you plan and put your plan into effect.
Decide how you will distribute your watches. This can be as simple as an online website or it can involve distribution through watch stores, jewelry stores or department stores. Big box stores such as Wal-Mart and Target should be considered if they will reach your anticipated audience.