Asides fashion, wristwatches are critical to telling us what the time is. As such, a wristwatch is more of a convenience than just fashion. Due to wear and tear, there are several ways to profit from the repair of wristwatches.
A wristwatch repairer fixes watches, replaces bad batteries, repair watch faces and overhaul inner watch mechanics. Offering simple and complex repairs alike, watch repair shops can fix mechanical and digital watches. A lot of watch repair shops have watch parts too, while some sell wristwatches.
Business Plan
A clear business plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover unknown areas.
However, the first assignment is to have undergone apprenticeship for about a year by understudying a watch repair expert before starting your own business.
Niche Market
The business of watch and clock repair is lucrative, especially, if you have customers who value designer wristwatches. Aside the repairs, some people, on a regular basis, also cleanse their watches as well. While a watch repair shop may make most of its profits from watch repair, he can make extra money by offering watch cleanings.
The target customers are mostly students, workers, administrative officers, record keepers, office Secretary, front desk officer, Human resource person and people who work in civil service, banks and owners of small businesses.
Initial Capital
According to findings, with as little as N50,000, you could actually start a watch repair business. Asides rent which is costly, the tools for watch repair are not that expensive.
Profitability
A watch repair shop makes most of its money by repairing wristwatches. It can also make money by repairing pocket watches and clocks, however. A serious watch repair shop owner can make money by selling watch parts and can even become a trusted watch parts provider.
Each customer can be charged up to N2,000 for a repair job. This price is based on repairing stem, crown, or mainspring parts. If a minimum of five customers come in a day, that amounts to N10,000 daily. This could, however, be more or less, depending on the patronage.
A lot of modern watch repair shops have turned their repair shops to solid marketing business centres where they sell all kinds of wrist watches, bracelets, chains, bangles and anklets. Hence, this increases the chances of making more profit monthly.
Business Location
Business location is central to the survival or otherwise of any business. This invariably entails that you must site your shop close to market or a busy road where passerby can see what you do and the service you offer. You could either rent a shop or a space depending on your business capital.
Branding
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors. So, you need to have a name and design a logo around the name of your repair shop.
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