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EXECUTION Building a Luxury Business

Discussion in 'Progress/Execution Threads' started by Burning Desire, Mar 23, 2019.

  1. Burning Desire
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    Burning Desire New Contributor Read Millionaire Fastlane

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    Starting a luxury goods business with a partner. My partner has been in the space for ~10 years and has a good understanding of supply chain, sales etc. We also have a few talented designers lined up. I'll be more on the corporate/business development side.

    The vision is to build a new global luxury brand.

    This will probably need external funding at some stage. We are aiming to create a minimum viable product in the output of a successful collection, and then scale it with proper funding.

    Immediate next steps are:
    - Launch website
    - Grow Instagram (currently at 3K high-quality followers)
    - Define the digital marketing plan
    - Work with designers on the first collection
    - Generate leads for bespoke items (target is to do >$100K profit in 2019)

    Thinking to do either weekly or monthly updates. Probably the latter.
     
    ruzara5 and Dre2001 like this.
  2. Logomet
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    Logomet Bronze Contributor

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    Can you give more details about the brand?

    Any advice on getting high quality followers...why they follow you?
     
    AgainstAllOdds and ruzara5 like this.
  3. ruzara5
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    ruzara5 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Maybe some CENTS. Bespoke as a niche and lux is evergreen. Combined with a unique product. Could carve a path.
     
  4. mercenariez
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    mercenariez Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Sounds like a lot of work, but with high potential returns. Good luck.
     
  5. Burning Desire
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    Burning Desire New Contributor Read Millionaire Fastlane

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    Oops, I promised myself to post regularly, but then didn't do it. Not helpful to track progress publicly I guess, but it's not because the wheels haven't been turning. Have to post more often.

    Update:
    - We have launched a beta version of the site. It looks pretty good, but is a bit unstable across different platforms (i.e. works great on PC but less so on mobile - think it should be mobile optimized)
    - Got a couple of clients through word of mouth (we did not really expect this) who want to have bespoke work done. Pretty cool that this is coming through already
    - We found a very talented designer who lacks the skills to operate a business. Truly a win-win for our format (note that we did kiss quite a few frogs, but such is the barrier to success)
    - Met a few photographers who can document our work properly. So far we have taken pictures ourselves. While we are pretty good, we are definitely not pros
    - Currently building the framework to launch a capsule collection with the designer we found. Still hammering out the commercials

    We are really bootstrapping most of the work so it's all going a bit slow. We did hire some guys to do some basic follow/unfollow on IG.

    Once we have some traction I may share more details. Getting high-quality followers is very difficult these days. IG is saturated with good content. Basically you need top-notch content and actively engage with people in your niche. If you post a lot you may get lucky. Sometimes it's just about picking up a top spot in a medium-sized hashtag and a big influencer engaging with you. Obviously you can't spend the entire day on social media interacting with people, so we tend to have a blend of true interaction (we) and hired guns (i.e. offshore assistants).
     
    ruzara5 likes this.

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