Questions

About a month ago I started a new instagram called LoveForLuxe. It's gaining a lot of attention but don't know what kind of business to make it?

So this instagram I created is particularly catered to those who love and admire luxury. For the month that I have had it has had a very good steady gain of followers. Since it has gained so much traction in the past month I've been trying to come up with new ideas to make this name and title an actual business. What are some business ideas that you think I can turn LoveForLuxe into? I've thought of luxury concierge, real estate, luxury marketing, etc... With the expertise of already accomplished business persons on this Q&A app I'd love to hear what other options I have towards a business with this name. Thanks!

3answers

I have worked in brand development for over a decade.

Have you ever thought about doing a high end concierge service? People answer questions and send pictures to have high end goods and gifts selected for them.

Give me a call! I would love to brainstorm!


Answered 5 years ago

Greetings!

After looking at a few pages of posts on your Instagram page, I would say there are several things you could incorporate into one business. Thinking outside the box, I would say find and establish relationships with car dealers, real estate agents, etc., as well as personal owners, and discuss rental options with them. You bring them clients (who get a certain discount) and they pay you a business service fee in return. If I want to rent a lambo in San Diego, I call you and you set up the appointment for me. This can work with cars, houses, time shares, even jewelry. Anything that can be rented can be available. It's just a matter of finding the supplying source(s).

Other ideas that come to mind are tattoos, shirts, stationary, autographed pictures, paintings, custom screen savers, mouse pads, vision/dream board creation services, private charters (yacht, airplane, etc.), and vacation package deals to name a few off the top of my head. If I were obsessed with luxury items, I would want to be surrounded by them as often as possible and/or have access to them whenever I want.

Find YOUR true passion. Think of how and where you want to spend your days. Carefully and seriously focus to imagine yourself already doing those things, then reverse engineer the steps it will take to get there and you will have a general plan of attack to start from.

I hope this helps. Take care and best of luck!

Daniel


Answered 5 years ago

As a former manufacturer who did a lot of work in the instagram space, here is my opinion.

You aren't quite there yet.

1500 followers in a month is awesome. Your next 1500 are likely going to be much easier, and the 1500 after that.

What you have right now is attention and there are two ways to monetize that:

1. Advertising on behalf of others
For lifestyle brands I have seen promotions for single posts go for around $100 per 100,000 followers. It could be a while before you get there and I don't think the juice is really worth the squeeze.

2. Creating your own product
You're on the right side of developing an audience before investing in a product. Way too many people sit on inventory and sunk cost doing that the other way around.

One of the problems with instagram is that it's difficult to promote offers outside of it. You have to post a link in the comments typically so it's not exactly the best landing page.

Also (this a property of monetizing any list) you don't necessarily know what your list is going to respond to and how.

Maybe you could sell a ferrari rental to 1/5000 people.
Maybe you could sell a travel package to 1/25000 people.
Maybe you could sell a premium wallet to 1/1500

If you tried to sell a travel package right now though, you could get a negative response and give up on a potentially lucrative income stream.

I would prioritize growing the instagram channel and finding inexpensive ways to test each of these markets. Let me know if you need any help on strategy for this.


Answered 5 years ago

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