Neighborhood watch shop with repair counter

Local shoppers buying watches for themselves or as gifts, and people who need a battery, strap or repair on a watch they already own.

Profit on watch sales plus fees for repairs, batteries and straps. Repairs bring steady walk-in traffic and repeat visits that help balance slower sales months.

• Knowing watch brands and movements
• Selling and customer service
• Steady hands for basic repairs
• Managing inventory and cash flow

• Check your city or county for a business license and your state for sales tax registration
• General liability insurance, plus coverage for customers' watches left in your care
• Some brands require approval before you can sell them as an authorized dealer, so check each brand's terms
• Rules for buying and reselling used goods vary by state and city, so check whether secondhand dealer rules apply
• Inventory ties up cash and security matters, so check theft and fire coverage

Estimates suggest startup costs typically around $20,000 to $100,000, depending on your premises, the stock you carry and any brand requirements. Inventory ties up cash, so check theft and fire coverage as part of your budget.

Estimates suggest monthly revenue typically around $6,000 to $30,000, depending on location, stock mix and how much repair work you take on. That is revenue, not profit, so rent, stock and insurance come out of it.

Check your city or county for a business license and your state for sales tax registration. Also check general liability insurance, cover for customers' watches, brand approval for authorized dealers, and whether secondhand dealer rules apply to used watches.