Are you looking to launch a watch company but don’t know where to start? The watch industry is highly competitive, but with the right business tools, a good plan, and a positive mindset, you can build a truly remarkable watch brand.
Despite smartphones and smartwatches, the classic watch is still a symbol of prestige, style, and appreciation for craftsmanship. This is why luxury brands like Rolex have stayed on top of the industry for centuries and are still highly profitable.
Don’t get discouraged by the competition – learn from it instead. Discover how and why they’re different, what they’re doing right, and what their unique selling proposition is.
Read on to find the essential steps to starting a watch business and build a strong, successful brand from scratch.
Make a Business Plan
If you’re eager to learn how to start a watch company, begin with a detailed business plan. Outline the most important aspects of your new company such as business model, products, marketing strategy, budget, and monthly objectives.
A solid business plan will help you stay on track with your goals and keep you focused on attracting customers. You can change the plan as you grow, but you should always refer to it as a guide towards success.
Decide On The Watch Style and Pricing Model
The watch style and pricing model are essential when starting a watch company. They will set the tone for your brand and help you find your ideal customer.
If you decide to sell high-end expensive watches, do proper research on the most popular luxury watch brands. This will help you see what they sell, their prices, marketing strategy, and suppliers.
If you want to sell more affordable watches, figure out what your audience and customers would wear. Are you going for a minimalistic style, a fashion-forward style, or a sports watch?
You can start by offering several different styles and price points in the beginning, and see how your customers behave and what they like. Then you can narrow down your offer to match their needs.
Find Suppliers or Manufacturers
Finding a manufacturer for your watches may be the hardest part, but it’s worth all the research and time you’ll spend to choose the best one. If you decide to create and produce your own watches, make sure the factory, supplier, and manufacturer are legitimate, have the skills, experience, and licenses to work.
If you choose a factory in China, bear in mind that you may not be able to control the manufacturing process, quality, and working conditions. On the other hand, if you’re a watch reseller and don’t produce watches yourself, you’ll need to find legitimate companies to buy watches from.
The vetting process can take months and even years before you find the best company to partner with. It can also cost a lot of money, so make sure you’re ready to do the work before you launch a brand.
Set Up A Website
Having a business website is a must in today’s business climate, even if you don’t sell watches online. It’s the first place your customers will look for your brand, so you have to meet them where they are.
Your website should have quality product images, detailed product descriptions, an About Us page, contact information, and other important information about your business.
If you sell online, create a blog where you’ll write valuable posts on how to make watches work with any fashion style, differences in craftsmanship and movement, and style guides and gift guides for men and women. This will help you rank on search engines and help customers find the right watch for their budget and lifestyle.
Hire A Team
No matter your business model and business size, you’ll probably need some help in building the business from the ground up. Aside from administrative tasks, you’ll also need people to handle your social media, website, operations, and bookkeeping.
If you work with a factory, you’ll need someone to handle this process and make sure the product is impeccable. If you decide to make your own watches, you’ll need a team of experienced craftsmen that will bring your ideas into reality.
Avoid launching a business all by yourself as you’ll quickly become overwhelmed. Also, set aside significant capital so when you need to hire someone, you’ll have enough money to cover several months of salary and benefits.
Find A Store Location
The store location is a crucial element of your brand and the type of clientele you want to attract.
A brick-and-mortar store can be great if you have a good location and existing customer or audience base. If you’re just starting out, however, selling online might be a better idea.
With an online store, you won’t have to store inventory, pay rent, and wait for people to find your store. On the other hand, if you’re renting watches, opening a physical location is better so people can browse and try on different models before they rent.
You can also run an online store and a physical store at the same time and cater to two different consumers. It all depends on your vision, budget, and long-term plan.
Get On Social Media
Social media is one of the best and most affordable ways to reach a huge audience and raise brand awareness. Aside from social media profiles, you’ll need a solid marketing and advertising strategy to help your business grow.
You should post quality content that will bring value to your audience so they can connect with your brand. Posting photos of your products isn’t enough – you’ll need to engage with your followers and answer questions about your products.
Follow These Steps To Start A Successful Watch Business!
Starting a watch business is exciting and challenging, but with some business acumen, the right product, and a great business plan, anything is possible.
These tips will help you build a recognizable, successful watch brand that customers will come back to and tell their friends about.
For more business articles and tips on starting a business from the ground up, visit our blog.