How much money I make selling watches?
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- Опубліковано 9 вер 2024
- Let's have some fun! How much does an online watch seller make? In truth, everyone is different, but in my video here, I'll break down my costs so you can see how profitable (or unprofitable) it is!
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Shockingly, you prove on a pretty regular basis that a nice guy can do very well by doing business the best-fashioned way -- honestly, with a sense of humility, and humor. Great to meet you at Windup NYC, and appreciate the great value for money across the board with Islander. No percentage can account for being a decent human being (with a vast range of hoodies).
Thank you, kindly!
Cool
Second this!
Exactly
@@keksimus__maximus Captain Willard £1200 new, Certainly not ass
My initial thought was "Given how fast you and your team respond to questions, it can't be enough."
Truth!
Transparency = credibility = loyalty. Well done!
And that is why I love doing business with Marc. He's a stand up guy.
I'm an MBA and I thought you did a GREAT JOB explaining it. Congrats on all your success. The fact that you are happy keeping your employees happy is something that is sorely missed in most businesses.....and now I feel bad about taking the $50 from you at WindUp!
Lol. No worries.
Me too
Just bought an Islander this morning. There are tons of other marketplaces out there but I prefer to support a nice guy like Marc.
I love that you did this, Marc. I've owned my company for 28 years and employ 50+ people. The average worker in America has absolutely zero understanding of what it takes for a small business owner to keep the lights on and to make payroll every Friday. At least where I am in Tennessee, state taxes are very low and city taxes non-existent. Congrats on your success!
“As long as my employees and their families are happy, I don’t care about the metrics” … that is soooooo you Marc!
Love what you do and, as you know, I have a boat load of Islander watches and proud to show them off.
Thanks for putting this together. Nice to put things in perspective.
Thanks so much, Francois.
I am an MBA and business owner, also an S-Corp and I must say this was very well done. I really enjoy all the knowledge that you bring to public with your videos and we don’t pay extra for this so it adds points to your favor when deciding where to purchase my next watch or accessory!
Can't get more transparent than that. I've said it in the past, you are so necessary! I greatly appreciate this information.
Glad it was helpful!
Hi Marc, I have a successful business in France and I'm confronted with the same assumptions about businesses. It is now becoming more expensive to have an internet e-commerce than a brick and mortar business. The marketing fees in my business is up to 35%: Facebook ads, google ads, instagram, seo, tik tok, text messaging, email marketing... We pay 33% taxes in France, plus all of the expenses that you mentioned: fulfilment center, wages, insurance, rent, internet hosting, webmaster fees, office supplies, customs, import taxes, raw material, software monthly fees, customer service, returned products, electricity bills... That leaves me with 8% net profit. Yep, that's not a lot that's left but can't complain. Life's good. I wish you all the success you deserve.
This video would be a great primer for a high school business/entrepreneurship class. Awesome job!
Yes! Thank you!
The loveliest fella in the business!
Also “we’ll discuss taxes in a minute - unfortunately” I knew I loved this guy 🇺🇸 💪
Very cool. Thanks for sharing Mark. This is one of the main reasons I prefer to support the smaller shops, like Long Island Watch. I would rather give my money to the shops that support our community, have excellent customer service, etc. Thanks!
I saw the thumbnail and I automatically thought, "Not enough". Thank you!
😂😂😂
I have an Islander that I purchased last year. The flip lock on the clasp broke and was lost. Reached out to Marc via email and within a few days, I received a new complete clasp in the mail. Customer service is impeccable. Thank you!
I have done 3/4 of a business degree, before switching to pharmacy, then as an elective studied pharmacy management where we looked at metrics and keeping a business viable, then in my workplace I ran the numbers and looked at COGS, overheads etc etc. You explained this so simply that anyone with a hint of a brain cell could understand. Thanks Marc for this video, and I wish you the best for the future. Kind regards, one very satisfied, business savvy customer 😉
This is not only a spectacular video but it makes people like me realize that I need to make sure all of my watches are purchased from you - because small business is the heart of America and small business owners who are so thoughtful and honest and as forthcoming as you are certainly deserve our business. Great great work here and thank you for making watch videos interesting - your videos are by far the best.
I am okay with Mark and his team making a bunch of money. I love the watches that I buy from his shop. Cheers to you and your’s!
Normally I don't care about how much people are earning but this time I watched the video because Mark is great at explaining these things.
Appreciate your transparency. Continued success. 🙏🏼
I appreciate that!
Thank you! It's great to see transparency and show everyone where the money really goes and the not so glamorous side of running your own business.
Thanks!
you're one of the most honest guys in the business other people should take notice
👍🏻
I’ve liked and respected you for a long time, but as a business owner myself (and knowing how tough it can be), I really appreciate you creating such an interesting video and being so transparent with your customers and fans!
On the consumer side of things inventory space is also an issue, I'm buying so many of your watches that my desk is running out of room to display them all.
I understand that!
@@islandwatchAny plans for a uniquely designed Islander display box so that the OP and others (including me) could have the option to put all of our Islander Watches in it??
This is definitely really good information for anyone looking to get into any retail business. It sets the expectations realistically. It's always refreshing when someone isn't gatekeeping about an industry in which they've had success.
I'm starting my own e-commerce watch business. The most attractive part of it is it exists online and I don't have to pay rent or light bills. Thanks for this video!
I’m not a business expert by any means but have worked in distribution and recognise this model - have always found it fascinating, I don’t think too many people are aware, is definitely an eye opener. I would say 10% profit is pretty good. Keep up the good work Marc!
Between your channel and the This Watch, That Watch channel, someone could get an MBA just by watching you guys analyze the watch industry.
What Mark said & some research Marks tops line revenue is somewhere between $2.5-3M/yr. So with a 10% net that’s about $250-300k (before taxes) Great job Mark.
I've been seeing you around the youtube sphere. This video earned a sub and a like. This is one of the most open and honest videos about the watch business.
first - love you Mark. I wish all the best to you - health, happiness and of course a lot of money! Satisfied customer from the Czech Republic.
Thank you kindly
The traditional metric for M&A was 10% so you're right there
You would be amazed how many times I’ve had to explain the difference between margin and markup to my employees! You clearly have a handle on how to run a business! Great video!
100% interesting. Even as a non-biz guy. Thanks for sharing the inside-baseball stuff!
Long Island, brutal taxes, rent, utilities, wages…basically everything but love seeing any small business succeed here.
Very interesting. I'm an amateur seller of watches (and other stuff). I use platforms like eBay and others. I have made some good profits but at other times I only got my money back. Occasionally I lost money which is a bitter pill, considering I laid out for the item, looked after it, and posted it off to the buyer after careful packing. Overall it's made me worthwhile money but nowhere near a living. Finding the buyer that wants your item is the most difficult thing I'd say. If I could find buyers more quickly I could make a lot of profit. To make profits on sales you have to know the right price at which to buy. The better judge you are at that the easier the selling.
He is one of the most down to earth watch dealers out there.
Loved the topic of this video. You really come off as a stand-up guy and someone who people want to support without any doubt.
Another great video. As a small business operator a small number of customers wrongly assume businesses are far more profitable. It's great to see a good breakdown of a little bit of what goes on in the background. Keep up the great work!
This was really interesting. As someone that is still trying to figure out what direction im going to go with my own personal business, i must admit it's a little scary to consider just how much business you have to be turning over just to make a profit. At this rate it would have to be nearly a 7 figure company just to make an honest living out of it alone. I know different companies will have different expenses but even say 20% profit after expenses etc seems to be a high expectation!
Mark, this is one of your top 3 vids, thanks a lot.
Honest straight shooter. If anyone hasn't tried an Islander watch, I would recommend one. I bought an "homage" to the Seiko monster. Love it. Customer service was great. I also purchased a Sqale dive watch and I had the same experience.
Thanks for posting this. I think a lot of people think that if you have your own business, you can afford to give every 5th watch away, and still vacation in the Bahamas every three months.
Great video. Kudos for your transparency and for being a great person in a business filled with the likes of Luxury Bazaar, Anthony Farrer, Paul Thorpe, and Teddy Baldasarre.
I had to respond to this video. I have owned a business and
I am amazed by people who don't understand margin and net profit.
The last guy that gets paid is the owner of the business.
Mark, wow, excellent excellent video! I think many people out there see folks like you with your watch business, maybe see you on videos, see your advertisements.... They probably think you pull in millions a year. Now, that's not to say you don't as I have no idea what you bring in. But I think your video dispels the myth that you make a mint off of each watch sale. Each sale involves a lot of work and I think this video is eye opening to many.
Many businesses would not consider sharing information like this. I really appreciate you sharing and allowing yourself to be a little vulnerable.
I purchased my Seiko SKX from your business probably about 5 years ago. It was an excellent experience and I highly recommend your company!!
Just wanted to let ya know I ordered the islander cut to size rubber strap for one of my seiko 5 builds and it is hands down the best strap I've tried by a long shot. I was trying the Amazon usual b.s. and wasn't happy and finally when I got your strap it all came together. It is already breaking in as well but still super sturdy
This information is precisely what ANY business owner would know very well. And 10% is considered to be excellent profit for a business! The average man on the street, however, generally never thinks about any of these various expenses that are associated with selling a product. Excellent video, Marc.
I love Mark, he’s absolutely humble and a stand up guy!
This is fascinating; appreciate the peek behind the curtain! Video request: Watch + learn about the Sky Dweller / Ring Command ... I feel like you're uniquely capable / knowledgeable to explain how the mechanism works.
Thanks for disclosing many such things to us which normally any businessman will never disclose.
online store has the same exopenses as B&M, lol! -rent, utilities, in person security, higher insurance, display cases, signage, the list goes on...
Enlightening! Personally, I don't need to know. I just want to know you are getting what you need out the business.
Doing what you love and able to pay the bills? That's the dream. Congrats, Sir! Your integrity has consistently earned my money through the years, and happily!
I would use your video to teach students what it takes to have a small business. My son wants to stop a small business and I will show him your video
Before you started the video I had a guess in my head that your margin was about 30% but actual take home for you was 10%. I own 3 businesses and it’s about the same number for us but we are service based with a lot of overhead. Interesting to see how a product based business works. Some people who have no idea about running a business think we all make millions…Yes we are profitable but to make millions you need to gross tens of millions in sales. No one knows how hard that is. Our best year has been this year believe it or not. Been in business since 2014
I'm trying to start a watch business here in Perú, the market "is not even born" only exist 3 brands for the people. Thanks for the information, i did studied in a business school and i can tell your numbers are pretty mucha similar to different industries, so you are doing just fine. 10% its a standar for M&A but more its ok if its working to you. You do have to master KPIs (you are not from a business school but now you are a businessman), for increasing your profits not depending on increasing sales. The Key performance indicators should be very well managed. Maybe New visitors on the website, conversion rate, and analyze your brands portafolio in order to optimize it. We can surely talk about it, for free, as you teach us for free. Good luck!
Thank you so much for sharing this. Found it very interesting and educational. I appreciate all that you do and give to this industry
Educational video, especially for those who do not live in the US. Honest & transparent. Thank you
I saw you on Teddy's channel and I'm glad UA-cam pushed this video to me. Love the Islanders, going to keep my eye out for gifts this holiday season. Keep up the great work!
i recently also settled the case from same company by unknownly used their trademark word. The items I sold did not used their trademark, but they had screenshot of my listing used their name from when I started out.
Marc, I first heard of you on Reddit and my experience of your videos was your top 5 'dont's, I've learnt a heap about watches, your greatest being 'buy what you like and wear what you have' (or something along those lines). And it's left me with an affordable collection that I absolutely adore! Though I still need an Islander in there at some point... All the best, Ben.
You mentioned you’re selling about 8000 watches a year, in an interview, which is a huge effort.
Roughly $500 per watch, that’s $400k a year without taking tax into it.
Probably more as the margin on Islander watches are higher.
Congratulations to you! You deserve that and more.
The watch business isn’t easy. Anyone that thinks they can sell that many watches a year without having done it before is kidding themselves.
My son met you at the Chicago Wind Up show and was impressed with you down to earth humility. Personally I enjoy the posts you make with the Urban Gentry the most-you guys really seem to enjoy each other and the world of watches. Keep it up. PS I am an online customer of your shop and plan to be one for years to come. The service is excellent and the prices are competitive-thanks again for a great job!
Love your site, your channel and your products. I always try to purchase watches from you when I can so far I’ve purchased three watches from you and I’m an extremely happy customer. I think your customer service , transparency, and business model are exceptional. Thank you for the work you do! Just wanted to add that your customer service has always been exemplary and extremely responsive.
Thanks for being so honest, Marc. I would have thought your profit margin was greater than 10% and info. like this helps to keep people, including me, grounded in our expectations and assumptions.
Islander watches are the ones I'm most drawn to and the ones I find give me the most value for my money. Glad to see that they also make you the best margins.
As an accountant...with a watch on both wrists...I LOVED that! Thank Marc!
This was great Marc. There are so many business bro or hustle culture huckster flashing cars and private jets perseverating on about being an entrepreneurs, but (like the interview with Barry Cohen) in your videos you actually learn something running a business unlike theirs.
Thanks, Marc. That was indeed interesting!
I bought one of your dive watches for my wife a while back and she wears it all the time. We were impressed with the value for money and your service. We will certainly buy from you again.
Cheers from Spain!
Well said. Business is hard. Making money is hard. I wish you continued success.
Very nice video. As a CPA that specializes in small businesses and S corporations great job explaining this for people that don’t know how this all works. Also have 2 Islander watches. Great value!!
Wow! What a fantastic insight into your business. I am glued to the computer screen.
Marc from Long Island Financial Watch!!!😂
Ty for sharing knowledge and experiences. I am an existing customer and wish you nothing but continued success and health to both you and your Long Island Watch family.
Great Video! I am an accountant and watch enthusiast so this was right up my alley. Also great job keeping things at a high level without getting to vague.
I don't know...I hope as much you need,
I wish all the money you can take!
Thank you for your work!
People have no idea of the actual costs. Even a strictly online service like mine has immense overhead. No profit to be made in the first 2 years. If you break even, you are on to something! Plus, everyone wants a discount!
Indeed!
Solid.
Thanks for laying that all out for us.
👍🏼
Sounds like you have a pretty balanced business. Love, your supporters!
I am also a small business owner, and I enjoy talking to other small business owners about profit and expense percentages. It’s very interesting to me. Unless you are a business owner, it can be hard to grasp why the profit margins are so low. My highest overhead is payroll, at around 25%.
Hope you keep making more every year, to me, you are one of the best watch dealers in the world, and of the top watch guys in social media, besides we all know you are a really nice guy. Keep up the good work Mark, cheers from México.
Thank you for the honesty. If only more businesses didn’t operate based on it.
Refreshing to see a businessman be straight up with the pricing structures on a percentage basis. I personally consider a 10% overall profit before tax margin to be pretty thin
Phantastic video, thank you so much for the clarity and transparency. Phantastic education on how businesses work.Sadly, the average German (my country) has less business knowledge than what you convey in this 10 minutes video!
Yep - the vast majority of folks don't have a clue what it takes (financially) to operate a business. Thanks for the very clear explanation professor! And, move down here to Texas to eliminate with the "NY & NYC tax" situation. We'd love to have you here. I'll buy your first real cowboy hat for you.
Mark, you are awesome and I appreciate all the time you spend explaining and educating. It’s great to get such clear details on so many topics related to watches and the watch community.
I’m not even through the video yet but I HOPE you’re making money. You deserve it, as does your team. I have a friggin ROOT BEER and I get more compliments and enjoyment from my linen dial brookville during the summer. I love it. I want more islanders
Would love a video on how UA-cam has impacted your business.
This is so refreshing to hear. As someone who works with economics, I have always wondered how this functions in these sort of businesses. I also value (quite a lot) the transparency and will definitely be purchasing more from you as I know how your business works (contrary to other shady places). Thank you! More videos like this please!
Who doesn’t love them some Marc ❤❤❤
Wow , now I feel bad for using my rewards points . Good stuff , never had a company officer e-mail back on an issue like you did . Keep up the good work .
Thanks for this insight and, more importantly, providing us all with great watches and accessories. Your product value to us as collectors is priceless. I wish you continued success, profit, and happiness.
This videos is why you are the best in this wonderful, crazy world of watches we love. Congrats and continued success!
Love the honesty! Great insite and video. You and Teddy are refreshing voices in this industry.
I'm an accountant so this is actually pretty interesting to me. I always wondered what the margin was and costs were. Keeping roughly 10% pre-tax after it's all said and done is actually pretty high, but it's a small business that sells a specialized product to a specific kind of customer so it has to be. Of course there's also the problem of you can't actually keep that 10% either, not just because of taxes but because you have to invest more in the business over time.
Amazing video thanks for doing this. Business major here and watch fan.
Great video Mark, very interesting. NYC tax is pretty crazy. I pay Denver city tax as well, even though I don't live there, but it's nowhere near the level of NYC.
I live in NYC, After Fed, NY State and City taxes my check is 40% gone. You’re lucky to get $15-20 on a $300 watch sale.