Many people might think of such goods as jewelry, vehicles and clothes when they hear the phrase luxury branding. It might not seem like an obvious choice for the small business entrepreneur who doesn’t have access to millions in capital, but there are a number of goods and services that can be positioned as small business luxury brands. Hospitality is one of those brands, and whether you’re hoping to open a high-end bed and breakfast or inn or run tours, it is key that you understand how to reach and market to the right audience.
Get Your Business Bona Fides
One of the culprits most likely to bring down a small company or entrepreneur is a simple lack of business acumen. It’s not uncommon for a person to start a business because they are in love with the product or service they are selling, and this can be a plus. No one else can provide that high-end yachting experience, tour through France’s Luberon region or provide that exquisite weekend in a country inn like someone who loves it as much as you can do. Unfortunately, this love is not enough to sustain a business. You also need to understand the basics of how to run your own company. This can be true even if you are already a business owner. Ten years of running a bookkeeping business is probably not going to leave you prepared to open an art gallery or exclusive restaurant. Depending on your background and your timeline, you might even want to consider going back to school to take classes or get a new degree.
Financing
In addition to the financing you’ll need to get started, you’ll also need financing if you’re planning to go back to school. You can pay for the latter with a mix of grants, student loans and savings. Keep in mind that you are not just restricted to federal aid. You can also take out private student loan. Research both brick-and-mortar and online lenders to get a good sense of what a reasonable repayment plan. Grants and loans may also help you fund your small business along with along with money from investors.
How High-End Differs
You are looking at a very different approach to your customers than that of most other types of brands. Think about what attracts you to the most exclusive and expensive brands. Profitboss founder Adam Guild says that for the luxury experiences you want to offer is exclusivity, and that means that whatever you may know about traditional marketing methods, such as offering discounts, won’t work here. The uniqueness of your offering to a niche of customers is your strength. No other brand can compete because no one offers quite what you do. Your prices may be high, but that also means you must deliver impeccable quality and unforgettable experiences. Another marker of high-end brands is that they carry a kind of symbolism. While other brands might focus on functionality or more bang for your money, you need to think more about the exclusive values you want to convey. This could be rooted in the origin story of the brand itself or a story you tell about yourself as the owner.
How to run your business
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