Mike Hermann’s Tips for Entering the Luxury Watch Industry
There are currently a number of good reasons to break into the luxury watch business. The industry is extremely lucrative, and the market is facing a bright future heading into the next few years. While the public has recently been panic selling, luxury watch transactions have opened up, and the market is repairing itself, making now a great time to join the industry. Luxury watches are enjoyed by many financially successful people, from the most popular NBA stars to billionaires such as Grant Carson and Kevin O’Leary, which means getting into the industry may provide opportunities to connect with many different people.
Mike Hermann, also known as RM Plug, is the leader of a multimillion company in the watch industry and has three useful tips for those looking to get involved in the business. His first piece of advice is to have a course of action. “Decide what you want to do,” Mike says. Knowing exactly what in the business you want to be a part of will help you decide what steps to take. Hermann adds that when it comes to getting into watches, don’t just try or dabble. Rather, it’s important to be passionate and intentional about your work. It isn’t easy, but it’s worth it.
Mike’s second tip is to network purposely. “Build up a network that you need in order to sell,” he says. This requires taking on a unique mindset and thinking in ways an average person wouldn’t. When networking in the luxury watch industry, don’t talk to just anyone. It’s important to connect with the target audience, namely, wealthy individuals. In Mike’s words, “Pass business cards to rich people.”
Mike’s third recommendation is to acquire knowledge in the market. Learn about the industry, the pieces, how to hold, and how to sell. Mike Hermann offers to teach people these topics through the course he offers on his education platform Watch Pro Academy. Learning from those with experience is a great way to gain more understanding in the field.
In addition to his tips, Mike Herman has three watch recommendations for anyone trying to enter the game. These watches are preferable because they can be purchased at a reasonable retail price and sold for more. First, Mike recommends the following men’s watch: a 41 mm smooth bezel Rolex with a black dial and Oyster band. Mike bought one himself for $6,500, and its value now is $10k. Mike’s second watch recommendation is an elegant submariner, wielding solid steel, ceramic bezel, and a date window. One can purchase this watch for $13k and still sell it for $15k. The third watch Mike recommends is a Batman watch with a GMT Jubilee Bracelet. Not only does it make for an excellent conversation piece, but those who manage to get one on retail can make $5,000 to $10,000 from it. Mike Hermann has even more knowledge and tips he is willing to share about the watch industry.
If you want to locate a luxury watch or learn how to start a luxury watch business, or if you simply want to keep up with Mike Hermann, follow his Instagram @RMPlug.
If you want to learn how to build a luxury watch business and are interested in Mike Hermann’s course, visit watchproacademy.com.