These days, it is commonplace to see people adorning themselves with different wristwatches, especially on different occasions. Although watch lovers were of the habit of putting on particular wristwatch colours matching their dresses and events in the past, the rave has recently attained a new height, with more people now having a minimum of, at least, three pieces as part of their wardrobe.
Over time, dealing in wristwatches has remained a steady business as its usage cuts across age, sex, race and faith. What has recently added colour and advantage to venturing into it as an income earner is the fact that putting on a wristwatch has moved beyond being a mere timepiece to a statement of fashion.
Those who are addicted to the dynamism in fashion now collect watches at very close intervals. While it is an agreed pattern that prominent and influential people display their ostentatious lifestyles through the watches they wear, members of the middle and low classes have also been rescued with the availability of well designed but very cheap time-pieces.
Market watchers believe that from the highly rated Rolex, Ebel, Omega, Cartier, Tag Heur, Tisot and Breitling to the lowly branded Adidas, Emporium Armani, Citizen, Seiko, Casio and Police, the industry has not only come to stay but is still craving for brands to fill the market demand.
While most watches may look very much alike in design, it should be noted that just a stud of diamond or gold ornament could determine the price difference. This is in addition to the engineering finishing.
Today, the wristwatch market is no longer a thriving enterprise for the rich alone. Unlike in the past, when only a few could travel to Switzerland and Germany to bring in exotic watches for sale, dealers now sit in the comfort of their homes and receive unending supplies from all over the world, especially China that has discovered an unprecedented commercial destination in Nigeria.
The beauty of wristwatch business is the affordability that now goes with it. While expensive watches are displayed for the rich in exclusive shops and hotels, roadside shops and hawkers have also made it a point of duty to compete with the shop owners by servicing those within their reach.
Steps On How to start this business using Lagos as a Case study
Look for a busy place like market, in front of shopping mall, bus stops where you can situate and display your watches in a glass cupboard (Show glass). You can even negotiate with some shop owners who are in a busy place to allow you stay in front of their shops while you pay monthly dues.
Build a show glass; A carpenter can do it for you with beautiful design to make it look attractive. Depending on the size, you can use between N10,000 to N20,000 to build one.
Proceed to Idumota to buy your products (your watches). They also call the market Jankara Market. There you have so many wholesalers of wrist watches of different types, brands, categories etc. You already know the category and the amount you want to start with then you’ll start sourcing for ones to buy. Try to make one or two customers there that you’ll always buy your market from because they will always tell you many things about the business which will help you to grow an sell more. Make sure you buy fanciful watches which will attract people and buy many of the semi Originals and you can mix them with “Fair” ones.
The last step you’ll take is to shade your products and start selling. You display in your show glasses for people to start buying. This business is as simple as it’s written here and you can make N3000 profit and more everyday as long as you have fine and fashionable watches to sell. A watch you bought from your customer at Idumota for about N700 can be sold for N1500 or N2000 and even more depending on the bargaining power of the customer whether leather or chain. So if you sell 5 watches a day only with a profit of N700 to N1000, you know you are in business.