My New Business Build Thread
Discussion
Hello everyone,
For some time now i've had an idea rolling around in my head about setting up a watch brand and launching it via Kickstarter. Now, I know i'm not the first person to think of this, in fact there is probably one new brand a day going up on there - it seems everyone wants to be the next 'Daniel Wellington'. But thats not to say that there aren't still well executed campaigns being successful and in some cases raising serious amounts of funding.
To be clear, i'm not just trying to become an overnight (or 30 day millionaire) but it certainly appeals to me that I can establish the brand, design and manufacture prototypes and then launch a campaign to help fund the initial mass shipment. It's a modern day phenomenon that I just want to try for myself!
I have a constant growing interest/obsession in watches and building a business around this would be like a dream come true. Everything about establishing a business in this sector ticks the right boxes for me.
So, the concept is to produce a vintage inspired (40s, 50s, 60s) dress watch in a modern day size (most vintage watches were small by todays standards) and market to the gentleman/businessman market at the circa £250-£500 mark. I'll spare the details of watch specifications I have in mind and keep this post about the business side of things....
Taking inspiration from DSLiverpools 'Starting again' thread, I thought it might be interesting to do a sort of 'business build thread' where I could keep you all updated as things progress and hopefully you can all give me some opinions and advice along the way.
At this point, all I have done is acquired domain names and social media usernames for the brand name which I am considering (although already having doubts on) 'REMFORD' - this is simply a made up name which I thought was nice and short (.com was available) and social usernames available. Interested on your thoughts on this initially?
I have spent a good portion of my evenings over the last year or so researching this idea, competition, design inspiration, factory sourcing etc but found myself struggling to take that first step - that first step is now this thread! So please fire at me your thoughts, questions, concerns, experiences or whatever you have, i'm not shy and you won't hurt my feelings!
Next steps:
- Finalise brand name and brand strategy
- Company Incorporation, VAT registration, Banking etc.
- Branding/Logo Design - I've used 99designs in the past and have found it to be very good
- Product Design - I have a few designers lined up to work alongside
- Product Manufacturing - Through my research i've found a very good factory which currently manufacture for reputable brands
- Prepare Crowdfunding Campaign - Photography, Video, Rewards etc
- Marketing - This will mainly be social media/influencer based
- Launch campaign
For some time now i've had an idea rolling around in my head about setting up a watch brand and launching it via Kickstarter. Now, I know i'm not the first person to think of this, in fact there is probably one new brand a day going up on there - it seems everyone wants to be the next 'Daniel Wellington'. But thats not to say that there aren't still well executed campaigns being successful and in some cases raising serious amounts of funding.
To be clear, i'm not just trying to become an overnight (or 30 day millionaire) but it certainly appeals to me that I can establish the brand, design and manufacture prototypes and then launch a campaign to help fund the initial mass shipment. It's a modern day phenomenon that I just want to try for myself!
I have a constant growing interest/obsession in watches and building a business around this would be like a dream come true. Everything about establishing a business in this sector ticks the right boxes for me.
So, the concept is to produce a vintage inspired (40s, 50s, 60s) dress watch in a modern day size (most vintage watches were small by todays standards) and market to the gentleman/businessman market at the circa £250-£500 mark. I'll spare the details of watch specifications I have in mind and keep this post about the business side of things....
Taking inspiration from DSLiverpools 'Starting again' thread, I thought it might be interesting to do a sort of 'business build thread' where I could keep you all updated as things progress and hopefully you can all give me some opinions and advice along the way.
At this point, all I have done is acquired domain names and social media usernames for the brand name which I am considering (although already having doubts on) 'REMFORD' - this is simply a made up name which I thought was nice and short (.com was available) and social usernames available. Interested on your thoughts on this initially?
I have spent a good portion of my evenings over the last year or so researching this idea, competition, design inspiration, factory sourcing etc but found myself struggling to take that first step - that first step is now this thread! So please fire at me your thoughts, questions, concerns, experiences or whatever you have, i'm not shy and you won't hurt my feelings!
Next steps:
- Finalise brand name and brand strategy
- Company Incorporation, VAT registration, Banking etc.
- Branding/Logo Design - I've used 99designs in the past and have found it to be very good
- Product Design - I have a few designers lined up to work alongside
- Product Manufacturing - Through my research i've found a very good factory which currently manufacture for reputable brands
- Prepare Crowdfunding Campaign - Photography, Video, Rewards etc
- Marketing - This will mainly be social media/influencer based
- Launch campaign
Edited by raw on Tuesday 29th August 15:06
I'll be watching this with interest too.
I recently bought a Moto Koure (sp) watch, although not a kickstarter thing, they did fund it with deposits which gave me a 50% discount on the first batch. Mine arrived from Oz after a 10 month or so wait with monthly email updates. Sadly the quality wasn't good, I asked to send it back and had all of my money refunded. It was a shame, but build quality is super important with a £500 watch, and that'll be something that is somewhat out of your control. (Relying on the Chinese factories to deliver what they promised isn't easy!)
You ought to join TZ. It's a fantastic watch forum. They'll give you an honest and maybe brutally truthful insight, but be apcareful not to step on the forum owner's toes, as he owns and runs the TimeFactors watch company.
http://forum.tz-uk.com/forum.php
I recently bought a Moto Koure (sp) watch, although not a kickstarter thing, they did fund it with deposits which gave me a 50% discount on the first batch. Mine arrived from Oz after a 10 month or so wait with monthly email updates. Sadly the quality wasn't good, I asked to send it back and had all of my money refunded. It was a shame, but build quality is super important with a £500 watch, and that'll be something that is somewhat out of your control. (Relying on the Chinese factories to deliver what they promised isn't easy!)
You ought to join TZ. It's a fantastic watch forum. They'll give you an honest and maybe brutally truthful insight, but be apcareful not to step on the forum owner's toes, as he owns and runs the TimeFactors watch company.
http://forum.tz-uk.com/forum.php
That's So funny, you know (maybe not) we worked with circulr (a new watch brand) designed and built the site, Kickstarter, helped on branding etc.
It's a success but uses influencers heavily as do all of these new brands so either pay someone to help you access them or bone up on a access strategy.
Happy to help just shout
I`ll just add that getting ladies to buy via social influence is a lot easier than getting men to buy, if you get something unisexy from day 1 you widen your market considerably.
It's a success but uses influencers heavily as do all of these new brands so either pay someone to help you access them or bone up on a access strategy.
Happy to help just shout
I`ll just add that getting ladies to buy via social influence is a lot easier than getting men to buy, if you get something unisexy from day 1 you widen your market considerably.
Edited by DSLiverpool on Saturday 29th July 17:07
First of all - thank you all for your well wishes and positive inputs!
Now to answer some of the questions:
Second to that I hope the branding will sit well with people, I'll be staying away from all the cliche "Luxury watch for a fraction of the price because we're cutting out the middle men" etc!
I will (carefully) be posting on the TZ forum and others once designs are confirmed for feedback from the watch community. Thank you.
Very interesting point about ladies, it was a question I had in the back of my head if I was limiting my market from the outset. I'll consider this carefully.
Thank you all for the feedback so far. I'll be finalising brand name and strategy, hopefully, this week, so I'm still interested in your thoughts on the name!
Now to answer some of the questions:
Hoofy said:
Good luck!
How will you differentiate yourself from the hundreds of other watch manufacturers you see on Kickstarter all producing watches in this price range and talking about their love of vintage watches?
I guess the design will set it apart, I'm passionate about this and what many of these other companies are doing are using 'off the shelf' cases, dials, etc. Most just white labling an existing cheap watch and sticking a logo on it. The watch I will be creating will all (barring the movement) be created for this watch.How will you differentiate yourself from the hundreds of other watch manufacturers you see on Kickstarter all producing watches in this price range and talking about their love of vintage watches?
Second to that I hope the branding will sit well with people, I'll be staying away from all the cliche "Luxury watch for a fraction of the price because we're cutting out the middle men" etc!
illmonkey said:
My brother done exactly this, kickstarter watch company. Seems to be doing very well, onto their 4 watch already.
Interesting to see how you fair at it.
Sounds interesting, what's his company if you don't mind me asking?Interesting to see how you fair at it.
voicey said:
Good luck with the new venture. Are you a watchmaker or do you sub out the actual making of the watches to someone else?
I'm not a watchmaker no, the manufacturing will most likely be done in China with the option for assembly in Switzerland if the 'Swiss Made' still holds value, which I'm beginning to think it doesn't.jammy-git said:
Definitely following this with interest!
How much are you looking to put in yourself or will it all be crowdfunded?
I'll be fronting the costs for all brand development, the designs, prototypes and initial marketing. I'm not 100% sure what this will amount to at the moment. I'm hoping to cover the costs of the first bulk order via crowdfunding.How much are you looking to put in yourself or will it all be crowdfunded?
Simpo Two said:
'Remford' sounds like a lathe company to me.
But I'd be interested in taking the photos when you have a product ready. I also know a very good enameller if you want to add some value.
Interesting, why a lathe company? Is there one with a similar name? Will note your details down for photography - thank you.But I'd be interested in taking the photos when you have a product ready. I also know a very good enameller if you want to add some value.
Mr Noble said:
I'll be watching this with interest too.
I recently bought a Moto Koure (sp) watch, although not a kickstarter thing, they did fund it with deposits which gave me a 50% discount on the first batch. Mine arrived from Oz after a 10 month or so wait with monthly email updates. Sadly the quality wasn't good, I asked to send it back and had all of my money refunded. It was a shame, but build quality is super important with a £500 watch, and that'll be something that is somewhat out of your control. (Relying on the Chinese factories to deliver what they promised isn't easy!)
You ought to join TZ. It's a fantastic watch forum. They'll give you an honest and maybe brutally truthful insight, but be apcareful not to step on the forum owner's toes, as he owns and runs the TimeFactors watch company.
http://forum.tz-uk.com/forum.php
Interesting, I hadn't heard of that brand, I'll look into them. I have sourced (what I believe to be) a very good factory at this stage, and won't be afraid to board a flight myself to check on quality control should the funding be successful. Can I ask in what way did you feel the quality was sub-standard?I recently bought a Moto Koure (sp) watch, although not a kickstarter thing, they did fund it with deposits which gave me a 50% discount on the first batch. Mine arrived from Oz after a 10 month or so wait with monthly email updates. Sadly the quality wasn't good, I asked to send it back and had all of my money refunded. It was a shame, but build quality is super important with a £500 watch, and that'll be something that is somewhat out of your control. (Relying on the Chinese factories to deliver what they promised isn't easy!)
You ought to join TZ. It's a fantastic watch forum. They'll give you an honest and maybe brutally truthful insight, but be apcareful not to step on the forum owner's toes, as he owns and runs the TimeFactors watch company.
http://forum.tz-uk.com/forum.php
I will (carefully) be posting on the TZ forum and others once designs are confirmed for feedback from the watch community. Thank you.
DSLiverpool said:
That's So funny, you know (maybe not) we worked with circulr (a new watch brand) designed and built the site, Kickstarter, helped on branding etc.
It's a success but uses influencers heavily as do all of these new brands so either pay someone to help you access them or bone up on a access strategy.
Happy to help just shout
I`ll just add that getting ladies to buy via social influence is a lot easier than getting men to buy, if you get something unisexy from day 1 you widen your market considerably.
Thanks DSLiverpool, I was aware with your helping Circulr and I've watched Danny from the sidelines, although a different price point and market it's certainly interesting watching it grow.It's a success but uses influencers heavily as do all of these new brands so either pay someone to help you access them or bone up on a access strategy.
Happy to help just shout
I`ll just add that getting ladies to buy via social influence is a lot easier than getting men to buy, if you get something unisexy from day 1 you widen your market considerably.
Edited by DSLiverpool on Saturday 29th July 17:07
Very interesting point about ladies, it was a question I had in the back of my head if I was limiting my market from the outset. I'll consider this carefully.
Thank you all for the feedback so far. I'll be finalising brand name and strategy, hopefully, this week, so I'm still interested in your thoughts on the name!
Edited by raw on Sunday 30th July 20:58
What I like about PH is that if you post a business idea up you'll often get a load of 'naysayers'. It sounds odd but its great to get people who will flag up challenges that you may not have considered. All too often friends/family will just give you positive feedback because they don't want to sound negative to you.
I would LOVE to design and manufacture a wristwatch, so would like to hear more of the details about how you go through that side of the process as it progresses.
I don't like your brand name.
If you see a brand name like "circulr" you accept that it is a made up name like swatch for example. If I see a name like "Remford" I would assume it has some meaning - ie name of designer or location of company. Otherwise, it feels a bit fake.
A maufacturer's heritage is a bit of a minefield in watch circles, so in my opinion, this needs to be thought about. If you are interviewed about your newwatch and are asked where the name comes from, it will sound less impressive if you say it has no meaning, just made up.
Anyway, good luck.
I don't like your brand name.
If you see a brand name like "circulr" you accept that it is a made up name like swatch for example. If I see a name like "Remford" I would assume it has some meaning - ie name of designer or location of company. Otherwise, it feels a bit fake.
A maufacturer's heritage is a bit of a minefield in watch circles, so in my opinion, this needs to be thought about. If you are interviewed about your newwatch and are asked where the name comes from, it will sound less impressive if you say it has no meaning, just made up.
Anyway, good luck.
- PHer "lorne" has his own watch design in production, I'm sure he would be happy to talk about it.
Edited by BOR on Monday 31st July 10:16
Simpo Two said:
'Remford' sounds like a lathe company to me.
But I'd be interested in taking the photos when you have a product ready. I also know a very good enameller if you want to add some value.
Agreed, thought it sounded like some sort of tool manufacturer. If the watch is good though, it shouldn't make a differenceBut I'd be interested in taking the photos when you have a product ready. I also know a very good enameller if you want to add some value.
raw said:
First of all - thank you all for your well wishes and positive inputs!
Now to answer some of the questions:
Second to that I hope the branding will sit well with people, I'll be staying away from all the cliche "Luxury watch for a fraction of the price because we're cutting out the middle men" etc!
Certainly worthwhile looking at other brands in your price range to make sure the designs are different and appreciated by genuine potential customers.Now to answer some of the questions:
Hoofy said:
Good luck!
How will you differentiate yourself from the hundreds of other watch manufacturers you see on Kickstarter all producing watches in this price range and talking about their love of vintage watches?
I guess the design will set it apart, I'm passionate about this and what many of these other companies are doing are using 'off the shelf' cases, dials, etc. Most just white labling an existing cheap watch and sticking a logo on it. The watch I will be creating will all (barring the movement) be created for this watch.How will you differentiate yourself from the hundreds of other watch manufacturers you see on Kickstarter all producing watches in this price range and talking about their love of vintage watches?
Second to that I hope the branding will sit well with people, I'll be staying away from all the cliche "Luxury watch for a fraction of the price because we're cutting out the middle men" etc!
You asked what the issues were with the watch I bought.....
It was mainly down to some of the dial plots not being symmetrical or accurately positioned and the printing of indecies and numerals on the tachymeter being out of position. Both issues were accepted by the owner once I'd sent photographs, and reading through a few reviews I found my watch wasn't the only 'dodgy' one.
These issues seemed slightly out of the direct control of the maker. I guess they had to hit schedules and had no choice but to use parts that were sub standard. I think many buyers might not have noticed these issues, but I did.
Good luck!
It was mainly down to some of the dial plots not being symmetrical or accurately positioned and the printing of indecies and numerals on the tachymeter being out of position. Both issues were accepted by the owner once I'd sent photographs, and reading through a few reviews I found my watch wasn't the only 'dodgy' one.
These issues seemed slightly out of the direct control of the maker. I guess they had to hit schedules and had no choice but to use parts that were sub standard. I think many buyers might not have noticed these issues, but I did.
Good luck!
Frimley111R said:
What I like about PH is that if you post a business idea up you'll often get a load of 'naysayers'. It sounds odd but its great to get people who will flag up challenges that you may not have considered. All too often friends/family will just give you positive feedback because they don't want to sound negative to you.
I completely agree, hence my posting here. I've posted about ideas here previously and had positive and encouraging responses - it's a great forum.BOR said:
I would LOVE to design and manufacture a wristwatch, so would like to hear more of the details about how you go through that side of the process as it progresses.
I don't like your brand name.
If you see a brand name like "circulr" you accept that it is a made up name like swatch for example. If I see a name like "Remford" I would assume it has some meaning - ie name of designer or location of company. Otherwise, it feels a bit fake.
A maufacturer's heritage is a bit of a minefield in watch circles, so in my opinion, this needs to be thought about. If you are interviewed about your newwatch and are asked where the name comes from, it will sound less impressive if you say it has no meaning, just made up.
Anyway, good luck.
Thanks, I will keep the thread updated as things progress.I don't like your brand name.
If you see a brand name like "circulr" you accept that it is a made up name like swatch for example. If I see a name like "Remford" I would assume it has some meaning - ie name of designer or location of company. Otherwise, it feels a bit fake.
A maufacturer's heritage is a bit of a minefield in watch circles, so in my opinion, this needs to be thought about. If you are interviewed about your newwatch and are asked where the name comes from, it will sound less impressive if you say it has no meaning, just made up.
Anyway, good luck.
- PHer "lorne" has his own watch design in production, I'm sure he would be happy to talk about it.
Edited by BOR on Monday 31st July 10:16
I get where you're coming from with the brand name, people like a story that resonate with them so when someone says "What's that watch?" they can give a little back story into the brand and why they purchased it.
On the other hand, the most well known watch brand in the world has a name that is completely made up - however their success in branding is what has made the name what it is today.
I do completely get where you're coming from though and it's something i'm going to consider very carefully. I have pencilled ideas of a fictional 'Mr Remford' (and Mrs Remford if I went down that line) to serve as an inspirational character behind the name. I guess in some way like Omega use James Bond, although obviously he isn't there creation. But I began to think I was over complicating things.
Manufacturers heritage is certainly of primary importance at the top end of the market which i'm not sure would come into play at my price point. I'm certainly not going to fake any sort of heritage which i've witnessed with other brands and can really get peoples backs up!
I'll check out 'lorne' - thank you.
menguin said:
Agreed, thought it sounded like some sort of tool manufacturer. If the watch is good though, it shouldn't make a difference
Agreed and I guess in some ways a watch is a tool 
Hoofy said:
Certainly worthwhile looking at other brands in your price range to make sure the designs are different and appreciated by genuine potential customers.
I will certainly take a fair amount of time demonstrating the designs (when complete) to our potential market for feedback and critique.Mr Noble said:
You asked what the issues were with the watch I bought.....
It was mainly down to some of the dial plots not being symmetrical or accurately positioned and the printing of indecies and numerals on the tachymeter being out of position. Both issues were accepted by the owner once I'd sent photographs, and reading through a few reviews I found my watch wasn't the only 'dodgy' one.
These issues seemed slightly out of the direct control of the maker. I guess they had to hit schedules and had no choice but to use parts that were sub standard. I think many buyers might not have noticed these issues, but I did.
Good luck!
Thanks for sharing that, i'll be sure when it comes to mass production to make sure many eyes pass over the finished product in order to avoid this sort of outcome.It was mainly down to some of the dial plots not being symmetrical or accurately positioned and the printing of indecies and numerals on the tachymeter being out of position. Both issues were accepted by the owner once I'd sent photographs, and reading through a few reviews I found my watch wasn't the only 'dodgy' one.
These issues seemed slightly out of the direct control of the maker. I guess they had to hit schedules and had no choice but to use parts that were sub standard. I think many buyers might not have noticed these issues, but I did.
Good luck!
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