Customer, competition and climate

In the midst of an economic downturn, starting up a new business is a bold move to make. Get it right and you will reap the rewards despite the state of the economy, but get your proposition wrong and you could be another casualty of a recession.

Have a strong business model and establish your values early on. As you become more aware of your competition it can become tempting to alter your proposition. However, dare to be different and try not to forget why you set up your business in the first place.

Our business model is to sell our luxury watches directly to the customer over the web at a price that represents trade cost plus a small but fair margin and the reason why we set up was to put luxury timepieces within the reach of all consumers. Yes, we could jump on the bandwagon and opt for celebrity endorsement and expensive retail outlets, but our unique approach is exactly why we have a loyal customer base. So never forget why you set up and give yourself the time to become a success.

Have an understanding for what consumers want; fantastic – so you have a great idea, but does the industry need your business and will it generate custom?