Starting a Watch business can be a great career pick if you are a watch enthusiast and are passionate about timepieces. This niche targets a specific audience who wears watches regularly and is ready to pay any price to get them repaired or restored.
And in this article, we will let you know how profitable the watch repairing business can be. Additionally, we will discuss how watch repair shop software can help you manage all the processes efficiently and take you to the best among the competition. Below are the details.
- It is Profitable
According to estimates, watch and jewelry repair in the US is a $2bn industry with over 21,000 people associated with it. And on average, a watchmaker can easily make $45,290 per year. Also, those who have been in this field for decades and repair luxury watches as well can make even more.
Additionally, if you are looking to make a profit by stepping into the watch repair business, you are on the right path. However, you must market your shop or store and reach out to your target audience in the best way possible, using several available techniques and strategies.
- 2. Watch Owners can Pay any Price you Would Ask for
For watch owners, the timepieces are no less than jewelry. And to get these repaired, they can pay any price you ask. For instance, a Patek Phillipe, Vacheron Constantin, Omega, or a Rolex owner can agree to pay you between $250 to $500, depending upon the complexity of the repair task. But ensure that
- The watch does not have any issues remaining in it
- It is working efficiently
- It does not require any repair job in the near future
- All the repair parts or accessories used are original
- The repair job is completed within the time limit
If you follow these suggestions and use the best efficient tools to do the repair jobs, you can surely be on top of your watch repairing game.
Similarly, you must use repair shop software as it can help you manage everything going on at your shop, from inventory to clients, to cash flow, etc.
- 3. Get the Best Repair Technicians
Making a watch repair business highly profitable requires hiring the best-experienced technicians. For instance, when hiring a person to do the repair jobs at your shop, ensure they have the required experience and can do the job perfectly.
On the other hand, if you hire freshers or inexperienced youngsters, they might get you in trouble by not completing the repairing jobs as required. Also, they would take much more time to finish a task. So, always look for the most suitable technicians, even if they ask for more salary.
In addition, POS software such as RepairDesk can help you assign repair jobs from one technician to another, depending on the available time. Thus, you can save time, and satisfy more customers, boosting your business.
- 4. Use a Software
A watch repair shop software can track your inventory and let you know whenever you run out of stock. Similarly, using the system, you will also get to know your employee’s total working hours, which will help you process their payrolls. The software can also advertise your repair services to the target audience by sending promotional messages and emails.
Above all, it makes communication between you and your customers timely. You can inform them when they can revisit you to pick their watches. Also, you can ask for reviews after clearing the invoice, letting you know the good and bad about your business. These are some of the reasons to choose RepairDesk for your watch repair shop.
How can you begin with Watch Repair Business?
Starting a watch repair business can be challenging if you do not have any prior experience or an effective business strategy. If you are thinking of stepping into this industry, you should get at least one year of experience in repairing watches so that none of your employees or staff members can dodge you.
In addition, look for the latest trends going on in the watch repair industry and the best effective marketing strategies your competitors are adopting. Lastly, expect to invest $15000 to $45000 or more to start a professional watch repair shop.
Or, if you do not have enough money to rent out a store, you can begin your watch-repairing business from home. You can start this in a room or in your garage and can gradually enhance it.
Watch repair is a profitable business, offering career growth opportunities for watch enthusiasts having the required experience. If you are planning to make a lot of money and do a business you are interested in, watch repair is surely for you. Hire experienced technicians, and follow the right marketing strategies to be the best in this industry.