With the watch industry expected to reach over 73 billion dollars by the end of the decade, ensuring your clocks are in good condition is crucial. While you may know how to repair these complex accessories, others may not.
Opening a watch repair business is a
great way to put your talents to use and make money. However, this isn't as
simple as posting a sign on your lawn telling people to call to schedule an
appointment.
If you want to start a watch
repair business but aren't sure where to start, you'll want to continue reading
for some of the most crucial steps.
Gather
Your Supplies
Once you've set your sights on starting
a business, you'll need to ensure you have all the necessary supplies to
complete jobs.
This includes screwdrivers, a case
holder, precision tweezers, pins, and pry back openers to help remove the
casing from the watch's underside. Ensuring you do the research to buy the
highest quality tools available ensures you can effectively complete
jobs.
You'll also want to look into
ordering some of the most common repair elements in bulk, especially if you
specialize in watch battery replacement or band adjustment. This ensures you always have enough on
hand and won't have to wait to place an order to fix a watch.
Get
Licenses and Insurance
In many towns and states, you'll
need a license to operate your business.
Whether you open a storefront or
work out of your home, obtaining a license is crucial as it helps prevent you
from an expensive fine or a complete shutdown.
You'll also want to look into
getting business insurance. This helps protect you and your work-related times
in the event of an accident. Similarly, as you're working with others' personal
belongings, ensuring you have insurance to back you up in case of an accident
is crucial.
Set
Your Prices
Finally, you'll need to determine
prices to start a successful watch repair business. This is one of the most
challenging aspects for new company owners, as it's hard to find the sweet spot
between underselling and overvaluing yourself.
There are a few factors that will
influence how much you'll charge for standard repairs. Factor in the supplies
necessary to complete the job and the time you'll spend on repairing watches.
When it comes to more specific repairs or uncommon watches, the price will
increase due to the technicality required.
When in doubt, look into your local
competition. You can set your prices to be comparable, encouraging people to
solicit your business instead. This ensures you make money repairing
watches.
Start
Your Watch Repair Business Today
Though it may seem simple
enough, watch repair is a specialized trade. When people have a sentimental
watch, they won't risk fixing it themselves. Offering your service is a great
way to make the most of your skills.
If you're ready to spring into
action and start your watch repair operation, thanks to the help of this guide,
you're in luck. The rest of our website has plenty of business tips and tricks
to help you succeed in your endeavors.
