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Executive Summary
TimePiece Repairs is a watch repair & restoration workshop based in New York, New York, USA. TimePiece Repairs provides specialist services to its target market, combining deep industry expertise with a client-first approach that sets it apart from larger, less responsive competitors.
TimePiece Repairs is seeking $25,000 in start-up or growth capital to fund operations, marketing, and staffing in the first 12 months.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $173,400 | $338,700 | $404,900 |
| Gross margin | 84% | 61% | 64% |
| Net profit / (loss) | $33,501 | $77,183 | $123,330 |
Year 1 gross margin excludes the owner's own bench time, which is drawn as profit. From Year 2 the hired watchmaker's wages sit in cost of sales.
Company Overview
TimePiece Repairs is a watch repair & restoration workshop founded by Pierre Dubois, operating as a Sole Trader. Headquartered in New York, New York, USA, TimePiece Repairs was established to serve the growing demand for specialist services in this sector.
Mission: To deliver exceptional value to our customers through expertise, reliability, and a commitment to continuous improvement.
Business objectives:
| Period | Target |
|---|---|
| Year 1 | Establish brand, acquire initial client base, achieve operational break-even |
| Year 2 | Expand service offering, grow revenue by 95%, hire additional staff |
| Year 3 | Establish market position, target new geographic or demographic segments |
Market & Customer Analysis
The watch repair & restoration workshop industry is growing, driven by increasing demand from consumers and businesses seeking specialist solutions. TimePiece Repairs targets a well-defined segment of this market where quality and expertise are valued over lowest price.
Customer analysis:
TimePiece Repairs serves New York watch owners who want a mechanical or heirloom watch serviced, repaired or restored by a specialist rather than sent away by a department store or jeweller.
Competitor analysis:
| Competitor | Strengths | Weaknesses |
|---|---|---|
| Tourneau | Established brand, wide reach | Higher price point, less personalised |
| Precision Watch Repair | Strong marketing, national presence | Generic offering, less specialist focus |
| Watch Gnome | Competitive pricing | Standardised, less tailored service |
TimePiece Repairs’s competitive edge: Specialist expertise, personalised service, and a clear focus on the underserved segment of the market set us apart from the established players listed above.
SWOT analysis:
| Positive | Negative | |
|---|---|---|
| Internal | Strengths: Specialist expertise; experienced founder; strong client relationships; differentiated positioning | Weaknesses: Limited brand recognition as a new entrant; single location; reliance on founder capacity in early years |
| External | Opportunities: Growing market demand; underserved niche segments; digital marketing reach; referral network growth | Threats: Established competitors with greater resources; economic downturn reducing discretionary spend; regulatory changes |
Sales & Marketing Plan
TimePiece Repairs targets customers through a combination of digital marketing, referrals, and direct outreach. Year 1 revenue target: $173,400.
Operating Plan
TimePiece Repairs operates from New York, New York, USA, with streamlined processes designed to deliver consistent, high-quality service. Standard operating procedures cover service delivery, quality assurance, and customer communication.
Management Team
Pierre Dubois is the founder and owner of TimePiece Repairs. Pierre brings relevant industry experience and is supported by a small but capable team committed to TimePiece Repairs's mission.
Financial Plan
Projected Profit or Loss Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Sales | $173,400 | $338,700 | $404,900 |
| Direct Cost of Sales | $27,700 | $54,200 | $64,300 |
| Production Payroll | $0 | $76,500 | $79,800 |
| Total Cost of Sales | $27,700 | $130,700 | $144,100 |
| Gross Margin | $145,700 | $208,000 | $260,800 |
| Gross Margin % | 84.0% | 61.4% | 64.4% |
| Operating Expenses | |||
| Sales and Marketing Expenses | |||
| Sales and Marketing Payroll | $26,800 | $27,900 | $29,100 |
| Advertising/Promotion | $9,600 | $11,200 | $12,400 |
| Other Sales and Marketing Expenses | $1,800 | $2,100 | $2,300 |
| Total Sales and Marketing Expenses | $38,200 | $41,200 | $43,800 |
| General and Administrative Expenses | |||
| Depreciation | $5,900 | $7,986 | $8,957 |
| Dues and Subscriptions | $650 | $700 | $750 |
| Professional Fees | $4,200 | $4,500 | $4,700 |
| Rent | $38,400 | $39,600 | $40,800 |
| Software Purchases | $2,400 | $2,600 | $2,800 |
| Insurance | $9,600 | $11,800 | $12,500 |
| Telephone and Internet Access | $2,100 | $2,200 | $2,300 |
| Utilities | $3,300 | $3,700 | $3,900 |
| Miscellaneous | $3,800 | $4,400 | $4,900 |
| Payroll Taxes | $2,680 | $10,440 | $10,890 |
| Total General and Administrative Expenses | $73,030 | $87,926 | $92,497 |
| Total Operating Expenses | $111,230 | $129,126 | $136,297 |
| Profit Before Interest and Taxes | $34,470 | $78,874 | $124,503 |
| EBITDA | $40,370 | $86,860 | $133,460 |
| Interest Expense | $969 | $1,691 | $1,173 |
| Taxes Incurred | $0 | $0 | $0 |
| Net Profit | $33,501 | $77,183 | $123,330 |
| Net Profit/Sales | 19.3% | 22.8% | 30.5% |
Projected Cash Flow Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Cash Received | |||
| Cash from Operations | |||
| Cash Sales | $161,262 | $314,991 | $376,557 |
| Cash from Receivables | $10,057 | $21,726 | $27,548 |
| Subtotal Cash from Operations | $171,319 | $336,717 | $404,105 |
| Additional Cash Received | |||
| New Long-term Liabilities | $25,000 | $0 | $0 |
| New Investment Received | $34,800 | $0 | $0 |
| Subtotal Cash Received | $231,119 | $336,717 | $404,105 |
| Expenditures | |||
| Expenditures from Operations | |||
| Cash Spending | $29,480 | $114,840 | $119,790 |
| Bill Payments | $99,341 | $137,019 | $152,091 |
| Subtotal Spent on Operations | $128,821 | $251,859 | $271,881 |
| Additional Cash Spent | |||
| Long-term Liabilities Principal Repayment | $4,600 | $5,200 | $5,700 |
| Purchase Other Current Assets | $8,600 | $3,300 | $1,500 |
| Purchase Long-term Assets | $41,300 | $14,600 | $6,800 |
| Dividends | $21,800 | $60,500 | $88,000 |
| Subtotal Cash Spent | $205,121 | $335,459 | $373,881 |
| Net Cash Flow | $25,998 | $1,258 | $30,224 |
| Cash Balance | $25,998 | $27,256 | $57,480 |
Projected Balance Sheet (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Assets | |||
| Current Assets | |||
| Cash | $25,998 | $27,256 | $57,480 |
| Accounts Receivable | $2,081 | $4,064 | $4,859 |
| Inventory and Other Current Assets | $8,600 | $11,900 | $13,400 |
| Total Current Assets | $36,679 | $43,220 | $75,739 |
| Long-term Assets | |||
| Long-term Assets | $41,300 | $55,900 | $62,700 |
| Accumulated Depreciation | ($5,900) | ($13,886) | ($22,843) |
| Total Long-term Assets | $35,400 | $42,014 | $39,857 |
| Total Assets | $72,079 | $85,234 | $115,596 |
| Liabilities and Capital | |||
| Current Liabilities | |||
| Accounts Payable | $5,178 | $6,850 | $7,582 |
| Subtotal Current Liabilities | $5,178 | $6,850 | $7,582 |
| Long-term Liabilities | $20,400 | $15,200 | $9,500 |
| Total Liabilities | $25,578 | $22,050 | $17,082 |
| Paid-in Capital | $34,800 | $34,800 | $34,800 |
| Retained Earnings | ($21,800) | ($48,799) | ($59,616) |
| Earnings | $33,501 | $77,183 | $123,330 |
| Total Capital | $46,501 | $63,184 | $98,514 |
| Total Liabilities and Capital | $72,079 | $85,234 | $115,596 |
| Net Worth | $46,501 | $63,184 | $98,514 |
3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $173,400 | $338,700 | $404,900 |
| Cost of sales | $27,700 | $130,700 | $144,100 |
| Gross profit | $145,700 | $208,000 | $260,800 |
| Gross margin | 84% | 61% | 64% |
| Salaries and wages | $29,480 | $38,340 | $39,990 |
| Marketing and advertising | $11,400 | $13,300 | $14,700 |
| Rent and utilities | $41,700 | $43,300 | $44,700 |
| Other operating costs | $28,650 | $34,186 | $36,907 |
| Total operating expenses | $111,230 | $129,126 | $136,297 |
| Interest and income tax | $969 | $1,691 | $1,173 |
| Net profit / (loss) | $33,501 | $77,183 | $123,330 |
Break-even analysis:
- Estimated monthly fixed costs: $9,300
- Monthly revenue required to break even: $11,100
- Break-even is projected to be reached within the first 12 months of trading.
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