So You Want to Start a Luxury Lifestyle Brand?
Ever since it became possible to start a business online, there has been an upswing of people leaving their nine-to-fives to become entrepreneurs. One of the most popular niches on the web is the broadly termed “lifestyle” brand, which covers everything from food to vehicles, home, and fashion.
If you’re craving the independence and autonomy of running your own business, why not see if you too could become an online entrepreneur? Whether you’re looking to explore your passion for lavish interiors or teach the world about high-end fashion, here are five things you should know about starting a luxury lifestyle brand.
Don’t Just Start a Blog
Starting a blog is an excellent way to establish your new business. However, if writing blog posts is all you’re doing, then it could take years before you earn a penny from your venture. Take your business seriously and invest in a professional website designer and a premium theme for your blog. Include an e-commerce platform like Shopify on your site so that visitors can buy the products you’re advertising, and you’ll soon start seeing profits. Regularly posting high-quality content to your blog will drive visitors to your site, but it’s only one aspect of building a brand.
Determine Your Mission Statement
There are thousands of luxury blogs and lifestyle brands on the web, so you’ll need to determine what makes your business unique. In other words, what gap in the market are you trying to fill? If you’re promoting clothes or home accessories, you need to think about how purchasing these items will change your customer’s lives for the better. Are you selling luxury maternity wear, for example? If so, your mission statement might be to provide high fashion to expecting mothers.
You may have decided to start a lifestyle brand because you’re a reader of luxury magazines and blogs, but that doesn’t mean you should try to mimic them. By all means, take inspiration from other sources, but you need to make sure what you are offering is authentic.
Once you have established your brand, you will need to market it. Don’t make the mistake of thinking you only need to advertise online. You could be missing out on local business if you don’t embrace hard copy marketing as part of your strategy. Use a free app to make a brochure for your business, and don’t forget to create business cards too.
Choose a Marketing Strategy
Luxury goods marketing can be complicated, but if you’re starting an online business, you’ll need to decide on a strategy for making money. The two most common marketing techniques are affiliate marketing and direct sales. Affiliate marketing is selling through advertising (e.g. links and blog posts) without actually holding the product in your hands. Direct sales (or Multi-Level Marketing) involves becoming an agent for a particular product and selling it for the company through your site.
Understand Your Audience
Lastly, you need to define what the term “luxury” means to both you and your audience? In some circles, “luxury” means handcrafted or custom-made, whereas others consider anything with a designer label and limited supply as luxury goods.