When deciding to purchase a special gift for someone, you want something thoughtful, yet practical. In cases such as these, people often decide to buy a watch. They are timeless (mind the pun) and are a perfect day to day accessory. If you are interested in becoming part of people’s special moments, why not start a watchmaking business? Read our guide below about what you need to know about starting and running a watchmaking business.
Be Unique
As easy as it is just to fall into the market with the same products everyone else is providing, it is important to stand out. What is the one thing that is going to have customers choose you over others? The first step to decide this is to do some market research. This is important, as it helps you to decide who your target audience is, how you wish to price your product and what type of product you would like to produce. Eventually, it will help you decide exactly what you want to sell and what you can do differently from your competitors. Further, it will help you understand what the watchmaking business is all about. This includes deciding the type of leather you may want to use for watch straps or which stones you might want to adorn the watches with. All this preparation is vital to ensure that you are ready to enter the market.
Create a Business Plan
The most important step in starting any business is to create a business plan. A business plan helps with deciding goals, product details, business names, etc. Essentially, it is a break down of how each aspect of your business will function and provides an overview of how everything will come together. This should be done before you decide to register your business, as it will help you brainstorm all the important details, saving you time later on.
Setting Up your Watchmaking Business
The next step to creating your watch making business is looking into formalities. Firstly, you will need to register for an Australian Business Number (ABN). This is a unique number helping identify your business to customers and the government.
The next step is to create a business name. Again, you want to look for something unique which reflects what your brand stands for. First, you will need to find out if the name has already been registered, if not, you are ready to register.
Finally, when you eventually create your website, you will need a privacy policy and terms and conditions. These help to set out the rights of your customers when purchasing goods from your business.
Understand Australian Consumer Law
If you are selling goods and services, it is vital to be across Australian Consumer Law. Customers are entitled to particular rights under Consumer Law, especially in instances where products are faulty. For example, if a customer has a product which does not meet their consumer guarantee, they are entitled to a refund, replacement or repair. Hence, it is crucial that you and your staff are aware of the procedures put in place to deal with these customer concerns.
Promote your Business
Getting your name out there is crucial to inviting people to purchase your products and understand your brand. This includes building a website. A website allows customers from all over the world to view what you have to offer and possibly purchase it. Further, it establishes the story behind your brand and what you stand for. Customers become attached to the message behind your products and develop a connection to your brand.
The next step is to set up social media accounts for your business. Social media is a great way to get your brand out there, and it makes marketing easier than ever. It helps customers to see your products in greater detail and helps you to interact with customers outside a business setting. You can also easily collaborate with other brands on social media to attract more customers to your business.
Establish a Loyal Customer Base
All the information above is obviously important when you set up your business. However, the driving force behind any successful brand is the customers. If you do not have a loyal customer base, it will be difficult to build your business and have people returning through your doors. Perhaps creating a loyalty program which involves a point system or birthday discount could encourage customers to shop with you. On the other hand, you could offer refreshments or free maintenance service on your products. Each of these small gestures makes customers feel welcome and draws them back to your store.
Find out more information about building a positive relationship with your customers.
Conclusion
Starting a watchmaking business is an exciting prospect. However, it is vital that you are prepared and organised to ensure smooth sailing. If you have any further questions or need assistance, speak to a business lawyer.
Don’t know where to start? Contact a Lawpath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.
