How to Start a Clock Repair Business

Start a clock repair business by following these 10 steps:

1. Plan your Clock Repair Business
2. Form your Clock Repair Business into a Legal Entity
3. Register your Clock Repair Business for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Clock Repair Business
6. Get the Necessary Permits & Licenses for your Clock Repair Business
7. Get Clock Repair Business Insurance
8. Define your Clock Repair Business Brand
9. Create your Clock Repair Business Website
10. Set up your Business Phone System

We have put together this simple guide to starting your clock repair business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out othersmall business ideas．

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

What will you name your business?

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit ourHow to Name a Businessguide or get help brainstorming a name with ourClock Repair Business Name Generator

If you operate asole proprietorship, you might want to operate under a business name other than your own name. Visit ourDBAguide to learn more.

Whenregistering a business name, we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability．

It's very important to secure your domain name before someone else does.

What are the costs involved in opening a clock repair business?

The costs involved with starting a clock repair service business are minimal. In addition to training, business owners need a:

• Space to repair clocks
• Vehicle for making house calls
• Set of specialized tools

In order to keep the initial outlay low, business owners can set up a space in their home for completing repairs and use their personal vehicles when on house calls.

Together, tool costs may total a few hundred dollars.Clockworks, which sells repair tools, has one tool that costs $250. The other tools are $55 or less, with many priced under $20.

Business owners who want to purchase an established operation will still find that clock repair service businesses are affordable.Spokane Clock, for instance, is available for $40,000.

What are the ongoing expenses for a clock repair business?

运行时的一个家,正在进行的费用clock repair service business are minimal. They include a portion of the business owner’s utility and vehicle costs, along with any advertising fees. A retail location adds a lease payment, more utilities and other fees, which is why many business owners avoid getting one.

Many repairs require parts, but parts costs are built into customers’ bills. They may be charged separately or included in a flat fee.

Who is the target market?

A clock repair service business attracts a wide swath of customers. Typical customers include collectors and people who inherit family clocks as heirlooms. Many customers who have inherited a clock get the clock serviced even if repair costs are greater than the value of the clock.

How does a clock repair business make money?

A clock repair service business makes money by servicing clocks.Dale Foust and Jason Hahn, two professional in the industry, explain that the typical clock service involves:

• Ultrasonically cleaning the clock
• Polishing visible parts
• Testing and troubleshooting parts
• Replacing worn-out and broken parts
• Cleaning and testing the clock a final time

How much can you charge customers?

价格时钟修理服务企业ses vary a fair bit, but most repairs end up costing several hundred dollars. On the low end, a new business owner made$150 fixing two cuckoo clocks．The work took 5 to 6 hours and required no parts. On the high end, Mike Murray charges between $300 and $1,400 for most services. He also marks parts up by between 100 and 300 percent (occasionally 1,000 percent for rare parts).

How much profit can a clock repair business make?

A clock repair business can make a significant amount for a simple small business. Spokane Clock averages $4,500 in repair work each month. If a business is run from home, almost all of that revenue will be profit. (Spokane Clock has a retail location.)

How can you make your business more profitable?

都给我ncrease revenue, a business owner can become a wheel specialist (horological machinist). This requires advanced training, but once trained a business owner will be able to make the small wheels used inside clocks.

Few clock repair professionals are wheel specialists, so becoming one can help attract higher-paying work. Sometimes, other professionals in the industry will even order custom-made parts from a wheel specialist they know.

STEP 2: Form a legal entity

The most commonbusiness structuretypes are thesole proprietorship,partnership,118bet金博宝 , andcorporation．

Establishing a legal business entity such as anLLCorcorporationprotects you from being held personally liable if your clock repair business is sued.

You can金宝搏188是什么公司yourself and pay only the minimal stateLLC costsor hire one of the118金宝app for a small, additional fee.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more aboutstate sales taxand franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to aspiercing your corporate veil．

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting abusiness credit cardhelps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money later on.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with ourLLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a clock repair business. Learn more about licensing requirements in your state by visitingSBA’s reference to state licenses and permits．

Certificate of Occupancy

A clock repair business is generally run out of a storefront. Businesses operating out of a physical location typically require aCertificate of Occupancy(CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

• If you plan to lease a location:
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a clock repair business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening,it is recommendedto include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.

• If you plan to purchase or build a location:
• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your clock repair business will be in compliance and able to obtain a CO.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully.Business Insuranceprotects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face,begin withGeneral Liability Insurance．This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need isWorkers’ Compensation Insurance．If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Is this Business Right For You?

Anyone who appreciates clocks and is mechanically gifted may like owning a clock repair service business. Having a passion for clocks helps business owners connect with customers and maintain enthusiasm for the work. A mechanical inclination is necessary because clocks that need to be serviced are intricate machines.

What happens during a typical day at a clock repair business?

A typical day at a clock repair business involves:

• talking to customers about their clocks
• servicing clocks (in-house or at customers’ locations)
• ordering or making parts as needed
• testing clocks before returning to customers

What are some skills and experiences that will help you build a successful clock repair business?

Running a successful clock repair service business requires knowing how to service and repair clocks. Business owners have a few ways to gain this technical knowledge:

• Some experienced clock repair professionals (e.g.Bob of Tascioneand Mike Murray viaClocksmiths) offer training materials
• A few junior colleges havecertificates and associate degreesin clock repair
• TheNational Association of Watch & Clock Collectorsoffers workshops, online courses and webinars

Above all, multiple people in the industry underscore the importance of working under an experience cock repair professional.

What is the growth potential for a clock repair business?

Most clock repair service businesses remain relatively small. They’re typically one- or two-person operations that serve the local area. For instance, repair professionalMike Murraymaintains a service area of 25 miles from his business’ location.

Having said that, some well-established businesses have clocks shipped to them. This doesn’t account for a large portion of business for any clock repair professional, but a few receive the periodic order from a distant customer. Dale says these orders usually come from referrals of local customers.