Did You Find the Luxury Within?

Each month we’re seeing better numbers on the decline of the pandemic. That’s gratifying, as many of us have spent a lot of time indoors over the last year or so. We’re now ready to get out and experience life again. Luxury, retail, and hospitality businesses are reopening. But if you’re a luxury entrepreneur, before you run outside, I hope you’ve used some of your time to carefully consider what you’re doing. 

Hopefully you’ve reflected on the kind of business you want to create, and the kind of client you want to serve. If you’re new in business, this is an essential exercise. If you’ve been in business before, and haven’t achieved the level of success you’d like, this is a good time to come to grips with what you must change going forward. Your business should be thriving, but if it isn’t, there’s probably one of two reasons: (1) You cannot or will not decide to take action that could create more success for you, or; (2) You’ve decided you should act, and perhaps you’ve begun, but you will not stick with your decision and be fully committed.

You must be remarkably disciplined to be successful in any business. The millions of new entrepreneurs coming into the market during the pandemic will soon find that out. The wind is in your face. Discipline in your decision-making, and the actions surrounding those decisions are big factors in your success. Business owners engaged in high-end, luxury products or services, are particularly challenged because your client is more specialized and usually more demanding. They should be, as they’re spending more money than they would at a business that hasn’t defined itself as a luxury brand. As the leader of a luxury business, there are unique decisions to be made. But you also must be careful, because you have nice things, creations, and wonderful adventures to get lost in, which can distract you from the tough-minded work of recognizing and making the right business decisions. Luxury has a very large group of fans who like looking at, experiencing, and commenting on what’s going on in luxury. That’s fine, but you also have to take care of business. 

Now, about running your luxury business, I urge you to focus on the nuts and bolts. I chuckle when I read all the stories and latest statistics about the luxury sector, suggesting your big decision is out there somewhere. You know the stories such as how this or that particular trend is taking over, or how a new generation of buyers have a different view of what luxury is, and so on. Many who observe and write about this market are constantly saying, “Look over there!” While these notable shifts in the interests and habits of buyers are important, I think the biggest challenge facing luxury business owners, like you, are in your own head. 

Luxury must be inside of you. It must be inside of your heart and mind. But you also must focus on what I call the Holy Trinity of luxury – marketing, selling, and service, relentlessly. Those three things should guide your decisions day-to-day. For example, there’s the “who” decision. “Who” are you serving? Are your marketing efforts aimed at the right person? Can you get to them, keep them engaged and build a relationship with them? How do you close the deal? And how do you do that daily? You’d be surprised how many luxury entrepreneurs do not have answers to these questions, nailed. Then they get frustrated the business is not where they would like it to be. 

The next big decision is who you must be to build and grow your luxury business. Many business owners do not personify luxury. If you could hear what some of the businesses sound like that we speak to at our offices, you’d understand more clearly. Many luxury businesses lack the poise, confidence, and refinement to create a distinctive business. Many do not even notice what’s lacking. In time, the business drifts to a low-end version of itself and then performs accordingly, permanently.

The good news is this can all be fixed. But you must decide to find and cultivate the luxury within. We can help. Become a Taylor Insight Member. 

Take your first step in membership here: https://taylor-insight-worldwide-llc.mykajabi.com/the-art-of-grand-newsletter