A watch business makes money by selling watches. Watches sell for $30 to over $1000. In the first year or two, you could sell seven watches a week, bringing in $110,000 in annual revenue. This would mean $44,000 in profit. As your brand gains recognition, sales could climb to 15 watches a week. With $234,000 in annual revenue, you’d make $94,000 in profit. An independent dealer could expect $150,000+ in gross sales revenue with a large enough business. Your potential income depends on if you become a salesperson or dealer, if you work on commission, and experience.
The median annual salary for selling luxury watches in 2021 is $37,800 per year. As of Jan 31, 2023, the average annual pay for a Luxury Watch Sales in the United States is $56,985 a year. That works out to be approximately $27.40 an hour.
Starting costs for a watch business range from $10,000 to $50,000. You’ll need to decide on a brick-and-mortar or online store.
Costs and Marketing
Have a marketing strategy to sell watches. Take 10 steps:
- Plan your business.
- Form a legal entity.
- Get business insurance.
Rent costs depend on location. A lease in Manhattan is over $80,000/month. In Florida or Tennessee it’s under $1000/month.
Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple. Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services.
Home Watch Business Insights
Home watch services do scheduled visits to vacant client homes. They watch homes while owners are away long-term. A report is done each inspection showing property condition, date and time.
To start this business:
- Conduct market research first, which is key to success.
- Get certified in home inspections.
- Create contracts for services and clients.
- Market services effectively.
Profitability
How profitable is a home watch business? A home watch business can be a great way to earn extra money or even a full-time income. Using the national average of $68 per hour, you could make $1,360 per week or over $5,400 per month for part-time work. If you want to work full time, $10,000 a month is within reach. Best of all, a home watch business can be started with very little money.
Starting Your Watch Business
By the way, the business of watches is a well-known business in itself and you can make a good profit in it. But when someone makes up his mind to start it, then there are many thoughts in his mind that how much money will have to be invested.
How much should you charge customers?… Most new watch businesses begin with watches priced around $50. This price point isn’t prohibitively expensive yet provides a reasonable profit margin. As a business establishes a customer base, lower- and higher-priced watches can be offered for diversity. How much profit can a watch business make? A watch business can make a substantial profit even in its first year. Within one year of opening, Watch Outfitters was bringing in $13,500 in sales each month. That’s an annual gross revenue of $162,000, and a lot of that is profit.