Watch business models

[pent]

I searched for this topic and didn't really see anything that pertained, so I thought I would start a conversation.  Brief background:

I have been engaged in this hobby since 2022.  I'm an analytical scientist by training so troubleshooting instruments and attention to detail were already in my blood, and I have always loved watches.  All my training is from Mark, Kalle, Alex, and multiple horology books.  I'm confident enough to troubleshoot and repair about 90% of anything I have come across.  I cannot make my own parts yet, but that is something I will be doing in my second stage of learning after the turmoil of a career move and physical move are complete.  Unless I win the lottery or have a massive windfall, I will likely never attend WOSTEP, Lititz (well, Dallas now), or do BHI testing.

At this point, I'm looking to monetize my hobby a bit.  I know nobody becomes a millionaire by fixing watches and that's not my goal.  I am confident enough to dive into just about any watch.  I suspect many people would be queasy about sending their watch to someone who is not certified and I can understand that.  However, I have run across quite a few watch repair businesses where the watchmaker is not formally trained.  Given the achievement it is to make it through some of these schools, that certification is often advertised.

So, I have several ideas and many I have ruled out that I will detail below.  For anyone interested in commenting, I'd live to hear about your thoughts/input/experience with any scenario.

1.  Just fix watches.  Advertise, build up a website and reputation.  Start local and try to branch out.  This is a pretty traditional route, and I would consider it if it were my only occupation, but I have others that eat up my time and I just don't think this would yield much side income--especially without a formal certification.  Plus with time constraints, it would probably take me too long to get a watch back to someone.

2.  Start a youtube channel.  Ruled this out completely.  In my opinion, there's already plenty of watch channels and I don't really have anything additional to offer in this space.  Plus I've heard they keep changing the rules on how you are compensated.  In addition, that's a whole new level of expensive equipment and software I'm not willing to buy.

3.  Fix and flip.  I've been trying this.  Finding poor condition or non-runners, fixing them and cleaning them up, and reselling for more.  It's slow going unless you have the hot vintage brands everyone wants like Omega, Tudor, etc.  Even then the margins once you put your time and parts into it can be thin and are very market dependent.

4.  Watch dealing.  I just don't know enough about the market and it's fluctuations to buy low and sell high, so I ruled this out.

5.  Buy non-running or vintage movements and part them out.  I see a few stores on ebay (and some that have saved my bacon) that just buy a movement, disassemble it and sell the good parts.  With what individual parts can sell for vs what the non-running movements cost, this seems like it could be profitable.  I like the idea of this model, although I wonder if the hobbyist watchmaking scene is still popular enough for this to produce a good side income.

6.  Other?  Any other watch related business models I'm missing here?  I'm certainly not going to teach watch repair, nor will I be working at a local jeweler without a certification (which is a shame since my town has more Rolexes than people here!).  

Love to hear anyone's thoughts on these or other side gig ideas.  

[AndyGSi]

My recommendation would be to spread the word with family, friends and colleagues about the repairs.

I think you're right in ruling out dealing.

The parting out can also be a minefield as you've first got to sort out what parts are at fault and what then can actually be sold for spares. If you're going to do this then you'll probably need to pick a maker / movement and stick with it.

Best of luck with whatever you do.

 

[SwissSeiko]

There is a 7th option. Search online in your area for watch repair. Then go to those jewelers and see if they are shipping them out and would like to keep the watches local. That was the route I did and I get way more watches than I could have imagined. The repairs aren't always cool vintage omegas and nice movements. You get a lot of really terrible quality quartz that you have to reinstall the hands on or replace the movement on. I do a lot of crystal replacements. Luckily the jeweler does the battery and band replacements so I don't need to bother with those. But then you get vintage Rolex's sometimes and I currently have a vintage King Seiko that is just beautiful. Lots of variety.

[oldhippy]

     If you are good at your work the word will soon get around. Word of mouth is the best form of advertising and it is free. I was lucky I worked for a jeweller and served my apprenticeship and improving which was 7 years. After a time my master retired so all the equipment was passed on to me and it pretty much everything and a vast amount of stock. So I started out with my own business and had a great little earner. One thing I did was contact the main high class makers such as Omega Rolex that sort of class to get their price lists, I didn't need to contact Longlines as the shop was already a service agent, I just let them know what was happening and they were fine about it. Just showing a customer the price list of what Omega would charge and telling them my price I ended up making enough to keep my wife at the time and me very comfortable. But I was more interested in high grade clocks, which again was a good step. Your best bet is to start with friends and family then you have to decide which road to take. Do you want to just keep horology as a hobby or do you want to make it as you main income. If it is for you as your main income it will cost a lot of money to start. I never had the internet when I started so much of what you have said would never have been a chose for me. 

[HectorLooi]

My mentor told me that just by changing batteries, watch straps and crystals, one can make a fairly decent living. But if you want to stand out from the crowd, you must do things that other people can't.

Hence he does a lot of specialized stuff that other watchmakers don't do. And recently he has started subcontracting the routine service and minor repairs to me, so that he can concentrate on doing what he likes to do.