Watch and jewelry repair shops will never get obsolete since everyone loves to upgrade their outlook. Same is the case with timepieces. Classy wristwatches never went out of fashion, and with the passing time, people keep coming back to old-style and trends. According to the IBISWorld’s report, it is stated that over the past five years to 2019, the Watch and Jewelry Repair industry in the US has expanded a lot due to favorable economic trends and shifting retail market dynamics.’
So, if you have a knack for fixing things, and are always the first of your friends to find out about the latest wristwatches, you can easily jump-start your own watch and jewelry repair shop. If you have researched the market for this new business opportunity, found it the right fit for a fresh start, and have planned to enter this popular industry but still need some pointers, we’ve got you covered. Read on to learn how to kick off your watch and jewelry repair shop in 2020;
Create a Business Plan
Creating a realistic business plan is the foremost requirement of stepping into a new vertical. Without an effective strategy, there are no goals for your business to achieve. However, keep it as simple as you can. A plan doesn’t have to be complicated. It sets out business goals, services offered, advertising plans, business location, competitor information, and income expected. It is a proper way to show that you’ve done thorough research on how to run your watch and jewelry repair business.
Analyze Competitors and Market
Well, in advance of opening a watch and jewelry repair shop in your area, it’s a smart move to see how you will fit in the competitive landscape. How difficult is the competition in the market that you are considering to enter? If the competition is too tough, you may need to think about starting the business in a different area or strategize something different that your competitors are not doing.
After you’ve evaluated your local or nearby competitors, be sure to have a conversation with someone who is a pro in the business. Research about the industry, study stats, and thoroughly overview past trends before practically stepping into the watch and jewelry repair industry.
Find the Gap to Fill
Here’s where you can excel in the already established market, finding the right pain point of your customers. Market gaps are opportunities disguised as voids. A gap in the market is a place or area that current businesses aren’t serving. Determining the right challenges of the watch and jewelry repair market will leave little possibilities for someone else to exceed your domination. If you succeed in finding your strengths and identifying unsolved problems, then there is a big room for your business growth.
Calculate Budget and Expenses
One of the advantages of starting a watch and jewelry repair business is that its startup costs are relatively minimal when compared to other brick-and-mortar businesses. But you’ll still need a budget to get started. Get an estimate of all the expected costs, including inventory and parts ordering, setting up a store, salaries of repair technicians (if any), and additional billing charges.
Here’s where you can cut down your costs and expenses; by choosing a budget-friendly and efficient watch and jewelry repair POS software. It would not only make your repair shop tasks more organized but will help you in customer retention, advertising, better service providing, and much more. Here are the top benefits of using a POS for your watch and jewelry repair business!
Promote, Promote, Promote
Get on Facebook, Instagram, and Twitter to spread the word and take every opportunity to promote your watch and jewelry repair business. Take some time and plan a marketing strategy considering the current media channels and platforms.
Once you have an idea, challenge it. Break it down. Make it better. Throw it away. Start again. Fail. Fail. Fail. Until you succeed.
If you are looking for a versatile POS and CRM software for your watch and jewelry repair business, using which you can set up your marketing campaigns, order parts and accessories in just a few clicks, and manage everything at one platform, then RepairDesk is the right choice for you. Enjoy using the world’s 1st iPad POS solution for cell phone repair businesses with RepairDesk.