The Luxury Makers had been around for a year now! A very life changing year that re-defined what the business is and what does it stand for.
The Luxury Makers, which started as a luxury and high PR concept, ended up diversifying into several arenas in the luxury industry to become a high end luxury provider with the capacity to function locally, regionally and internationally.
In effect, we dedicated our whole first year in business to curate and collect the best luxury services we can provide. And we partnered up with some of the best providers in the four corners of the world, to make sure that our every single line of business is delivered perfectly. From international business intermediation, private aviation, high end events exclusive accesses, luxury acquisition, and high end real estate; to fame management, niche marketing, high PR and business consultancy; our partners and we make sure you and your business are served luxuriously.
In this article, we are celebrating our one year mark with 7 lessons we want to share with you as a new business in the luxury industry, and some major news to close on a high note! So read on, and learn with us …
-Always start by working on your expertise, skills, network, name and high PR; the business will definitely follow.
-Generate high quality relatable content about your business, it will attract both high end clients and great strategic partners.
-Stay selective and do not rush client acquisition, because we promise you that the top 20% of your high end clients will generate 80% of your income. This is why you need to focus on quality instead of quantity. In the process, make sure your cash flow can support a long business development pipeline.
-Always have your business development efforts as well as actions plans, planned ahead. You will be surprised with opportunities, and you will want to be ready to jump on board on short notice. For that, we also recommend having a flexible business model.
-Stay patient with cash, but not with opportunity. You want to be ready to seize any good opportunity, and still be able to stay selective. Strike a good balance between deliberate planning, quality control and opportunity seizing.
-Do not bite more than you can chew in the beginning, and make sure you manage your expectations and those of your partners. You will need to allow a pipeline of 18 months to test the waters and make necessary adjustments.
-Most importantly stay motivated, business in the first period is hard and will be taxing you patience, endurance and motivation!!
On our first year of The Luxury Makers, we did follow all of these business rules, and made sure we are doing things right up front, even if that means less market presence but a better quality of in-house work and luxury supply.