You don’t need to own a jewelry shop to sell watches. Many people across the world are buying and selling watches with ease without the help of shops. This market where watches are flipped for a profit has been on the up over the last 15 years.
This is because many people love to own a good timepiece without breaking the bank for it. The question now is can you make money flipping watches? The answer is yes, you can make a decent amount of income flipping watches as long as you know what you’re doing.
How do you get started?
You can be left confused about which watch brand to sell because there are so many of them. You have to know what you’re getting yourself into to make the most profit and minimize risk.
Do your homework before you attempt flipping watches because it will help you cut down on mistakes many people make. No one is perfect, and mistakes can be made even from the most experienced people.
It is how you learn from them because repeated errors could derail your whole operation. When you make a loss on one timepiece, it is not the end of the world. Pick yourself up, stay motivated, double your efforts and you will reap the rewards. Below are a few things you need to know on how to get started
Know the market.
The first thing you have to do is visit websites like eBay, Amazon, and reputable watch selling websites like TimeZone to see what’s in fashion and what people are buying the most. Watches that are less popular or not selling a lot should be avoided because your chances of making a return on them are low.
Another thing you need to keep an eye out for is the prices of the watches. You have to make sure that you charge around the same or slightly higher to recoup your money because selling too high will put off customers. Selling too low can lead to customers questioning the quality of your pieces. If you know the market, you will have no problems flipping watches.
Have some funds.
You should not invest all of your money into this business venture. Take a moment to look at all your finances properly and figure out how much you can put in. Once you have everything figured out, you can go ahead and start looking at brands and prices of watches before buying.
If you have a chance to speak with sellers directly, negotiate with them to see whether or not they can sell you some watches at a cut-price. When you begin, you will not be a millionaire overnight, don’t expect instant results. Your patience will be rewarded as long as you put them work in.
3 Effective Ways to Make Money Flipping Watches
To make as much profit as possible, you need to be wary of lowball offers. This isn’t new as some customers will try to buy your watches for peanuts. You must be wary of this tactic and stick to your guns.
Hold firm on your asking prices because it is your profits on the line and if you keep accepting lowball offers, you won’t be in business for very long. There are three ways people are making money flipping watches these days
Only invest in watches your customers like!
These days many people want to own an Audemar or Rolex watch. They are a big hit with watch enthusiasts as well as the average person who wants to rock a timepiece of their dreams without blowing a lot of money.
Ask your customers what watches they like and have them up for sale. You will establish a long term business relationship with them because you are catering to their needs. If you do the opposite, you risk losing them and missing out on profits.
Invest in watches that aren’t far from perfect or damaged and repair them.
People love buying watches that are brand new and will stay clear of damaged ones. Not everyone knows how to change the straps on watches or replace batteries.
For this reason, watches that are in mint condition sell quicker and for a decent amount of money depending on the brand compared to damaged watches. You have to search the market for watches that can easily be repaired.
Once you have done the repair work, replace the battery and straps, polish them, and sell them for a premium. Make sure that you buy them at a very low price. You can find cheap watch boxes and straps on eBay.
Buy your watches from people.
While jewelers will have a large variety of watches to choose from, it is highly recommended that any watches you want to flip should be bought from people. Before buying from people, ask them questions like how long they’ve worn the watch for. If they have only worn the watch for 3 years or less, that is worth buying because there is a very high chance it will still be in mint condition.
Also, these people are more interested in buying a new watch than the value they will get for their old ones. Since they’re not collectors, they will want to sell before buying a new one. You can easily negotiate with them and buy their quality watch at a cheap price compared to buying the same piece on offer from a jeweler. It is a win-win situation for everyone.
These three strategies pointed out above are very effective because they allow you to make money working as little as 1-2 hours per day. You can either flip watches using these strategies on your phone or at home. If you are a massive fan of watches and know a thing or two about them, there is great potential to make a decent amount of money on top of your current job. If you become good at flipping watches, word will get out and you will attract more customers, especially those who are looking for quality but don’t want to pay the high asking prices.