How Do I Get Into the Watch Business?

[nietzsche]

I’m planning to start a business where I’ll focus on lowballing used watches and then reselling them online, potentially to pawnshops. I’m looking for advice on how to get started with this approach.

Specifically:

1. Lowballing Watches: What are the best strategies for finding and acquiring used watches at a low cost? Are there specific platforms, tactics, or negotiation tips that work well for lowballing?
2. Selling Online: What are the most effective platforms or methods for reselling these watches online? Are there particular marketplaces or strategies that are most successful?
3. Advice and Tips: Any additional tips or insights for running a successful watch resale business, especially with the goal of selling to pawnshops?
4. Recommended Resources: Are there any YouTubers or other content creators who focus on the watch business or resale strategies that you would recommend?

I’m excited to hear your thoughts and suggestions. Thanks in advance!
@dostoyevski @goober55 @diamondbill @majesticincel @SaintSchizzo @imthesupremecel

 

[goober55]

1. I'm going to be honest with you, buying old watches at a discount is hard. You could try perusing estate sales in rich neighborhoods or making friends with boomers, other than that, you rarely find old watches at a cheap price. As for lowballing, you could try setting up an online platform for consignment and then have them put their watches on consignment for a fee. This is the much more practical option as I highly doubt you have the starting capital to buy the requisite inventory.
2. make your own site and start a tiktok and/or youtube channel, then you can reach out to people and use those platforms as your digital business card. Like I said, consignment is your best bet.
3. pawnshops will cheat you, focus on watch enjoyers, get to know the details, procure paperwork and owner history, make your platform your platform
4. Theo and Harris runs a resale shop. Don't think about this as a watch business first, its a business first, so the balance sheets have to balance as the first priority.

 

[nietzsche]

1. I'm going to be honest with you, buying old watches at a discount is hard. You could try perusing estate sales in rich neighborhoods or making friends with boomers, other than that, you rarely find old watches at a cheap price. As for lowballing, you could try setting up an online platform for consignment and then have them put their watches on consignment for a fee. This is the much more practical option as I highly doubt you have the starting capital to buy the requisite inventory.
2. make your own site and start a tiktok and/or youtube channel, then you can reach out to people and use those platforms as your digital business card. Like I said, consignment is your best bet.
3. pawnshops will cheat you, focus on watch enjoyers, get to know the details, procure paperwork and owner history, make your platform your platform
4. Theo and Harris runs a resale shop. Don't think about this as a watch business first, its a business first, so the balance sheets have to balance as the first priority.

Thanks! That’s really fantastic advice. I’m very grateful for your help. Will try to create that platform!

 

[aids]

The whole business model of pawnshops is that they give you quick cash and in exchange, they can profit on items that might take longer to sell. You aren't going to find great margins (if any) selling to pawnshops.
If you have an interest in making money with watches in general, rather than necessarily reselling old watches, send me a private message.