How to Open a Clock Shop

Starting any new business can be a huge risk but the payoff can also be great. Opening a clock shop can mean realizing the American dream. Clocks, unlike some other consumer products are used by everyone and can make wonderful gifts and room centerpieces. With such a huge potential market, your clock shop could be a huge success with the right knowledge and preparation.

Instructions

Difficulty: Moderately Challenging

1. Do some market research. Before starting any kind of business, run the numbers. Find out information on the local area, types and volume of trade, numbers of potential customers and competition.
2. Find the premises. Opening your clock shop in the right place is just as important as selling the right things. Check the local market, surrounding businesses and influx of consumers before making any firm decisions. Decorating the building in novel and attractive ways can entice more customers.
3. Pick your products. Decide what kind of clock shop you are going to open. Specialist and novelty shops such as cuckoo clocks, grandfather clocks or antiques will need different treatment to repair and parts shops or digital and clock radio stores. Find a supplier (see resources) and determine accurate pricing and taxes.
4. Do the paperwork. Before you actually open for business, make sure you have met all the legal requirements. Contact the internal revenue service for guidelines and have your employer identification number ready. Ensure you comply with all local and state laws and that you have all the required permits and licenses.
5. Advertise. Place listings in yellow pages, local publications and look into the possibility of buying time on local TV and radio stations. Having a website is one of the most profitable means of attracting customers, especially for stores selling very specialist items. Unless you are extremely good at web design yourself, hiring a professional designer can contribute greatly to your success.

Tips & Warnings

• Make sure your website has payment processing.
• New businesses can take time to turn a profit.