Are you Interested in starting a luxury brand for the elite but not quite sure what to start?
Stats show that upper-income households have seen more rapid growth in income in the recent decades.
Growth in income means an increase in spending power. The rich prefer the luxury brands as they have trust in their superior quality, good service, unique craftsmanship, and longevity. To them, luxury businesses increase their self-esteem and provide a sense of belonging.
If you are looking to go into entrepreneurship this year, consider the luxury business ideas.
In this post, we present 59 profitable luxury business ideas for your inspiration. In addition, we interviewed owners of some of the businesses targeting the elite class, to give you an idea of what it takes to start a luxury business targeting the elite class.
Here they are:
1. Start an antique business ($15K/month)
For those targeting the elite class, the notion of owning an antique and vintage business can be fulfilling and profitable.
Antique businesses focus on procuring items at a low price and restoring them, then selling them at a profit. The items can include old toys, cars, bikes, household items, crafts, vintage jewelry, etc.
Opening an antique item store may seem somewhat daunting. However, once you have researched the items available and acquired the necessary skills and expertise, you will be ready to kick off.
For some, a storefront with enough storage for antique items might fit the bill. For others, an online store will work pretty well. Regardless of your approach, the secret is applying your entrepreneurship strategies to an overall framework for success.
In 2013 I decided to start a company where I would restore antiques and antique toys. After 25 years of working in education and information technologies, I decided to cash out my 401K savings to start Hoosierboy Restorations. I began in my mother's garage and quickly began receiving projects to restore. I quickly outgrew the small 2 car garage and expanded my operations to my present 2200 sq.ft. facility.
7 years later, we have restored hundreds of projects. Everything from 100-year-old toys, to historical furniture, to a T-33 Airforce jet ejection seat.
2. Start an online rug store ($32K/month)
Online rug stores sell fine hand-woven or hand-dyed antique rugs, carpets, and textiles. Some potential customers looking to purchase exceptional old rugs, carpets, and materials are auctions, collectors, academics, museum curators, and homeowners.
If you are a home décor enthusiast, purchase and resell rare and important rugs or carpets online or even open a store in the neighborhood. If you are starting, always begin with a nearby product, something local or with close suppliers. Costs will be less, and probably logistics problems will go near zero.
Also, take controlled risks, as it's easier to test and fail cheaper than ever. Online services and tools make you ready to launch with a few bucks, so go try, sell and take feedback. Probably, you are nearer than you think to success.
As you advance, source fine textiles and fragments of rugs from Europe, Persia, India, Turkey, Morocco, China, and other countries respected for their rug-making expertise.
Market your rugs and carpets online or open a local rugs store targeting rug and tag run & carpet lovers.
I ́m Manuel Mas and I run with my family Mundoalfombra.com since the year 2001, where we sell rugs and carpets, most of them created in our town in Spain: Crevillent (near Alicante). My brother Antonio is our CEO.
We’ve been growing by 20% since the beginning of this decade thanks to SEO, Google Ads, and Facebook and Instagram ads, making around $23K/month revenue.
3. Sell leather accessories ($20K/month)
The leather industry is among the oldest manufacturing industries in history. It is no surprise that the leather goods market will surpass $623.44 in the next few years.
The leather business is a lucrative idea for entrepreneurs targeting the elite consumer. Just as we know, the rich love antique leather collections ranging from shoes, clothes, purses, accessories, and bags.
If you are targeting the leather market, you can begin as the manufacturer, retailer, or even the distributor.
As a manufacturer, you will be responsible for the designs, and ensuring that the end product suits whatever purpose the end-user may have in mind. Distributors or retailers work with the manufacturers to make sure the customer gets the products best suited for them.
Hi! My name is Sonal Malhotra and I am the co-founder of Silviano along with my brother Nakul Malhotra.
4. Start a perfume business
A fragrance or perfume business creates and sells products made from various ingredients, such as oils and extracts, which are mixed together to produce a pleasant smell.
And perfumes are no small business: the industry is expected to reach over $40B in the next few years.
There are a few ways to get started with creating your own perfume. You can start by choosing which ingredients you would like to use, and then find recipes that will work for those ingredients. Or, you could start with a fragrance that you already love and try to recreate it as closely as possible with natural ingredients.
Hi, my name is Rafael Hernandez and I am the founder of Alfred Lane. I have a line of personal and home fragrances handcrafted in small batches out of our Miami studio. I began selling solid colognes initially as an alternative to spray colognes and released three fragrances.
The business generates $19k a month in revenue. In 2020, the company had its best year ever. I opened a production studio where we make everything and hired a studio assistant all within the last 5 months. It’s been more than 8 years since I started and the journey has been a wild one.
5. Become an interior designer ($110K/month)
Interior designing involves making indoor spaces safe, functional, and beautiful by determining space requirements and selecting essential & decorative items such as colors, lighting, and materials.
The global luxury interior design market is growing at a CAGR of 9.0%. The growth metrics show there is great potential for entrepreneurs targeting households.
If you are starting a luxury interior design business, focus on style and specialty. Add valuables with creative professions such as interior design, so you stand out from the rest. Ensure you hire the right people and hone the brand identity.
Well, to make a long story short, my mother and I started this company together in 1996. I was working as a staff interior designer at a private firm in NYC, and my mother, Rosemarie was the manager of the Estate and Trust department at a large Law Firm. We both HATED our jobs and dreamed of doing our 'own thing'. We had no idea what that looked like, and so we turned to our passion..antiques and design.
That passion has morphed into a boutique design firm that boasts over 1M in annual revenue and has completed hundreds of trophy projects.
6. Sell air conditioners
Heating ventilation and air conditioning have become vital in our households and commercial areas. Therefore, the demand for suitable air conditioning systems will keep rising.
The air conditioner business involves selling, installing, repairing, and replacing AC units.
To establish trust with your customers, you must take steps to be as professional as possible. That should involve setting up a website, educating the target audience on the importance of HVAC units, and partnering with industry experts such as manufacturers of these systems to provide your customer's customized solutions.
Hi all! My name is Eugene Ravitsky. I co-founded FactoryPure with my brother, Mike. We are an online retailer covering several product categories with an emphasis on heavy goods, particularly generators. We also carry smaller items, like drones and electric skateboards.
Our cumulative sales were $2.6M in 2017 and $6.1M in 2018. Today, we generate around $3M per month in revenue.
7. Start a jewelry box business
Jewelry boxes and organizers help consumers store and organize bracelets, earrings, rings, and necklaces. Consumers with an increased purchasing power spend their money on jewelry collection and hope to keep the pieces tidy and neatly.
With the Jewelry market witnessing growth, the demand for jewelry boxes will also increase. The growth is because consumers are interested in purchasing attractive packaging and will even pay higher prices to get a beautiful and aesthetic look.
If you are interested in starting a jewelry box business, the best target would be jewelry manufacturers and their customers. Supply attractive jewelry boxes that will meet the consumer's needs.
I am Nikolay Piriankov, the Founder and CEO of Taylor & Hart. We are an award-winning, disruptive e-tailer of custom-designed, ethical engagement rings, wedding rings, and fine jewellery, that capture your story. Our online platform, processes, and brand democratises bespoke jewellery, allowing us to offer this service at scale. Taylor & Hart's vision is to reconnect customers with the original purpose of jewellery - a personalised product that tells a unique story.
Recently we closed a seed round of £1M. The London based Garage Soho, an early stage investor and brand builder also supported us in the last round.
8. Sell auto alarms
Although cars come with an inbuilt alarm system, owners choose to upgrade the alarm systems to keep the vehicles safe from thieves.
Therefore, the auto alarm sales and installation business is in high demand and can be lucrative to start as long as you love things to do with car alarms and GPS tracker systems. To ensure professional services, consider undertaking the alarm technician’s course. Through the course, you will learn how to install or service the alarm systems and related components.
Some of the services offered by alarm sales and installation professionals include fitting alarms and immobilizers, tracking devices, upgrading the existing systems, fault diagnosis, and repairs.
Before starting, research the car alarm industry in your area and check the current alarm installation prices, the alarm trends, and find out what customers want.
9. Start a commercial real estate guide business
A real estate guide is the liaison between commercial property buyers and sellers. The commercial real estate guides are responsible for finding the potential property, listing a property, negotiating prices, and much more roles within the real estate industry.
Starting a commercial real estate guide business requires good industry knowledge. Know who are the potential buyers and find ideal commercial properties for sale or lease within your area.
As a commercial real estate guide, you may earn commission from the property sellers or charge the buyers a convenience fee for helping them find the ideal property faster and efficiently.
Rapid urbanization across the globe is one of the factors driving the demand for commercial spaces in major cities and towns. Therefore, investors are searching for local commercial real estate guides to assist them in finding ideal locations for their businesses.
Hello, my name is Wayne Steinberg, principal of Highline Real Estate Advisors. I’m a seasoned commercial real estate broker on Long Island. My focus is tenant representation which means my fiduciary responsibility is sole with the tenants who lease space in office buildings.
10. Start a luxury watch business ($480K/month)
Luxury watch businesses specialize in selling handmade watches that feature significantly high-end materials. The luxury watches are very complex and have lots of complications, while they are made using in-house movements.
According to statistics, revenue in the luxury watches segments amounts to $47.92 Billion in 2022. Analysts expect the market to grow annually by 2.69% over the next years. In relation to total population figures, luxury watch businesses generate a per person revenue of $6.29.
Starting a luxury watch business is a great business idea for those passionate about style, fashion, and jewelry. You can sell luxury watches online from your own store built on an eCommerce platform such as shopify, on third-party marketplaces such as Amazon, and eBay, or at a local storefront.
I am Pablo, leading Chronoexpert, a marketplace in the luxury goods industry. We currently focus on the luxury watches vertical and believe that pre-owned is the future. The pre-loved market is growing +20% year over year and is expected to surpass the ‘new market’ in the next 10 years.
This project was launched almost 3 years ago and is currently above the 2,5M€ revenue. Still low for our expectations, and need to continue pushing harder and exploring new opportunities. If you are in the luxury watches industry, please contact me!
11. Start a sell Italian leather bags
Italian leather bags have received admiration for being one of the best leathers in the world. They feature the most resistant and strongest leather, assuring the customers of a unique product.
I’m William Scott Forshaw and I am the founder and CEO of Maxwell-Scott. Maxwell-Scott is a British-born luxury leather goods company for the refined professional seeking timeless design and high-quality craftsmanship. As a brand, our ethos is to support slow fashion by creating impeccably-made leather pieces for our customers to cherish and pass on through the generations.
Plus, last year we were nominated for Drapers’ Accessory Brand Of The Year which was a true reason to celebrate. I am so immensely proud of the progress that the team and I have made and know that there is so much more potential for growth.
12. Start a scarf making business
A scarf is the piece of cloth worn loosely on the shoulders, around the neck or the head. A scarf making business focuses on designing and knitting fancy or customized scarves for their customers.
Hi guys! My name is Miriam Zelinsky and I’m the founder of Lazyjack Press. I started the company more than five years ago in order to create a better quality prep brand.
Customers will regularly tell me how well my ties physically tie and how they’re better than, not only the other prep brands but the bigger European players in the game, which was shocking to me! I never intended to compete with the big designers – I just wanted to create a fun and better quality brand. It’s not only the monetary success, but the positive feedback and seeing people’s reactions when they learn the name of a tie makes it all extremely worth it!
13. Sell luxury smartphones and tablets
Luxury smartphones and tablets feature a highly unique array of capabilities and services. The luxurious brands are beyond the distinctive features and futuristic technology, with some running on kinetic energy and made from expensive metals.
14. Start a gazebos business
A gazebo is an elevated permanent or temporary structure often set up in the backyard, serving as an outdoor resting space. Selling and installing gazebos is a wonderful business idea with a low barrier to entry.
15. Start a patio cover business
Patio covers are essential investments for residential and commercial spaces. A patio cover business sells and installs the covers and targets residential and commercial customers.
16. Start a foot massage business
A foot massage business involves working on the clients feet with pressure either manually or using mechanical aids, hence promoting relaxation and health.
17. Start an antique furniture refurbishing business
Antique furniture is a collectible interior furnishing that adds a timeless quality to a space. Antique furniture features attractive designs that looked good 50 or 100 years ago and remains attractive today.
18. Start a manners training business
Manners training business teaches people in the right formal behavior to help them grow career-wise or to network effectively.
19. Start an online factory direct business
Online factory direct businesses source products directly from the factory and sell them to the consumer through an online portal.
20. Start a drive-thru laundromat business
A laundromat business provides self-service commercial washers and dryers within a retail space and customers pay for the usage of the machines.
21. Become a bed and breakfast owner
Bed and breakfast is a sort of a hybrid between a luxury hotel and a private home. The host offers the guest affordable accommodation featuring a bed and breakfast at the room's price. B&Bs offer affordable accommodation and are becoming popular among travelers who prefer a private setting.
If you have realistic expectations, B&B can be a profitable and enjoyable business. To start, you can renovate and turn your home into an inn. Alternatively, you can build or buy a ready house and convert it into a modern B&B.
22. Start a spa retreat center
Spa retreat centers offer yoga, meditation, healing treatments, and counseling sessions to support the patient in finding balance and a sense of wellbeing. However, wellness retreat centers can be unique, so the exact classes, workshops, and treatments can differ.
With the growing demand for wellness retreat services, starting your spa retreat center can be profitable. To start, identify the target market, and establish a facility. You can choose to offer a mobile retreat service or equip a physical facility where you will serve the customers.
23. Start a wine production business
Do you understand the basics of wine production? Starting a wine production business can be a significant step to building a stable financial future. A full-production winery buys its grapes from reputable sources, then crushes and processes them onsite.
If you plan to start a wine production business, note that it might take up to 4 years to take any product to market. Besides, you must invest upfront in expensive production equipment and purchase grapes from reputable farmers.
Focusing solely on the wine production business allows producers to focus more on winemaking. Therefore, you can capitalize on a particular trend faster and often produce more exciting wines.
24. Start a boat cleaning service
Boat cleaning is a low barrier to entry business, with high-profit margins and low competition. If you love working on boats and looking forward to starting boat business, this could be your best time to start the boat cleaning business.
To start a boat cleaning business, target the regions where boats are a popular means of transportation and fishing. Advertise your business, and focus offer superior service, so customers keep returning and referring your services to others.
25. Start a custom tailored clothing line
My name is Ray Li and I’m the founder of Sene. We combine classic styles with radical comfort, and custom-make each piece to fit. Every order is covered by our 60 Day Guarantee - free alterations, remakes, exchanges and returns.
Our collection for men and women currently spans custom shirts, custom pants and bottoms, custom outerwear, custom suits.
26. Start a sell luxury apparel and accessories
When she was working corporate jobs in New York City, Sarah LaFleur hated getting dressed in the morning; the choices in her closet felt overwhelming, many items didn't fit right or wore out too quickly. So in 2011 she launched a line of clothing for working women that would be simple, elegant, and well-tailored. She had no experience in fashion but partnered with a top-line designer, Miyako Nakamura, to create M.M.LaFleur. Today it's a multi-million dollar company with loyal customers from Capitol Hill to Silicon Valley.
27. Start a luxury streetwear brand
Hey, my name is Lachlan Sonter and I’m the owner, designer and everything guy for the Australian Lux Streetwear brand, Deal with Devil. This business started, in 2017, out of a necessity for my own well-being, and has been working creatively through the brand ever since.
Customers are always so grateful for the service we provide always trying to reach a luxurious standard whilst at an affordable price for many people. And people are always so connected to the story about dealing with our demons and what that impact is on all our lives. Having that feedback from customers is what makes me want to continue this story and push for more collections and reach more audiences, because we all have these negative moments in our lives, and we can all relate to them. I think that’s what makes the brand so special.
- Global personal luxury goods industry - statistics & facts at Statista
- Luxury goods market at Fortune Business Insights
- The Luxury Goods Industry: Facts, Statistics And Key Trends For 2022 at Truly Experiences
- Global Powers of Luxury Goods 2021 at Deloitte
28. Start a red carpet service business
The red carpet is loaded with metaphorical meanings relating to showing respect and honor to a person. The red carpet can be bundled with valet parking, professional ushers, event planners, and professional emcees.
People will roll out red carpets for special guests. Therefore, demand for these red-carpet services is high and can be a great business opportunity.
Unlike other services relating to event management, the red-carpet service is easier to start and involves minimal overhead costs. Once established, red carpet service could attract repeat customers and word-of-mouth referrals.
29. Start a flying school business
Do you love aviation, and are you looking for a business opportunity within the aviation industry? You may consider owning an aviation school.
To start a flight school, you must own or lease at least one aircraft. As the business grows, you can increase the number of flights and hire more flight instructors to meet the growing demand. Some flight schools also invest in a flight simulators. A flight simulator is a rare investment that helps you to increase your revenue and to decrease the cost of regular flight school operations.
Owning a flight school can be a lucrative business opportunity. However, operating a flying school business is full of good and not-so-good surprises. You must know how to wear several hats and be ready to face the challenges of investing in a flight school.
30. Start a pedicab service
A pedicab is an environmentally friendly tricycle powered by a cycler's legs. Riding a pedicab around parks is the most unique and memorable experience. Besides, pedicabs provide a great transportation option within colleges and residential areas.
If you are interested in starting a transportation-related business, you may consider starting a pedicab line. You can start manufacturing pedicabs or become a pedicab distributor.
31. Start a custom French doors business
A custom pair of French doors is an excellent choice for homeowners who wish to create a wholly edited space. Are you in the welding and metal fabrication business? Creating French doors can be a profitable venture.
To start your French doors business, find locations where the construction of residential properties is booming. You may partner with homebuilders or contractors in your region, who can connect you to the property owners.
32. Start a yacht rentals business
Owning a yacht for a rental can be a profitable business venture. Chartering yachts presents a unique opportunity that can lead to profitable opportunities.
To start a yacht charter business, find the right market. Consider markets where the weather is good for water activities and a region frequented by tourists. Then, write a comprehensive yacht hire business plan that includes all expenses and revenue opportunities for your business.
You can buy or lease a yacht. Leasing can be a short-term plan, but buying your yacht is the ultimate long-term plan for your business.
33. Start an auto paint shop
Auto painting is a proven and stable industry that can be very profitable if run well. Starting a professional automobile shop is not as difficult as it may seem. However, you will need a trained and experienced employee and proper auto painting equipment to run a successful business.
Consider a joint venture with an existing automotive repair shop that does not offer auto painting service as a strategy for reducing the startup investment to get your automobile painting business running. A partnership minimizes the startup investment and reduces the monthly operating expense significantly.
34. Start a safe installation business
A safe is a strong fireproof cabinet with a complex lock, and it is used to store valuables. The safes and vaults market is growing at a bigger rate than ever before. The market growth is fueled by the need to safely store cash and other valuables. Safes and vaults can be classified into:
- Cash management safes
- Gun safes and vaults
- Depository safes
Starting a safes installation business can be profitable. To start the safe installation business, you can start manufacturing and installing custom safes for residential and commercial customers. Alternatively, you may source ready-made safes and offer the installation service only.
35. Start a tanning salon business
A tanning salon is where affluent clients expose themselves to ultraviolet light to darken their skin. A tanning salon offers a wide range of benefits, such as improved appearance, enhanced mood, and increased vitamin levels.
Depending on your location and operation, a tanning salon can be profitable. You can establish your tanning salon in a gym, spa, hotel, or within a sporting facility.
36. Start a water taxi business
Do you have boating skills and want a business opportunity to leverage your certification? If you live by a water body, water transportation is in demand. Therefore, starting a water taxi service is a significant business venture to set in motion.
In addition to providing a water taxi service, you can offer sightseeing tours to tourists visiting the island. To start operations, register your business, and procure a boat through buying or leasing.
37. Start a personal concierge business
A personal concierge is a professional who makes arrangements and performs tasks on behalf of busy people. Services offered by a personal concierge include:
- Carrying out personal errands
- Event planning
- Moving/relocation services
- Dinner reservations
- Home and carpet cleaning services
- Home repair and maintenance services, e.tc.
Personal concierges work remotely and can serve many people. To become a personal concierge, choose a niche and write a business plan. Determine the business structure and obtain necessary licenses or permits. Finally, register and market your business.
38. Sell antique furniture
Vintage pieces are making a big comeback to our homes. The vintage furniture business allows homeowners to repurpose items others thought may not be worth keeping.
To start a vintage furniture business, research and find the possible suppliers in your area. For instance, you can collect vintage furniture through websites like eBay or Craigslist. Alternatively, you can purchase antique furniture from homeowners or auctioneers in your neighborhood.
Do you have a passion for timeless styles? Consider starting an antique furniture business.
39. Start an auto performance center business
An auto performance center provides the best auto repair, brake service, tires, transmission, and engine servicing to keep the vehicle tuned. With more vehicles being registered annually, the demand for auto care and performance will keep increasing.
Therefore, launching your auto performance center today could be a noble business idea. To start an auto performance center, find an ideal location and register your business. You will need diagnostic and servicing machines and trained auto engineers or mechanics.
To lower initial investment costs, you may partner with an existing business that does not offer auto performance services. An auto body shop or a car detailing business in your neighborhood is a good option.
40. Start a private jet business
A private jet is an aircraft designed to transport small groups of people. Private jets offer a controlled, flexible experience, which commercial flights cannot offer. Demand for private jet charter services has soared, a trend that has created a business opportunity for entrepreneurs.
Business people, celebrities in the entertainment industry, and politicians are some people using private jets more often. If you are interested in aviation and looking to start a business, you may consider the private jet sector.
Your options include becoming a private jet pilot, buying and selling private jets, a private jet service center, or a private jet charter service.
41. Sell luxury cars
The luxury car business is a niche market targeting super-rich people with substantial disposable income and displays of wealth.
Starting a luxury car business requires a considerable investment in terms of Cash. To start the luxury car business, write a good business plan and study the competition. Understand the market trends so you do not end up stocking luxury cars that will not fetch a good profit. Register your business and create a tax account to keep up with the tax payments.
42. Start a theme bunk beds business
Bunk beds are suitable for children's and teens' bedrooms. They give children ample sleeping space and save floor space, making them ideal for siblings who share a room or for hosting visitors during those occasional sleepovers.
If you are interested in woodworking, you may start a bunk bed business. Two options include buying and reselling ready-made bunk beds or making bunk beds onsite and selling them to your target customers.
More business ideas
- 43. Sell antique sideboards
- 44. Start a satellite dishes production business
- 45. Start a slate tables business
- 46. Start a drapery studio business
47. Sell luxury handbags
In the age of changing trends, luxury bags have started a popular item among the new consumer class.
Experts predict that the luxury handbag market size will register a CAGR of 5.6%, to reach $89.9 billion in a few years. The global luxury handbag market is segmented based on type, distribution channel, and region.
Therefore, starting a luxury handbag market in 2022 remains a viable business opportunity. To start, decide on the niche and identify the target market. You must study the customers and understand their preferences regarding style, color, size, and other factors they consider when buying luxury handbags.
Wilglory Tanjong is a 25-year-old young entrepreneur who is the founder and designer of Anima Iris. This brand sells bright & colorful, fashionable geometric hand-stitched women's handbags to go with every outfit.
Anima Iris has made over $700,000 in lifetime sales since its launch in February 2020, including $603,819 in 2021 alone.
Wilglory developed this community using innovative content creation techniques and dynamic marketing initiatives. As a result, the company expanded quickly, and Beyoncé promoted one of their collection on her Instagram.
Recently, this business has been bringing in about $100,000 per month in revenue.
This company has been highlighted in Elle, Harper's Bazaar, InStyle, Vogue, and Essence. Additionally, Anima Iris appeared in Season 5 of Issa Rae's hit HBO series "Insecure".
Read the full story on cnbc.com ➜
More business ideas
- 48. Start a medical equipment exports business
- 49. Start a glass tinting service
- 50. Start a decorative partition screen manufacturing business
51. Start a fireplace installation business
The majority of homeowners install new gas fireplaces in autumn before winter arrives. With a fireplace installed, you simply hit a button or flip a switch on the wall to start enjoying instant ambiance and warmth.
Starting a fireplace sales and installation business can be lucrative.
More business ideas
- 52. Start a hide-a-beds business
53. Become a snowboard manufacturer
Snowboarding is a fun-filled winter outdoor activity. Every year, thousands of snowboarding aficionados travel to snow-covered surfaces for snowboarding. The recreational and competitive winter sports activity has created a lucrative business opportunity for snowboard manufacturers.
More business ideas
- 54. Start a book binding business
- 55. Start a collectible clothing business
- 56. Start a home theater rooms set-up business
- 57. Start a headboard art business
- 58. Start a tree house kits business
- 59. Start a luxury children’s events business
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