New Business Trends: Catering to the Wealthy

women attending yoga class

In his bestselling book Outliers, author Malcolm Gladwell talks about the 10,000-hour rule. According to his studies, if you want to play the piano like Mozart, shoot hoops like Michael Jordan, or box like Floyd Mayweather, you need to put in an average of 20 hours per week for 10 years. And the time itself is not enough. It has to be a focused, consistent effort if success is what you want to achieve. There is no room for laziness, procrastination, and doing things half-meant.

This concept is something most wealthy individuals fully understand. They know making money is not an easy thing to do. Rather, it requires commitment, self-motivation, and sacrifice. You have to sacrifice leisure time with your friends, hobbies, personal relationships, and even sleep.

So how do the wealthy do it? How do they find time for their businesses while being able to maintain personal commitments? The answer is outsourcing, delegation. They pay others to do what they can’t do themselves. And by doing this, they create a wide variety of new business possibilities for the rest of us, a new market catering only to the top one percent of the population.

Having said that, let us look at some interesting “rich market” ideas for aspiring entrepreneurs to explore.

High-End Personal Assistants

A personal assistant is usually in charge of doing chores, running errands, and performing other menial tasks needed. For the super-rich, it’s not about buying a cup of coffee at the local Starbucks or dropping off a winter jacket at the dry cleaners. Instead, it’s about driving a Porsche to a luxury car repair services shop or planning a lavish anniversary celebration at the Four Seasons Hotel in New York City.

As such, it requires the services of someone attentive to detail, precise, punctual, and reliable. Without these qualities, it is impossible to build trust with your client. Remember, self-made millionaires, know what it takes to get to the top. Hence, they will not trust their most precious assets to anyone aside from a consummate professional.

Real Estate Management

One thing most people like to do when they have a lot of money is buying properties. Some like to buy or build their dream homes. Others look at property as a short or long-term investment to increase their wealth even further. A third group buys real estate as a show of power. No matter the case, these individuals need somebody to manage their properties and make sure everything is working fine.

As a high-end real estate manager, your job is one of many responsibilities. First, you should handle the day-to-day activities of the property, including cleaning and maintenance. Second, you need to keep track of real estate market trends. Finally, you should network and be in constant communication with potential buyers and sellers.

Of course, good communication skills are essential. So are knowledge of the industry, being proactive, and keen attention to detail.

Vacation and Tour Planning

Wealthy people love to travel. They love to explore and see what the world has to offer. But they don’t like spending 20 minutes on a computer making a flight reservation or waiting in line at a hotel to check-in. They travel because of the destination itself, not the logistics involved in making it happen.

A vacation or tour planner catering to the rich will handle these and other similar tasks. He will also offer alternatives, plan activities, do research, and create a comprehensive plan that will make this experience as entertaining, smooth, and fulfilling as possible.

man training woman

Personal Health and Wellness Coaching

Another great avenue in which to venture is personal health and wellness. According to the Bureau of Labor and Statistics, health-related occupations are the fastest growing industry in America. It is expected to continue at least for the next decade. Thus, the possibilities are endless.

One option is to become a certified fitness coach or nutritionist. You could also look into starting a business of private chefs. If you are interested in a more holistic approach, you could serve as a personal wellness advisor or yoga instructor. Most celebrities hire the services of one or more of these experts in the field. So do the rich.

As we have seen, there are plenty of new business opportunities catering to high net-worth individuals. You could work as a personal assistant or a real estate manager. Other areas are vacation planning and personal health.

No matter what you choose, remind yourself that the rich are different; they are unique. If they weren’t, they wouldn’t be where they are. As a result, you should also be different. You should provide a first-class, exemplary level of service. If you do so, perhaps one day it’ll be you doing the hiring.

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