Don’t we all want more money and more time spend with your growing children? Fortunately, for me, I was able to find the business I would be able to do both. If you think it’s simple and not stressful, this will not be for you. If you figure out how to manage time and not be managed by time, you will do just fine.
Two years ago, I was looking to start a business, but there was none, which would make sense. At that time, I joined a private coaching group where I have found out about a Watch Trading Academy. That was my introduction to making money by selling luxury timepieces.
Watch trading has many challenges because you are dealing with expensive watches. There are possibilities of getting robbed, buying fake watches, or the watch just gets lost while shipped. The key is to know the process of selling and buying luxury watches. When you have a process in place, the chances of you making a mistake is smaller.
The beginning of Watch Trading
When I bought my first luxury watch, I had no idea that people buy more expensive watches than was my car. I was blown away, that someone will wire me $9,000 before I ship him the watch. I was hooked to this trade because I used to be in finance. Now, I do not have to “hunt” for new clients to survive. The clients of mine are asking me for watches which is terrific.
When I told my parents, I will be buying and selling luxury watches; they thought I was joking. It took a while for them to realize that this is something that allows me to make money and spend more time with my kids. Like any beginning, there are moments, you might think, this is not for you; however, when you know WHY you have chosen a specific path, you will keep on getting better and better.
What did I need to learn?
When you are dealing with expensive watches, you need to know the process. Fortunately for me, I got access to the best watch trading academy where I have to learn the art of watch trading. Also, there are many great online watch forums which have a lot of many valuable resources to learn more about various watch topics.
The process is straightforward, but like any business, there is risk associated with this trade.
- You need to know what watches to buy / Where to buy the watches
- How to make sure they are not fake
- Take Pictures of the watches
- List the watches for sale/ Where to sell the
When you know your process, everything gets easier. I have gained a lot of experience of buying and selling many watches over time. The more you buy and sell the more knowledge you gain. By the way, If I was able to figure out how to do this, you can too. Watch trading is not complicated if you know your numbers.
How much money did I start with?
The first watch I ever bought was Omega Seamaster Pro 300, with a white gold bezel. I have paid $1725, and I sold the watch for $2,000.
Because I was resourceful, I have researched credit card companies which gives you 15 months of free interest on their cards. That helped me to purchase more inventory. Do I recommend this approach to start? If it’s a calculated risk with a lower chance of failing, I will take the opportunity, but in the end, its’ your choice, and I do not know your situation.
I have written an article about buying watches without using your own money.
How much time do I need to spend watch trading?
I devote around four hours to watch trading every day. The rest o the time I can spend with my children. The four hours includes shipping and picking up the watches, meeting with a watchmaker, taking pictures, listing watches for sale online, networking.
Because I watch my children 50% of the time while my wife is at work, I need to have a more flexible schedule and watch trading is a great way to help me to manage my time efficiently.
How much money do I make by Watch Trading?
This business is progressive, which means that in the beginning, you might not make a lot of money, due to a lack of experience and knowledge. I used to make only several hundreds of dollars each month and sometimes nothing. Now, I have a regular four-digit income every month. I never thought I would be able to do this because the watch world was very foreign to me.
Why luxury watches?
I do not know if you have noticed, but more people are starting to buy second-hand luxury goods, and watches become a trendy choice. When you buy a brand new watch, you might lose a lot of money unless you buy some very hard to get watches such as Rolex Daytona with a white face. Those are trending much more above MSRP.
When you are selling luxury watches, you are helping people to invest in a very liquid asset, which fits in safe or you can have it on your wrist. I do not know about another asset I can sell fast for cash. Watches are a very liquid asset, and many people are starting to realize that. That’s why this industry is booming — especially the second-hand market, which is growing much faster than anticipated.
The Choice is yours!
If you want to spend more time with your family and make money as well, watch trading might be the right fit for you. It was right for me, and I enjoy it. Like any business, it takes time to become better, and this is not a get rich fast gig.
The blog post was written by Honza Hroch, the founder of Value Your Watch.
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