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Why Your Business Should Be a Luxury Business
If you're an entrepreneur with something unique and valuable to offer, it can be best for everyone if you go luxury
This post is for those in this Club who are considering - but have not yet committed to deploying - a luxury strategy for their business.
(Yes, I know “luxury” can be a loaded term. Truth be told, I shied away from the descriptor myself at first. But as we’ll explore in future posts, I think there’s merit in claiming - and elevating - what “luxury” means… This post is meant as an introduction as to why).
Today most mainstream entrepreneurs are taught to implement a “bottom up” business model - starting with a free or low-ticket offer then upselling into “high-ticket,” which is (usually, at most) $3K -$10K.
But… What if you were to flip this on its head for a “top-down” luxury strategy? If you're truly committed to excellence, why not start at the top with your highest-end offers (and make enough to start / fund a charity for those who can’t yet afford what you do).
Best of all, this luxury strategy has magnificent all-around benefits - for your clients, your business, and your lifestyle as an entrepreneur!
Here are just some reasons why:
1.) People Pay Attention When They Pay
If what you create is valuable and can make a positive difference in someone’s life, you do your clients a disservice by just giving it away.
When someone makes a significant investment in your product or service, they will be more likely to treat it as the value it is, if only to be sure to get a return on their investment.
2.) You Bring Out Excellence
Who do your clients have to be (or become) in order to afford your ultra high ticket offer? Who will you have to be in order to serve them at a luxury level?
Setting a high price is setting a high bar – but you’ll be making the world better by holding high expectations for yourself and others.
3.) You Attract Better Clients
Not everyone will be able to afford your ultra-high-ticket offer. In fact, you might only be able to sell to just a few. But that can be good. Especially if you can replace your current income with fewer clients to serve (and more time for your other endeavors).
Plus, those few who will pay you at the highest levels will be more likely to deeply appreciate and respect all that you do. These are often the “dream clients” that you will look forward to waking up every morning to work with.
4.) You Self-Actualize More (Becoming More of Your Unique Self and Less a Copy of What Everyone Else is Doing)
In order to sell at the highest level, you’ll want to lean in to what makes your work distinctively valuable as well as what gives your personal brand a sense of unique charm. That’s how you build a profitable personal brand as a luxury entrepreneur.
Luckily, it’s a virtuous spiral - the very act of insisting to position yourself with stratospheric prices itself makes you that much more remarkable and a true stand-out in an overcrowded market.
5.) You (Finally!) Get Financial and Time Freedom
If you became an entrepreneur for the potential freedom it provides, becoming a luxury entrepreneur is generally the most efficient (and enjoyable!) way to achieve that goal.
You’ll work less and with fewer clients, but with greater financial abundance. Also, because adding more experiential ease and deep enjoyment into your offers is often essential to becoming luxury, you’ll probably get to partake more of that desired lifestyle yourself.
Starting next week, we’ll be doing a Deep Dive on Kapferer and Bastein’s “24 Anti-Laws of Luxury Marketing” which draws on lessons from successful luxury brands to help you create a solid foundation for a profitable high-end business model - much to look forward to!