Launching a new luxury brand amongst a host of long-established competitors isn’t for the faint-
hearted. But it’s far from impossible — when the first Rolls Royce car was unveiled in 1904, the firm’s global
reputation was far in the future.
Nowadays, whether you’re introducing a new niche watch or designing high-end yachts, you might need to collaborate with outsourced firms to cut costs as you enter the fray and establish your reputation.
So here are five organisations that support your luxury startup.
1. The Yard Creative (TYC)
Before splashing out on expensive permanent physical premises, placing a pop-up shop in a shopping centre or fashion event can be a great way to test the water.
And pop-up and kiosk designers TYC create award-winning temporary stores that beautifully reflect your branding and allow you to interact professionally with customers, the media and potential investors.
2. Council of Fashion Designers of America (CFDA)
If fashion’s your forte and you’re based in New York City, the CDFA Fashion Incubator programme is designed to support emerging fashion designers with subsidised design studio space, educational seminars, business mentoring and exclusive networking events.
Similar incubators and elevators have been established in cities around the world to encourage entrants to diverse industries and they provide a vital springboard to success — search online for one near you.
3. SD Worx
While you might forego a substantial salary until your luxury business gets off the ground, it’s unlikely you’ll attract and retain talented teammates for free.
But paying staff accurately and on time is traditionally the remit of an expensive HR department and the associated costs can be a real strain on a nascent enterprise.
However, automated payroll providers SD Worx supply bespoke software solutions that take care of onerous payroll admin tasks, ensure tax regime compliance and provide useful analytics for management reports.
4. Instagram Business
Social media can be a reasonably cost-effective way of showcasing your products, building up a fan base and generating interest from other media.
Facebook and Twitter are popular, but a visual platform like Instagram can be great for sharing stunning images of desirable luxury goods.
There are over 500 million Instagram accounts active each day worldwide and 80 per cent of them follow a business — the platform’s in-house commercial arm Instagram Business can advise you how to make it work effectively for your entrepreneurial exploits.
5. Moneypenny Virtual PA
Some startup entrepreneurs overstretch themselves in an attempt to cut costs, with the result that they burn out and their businesses might even go bust. And one operational area that’s easy to overlook is personal assistance — but it’s easy to miss a crucial meeting if it’s not been diarised efficiently.
So virtual assistant agency Moneypenny PA might become a crucial connection that facilitates hiring a skilled and experienced assistant for a few hours each week to ensure that everything’s ship- shape.
Link up with these five superb support organisations and your luxury startup will soon be a household name in the most prestigious properties.
Have you launched a luxury startup? Share your advice in the comments section.