How can I get into the watch business? This is a question that I get asked almost everyday. Although there is no replacement for long term experience, we all have to start somewhere. Here are 5 things I recommend you follow on this exciting journey into the watch selling world.1. Get Some Capital
This is the most important step of all because with out money, you clearly can not buy anything. All the money in the world is still not enough money for this business. This business will eat every dollar you can put in, mostly because you can never have too much inventory. This still does not mean that you can't start with just one lower level watch and work your way up. I have seen many people do it before.
2. Choose Your Target Market
Choosing the market you are going to target is important because you need to know the demographics of your clients. Just like capital you may have to start small and work your way up. Very few people sell a Richard Mille as their first sale in the watch business. Knowing how to cater to your clients will help you close sales much more efficiently.
3. Learn The Product
Learning the product is very import if you plan on selling these watches. People that buy watches from you want to feel that you know more about watches than them. Very simple things like the models numbers are important because if someone asks you for a Patek 5980 you definitely do not want to quote him for a 5711. Same goes for Rolex and AP, you would want to know all the correct sizes because prices will change dramatically.
4. Make Some Contacts
Obviously you are going to need a source for these watches but just as important is a good watchmaker. A good watchmaker can help you authenticate watches and refinish and service them. This will be very important not just for the watches you will be selling but also for the clients that may want to service their watches. Another important thing is to possibly have someone that can get you parts or boxes. As you sell watches there will be parts like links and straps that you will be needing along the way.
5. Know Your Clients
Getting to know your clients is something that takes some time. Knowing what types of watches they like and/or what type of buyers they are is something that will help you close sales. Some buyers are what I call inventory buyers. These guys like to select watches out of current inventory where as others like for you to hunt and source specific watches. Some clients require you to sell them a bit more while others my be turned off by that. Knowing what they need is key. Being pushy is never a good look.
Comment below if there are any tips you would like to add! I would like to point out that as many as you may already know I have recently started my own business and YouTube channel. If you are looking to buy or sell a watch, contact me directly with this link or through my Instagram @watch.eric.