Watch shop with repair bench

Local shoppers buying watches for themselves or as gifts, and people with a watch that needs a new battery, strap or repair.

Margin on watch sales, plus fees for batteries, straps and repairs. Repairs bring people back and often lead to sales.

• Basic watch repair, or a partner who has it
• Knowing watch brands and values
• Customer service and gentle selling
• Careful stock buying and pricing

• Commercial general liability insurance, plus cover for stock and for customers' watches left with you
• Check municipal business licence and zoning rules for retail premises
• Register for GST/HST (and PST/QST where it applies) once you pass the small supplier threshold, and check your province's rules
• Pre-owned and luxury watches carry fakes and stolen-goods risks, so keep records and verify authenticity
• Stock ties up cash and a shop lease is a long commitment, so check the terms carefully

Startup costs are typically around $15,000 to $60,000, depending on the premises, how much stock you buy and the fit-out. Stock ties up cash and a shop lease is a long commitment, so check the terms carefully.

Monthly revenue is typically around $4,000 to $20,000, depending on location, stock mix and how much repair work you take on. Expect to spend at least about 35 hours a week running the shop.

Check municipal business licence and zoning rules for retail premises, and insurance for stock and customers' watches. Check when to register for GST/HST (and PST/QST where it applies). Verify pre-owned watches and keep records, as fakes and stolen goods are a risk.