Malaysia Watch Forum
Main Forums => General Discussion - Modern Watches => Topic started by: pucksz on March 27, 2012, 08:05:20 AM
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Hi all,
I am relatively new to this love for horology and am considering moving into it as a business. Right now, I am guided by my heart and I need some hard reality checks.
Just wondering if any sifus here have previous or current experience in the watch business. And don't mind sharing. I have a lot of questions to ask over a good cup of java. Thanks in advance.
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Retail or making your own?
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Looking at retail. I would like to make my own but definitely that is long way down the line........
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alot of $$ i guess :thumbsup:
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Looking at retail. I would like to make my own but definitely that is long way down the line........
Looking at setting up a shop? You need contact with the suppliers, and $$$. Some suppliers allow consignment, some don't, so.....
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Yeah working that out. Was hoping for guidance in terms of what is industry practise when it comes contracts/agreements with local distributors and also foreign manufacturers. Any word of advice will be much appreciated. PMs, more. Yum cha sessions, the best ;)
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Some ideas - we need some specialized german boutiques !
Lange , GO , Laco all in one house . ;) Not very good selection in M'sia .
IMO it is easier to introduce something new to the market , than to take in the normal brands and enter the price war game .
All the best buddy .
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I am definitely looking at an unmet need in the market. Germans being one of them but there is a bigger segment that needs to be satisfied. Thank you very much for your advice.
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No offence to anybody but you need to study the needs and demands of the customers and your own financial goals. While it would be nice to carry brands from a certain country and meet the 'pent up' demand of watches of that particular country, it may not be financially viable in the long run as you may need to have holding power and monies tied up in stock is not what you want unless you have lots of moolah and don't mind. Additionally, you need to establish if these companies will let you have the stock on consignment or do you have to pay upfront in full or even a certain percentage. What about marketing, display cabinets, etc? After sales service? Do they have or do they expect you to provide? Lots to think about.
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No offence to anybody but you need to study the needs and demands of the customers and your own financial goals. While it would be nice to carry brands from a certain country and meet the 'pent up' demand of watches of that particular country, it may not be financially viable in the long run as you may need to have holding power and monies tied up in stock is not what you want unless you have lots of moolah and don't mind. Additionally, you need to establish if these companies will let you have the stock on consignment or do you have to pay upfront in full or even a certain percentage. What about marketing, display cabinets, etc? After sales service? Do they have or do they expect you to provide? Lots to think about.
Definitely do not see any issues with what you raised. In fact, they are points that determine the viability of a business. I have already worked out a market demand, outlet design + display (have a design direction that is not expensive but establishes a brand identity). I am now moving towards dealing with the manufacturers which is why I was hoping that there would be some members here with background in the timepieces business and are willing to guide me by offering me some advice.
Before I approach the manufacturers, I was hoping to understand what is prevailing industry practises with regards to stocking (consignment), credit terms, after sales support and also marketing support. This is obviously a key portion of the business as then I can calculate my holding power and also financial backing required.
Any sifus willing to take share some wisdom? None the less, thank you very much for looking out on my behalf. All greatly appreciated.
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Start small online business, like a micro brand. I'll buy from you! Bronze case is the in thing this year.
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If you want to bring Nomos Glashutte to KL, I will support you 100%.. :thumbsup: :thumbsup:
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I am considering starting online but I believe for this business to be successful, it needs to have retail space. As for the brands mentioned such as Nomos, I cannot promise. Need to stick to my business idea then evaluate the brands individually. Will look into Nomos.
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start small, play safe. thats what micro brands are doing. Get your brand and logo, find a reputable watch case maker, start a watch project, get all members to chip in ideas for your first watch design then sell it at 200% of the cost... but remember to include nice case, at least 28800 bph movement, and lotsa extra straps!
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Definitely do not see any issues with what you raised. In fact, they are points that determine the viability of a business. I have already worked out a market demand, outlet design + display (have a design direction that is not expensive but establishes a brand identity). I am now moving towards dealing with the manufacturers which is why I was hoping that there would be some members here with background in the timepieces business and are willing to guide me by offering me some advice.
Before I approach the manufacturers, I was hoping to understand what is prevailing industry practises with regards to stocking (consignment), credit terms, after sales support and also marketing support. This is obviously a key portion of the business as then I can calculate my holding power and also financial backing required.
Any sifus willing to take share some wisdom? None the less, thank you very much for looking out on my behalf. All greatly appreciated.
The best is to approach the local distributors and talk to them. However you need to appreciate that many brands are slowly moving into having their own boutiques as they can control stock, prices, discount, quality of service and even after sales service. You will also need to appreciate certain brands will insist on their own setup and display and usually they will pay for it (but not always). You need to establish those upfront with the distributors. As for the stock and amount of discount you will get depends on your business case and how much you can move in a year. These will have an impact on stock allocation, discount given (to you by the distributors), frequency of display updates, support for functions etc.
Since you are looking at on-line business, you will need to talk to the distributors as some brands do not like to see their watches being sold new on-line. It does have an impact on their other AD and even their boutiques.
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Definitely do not see any issues with what you raised. In fact, they are points that determine the viability of a business. I have already worked out a market demand, outlet design + display (have a design direction that is not expensive but establishes a brand identity). I am now moving towards dealing with the manufacturers which is why I was hoping that there would be some members here with background in the timepieces business and are willing to guide me by offering me some advice.
Before I approach the manufacturers, I was hoping to understand what is prevailing industry practises with regards to stocking (consignment), credit terms, after sales support and also marketing support. This is obviously a key portion of the business as then I can calculate my holding power and also financial backing required.
Any sifus willing to take share some wisdom? None the less, thank you very much for looking out on my behalf. All greatly appreciated.
The best is to approach the local distributors and talk to them. However you need to appreciate that many brands are slowly moving into having their own boutiques as they can control stock, prices, discount, quality of service and even after sales service. You will also need to appreciate certain brands will insist on their own setup and display and usually they will pay for it (but not always). You need to establish those upfront with the distributors. As for the stock and amount of discount you will get depends on your business case and how much you can move in a year. These will have an impact on stock allocation, discount given (to you by the distributors), frequency of display updates, support for functions etc.
Since you are looking at on-line business, you will need to talk to the distributors as some brands do not like to see their watches being sold new on-line. It does have an impact on their other AD and even their boutiques.
Thank you very much. Very helpful. Will keep your points in mind and let's see what happens in the next 3 months.
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IMHO, if you want to be a distributor for micro brands or the lesser known brands, it would be difficult unless you have a constant clientele. No point to stock GO if all you can sell is less than 5 a year. Get a mixture. I still think Swiss brands are the safest. Unless your setup have low overheads. If you do it to earn a living then bringing in all those German brands are risky. The truth is, there are not enough wealthy WIS in Malaysia. There are those that are WIS like me but lack the funding to keep on buying.
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They r untapped market
Red army is doing well for lower end German n Russia brand
WWii who sell small brand also growing
So not every1 buy watches like those here in MWF
Successful business is when u can do something or sell something other don't sell,
other can't do, other never try, other don't want to do/sell....
If Steve job never dream, I'm sure v won't hv iPhone!!!
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They r untapped market
Red army is doing well for lower end German n Russia brand
WWii who sell small brand also growing
So not every1 buy watches like those here in MWF
Successful business is when u can do something or sell something other don't sell,
other can't do, other never try, other don't want to do/sell....
If Steve job never dream, I'm sure v won't hv iPhone!!!
Chris,
Yup. Am looking at meeting an unmet need in the market. Well, I wouldn't say it is unmet but the options available to the consumer is very little and whatever is available, lacks variety. So hopefully, once I get all the numbers together and run a forecast, it will prove to be a viable business case.
At the moment, it is viable in my heart. Thanks again for the advices and also for the words of encouragement.
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To start a watch business,usually you will be looking at about how much capital?Say for online.
What about those watch straps business
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In my opinion margin margin does matter when in watch selling business :HammerHead:
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Lots to think about actually. Same process as with any business you want to start. Business plan, location, $$$$, debt/equity, products, target market, etc... The unique aspect is the margins, discount levels, products to carry, support, stock etc.
I do wish you all the best with the endeavour.
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http://www.malaysiawatchforum.com/index.php/topic,4707.0.html all the sifu you need under one
Roof
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Thank you everyone for your kind feedback. On another note, what do you guys think of the pieces brought in by [Mention of AD name not allowed - mod]? I quite like them. Some brands that I have heard of, some brands that I have not.
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Bring in Reactor watches and I will buy from you! :P
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I remember reading somewhere in this forum about custom made strap, which I believe very few or rather none here in Malaysia. Just share some potential of this business;
1) Customer available immediately, those sucker of Strap ;D
2) Partial of Pam, B&R fans become your customer.
3) Croc skin supply is very near, plenty from Thai
4) Most customer order or buy from Oversea, you can check some thread here, these are your potential customer
Cons
1) you need to know how to sew
2) If you dont know how to sew, you need to hire Sifu to do the job
3) If you cant hire any sifu, please refer to Rule 1 :Laughing_on_floor:
The Shop name "1 Malaysia Strap" :thumbsup:
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Hi all,
I am relatively new to this love for horology and am considering moving into it as a business. Right now, I am guided by my heart and I need some hard reality checks.
Just wondering if any sifus here have previous or current experience in the watch business. And don't mind sharing. I have a lot of questions to ask over a good cup of java. Thanks in advance.
Many younger generation prefer to use mobile phone as time device rather than wrist watch nowadays.
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I really want to get into this horology business. In fact that is what I think everyday. I really likes watches, to talk about it, to service , to repair or sell it.
I want to start small, online. Selling a Japanese make watch maybe for a start, but I have no any contact to reach any supplier. Maybe anyone here in MWF could help ;D