How can I make money selling watches? I get that question a lot. Let me tell you how I did it...
I receive daily comments on YouTube, DMs on Instagram, and messages via email asking me how I started in the watch business and are profitable buying and selling watches for a living.
I can tell you one thing, since I was a little kid collecting Casio watches I have been a fan of the darn things! I just love wristwatches and my attention to detail has always been keen. Another thing I want to clear up is that I did not come from a rich family that just handed me a few million dollars to buy every luxury timepiece under the sun. Far from it!
I come from a hard working, middle class family. I learned how to make money in watches the hard way!
It all started about 10 years ago. At my job at the time, I had a lot of extra time, free time that I used to start buying and selling a few luxury watch pieces at a time. My little hobby ended up picking up steam, so much that other people started giving me money to buy and sell watches for them. This led to me starting to receive job offers from different watch businesses and eventually attaining the position I have today.
Here are 5 “Secret” Tips on How to Make Money Selling Watches (from my own experience):
Get the Right Product Knowle – Spend a lot of time learning about watches; that is, knowing your product. You need to learn to learn about real and fake watches (you must!), when a watch has been altered, etc. Gain experience with the different models you want to focus on. Practice using the loupe. Do your research. There are no shortcuts! You need to start gaining experience one day at a time.
Learn to Forecast the Market Accurately – Learn what's hot and what's not. Learn what new watches will be potentially “hot” sellers. Analyze the market and try to learn about the current and future trends. It takes practice and it won't happen overnight!
Establish Industry Contacts – This is a difficult one, but without it, you have no business. You need the contacts to buy your watches from at reasonable prices. You need to know watchmakers that are reliable and can repair your timepieces when required. These things are essential to succeed in the long run.
Make the Right Impression – You need to make your customers feel comfortable when they buy watches from you. Despite all the heat I take for wearing sunglasses on my videos, I can assure you that my video look does not carry over to in-person sales. Look the part if you're going to do this!
Know your Client – KYC is really important. Sell watches that your customers actually need based on their taste. Don't do it to make a quick buck. Stay in it for the long run!
Thinking about starting your own business buying and selling watches? Let me know in the comments below. Also comment on what you think about my five tips above.
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