Watch shop with repair bench

Local shoppers buying watches and gifts, and people needing batteries, straps and repairs on the spot.

Profit on watches and accessories, plus steady repair income from batteries, straps and servicing.

• Watch knowledge and repair skills
• Retail and customer service
• Stock buying and cash management

• Rent, business rates and lease terms, so check small business rate relief and read any lease carefully
• Insurance for stock, theft and customers' watches, plus public liability
• Security for high-value items, and checks on where used or traded-in watches came from
• Large stock costs tie up cash, so start small and build up
• Consumer rights rules on faulty goods, returns and repairs, which you should check before opening

Startup costs are typically around £8,000 to £40,000, depending on the premises, your opening stock and the repair bench equipment. These are estimates. Large stock costs tie up cash, so start small and build up.

Monthly revenue is typically around £3,000 to £15,000, depending on location, range and how much repair work you win. That is revenue, not profit. Time needed starts at around 35 hours a week.

Check rent, business rates and lease terms, including small business rate relief. Check insurance for stock, theft and customers' watches, plus public liability. Think about security for high-value items, checks on where traded-in watches came from, and consumer rights rules on faulty goods and repairs.