Guide to Make Profit as a Luxury Watch Brand Dealer
The art of watchmaking dates back centuries and represents man’s fascination with time. Watches serve as man’s best friend, just as diamonds and jewelry are for women. There is nothing quite like wearing a fine watch on your writs on any occasion. Wearing a watch gives an instant confidence boost to a wearer every time. Watch enthusiasts instantly make connections with anyone they see wearing a fine timepiece. Luxury watch brands have given us various collectibles that we feel proud to have in our possession over the years.
Besides a nice suit, cuff links, tie, and shoes, a man does not have any other accessory besides a watch. Men always find it hard to resist buying a watch they see fit according to their apparel habits. With this short guide, we will try to help you make a profit in the luxury watch market. We will help you reap the benefits of a million-dollar luxury watch dealer industry.
With many different brands and options available, it is hard for a person to determine their business’s starting point. As a luxury watch and brand dealer, you need to understand the risks involved and make calculated attempts. The more research and insights of the market you have, the lesser your mistakes, and more chances of success. Mistakes happen, and with proper homework, you can minimize the effects. If you fail to succeed in one trade, you will surely make your profit in another.
Some necessary steps you need to make in the beginning include:
- Understand the market as a stepping-stone for your business. Research online and join various forums and communities to understand the demand in the market. Researching will help you determine the cost and selling price, along with locations that have the most demand
- Decide the amount you want to invest in various luxury watches brands and evaluate your affordability in timepieces. Sharpen your negotiation skills by contacting different sellers and make comparisons accordingly. Try to approach multiple lenders that offer funding facilities from your business. Remember to make calculated steps to have the finances under control. Understand that watch dealing business has risks and losses involved that may come your way eventually. The best bet is to make contingency plans for known issues
- Start to build connections by approaching various retailers and jewelers. Here, a basic strategy is to start your deal with the newest jeweler present and establish yourself as a reliable buyer. You make a lasting relationship by creating a rapport with a jeweler
- As you start building connections and understand the market better, make sure to focus on buying from one dealer. It will help if you become a reliable buyer, as it will let you have numerous options at hand. You will also have an easy time managing your inventory when you start to buy from one source
- Be sure to keep your expenses and risk tolerance under your capital limit. As a luxury watch dealer, start your business with timepieces, mostly falling under everyday buyer affordability. Once you have gathered enough clients, introduce more high priced collection from the same brand. In this way, you will gradually establish your business without going overboard
Understanding Buying Power
As a luxury watch dealer, understand the buying power for your customers as well as yourself. You are in the business as a dealer, and you need to focus on your expenses while fulfilling your customers’ demands. Try to look for timepieces that fall under your buying category, which you can sell accordingly. Keep the buying power of your customer base to bring watches according to their affordability. Once you start to have customers from a more diverse buyer group, increase your buyer standard as a dealer to fulfill the demands.
The process of selling is a bit more complicated than buying and requires patience. You will approach many buyers who offer a price not even close to your buying cost or try to lowball you by closing deals without any proper confirmation. This should come to no surprise regarding the industry, and never take it as a reason to lose motivation. Never get disappointed from initial failures, as this is a common practice in the industry. Remember that patience and timing is an essential factor in the process, so take your time to make the best deal. There is always someone looking for a luxury watch brand whom you will approach in due time. Make sure to price your piece right and list it on all available platforms.
- You have several different platforms available to make your sales, and not every option will possibly work for you. Try to understand your buyer’s pattern and their presence to determine a platform to prioritize. Ideally, you should have a keen knowledge of your brand’s value to offer it to your customers. For watches that have relatively low-price, use online platforms. For mid-range timepieces, you can ship them directly to customers or have a contract with another dealer. For those with high-price, approach platforms that only the enthusiasts follow
- Present the description, specifications, and condition of the timepiece. As a luxury watch dealer, you have to remain as transparent as possible to build rapport with your customers. Formulate your listing with all the necessary information
- Keep the authenticity of your timepieces in focus by having all the records at hand. Records like receipts, boxes, service history, etc. have a lasting influence on a customer’s buying decision
- When listing your watch, take photos and shots to let the customers know the condition. Visualization will help your customers make a decision and are a critical point in making a successful sale
- Use the power of social media to promote your business. Whether you have a physical store or work online, using social media will give you the best customer reach
Becoming a dealer for a luxury watch brand is a challenging task if you have no insights and guidance available. You can take the above-presented points as guidelines to initiate your business and sell watches quickly. Take note that this guide will help you start your venture, and you need to take care of all the risks involved.