The ultra rich spend a lot of money, but not on cars, clothes, and jewelry. According to NBC and a report from the Spectrem Group, people with a net worth of $25 million spend most of their money on traveling and fixing up their mansions.
And what industry do those endeavors fall under ladies and gentlemen? Services. Like the ones you provide on earnest.com. A full 74% spend more than $10k a year on vacations and travel and 91% spend more than $10k per year on home improvements. Among these ambitious home-improvers, 16% spend more than $100k.
Just another piece of evidence that services are the place to be. There’s really no cap to how successful service providers can be with the right moves and little savvy. I’m just guessing, but I’d bet those $100,000 kitchens need personal chefs. I bet they host some killer parties that need servers and entertainment, and I bet they don’t clean themselves up. I would create a gunk-under-your-appliances-removal company if it meant I could set one little toe near a Viking stove surrounded by a sea of marble countertops.
One of the most important things to remember when getting a business off the ground is to keep your overhead low. If you have a sponge, some Ajax, and an eye for baked on grime, you’re in the kitchen clean-up business. That’s $8.00 to get started with no limit to how far you can go.
Crusted-on cheese makes you want to ralph? Someone has to build that kitchen, order the Viking, decide if a copper sink would clash with the mahogany woodwork. Someone has to keep an eye on it while it’s parents are soaking up Dubai. Someone has to arrange for a limo to pick them up when they land in Dubai and make sure the kids don’t get sunburned or bored.
Services are about building, not only structures and careers, but infrastructure. Services beget services, which create opportunities and jobs that pull us all out from under a clinging recession. The best part about it is that you don’t need anything but a skill and a little drive to control your own destiny and build something that’s yours and that helps others thrive too. Your gunk-under-the-appliances-removal company might only be a small drop in our giant economic bucket, but even little drops make big ripples.
If you get to clean that pretty viking, will take a picture for me? Thanks.