Watch repair is a huge business that offers several growth opportunities for the ones passionate about timepieces. If managed through efforts, and using the latest management systems such as watch repair shop software, it can prove to be a very fruitful profession.
At the same time, there can be some challenges as well. And in this article, we are going to highlight the future of the watch repair industry. Moreover, you will get to know how a modern shop system can help you streamline the processes. Let us discuss that.
1. Not Likely to Decline
Repairing watches and other electronic items are not new. People have been wearing timepieces for over 150 years now. Some of them buy watches to keep them updated with time, while others take them as a piece of jewelry. And with the passing of time, we can see a greater number of watch wearers.
Similarly, the demand for watch repair services is increasing too. These days, one can find a watch servicing lab at every tech market, as every so often, every timepiece needs repair, such as battery replacement, etc.
So, if you are a watch lover, have experience in running a business, or are eager to start one, this can be your piece of cake. With the help of tools such as watch repair shop POS software and skilled technicians, you can do really well in this industry.
2. Greater Opportunities
These days, people use several types of watches; mechanical, quartz, automatic, smart, etc. And by having a smartwatch, users can perform several tasks, such as making calls, replying to emails, or text messages, and even saving a note.
On the other hand, either expensive or economical, watches can easily get broken or stop working without any specific reason. Ultimately, people look for technicians, and repair stores to get their timepieces fixed, making watch repair a never-ending business.
Also, in a watch servicing lab, one can also repair jewelry such as gemstones, necklaces, diamond rings, etc. Or to grow it, you can expand it from one store to multiple franchises.
3. Luxury Watch Repairers are very Few
In the US, there are 19,431 watches and jewelry repair businesses. But most customers have little choice as there are few repair labs that can fix luxury watches. Similarly, if one takes their timepiece to get fixed by a dealership such as Patek Philippe, Rado, Rolex, and Vacheron Constantin, they will ask for up to $1000.
So, when you get enough experience in this industry, expand it further to repair luxury watches as well. To get people aware of your service, you can efficiently advertise your business using POS software. It can send promotional messages, and emails to your audience, letting them know what you are offering next.
Also, you can take help from different social media channels such as Facebook, YouTube, Instagram, etc. And, by running a marketing campaign, you can approach your target audience.
4. High Profit
One of the major benefits of stepping into this industry is; this is a highly profitable business. Being a watch repair shop owner, you can ask for $50 to 300$ per repair. And the customers will willingly pay you even higher because they want their wristwatches to function again at any cost.
Additionally, the cost to repair is not that much. So, you can expect a high profit at every job. But, ensure that the technicians you are hiring are experts, and can finish the repair task on time. This way, you can build trust in your customers.
What are the Challenges in Watch Repair Business?
Apart from huge scope and profitability, the watch repair industry is going through some challenges which are given below.
- Number of Technicians are Shrinking: One of the major challenges the watch repair industry faces is the limited number of technicians. The ones already hired by a company or a repair shop are extremely busy, and not willing to train their juniors.
In the same way, due to a limited number of repair labs, and the latest management system such as watch repair shop software, that makes the processes error-free, people are unaware of this industry’s growth potential, making it difficult for newcomers to begin with this career.
- Unavailability of Repair Parts: The limited number of watch repair parts and accessories makes the process slow, making the customer angry and unsatisfied. Also, not every watch repairer fixes watches other than the economical ones such as Seiko, Citizen, Casio, etc.
Watch repair is one of the businesses that are unlikely to decline and offers great career opportunities for people who have a love for watches. Also, by hiring skilled employees, and adapting to modern software, you can outsmart your competitors and generate decent revenue.
On the other hand, you can step into manufacturing the repair parts as well to overcome the above-mentioned challenges and can sell those accessories to other repairers, making this industry provide even more opportunities for newcomers to grow their careers.
The watch repair industry has a bright future. Using the watch repair shop software, you can streamline most processes and overcome challenges.