Mark Long Island's take on Teddy opening a Store
No worries, this is a positive and classy take on Teddy's store. What we would expect from a cool guy like Mark.
However, I bring up this video because it has some insights on both Youtube and opening up a retail store. Below is a summary if you can't watch:
"Mark, who owns Long Island Watch, a store that sells watches, says that YouTube is not a good way to make money unless you are extremely successful. He says that his own YouTube channel barely makes enough money to cover basic living expenses. He makes most of his money by selling watches in his store, and he uses his YouTube channel to drive customers to his store.
Mark says that Teddy Baldassarre is successful on YouTube, but that he probably needs a brick-and-mortar store to maintain his image and to sell higher-end watch brands. He says that opening a store is a big investment, but that it is necessary for Teddy to continue to grow his business.
Mark concludes the video by congratulating Teddy on opening his store and wishing him success. He also encourages other YouTubers to find ways to monetize themselves outside of YouTube."
What do you guys think about his comments?
Son of a watchmaker. Artsy farsy dude.
Huge respect for anyone who takes a risk and bets on themselves
Teddy will kill it, but yes YouTube doesn't make enough for the majority of people any more. They changed compensation and now you've got to get sponsorships and advertisers to stay alive
Interesting take. Never thought the “big” brands would require a physical presence. Thing with buying watches from Teddy as opposed to let’s say Topper or Exquisite, is the level of discounts. Maybe that changes with a physical location.
Teddy will kill it, but yes YouTube doesn't make enough for the majority of people any more. They changed compensation and now you've got to get sponsorships and advertisers to stay alive
Yes, I started a watch YouTube myself. But I knew going into it that it would be only a passion project.
I worked on it for a year and made $1,200. I'd make more flipping burgers at Wendy's haha. But it's been fun!
Interesting take. Never thought the “big” brands would require a physical presence. Thing with buying watches from Teddy as opposed to let’s say Topper or Exquisite, is the level of discounts. Maybe that changes with a physical location.
Honestly, I think a physical location is very hard business. Any retail. I think Mark is right that you can only do this with high end brands, like Cartier or Omega, etc.
Of course Rolex is a whole diff ballgame.
Huge respect for anyone who takes a risk and bets on themselves
Teddy is one of the big YouTube success stories for sure. I feel like I could buy from him as trust his integrity.
Honestly, I think a physical location is very hard business. Any retail. I think Mark is right that you can only do this with high end brands, like Cartier or Omega, etc.
Of course Rolex is a whole diff ballgame.
It’ll be interesting to see how he competes with more established stores. I do think there is a limit to loyalty to his YouTube channel vs buying high-end at his store. Wishing him the best of luck.
As usual, Marc gives a classy statement on Teddy and his brick-and-mortar store.
Love Marc and Teddy!
Discovered Marc's videos back in 2017/2018 when I first fell down watch rabbit hole. His watch reviews are already great and his "watch and learn" series are must see TV for anyone just getting into watches.
But his videos on the business side of watches are the best.
Some know I work in marketing and media, youtube buys are not cheap so many buy with sunk costs in mind. Marketing is an expensive facet of business. I applaud those that have made it this far. For every youtube success story there are scores of ones that didnt succeed.
We aren't Teddy and we definitely aren't Mark. But we try to carve out a niche in the watch market and then offer accessories for that market. I think of YouTube as just marketing. Instagram is the same. However it's just kind of cool to give away a watch band or case every now and then to someone who is new to the hobby or passionate about it. Love that we can actively be participating in passing the hobby on to younger generations.
I saw the video earlier and was impressed with Marc’s candid comments. Will be buying a watch from him now. I am not into divers so it will probably be a Seiko. His regret not working with Teddy was nice. Reminded me of Friedman shoes in Atlanta. They cater to people with large feet. Their is a ESPN 30 for 30 video about them on Vimeo. They were approached by a young man offering to go 50-50 with them on line. Turned it down. Next year they were watching a baseball game and saw a banner for the other company. Zappos.
Mark’s comment that the brick & mortar allows Teddy to sell higher margin product like Breitling and Omega is particularly insightful. Teddy has been selling some four figure brands like Nomos and Grand Seiko online, but now he can expand to others via the B&M. If you want an Omega or a Breitling and your local AD can’t source, Teddy will be the first thought for a lot of watch nerds now. The only problem is he’s investing in the B&M space at a time the watch market is softening. But if he’s careful at inventory management, this could be a really smart business plan for him.
Probably not applicable here. Sharing it anyways for keks.
The watch business, as any other business, is not easy…..if so, everyone would be doing it. I think that Teddy, who seems like a decent fellow, has tapped out on YouTube, watch bands, his wife now making YouTube videos, and what not.
I think the best way to go about this, is to have a career, kind of like “You’re Terrific” and do this stuff on the side to make some money and have fun.
Will this business be successful for Teddy, I hope, but with all businesses there’s the old saying it’s like “death by a thousand cuts.” Everything and everyone wants a cut, from the government, to venders, to insurance companies, etc…..
So, yes, I think he has to expand now or else he takes the risk of becoming one of many on YouTube doing this and then his “business” will start to contract. It’s a risk, but you have to take risks to grow. Unfortunately, if the economy tanks….which it’s on track to and is falling so far…..Teddy is on the hook for this debt. I hope he has a business degree!
I think Teddy is bankrolled by his Canadian friend who wrecks some beautiful horology by requiring every piece to have a red strap to match his pocket hankie. Maybe he's a Canadian Blood just representing against that big base of Crips that loves themselves watches? With that kind of backing all things YouTube and Brick N Mortar are possible
I watched it earlier today before you posted this and I think Marc is correct.
The bigger brands don't typically want to be involved with online-only sales (and those that you see are 'usually' grey market), so the bricks and mortar shop opens him up to some of those brands he clearly loves and has been cultivating for some time.
It actually makes a lot more sense, in terms of the real backstory, than Teddy suddenly thinking he's going to sell a ton of watches out of a storefront in Westlake, Ohio.
I saw the video earlier and was impressed with Marc’s candid comments. Will be buying a watch from him now. I am not into divers so it will probably be a Seiko. His regret not working with Teddy was nice. Reminded me of Friedman shoes in Atlanta. They cater to people with large feet. Their is a ESPN 30 for 30 video about them on Vimeo. They were approached by a young man offering to go 50-50 with them on line. Turned it down. Next year they were watching a baseball game and saw a banner for the other company. Zappos.
Yeah Zappos really blew up. Really loved their commercials.
As usual, Marc gives a classy statement on Teddy and his brick-and-mortar store.
If I bought new, Marc would be my choice even before Teddy.
Mark’s comment that the brick & mortar allows Teddy to sell higher margin product like Breitling and Omega is particularly insightful. Teddy has been selling some four figure brands like Nomos and Grand Seiko online, but now he can expand to others via the B&M. If you want an Omega or a Breitling and your local AD can’t source, Teddy will be the first thought for a lot of watch nerds now. The only problem is he’s investing in the B&M space at a time the watch market is softening. But if he’s careful at inventory management, this could be a really smart business plan for him.
Did you notice? Teddy responded to this video in the comments.
Some know I work in marketing and media, youtube buys are not cheap so many buy with sunk costs in mind. Marketing is an expensive facet of business. I applaud those that have made it this far. For every youtube success story there are scores of ones that didnt succeed.
I've had 3 channels before my current. None really blew up. It's not as easy as people think.
The watch business, as any other business, is not easy…..if so, everyone would be doing it. I think that Teddy, who seems like a decent fellow, has tapped out on YouTube, watch bands, his wife now making YouTube videos, and what not.
I think the best way to go about this, is to have a career, kind of like “You’re Terrific” and do this stuff on the side to make some money and have fun.
Will this business be successful for Teddy, I hope, but with all businesses there’s the old saying it’s like “death by a thousand cuts.” Everything and everyone wants a cut, from the government, to venders, to insurance companies, etc…..
So, yes, I think he has to expand now or else he takes the risk of becoming one of many on YouTube doing this and then his “business” will start to contract. It’s a risk, but you have to take risks to grow. Unfortunately, if the economy tanks….which it’s on track to and is falling so far…..Teddy is on the hook for this debt. I hope he has a business degree!
I think he's taking smart risks, not rushing to expand but taking chances. There really isn't any real money in YouTube.
I think Teddy is bankrolled by his Canadian friend who wrecks some beautiful horology by requiring every piece to have a red strap to match his pocket hankie. Maybe he's a Canadian Blood just representing against that big base of Crips that loves themselves watches? With that kind of backing all things YouTube and Brick N Mortar are possible
I've read speculation that old "Mr wonderful" is backing him. Maybe it's true.
I watched it earlier today before you posted this and I think Marc is correct.
The bigger brands don't typically want to be involved with online-only sales (and those that you see are 'usually' grey market), so the bricks and mortar shop opens him up to some of those brands he clearly loves and has been cultivating for some time.
It actually makes a lot more sense, in terms of the real backstory, than Teddy suddenly thinking he's going to sell a ton of watches out of a storefront in Westlake, Ohio.
Yeah if he's allowed to sell the top brands online as well as the store, it would make a lot more sense.
Respect. Marc and Teddy are classy guys.
I think Teddy is bankrolled by his Canadian friend who wrecks some beautiful horology by requiring every piece to have a red strap to match his pocket hankie. Maybe he's a Canadian Blood just representing against that big base of Crips that loves themselves watches? With that kind of backing all things YouTube and Brick N Mortar are possible
I hadn't thought of that. It makes a lot of sense and explains the growth pace.
Yes, I started a watch YouTube myself. But I knew going into it that it would be only a passion project.
I worked on it for a year and made $1,200. I'd make more flipping burgers at Wendy's haha. But it's been fun!
I can smell the Baconators now……
Guess I'm going to . . . Ohio?
I've read speculation that old "Mr wonderful" is backing him. Maybe it's true.
Teddy has directly addressed this and said there is no truth to those rumors.