There is no denying that entrepreneurialism is alive and well. Thousands of us decide to quit our day jobs and pursue our dreams of running a business and establishing a new brand in the marketplace. Of course, we all know that some types of businesses generate more revenue than others.
It’s likely you are reading this because you’ve got the entrepreneurial bug and you’re keen to start a new business soon. But, you always want to make the most amount of money possible. So, with that thought in mind, here are 10 boutique startup ideas that cater mainly towards an affluent (i.e. wealthy) audience:
- Custom Yacht and Boat Sales
Have you ever noticed how some of the wealthiest people on the planet order new yachts and boats that cost as much as a private island in the Caribbean? Take the Superyacht A, for example. It cost Andrey Melnichenko and his wife a cool $323 million! Of course, you don’t have to sell yachts worth such values to make a high profit for your efforts. You may just wish to sell upmarket yachts and boats in an affluent part of the country.
2. Luxury Electronics
You may not know it, but there’s a lucrative and growing market for luxury electronics! Many wealthy people enjoy owning goods that few other people have due to their exclusive and unique nature.
While some companies create electronic products from scratch and market them only to affluent customers (such as Vertu), it’s possible to make existing items like iPhones and games consoles look more unique and valuable. For example, some companies gold-plate smartphones and other consumer electronics.
3. Bespoke Products
We all know that products such as virtually any computers made by Apple have a premium look and feel to them. One startup idea is to launch a boutique bespoke products company! You could reimagine existing household and commercial products and finish them in metals such as aluminum and stainless steel, for example.
Offering such boutique products isn’t as hard as you might think. If you invest in the right tools like a laser cutter from Boss Laser and the appropriate machining tools, you could offer reimagined versions of existing products that are the epitome of luxury and quality!
4. Personal Shopper
Affluent people seldom have the time to traipse around stores and determine which look is right for them. When it comes to buying clothes and accessories, it makes sense to use the services of an experienced personal shopper.
If you offer such a service, you will get paid handsomely for your time-saving shopping and trend-setting ideas!
5. Fashion Boutique
If you would rather sell clothes and related accessories to people instead of solely offering a service to source and supply them, you should consider opening up a fashion boutique. As mentioned earlier, affluent people yearn for exclusivity, and so you will seldom see them buying their clothes from the places that everyone else does.
With that in mind, if you have a good eye for fashion and style, and you know the types of upmarket garments that wealthy customers are likely to buy, why not set up a fashion boutique? Of course, you should make sure that you do so in an upmarket part of the town or city where you live!
6. Limousine Hire
Many of the world’s top executives and celebrities prefer to get driven around town in style. Also, it means they have more time to focus on catching up with emails, paperwork, and phone calls instead of driving.
Limousine hire companies that cater exclusively to the high end of the market make lucrative profits, and their services are always in demand.
7. Event Planning
There are times where wealthy people want to organize events such as parties, wedding receptions, and so forth. The thing is, most affluent people are unlikely to have the time or expertise in turning their event ideas into reality.
As a boutique event planning consultant, you can be the person that takes each client’s visions and makes them memorable events. All you need is a network of industry contacts and experience of setting up events for high-end customers. And while it’s not a business idea that isn’t stress-free, it’s most certainly an exciting and lucrative one!
8. Life Coach
Because money isn’t a concern to them, wealthy people constantly want to find ways to enhance their lives and make them more efficient and productive. The thing is, some of those affluent people struggle with personal issues like confidence, for example.
If you are an experienced life coach, you can use your skills and experience to help the more affluent members of society lead more fulfilling lives.
While money can buy you almost anything your heart desires, what it can’t do is tell you the best look for your home! One of the ways to earn a living and attract high net worth individuals is by becoming an interior design consultant.
In a nutshell, your job is to advise clients on the styles that would be most appropriate for their homes. You would also help to source and supply things like one-off materials, fabrics, and furniture from all around the world.
10. Jewelry Maker
As you may have gathered by now, there is a recurring theme here, and that is wealthy people want things that no-one else (or few other people) have. Whether it’s a gold-plated smartphone or a rare Ferrari sports car, if they can afford to buy it, that’s what they will do!
Jewelry is one such area where you can target your products exclusively at high net worth individuals. You could create things like rings, necklaces, and earrings that look exquisite and feature some of the world’s rarest and most valuable diamonds.
Your startup could also offer a bespoke design service, to cater to those that really must have one-off designs in their possession!