Carving yourself a career in the luxury goods and services sector is no mean feat — especially when you’re up against established brands with hard-earned reputations. But if you like the finer things in life, have excellent taste and the confidence to mix and mingle with anyone, life as a luxury businessperson probably fits you perfectly. So here are four ways to break into luxury entrepreneurship.
A number of young entrepreneurs have made their mark in the niche Indian leather market in recent years. Gautam Sinha identified a demand for finely crafted travelling cases and lifestyle products made from leather and similar materials. And his Nappa Dori boutique leather brand now has a loyal following and looks set for further success. The Indian leather industry was worth $17.85 billion in 2015-16 and rival firms The Sole Sisters and The Trunks Company are now competing to grab their share. If you can spot a gap in the market and make quality your unique selling proposition, you could follow the examples of these go-getters.
A group of independent entrepreneurs in Nottingham, England have recently purchased a Victorian pumping station and aim to turn it into a luxury venue for high profile social events. The complex will include a plush bar, restaurant and banqueting suite as well as an al fresco dining area by the lakeside. So even if you don’t have the wherewithal to purchase a chain of hotels to rival the Hiltons, it’s possible to spot the potential of a promising property and use your imagination and commercial savvy to refurbish it in splendid style. If you have the knack for knowing how to entertain demanding guests and offer them an unforgettable experience, moving into this sector could be your calling.
There’s nothing more frustrating for customers with refined taste than running out of their favourite chilled champagne as they laze by the pool at a summer party. Dom Perignon teamed up with the Thirstie app last year to offer a one-hour delivery service to satisfy their fans in major US cities — meeting this pain point precisely. You might capitalise on a similar gap in the market by delivering fresh caviar, quails eggs, oysters or truffles. And this exclusive service could help you be the go-to firm for party planners that cater for wealthy clients but need key items promptly at the last minute.
Whatever bright idea you’ve got to help you break into the luxury market, topping up your entrepreneurial skills with an online degree is definitely a wise move. For instance, studying flexibly for an MBA will endow you with the commercial smarts necessary to ensure your business plans come to fruition and for your luxury startup to achieve sustained success. No-one’s automatically equipped with bullet-proof business savvy and learning from mistakes the hard way could sink your business. So boosting your education can prevent your dreams being destroyed.
These four ways to break into luxury entrepreneurship will help you steer your way to success.
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