But that impression of quality must extend to the way you present your business to potential investors. A luxury store needs a luxury identity that makes a professional impression from Day 1. Wise can help you create that.
Las Vegas, Nevada (PRWEB) December 19, 2013
High profit can mean high expectations from investors, and good planning can make the difference between having big dreams and making those dreams a reality."Luxury items are a draw for retailers and consumers for similar reasons -- they are considered a mark of quality to both the buyer and the seller," said Joseph Ferriolo, president of industry giant Wise Business Plans, which creates plans for companies of all sizes around the world. "But that impression of quality must extend to the way you present your business to potential investors. A luxury store needs a luxury identity that makes a professional impression from Day 1. Wise can help you create that."
Ferriolo said the luxury retail industry can offer great rewards to those savvy enough to plan well and make a good first impression.
"Luxury is 90 percent perception," he said. "You can talk about high-end brands and upscale locations, but if you hand a venture capitalist a cookie-cutter, 'off-the-rack' business plan, he's going to write you off. You have to first sell yourself as top-shelf before you can sell anything else."
IBISWorld says "aspirational shoppers" are helping to fuel the luxury goods boom, and Ferriolo said they can be seen as good role models in some ways for new businesses.
"'Aspirational shoppers' buy things that make them look like the people they aspire to be," he said. "They know that looking and acting the part are often half the battle in a world that puts so much stock in presenting a polished image. Young businesses can learn something from the often-young shoppers they hope to draw: Dress for success. For a new or expanding luxury brands company, this means having a well-designed, professional and customized business plan."
Wise Business Plans (http://www.wisebusinessplans.com), staffed with professional MBA writers, researchers and financial experts, is a trusted partner for businesses across a broad spectrum of products and services. Our mission is to empower our clients to make the best possible business decisions, boost company performance and facilitate their funding success by laying the groundwork for strong businesses that excite, inspire and retain talented and exceptional employees.