He Started a Luxury Side Hustle at Age 13 — Now the Business Earns More Than $10 Million a Year: 'People Want to Help You When You're Young'

Michael Morgan, now nan 25-year-old proprietor of Iconic Watch Company, sold his first Rolex Submariner erstwhile he was conscionable 13 years aged — a waste that came astir chiefly retired of boredom. "When you're 12, 13, you usually get saturated of things very, very quickly," Morgan tells Entrepreneur. "So wrong six months [of buying it], I knew that I wanted to waste [the vintage Submariner]."

How did a 13-year-old extremity up pinch a side hustle trading costly watches? From a young age, conscionable astir 8 aliases nine, Morgan says he had an appreciation for "old things." It began pinch Porsches — "I could prime retired everything astir them." But kids can't spell retired and bargain a car, truthful Morgan started to cod coins, stamps and fountain pens earlier turning his attraction to watches.

Image Credit: Courtesy of Iconic Watch Company. Michael Morgan.

"I'd ever liked watches," Morgan recalls. "My dada had a mates of bully watches. When I was astir 10 years old, I started to publication astir watches constantly. Pocket watches first. And overmuch for illustration coins, stamps and pens, I realized pouch watches are not really useful. And from location on, I spent astir of my clip reference astir watches. [The book] Vintage Rolex became nan focus."

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Morgan pored complete nan pages of that book each time and yet bought his first vintage Rolex Submariner astatine property 12, trading a mates of watches he owned and utilizing immoderate savings to make nan acquisition that would footwear disconnected his side hustle. "I retrieve it costs maine $3,500, which astatine nan clip seemed for illustration a tremendous sum of money," Morgan says.

Morgan listed nan watch for an "optimistic" $5,500 connected an online forum — and was somewhat amazed erstwhile nan portion sold wrong 2 days for $5,200. That was erstwhile "the ray bulb went off;" Morgan realized that his hobby could double arsenic a superior money-maker. Although taking nan business full-time wasn't imaginable for nan young entrepreneur then, he saw nan task arsenic thing nosy that could thief him bargain much watches.

"[When I said] 'I'm really 14 years old,' he was blown away. And he really ended up becoming a [regular customer]."

A fewer years later, Morgan knew his watch-selling side hustle was nan existent deal. It already took up astir of his time, and "school was decidedly secondary." Morgan sold watches during his luncheon hr and regularly facilitated transactions successful nan $50,000-and-above range, he says. Despite nan early successes, erstwhile he was starting out, Morgan didn't for illustration taking telephone calls — because they would springiness distant his age.

"I had this 1 customer who was willing successful buying 2 watches, truthful I knew that I had to do a telephone call," Morgan recalls. "I'm connected nan telephone pinch him. I came disconnected okay, and astatine nan end, he asked maine really aged I was. I was like, Oh god. I told him [I was 14]. First, he thought it was a joke. [But erstwhile I said] 'I'm really 14 years old,' he was blown away. And he really ended up becoming a [regular customer]."

Although being a young entrepreneur wasn't without its challenges, it did travel pinch 1 awesome advantage — "a batch of group want to thief you erstwhile you're young," Morgan says.

Related: When This Entrepreneur Couldn't Decide What to Name His Business, He Started a $2,000-a-Month Side Hustle to Help — Now It Earns Over $10 Million a Year

By nan clip he was 18, Morgan had nary liking successful college, but his parents encouraged him to go. He ended up interviewing astatine nan University of Southern California. The first speech didn't spell well, Morgan admits; nan interviewer asked vague questions that didn't let his entrepreneurial acumen to shine. But his begetter arranged a 2nd question and reply truthful Morgan could talk his business, and by nan extremity of that meeting, Morgan says nan interviewer was pitching USC to him. Morgan was excited to be and enrolled, but by nan clip his inferior twelvemonth rolled around, balancing his workload arsenic a student and business owner wasn't sustainable — and he wanted to spell each successful connected watches.

"There's astir apt 30 progressive group perpetually searching [for vintage watches]. So title has gotten highly fierce."

These days, property isn't Morgan's biggest business challenge: That would beryllium sourcing nan vintage watches he sells. "The problem is we're dealing pinch aged watches, and location aren't that galore awesome pieces retired there, and arsenic clip has gone on, location are much and much group searching," Morgan explains. "When I first started, location were astir apt 5 to 10 awesome group successful nan U.S. actively buying vintage. [Now], there's astir apt 30 progressive group perpetually searching. So competition has gotten highly fierce."

Image Credit: Courtesy of Iconic Watch Company

Morgan says he's gained a estimation for sourcing immoderate of nan rarest vintage watches — chiefly Rolexes — and has flown crossed nan world to get immoderate of them. "A item would beryllium uncovering nan lowest serial number and perchance first known Rolex GMT-Master from 1955 recovered via an Instagram DM pinch history tracing to Walt Disney," he notes. Morgan loves nan pursuit and admits that "finding nan adjacent awesome watch is what gets [him] going each azygous day."

Morgan's dedication to nan business has helped it flourish: He's sold thousands of watches to clients crossed nan globe, and since 2017, yearly gross has exceeded $10 million, pinch a superior attraction connected backstage sales. And 1 notable caller transaction? He sold a 1970 Rolex Cosmograph Daytona ref.6263 "Paul Newman" for $750,000 to a salient collector successful Asia.

Related: 3 Secrets to Starting a Small Business Side Hustle That Gives Your Day Job a Run for Its Money, According to People Who Did Just That — and Made Millions

Passion made it imaginable for Morgan to return his watch business from side hustle to a institution that's grossed much than $110 million, truthful nan entrepreneur encourages each young, aspiring entrepreneurs to find theirs — and travel it into ventures of their own. "Take advantage of your passion if it tin lead to a business," Morgan says. "It's a very fortunate opportunity to have. It makes each nan hard work progressive pinch moving your ain business that overmuch much enjoyable."

This article is portion of our ongoing bid highlighting nan stories, challenges and triumphs of being a Young Entrepreneur®.