7 Advantages of Starting a Watch Business
If youíre looking for a new entrepreneurial adventure, you might be interested in starting your own watch business. We look at the top advantages of starting a watch business below.
With the high street in freefall, youíd be forgiven for thinking that the clock is ticking for the watch industry. But the facts suggest the opposite. Luxury watch brands are still making billions of pounds worth of sales every year. Switzerland exported a whopping $21.6 billion worth of luxury watches in 2018 alone. Though the rise of the smartphone may have removed the practical need to keep an eye on your wrist, watches are thriving as luxury accessories. More than ever, they are a bold statement of personal style. With the watch business industry being worth so much money, many entrepreneurs are looking to get their slice of the action.
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Advantages of starting a watch business
1. There is a high demand
The jewellery and watch store industry in the UK is valued at around £6 billion and there are over 7,000 businesses in operation (IBIS World). As long as people carry on buying watches and valuing them as a fashion staple, there remains a reliable market for watch retailers, as well as repair and battery replacement businesses.
2. People want to imitate influencer and celebrity styles
The rich and famous are still customising their looks with luxury watches. Considering peopleís tendency to imitate celebrity style, itís not surprising that plenty of people follow their lead by shelling out on expensive watches. In the age of social media Ė when celebrity and influencer lifestyle is increasingly in the public eye Ė this is more important to the industry than ever.
3. Watch advertisements are prevalent
Companies like Rolex regularly sponsor major sporting events such as Wimbledon and watch brands are often plastered on billboards on motorways and in city centres. The fact that they can afford to do so suggests that they are still enjoying major successes and have faith in the market.
4. Watches are often of very high value
This is not an industry that is about shifting masses of stock. Watches are luxury items that can be sold individually for thousands of pounds. If you are a convincing salesman and can inspire trust in your customers, you can make a substantial turnover from selling a relatively small number of products.
5. Watches are a classic gift option
Due to their high value, watches are often bought as precious gifts for loved ones. This means that business should boom at Christmas. At this time of year, you can concentrate your marketing efforts on making your watch business as attractive as possible to customers, for instance with promotional deals, festive dťcor and elegant window displays.
Watches are also a classic gift option throughout the year as well, for birthdays and anniversaries, as well as Valentineís Day, Motherís Day and Fatherís Day. So, you donít need to worry about sales dipping throughout the year.
6. You can adapt your watch business to current trends
Nowadays, watch businesses need to tailor their products and services to a much more select audience. The days when everybody needed an analogue clock on their person have long gone. Now, the industry is catering to a more refined clientele with plenty of disposable income to spend on luxury items. So, you could choose to focus on providing exceptional quality watches that give top names like Rolex, Michael Kors and Hugo Boss a run for their money.
Or you could choose to focus on selling and fixing smartwatches. During the digital age with consumers craving convenience and caring more about their health and fitness, itís likely that innovative wristwear will start to become the norm. Selling smartwatches alongside more traditional wristwear is a great business opportunity, as you can widen your appeal and adapt to give customers what they want.
7. Watch businesses are suited to the franchise model
You might be drawn to starting your own watch business from scratch. The problem is itís impossible to build a reputation as a trusted retailer overnight Ė and thatís critical in an industry that trades in delicate goods. When customers are buying a watch or looking to get one repaired, they want to have the peace of mind that comes from knowing that their prized item is in the right hands.
With the backing of an established brand, your watch business is much more likely to hit the ground running. When customers are spending large amounts of money, they tend to do so with brands that they trust. If youíre on your own, tapping into that demographic can be difficult. A franchisor can help you with finding the right premises and an online strategy that will get the right people listening.
This isnít to say that taking the independent route canít lead to big success, because it can. You might just want to consider the benefits of the franchise approach before jumping in headfirst.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
Start a watch franchise unit
Watch business franchise opportunities are often be hard to come by. This is because the industry comprises only a few select brands that donít see franchising as a part of their business model. This makes sense in a sector where quality has to be maintained and detail matters. However, there are a few options out thereÖ
Timpson has been fixing watches out of its supermarket and shopping centre-based stores for decades. The brand is capitalising on the watch industryís continued success and the customer appetite for watch maintenance. It often advertises franchising opportunities too, so we recommend checking its website for the latest opportunities on offer.
While youíre here, you might be interested in giving our UK franchise directory a browse. With almost 240 franchises from 168 sectors, there is so much to choose from.
Becky Martin, Point Franchise ©
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