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GoldenTime Watch Boutique and Repairs

Wednesday, December 3, 2014

Vick Danayan is a 4th generation watch maker, who worked in the family business for as long as he can remember. In 2006 he launched his own store at Devonshire Mall called GoldenTime Watch & Jewelry Repair, and for nearly a decade has offered, "each and every one of [his] customers the very best in timeless value, selection and service without ever compromising on quality." Two years ago he expanded his business with a second location on Dougall Avenue, and is now taking on his biggest challenge yet; he is moving from his kiosk at the mall, to a much expanded and astounding watch boutique which he designed himself!

I interviewed Vick and here is what he had to say.

What was your experience starting your own small business?

At the start it was a great struggle. I opened my doors at a time of recession; people were focusing on necessities and were not looking to invest in luxury items. During my first year, I realized I was in over my head - I had a storefront and a kiosk, and I was forced to shut down the store and lay off my staff. I began to work 90 hours per week just to make ends meet and pay my bills. I reduced my overhead, stopped selling jewelry, focused more on services, and worked as hard as I needed in order to make my business successful. It was not until almost my fourth year that I began to make a profit.

What differentiates you from other watch and jewelry stores?

My customers are #1; this was instilled in me by my father when I worked for him. I provide my customers personalized service, and I believe this sets me apart; I go above and beyond for them.

I am expanding my business and I will open my new store in December; I will also be expanding my services. I will be able to do watch and jewelry repairs on-site, engravings, and will have a larger selection of watch lines, as I will have more space. I have a great vision for this watch boutique and I am truly aiming to exceed all of my customer's expectations.

What is the best advice you can give someone who is starting their business today?

Don't be afraid to fail - opening your own business is tough, but you need to put 110% into it; no successful businessman started off successful. A business is something you have to build from the bottom up and that takes time; don't expect to make a profit right away. There will always be challenges along the way, don't give up. Give your business everything you have because its success will depend on you. Think of it as an investment in yourself and your future!

A quote I always keep in the back of my mind is:

"Success comes to those who become success conscious. Failure comes to those who indifferently allow themselves to become failure conscious."
- Napolean Hill

I also think it is very important to know about the available resources in your community. I wish I had known about the Small Business Centre when I was opening my business, I could have used the guidance and supports that you offer. The more I hear about the programs available through the Small Business Centre like the Starter Company program that offers training and mentoring to young entrepreneurs like myself, the more I want people to take advantage of such great resources to realize their own dream of starting a business.

Are you exploring entrepreneurship?  Are you looking to start or expand a business?  We can help.

The Small Business Centre has provided thousands of entrepreneurs with the training and support necessary to start and grow successful businesses. From concept, through start-up and early growth stages of business, the Small Business Centre is a one-stop source for information, guidance and professional advice on starting and operating a business.

Whether you are just getting started or looking to expand your business, we are here to help. We provide easy access to information, resources and complimentary consultations on all aspects of your business needs every step of the way.