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+---- Thread: Want to start an exclusive watch store. (/Thread-Want-to-start-an-exclusive-watch-store)
Want to start an exclusive watch store. - H3RR3S - 11-26-2018
Hello,
I'm really fascinated by watches and my dream would be to open a store where I will sell exclusive brands like Rolex, AP, Patek Philipp, ...
But how can I make this happen because it would require a lot of investments?
RE: Want to start an exclusive watch store. - zorrophreak - 11-26-2018
Start small, running something like a watch drop shipping store while learning proper watchcraft skills, primarily with traditional gears or with digital. If you send me a PM I can talk to you about stuff in the business field and the development field of it.
RE: Want to start an exclusive watch store. - mothered - 11-27-2018
It's quite a competitive market, and somewhat difficult to undercut those who're already established with a reputable business.
You'd want to offer a service that others don't, hence entice customers/buyers to select you over the rest.
RE: Want to start an exclusive watch store. - derped - 11-30-2018
Well just because you like the watches doesn't mean you should start a business around selling them, there are tons of other stuff you could do such as:
paid watch club
brokerage services for buyers/sellers
repair shop
online watch forum
etc
starting an actual store for high end watches is going to require a massive amount of money to buy inventory, and who knows how long it will take to sell
RE: Want to start an exclusive watch store. - geyu29 - 01-25-2019
Plan:
Unique policy from competitors.
Plus a good location and low crime rate.
Good renovation of the store (since it is the main factor for in-store sales)
Launch the website along with it, and prepare the marketing plan few weeks beforehand along with the site.
Finance
First of all for finance, try a entrepreneur or family member and pitch the idea.
Get a loan (which i oppose) since it depends if you already have or will eventually get the revenue and income, in which cases you may or may not need a loan. The main factor is interest rate.
Local governments can also give you a grant without interest.
Basically, there are multiple policies which you can use, you dont have to go through the normal channels to achieve your goals.
Although it doesnt have to be a business loan, it could a maintenance or student loan (no interest- depending on the country)
Work
And of course if you're very young, or you can afford to;
Go to university complete a degree.
Build CV alongside, no cliches.
Start doing small jobs, apply for bigger management roles when you finish or maybe night shift according to circumstances, and build your income.
I'd say you need 30,000 to 50,000 to get a good inventory for high end, or maybe 25000 for majority small end.
I have more experience with management than i do with the industry, but any industry such as retail is penetrable, if you believe in it, you will make good decisions in the interest of the business, if you are scared or reluctant you will make small contributions and your business could fail, that i know for fact.
RE: Want to start an exclusive watch store. - mothered - 01-25-2019
(01-25-2019, 12:39 AM)geyu29 Wrote: Get a loan (which i oppose)
I feel very much the same, however sometimes It's Inevitable.
In such cases, the objective Is to pump every dollar Into the loan and pay It off asap.
RE: Want to start an exclusive watch store. - geyu29 - 01-25-2019
(01-25-2019, 03:20 AM)mothered Wrote:(01-25-2019, 12:39 AM)geyu29 Wrote: Get a loan (which i oppose)
I feel very much the same, however sometimes It's Inevitable.
In such cases, the objective Is to pump every dollar Into the loan and pay It off asap.
Thats the real problem, loan personally i think is unethical and dont want to be in debt to anybody.
Second, financially speaking, you have a liability to pay interest on top of the loan.
Third, in terms of business start-ups your objective should be to break-even, not paying off the loan, when you start-up you dont completely know how much money you will have to spend for costs you had not predicted which happens quite often perhaps a few thousand up or down from your initial estimate.
If you decide to get more loans, the lender needs evidence that you can pay it back.
And lastly the legal implications you might get into, such as your assets being taken away, or if you use your business revenue and not pay tax or other activities regarding the business.
These are just examples, not meaning its going to happen. For somebody who has millions in assets can sell and start-up their business without a loan ,so be creative, You need to stick with your plan and be very persistent, which is key.
RE: Want to start an exclusive watch store. - mothered - 01-26-2019
(01-25-2019, 08:19 PM)geyu29 Wrote:(01-25-2019, 03:20 AM)mothered Wrote:(01-25-2019, 12:39 AM)geyu29 Wrote: Get a loan (which i oppose)
I feel very much the same, however sometimes It's Inevitable.
In such cases, the objective Is to pump every dollar Into the loan and pay It off asap.
Thats the real problem, loan personally i think is unethical and dont want to be in debt to anybody.
Second, financially speaking, you have a liability to pay interest on top of the loan.
Third, in terms of business start-ups your objective should be to break-even, not paying off the loan, when you start-up you dont completely know how much money you will have to spend for costs you had not predicted which happens quite often perhaps a few thousand up or down from your initial estimate.
If you decide to get more loans, the lender needs evidence that you can pay it back.
And lastly the legal implications you might get into, such as your assets being taken away, or if you use your business revenue and not pay tax or other activities regarding the business.
These are just examples, not meaning its going to happen. For somebody who has millions in assets can sell and start-up their business without a loan ,so be creative, You need to stick with your plan and be very persistent, which is key.
I know exactly what you've stated above, and fully agree.
Depending on the magnitude of the loan, you may be paying only the Interest In repayments during the first year or two. Mortgages/home loans are a typical example of that.
RE: Want to start an exclusive watch store. - Johny_Bonny - 08-02-2019
If you're sure that the business will work, take a loan. I'm sure that there will be a credit company that it will be easy to find one since they are interested to work with the people that will bring more money to them. The more money you want to take, with the shortest period for the return and with a good plan and you'll have all their attention. Banks and credit companies are hunting for the big money but you'l have to choose between these two. Wich one is the best? If you have a great plan for the business, go to a bank, otwerwise, if you're not so sure, check a credit company. I'm part of the second category, credit companies were my option, I found one on https://www.lainaailmanvakuuksia.fi/lainaa-30000/ and got a fast answer from them. Be very careful which company you'll choose, analyze it twice before buying.