Most people think of startup business ideas that solve everyday problems. While they often prove lucrative, they do pose one issue: competition. As a result, it makes sense to think of profitable concepts with fewer competitors. When you start a new business, you want to do so in sectors that aren’t saturated with competition. One such example is the luxury goods and services industry, believe it or not! Sure, it’s a niche market that only caters to the wealthy. But, it’s easier to make a profit, and, indeed, a big one too!
Assuming you can raise the money you need, here are five inspiring startup business ideas to consider:
- Luxury Smartphones
Let’s face it; most people own and use a smartphone of some description! The thing is, a discerning mobile user wants a unique device that is unlike those owned by the masses.
Brands like Vertu create mobiles made with materials like leather and sapphire crystal. There is a clear demand for bespoke, hand-made smartphones. Of course, you wouldn’t have to create devices from scratch. You could offer gold or silver-plated models from existing manufacturers, for example.
- Luxury Fashion Accessories
Individuals with a significant disposable income enjoy the finer things in life. When it comes to fashion, many of those people prefer items they consider investments. They could range from diamond earrings through to shoes and purses made in Italy.
And let’s not forget about other fashion accessories such as belts, rings, and wallets. While there is some competition, the luxury fashion accessory market isn’t saturated. If you have a keen eye for elegant fashion, this concept is for you!
- Luxury Children’s Events
Irrespective of their parent’s wealth, children all have one thing in common: fun! They want to enjoy participating in all kinds of activities and play with their friends. When it is a child’s birthday, they love to share their special day with their family and friends.
There is a big gap in the market for luxury children’s events. From a commercial bounce house to a butler service, you could provide it all! Many parents want to host exclusive parties for their offspring so you could help them with that!
- Luxury Jet Hire
Traveling between two destinations by plane can often be a stressful time. It applies in particular when you have to travel in economy class on a packed flight! For that reason, many high-net-worth individuals prefer to hire luxury jets instead.
Of course, it’s not only the hire of a private jet that you could offer. Providers also include concierge services to take the hassle out of traveling. That can include things like a door to plane limousine service and on-plane catering.
- Luxury Concierge Services
Most wealthy people haven’t the time to organize trips or buy groceries. They would prefer to spend their time focused on growing their business interests. One niche market that is quite profitable is the luxury concierge service industry.
In a nutshell, you offer your clients a service where you can take care of almost anything. Your business could be their dependable personal assistants! If you provide a network of concierge services across the world, it also gives you a unique selling point.