The styles of watches available to consumers are endless, from the standard digital watch to those that resemble rings, and designer watches encrusted in precious gems. Since the watch is such a popular accessory, and is seen as an essential wardrobe piece by some, selling them can be quite profitable. There are several ways you can start a watch business and grow it into a successful venture.
Target a niche for your watch business, otherwise known as a specialty. This will allow you to narrowly define the type of watches you sell and who you sell them to. Examples of watch business niches include vintage watches and pocket watches, designer watches, artisan watches and women's watches.
Obtain the permits required in your city and state to operate a retail business. You may need a resale permit, assumed name certificate, Employer Identification Number or sales tax permit.
Find a place to store your inventory of watches that is free of dust, dirt and moisture. A clean spare room or closet, commercial storage facility or warehouse would be suitable.
Secure venues to sell your watches. Options include your own e-commerce store, an Internet auction website, flea market, antique stall, shopping center kiosk or brick-and-mortar store. Ensure the venue you choose is appropriate for your niche. For example, if you sell genuine designer watches, an e-commerce website or brick-and-mortar store would work well, but a flea market would not.
Open accounts with wholesale watch distributors, manufacturers and brands to obtain your inventory. Buying wholesale is essential, otherwise you won't be able to make a profit and stay in business.
Develop packaging for your watches. Even though you may not produce all, or any, of your inventory, you should still build your own brand. Package your customers' purchases in inexpensive jewelry boxes that have stickers featuring your company logo, use branded shipping labels and shopping bags with your logo or business name.
Market your watch business. Open social networking accounts, launch a promotional blog or website, issue a newsletter with exclusive coupon codes or place fliers in complimentary businesses such as shoe stores and tailor shops.
Melinda Gaines has been a freelance writer since 2006, with work appearing online for YellowPages and other websites. Her areas of expertise include business, beauty, fashion and sports. Gaines attended the University of Houston where she earned a Bachelor of Science in sport administration.