58 Business Ideas Targeted At Wealthy People You Can Start Today [2022]

58 Business Ideas Targeted At Wealthy People You Can Start Today [2022]

Interested in starting a business that caters to the wealthy in 2022?

We put together 58 of the best wealthy business ideas you can start today.

For each business idea, we’ll show you real-world examples of other targeted at wealthy people businesses to help you see what it really takes.

Here's the full list:

1. 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.

How Much Can You Make?
$480,000/month
Time To Revenue
270 days
Skills
Business model

Case Study

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!

how-we-launched-a-2-5m-luxury-watches-marketplace

2. Start a bedding company ($452K/month)

At the end of a hard day, what we all need is a good night's sleep. A good quality mattress or bedsheet or pillow makes all the difference when it comes to sleeping comfortably. That's why so many people invest in quality bedding materials making it a profitable business idea to invest in.

The first step to starting a bedding business is to choose your niche. You need to decide what type of bedding you want to specialize in, which will help determine the kinds of products you'll be selling. Do you want to focus on luxury sheets? Or perhaps more affordable linens that are still high-quality?

Next, you'll need to find a manufacturer who can supply the bedding products you want to sell. You'll want to research different options and make sure they're capable of providing what you need at a reasonable price.

Once you've got all that lined up, start setting up your website and social media accounts! These are essential tools for any business owner—especially in today's digital landscape.

How Much Can You Make?
$10,000 — $14,166,667/month
Average Initial Investment
$47,937
Skills

Case Study

I’m Colin McIntosh, Founder & CEO of Sheets & Giggles, a pun-based, eco-friendly bedding brand that launched in May 2018 on Indiegogo with our first product: lyocell bed sheets made from eucalyptus trees.

That’s me in the middle after winning Denver Startup Week back in September.

starting-a-bed-sheet-business-making-600k-in-first-8-months

3. 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.

How Much Can You Make?
$32,000/month
Skills

Case Study

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.

how-we-started-selling-rugs-and-carpets-online-in-the-early-2000s

4. Start an interior decorating business

Interior design is one of the most exciting and rewarding fields to enter. Interior designers help clients create spaces that are functional, beautiful, and reflect their personalities.

The demand for Interior decor is booming and showing no signs of slowing soon. If you love enhancing the look of interior spaces, starting an interior décor business can be a great business idea.

To start an interior décor business, you must possess a working knowledge of space planning, textiles, color schemes, and more. You will work with architects, engineers, and builders to plan the look and function of indoor spaces.

Average Initial Investment
$500
Skills

5. 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.

6. 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.

7. 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.

8. Start a bed and breakfast business

Bed and breakfasts have been around for a long time. Owners interact with customers while they benefit from affordable lodging.

Travelers nowadays have a high interest in experiencing local culture, ready to take on the adventure of meeting and interacting with others from different backgrounds and perspectives in order to get a unique taste of how a small town or even neighborhood might live.

The great thing about starting at home B&B is that you don’t need a degree in business. You only need enough capital to purchase essential items needed to open your very first one.

Listed are the steps to start a bed and breakfast business.

  • Plan your business plan
  • Secure needed permits, licenses, and certifications
  • Hire Staff
  • Open a bank account for business transactions
  • Prepare your business for operation -Promote your business

9. 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.

How Much Can You Make?
$19,000/month
Average Initial Investment
$2,000
Skills

Case Study

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.

how-i-started-a-19k-month-personal-and-home-fragrances-brand

10. Start a laundromat

The first laundromat opened in the United States in 1887. It was invented by the entrepreneur Josephine Cochrane, who was frustrated with having to wash her family’s laundry by hand.

The laundromat is a self-service facility that provides washing and drying machines for personal use. There are many different types of machines available, including coin-operated ones and those that require a card. They also provide various types of detergents and fabric softeners for use with the machines.

A laundromat can make a lot of money if it is in the right location and has the right prices.

How Much Can You Make?
$83,333/month
Average Initial Investment
$850,000
Skills

Case Study
  • Mort and Nachshon Fertel created Sudshare, a website that links those who don't want to do the laundry with those looking to make extra money.
  • SudShare is primarily a technology company creating an Uber-like tech stack for laundry.
  • This business offers on-demand laundry services in over 400 cities and is the first and only one of its kind in the country.
  • SudShare is a marketplace for laundry. In total, the platform has more than 50,000 users.
  • The CEO of this business began his career as a Sudster (washer).

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11. 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.

12. Start a day spa business

A luxury day spa offers skin and body care, hair removal, makeup, and other body pampering treatments.

Luxury day spas have boomed over the past few years, and the trend will not stop anytime soon. Millions of people worldwide schedule to visit a day spa where they can relax, feel pampered and unwind. If you love helping people relax, starting a luxury day spa can be a rewarding business. It is not only fun but also profitable as long as you have a good business plan and find a great location for your spa.

How Much Can You Make?
$250,000/month
Average Initial Investment
$35,000
Skills

Case Study

Hello guys, my name is Gary Oberoi and I founded ZZ Day Spa 3.5 years ago. The goal was to make it the most customer-centric day spa in the world.

Our goal was to create a place for customers to not only come and receive a “service” but enjoy an “unforgettable experience.” To that end, we focused all of our efforts.

how-i-bootstrapped-my-way-to-a-3m-year-day-spa-business-in-new-york-city

13. 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.

How Much Can You Make?
$3,000,000/month
Skills

Case Study

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.

these-two-brothers-make-36m-year-selling-air-purifiers-and-generators-online

14. 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.

15. 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.

How Much Can You Make?
$25,000/month
Skills

Case Study

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.

from-film-to-real-estate-how-i-run-a-300k-year-commercial-real-estate-business

16. 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.

How Much Can You Make?
$7,000 — $400,000/month
Skills

Case Study

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.

starting-and-growing-a-jewelry-business-to-4-6m-year

17. 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.

18. Start a vintage reselling business

Designer vintage collection rises in value as it ages, making it a profitable business.

To start the vintage reselling business, research the market to find highly valued items. Then, analyze the target audience to determine what qualities they are likely to look out for when buying vintage products.

To start the business, you can source vintage products from craigslist and eBay.

Provided you can source quality products and can target an audience who has a bigger budget, you can earn good profits from a vintage reselling business.

19. 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.

20. 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.

21. 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.

22. 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.

23. 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.

24. 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.

25. 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.

26. 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.

27. Start a leather fashions business

Selling leather fashions is another great business you can initiate. High spending capacity and demand for leather products such as shoes and bags are substantial reasons making the leather fashion business profitable.

To start a leather fashion business, create a business plan and ensure all legal formalities are met. You can set up a leather processing plant, manufacture leather products for sale, or outsource the ready-made ones and resell them to your customers.

How Much Can You Make?
$1,000 — $75,000/month
Skills

Case Study

Hello! My name is Jacques Flynn.I am the founder and owner of the leather goods company JAQET.

We now consist of a small team based in Long Beach, California where all our products are hand made under one roof. We currently sell our products in boutiques across the globe as well as through our website.

starting-a-leather-goods-brand-and-manufacturing-your-own-products

28. 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.

29. Start a handbags retail kiosk

A handbag kiosk is a good place for men and women to buy beautiful handbags for different occasions. With the handbag market growing rapidly, starting a handbag kiosk business can be an excellent entrepreneurship opportunity.

To start, identify the target market, and choose an ideal location for your business. You may target a shopping mall near you or a clothing shopping center with high traffic of potential buyers.

30. 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.

Average Initial Investment
$200
Skills

31. 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.

32. 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.

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 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.

35. Start a carpet and upholstery service business

The floor carpet is one of the most common décor items. Carpets are extensively used in commercial and residential spaces to provide an aesthetic look. The increased use of carpets has influenced the demand for Carpet and upholstery services.

Carpet and upholstery service provides expert carpet cleaning services for domestic and commercial clients.

To start a Carpet and upholstery service, you will need quality equipment and experienced staff to serve your customers. Remember, carpet cleaning is one of those home improvement businesses that you must ensure quality service to keep customers coming back.

36. 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.

37. 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.

38. Start a luxury apartment selling business

Luxurious apartments feature better amenities and top-notch security. The demand for luxury apartments has also risen significantly. Increased purchasing power and the rise in unicorns have fueled the demand for luxury apartments.

If you are in the real estate business or interested in starting a realtor's career, the luxury apartments niche could be the best idea to start today. To start selling luxury apartments, join a brokerage firm or start your brokerage firm. If you are fresh from college and do not have the experience to go it alone, join a real estate brokerage firm.

Working under an experienced luxury apartments broker creates an opportunity to gain experience so you can start your luxury apartments brokerage firm.

39. 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.

40. 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.

More business ideas

  • 41. Start a summer camp
  • 42. Start a custom fireplace mantels business
  • 43. Start an automatic efficiency center
  • 44. Start a designer clothing reselling business
  • 45. Start a tree house kits business
  • 46. Start a silk scarves business
  • 47. Start a snowboards business
  • 48. Start a drapery studio business
  • 49. Start a slate tables business
  • 50. Start a satellite dish sales and installation business
  • 51. Start a book binding business
  • 52. Start a decorative partition screen manufacturing business
  • 53. Start an antique furniture refinishing business
  • 54. Start a home theater rooms set-up business
  • 55. Start a glass tinting service
  • 56. Start an art headboards business
  • 57. Start a collectible clothing business
  • 58. Start a vintage housewares business
Pat Walls,  Founder of Starter Story
Want to start your own business?

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meet the author
Pat Walls

I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.