How does one turn watch flipping into a business

[Rolex1603]

I want to know if anybody that maybe flipped one or two watches decided to turn this into a side business? I know that there is money to be made but as well you can loose some money. I was wondering how Davidsw came to be a good business, I am sure he had to start small but then eventually it got bigger and bigger. Same thing with Bobswatches and some of the sellers here in TRF.

How are these people able to find such good deals and profit from them? do they buy them through CL, Ebay, pawnshops, desperate people trying to sell them?

Since I love watches so much I would love to start out flipping watches and then turn it into a part time business.

I will appreciate any ideas from people who have been doing this for a while. Thank You guys

[ec51]

Find a good deal, fix the watch up if needed/desired -- sell for a profit...

...done multiple times = business.

[tkerrmd]

connections and persistence

[beshannon]

Originally Posted by tkerrmd

connections and persistence

And time and capital

[superdog]

flipping is not a business.

flipping will often create a loss.

purchasing with the intent of selling is a different story.

[smartson]

Buy low, sell high.

I am sure you heard that more than few times before. But doing business is more than just that. It is easy if one gets it, it is impossible if one doesn't. The desire to do business is first step to a long-term venture. Keep it up.

[josephvman]

Turning flipping for fun into a business that you expect to profit from is tough. It's a great way to turn a hobby into something that is less enjoyable. I've done my share of flipping, lost more than I've ever made, but had some nice watches to experience along the way.

You might consider some sort of accessory business related to watches, like winders, tools, parts, etc. I had a little internet business around 13 years ago that sold high-quality aftermarket replacement bracelets that were made in Italy. I had a great contact who imported them, and though I did it mostly for fun I think it could have grown into something bigger if I worked at it. It was taking time away from a career that was far more profitable than the bracelet business was likely to ever be, and my importer was having supplier issues so I eventually pulled the plug on it. It was making enough at the time to buy at least one decent watch per month, and I met a lot of great people. Mostly it was nice to offer something that was good quality at a very good price and have people who bought them send me thank you notes and post about their experience on the forum where I did most of my advertising.

If I was going to get back into something (maybe if I ever retire) it will likely be high-quality rubber and custom leather straps.

[kilyung]

Given the amount of inventory you have to carry, it's a pretty big commitment for a part-time business. Not to mention there are already quite a few competitors with stellar reputations and repeat clients. Tough business to break into (but not impossible).

[CWIN]

The first thing is finding a hookup to get your inventory from.

[2ar2c1]

numerous secondary sellers have their roots in the pawn shop or estate purchasing industries.

[wantonebad]

Any useful advice will come from people who have done it and they aren't likely to share details in order to create a competitor... But you'll never know until you ask, some of them may be inclined to answer a question or two if you ask them politely.

[autohorology]

You need to meet a LOT of people. Only through vast industry contacts and doing it for awhile can you get to a point that I would call it a business rather than a hobby.

[pacifichrono]

I've flipped hundreds of watches over the past ten years, most with the intent of reselling them. By far, my biggest challenge has been finding watches I am interested in at a price that makes it worthwhile for me to invest my time. I've made a profit on 90% of the watches I've sold, but if I were to honestly calculate the profit per hour of my time, it would probably be less than $5/hour. I've tended to pour a LOT of time into the acquisition and marketing of each watch, so it's more a labor of love. Financially, I'd be better off flipping burgers!

[T. Ferguson]

One key difference is that established resellers have relationships with ADs as well as their own existing customer base. So they have access to used pieces ADs may take in trade as well as taking trade ins from their own customers. All concerned understand and accept that the AD and the reseller have to make money on the transaction and can only pay some wholesale price.

A customer accepts this price for his trade in because he is getting a good deal on the new piece and it is acceptable to him for the convenience of not having to list it on Ebay or some such and go through the hassle of selling it private party. In this regard it's very similar to those that trade in cars as opposed to selling them private. The new guy breaking in to this business never gets access to these opportunities that the seller is willing to trade in at wholesale because either a) He doesn't have the new piece he is looking to buy or, b) he never gets wind of these opportunities because they never get listed anywhere - the buyer didn't want to hassle with listing it and trying to sell it to begin with.

[bayerische]

If this sounds harsh.... I don't think they had to ask anyone.

Don't take this the wrong way, but business can't be learnt by asking someone. You need to do it.

[Kingair]

Originally Posted by bayerische

If this sounds harsh.... I don't think they had to ask anyone.

Don't take this the wrong way, but business can't be learnt by asking someone. You need to do it.

X 2 . . .

HAGOne

[BomB#Frog]

finding the right stock at the right price will likely be the hard part. Have to get desirable pieces at a low enough price to not take it in the shorts if it needs a couple things in order to sell responsibly. The only flippers I know are watch makers who can do the required work and also have people coming into the shop looking for a quick buck.

[azguy]

advertise on CL that you buy high-end watches and start buying and selling, expect little profit t first as you build a reputation and slowly build your network.

[BomB#Frog]

Originally Posted by azguy

advertise on CL that you buy high-end watches and start buying and selling, expect little profit t first as you build a reputation and slowly build your network.

Also expect a lot of wasted time and weirdos texting you at 3AM. You will be sifting through beat quarts tags with the owner wanting top dollar......but but but it retails for xxxx.

[azguy]

It may be the market (Scottsdale is littered with Rolex's and people that can't afford them) you are in but I met a guy a few months back off CL that was buying and selling and that does just what I suggested as a side business.

He pays way more than Pawn Shops and gets many great, full box sets of all styles and makes. I met him at Starbucks for our first meeting and he was willing to sell a Z serial TT sub for $5,250. During a subsequent "friendly" lunch he told me he paid $4k for it and no Pawn Shop in town was willing to pay the guy he bought it from more than $3,300. He eventually sold it for $5k.

It won't be easy but it can be done.