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How to Make Money Selling Watches: 5 Secrets to Success

Posted by Wolfgang Collection on

 

Today I'm gonna be talking to you about How to Make Money Selling Watches. So but let me talk to you a little bit about my background. I get a lot of people emailing me, calling me, and leaving me comments asking me how did I get started in the business? Some people think that I just got handed over five million dollars and was able to play around with watches. That's not the way it works and I wish it would. But it doesn't. I came from a middle class family. We're all hard workers and if you would have told me sixteen years ago that I was going to end up buying, selling and trading luxury watches, I would have probably thought that that was not going to be it.

But I've always had a passion for watches since I was a little kid. I started off collecting Casio calculator watches back in the early 90s. There was also a craze back with the Swatch watches. It just was a different time. So I've always loved watches and I've always been an attention to detail type of guy. I seem to log in a lot of information about the product.

Then what happened, this maybe about 10 years ago, I found myself in a position where I was making money with a job, good job and I had a lot of free time with this job, so I was able to buy, sell and trade a lot for myself. So I started buying, selling and trading watches for myself and for a couple of my close friends along with my dad and my uncle. I started shopping the deals.

You know, you start buying a watch and you trade it for another one. You kind of start making some good deals and some bad deals. So that's pretty much how I really got started. Next thing you know I had friends refer me other people. Then I made so many contacts that one day I just started getting offered jobs. And that's when I really stopped and started think about it and I said, 'Hey, maybe this is something I should consider doing.' And I made that move and the rest is history.

So now I'm going to share with you 5 important secrets that I learned over the years. So number 1 for me is probably the most important one because when all these other fails, this is the one that's gonna stay with you and its...get the right product knowledge! What does that mean? You gotta know the product.

You gotta know the watch. You gotta understand the condition of watches, if it's real, if it's fake. Those are the type of things you need to learn. Has it been altered? Has there been parts changed? That's something that you really just can't learn overnight. You gotta take risks and you gotta absorb the knowledge and experience and have attention to detail.

So pretty much do your homework and understand the product. Learn how to use the loupe. Having attention to detail. Do as much research as possible. It's pretty much no shortcut for this type of stuff. It's all gonna be experience, experience, experience. Number 2 is going to be learn how to forecast the market accurately. What does that mean? I mean, pretty much you gotta know what's hot and what's not. It's almost even better if you can feel around that curve and know what's the next hottest watch.

Just because you never wanna buy a watch right when it's about cold because then you're gonna sit on it. So you gotta watch the market and understand the trend and know what's hot and what's not. What's selling and what's sitting. That's what's gonna make you successful if you're trying to flip watches and make money. You never wanna buy that dog that's just gonna sit there and no one's gonna buy. And always have a backup plan to know, an exit strategy for that watch you might buy that you can't get rid of. So number 3 is not an easy one, but you're gonna have to establish industry contacts.

Pretty much you're gonna have to establish some type of source where you can buy your products, where you can repair your products and do maintenance. You gotta have the right guy for the job, so you need to find some type of contact or somewhere where you can buy watches at a reasonable price that you'll be able to be profitable when you sell them. [beep] So good luck with that one. That's the one that takes the most money. [laughing] [beep] Number 4 is gonna be Make the Right Impression. Guys, when you're selling a watch and when you're buying a watch, you have to make the right impression.

You don't wanna to make it feel shady like you're doing some type of illegal transaction at a back alley. I know I got plenty of guys that are all my comments, trolling saying that, 'who wears sunglasses in a video,' and that I would never do business with somebody with sunglasses. I mean, are you kidding me?! Listen, today it's Sunday and I'm here recording a video, not to mention it's my channel. If I feel like wearing sunglasses, I will, but remember, I will never do business in front of somebody wearing some sunglasses. So keep in mind how you look. I mean, you definitely wanna look like you're official and you wanna come off like you're official.

You don't wanna be that guy that looks like the guy in the back alley with the trench-coat and all the watches tangling, you know? Nobody wants to buy an expensive with that look. So here's a quick example for number five. A lot of times I got clients that call me and they want a watch and they say, 'Hey, what do you think about this watch?' But I know this guy and I tell them, 'listen, it's not for you. You're not gonna like it.' He says, 'But why? I think it looks good.' I go, 'Maybe...I'm telling you. I've sold you many watches. You're not gonna like it. It's too small. It's gonna be the wrong outfit.'

I know my clients and I know what they like, so you never wanna sell somebody a watch to make a quick buck if they're gonna turn around and not really be happy at the end. So know your client and know they're taste. It's pretty much what I'm trying to say. So pretty much the watch market is not as easy as it looks. But with enough determination, anything could be done. You know, the one question that people ask me is, 'What advice can you give me to get into the watch business?' And the one thing I can tell you is, you need to start spending money.


There's really no other way to do it, but to start spending money. So if you're thinking about getting into the watch business, don't forget step number 1, Know the Product.

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