You could climb the ladder of nobility, like Arthur Wellesley, best known for commanding one of the armies that beat Napoleon at Waterloo. In recognition of his successful military career, Wellesley was made both a Baron and Viscount Wellington in 1809.
He was promoted to Earl of Wellington in 1812, later the same year to Marquess of Wellington, finally hereditary Duke of Wellington in 1814. And yes, he did design the wellington boot, although his original boot was made of leather.
However, hereditary peerages are rarely given nowadays, the last were in 1984. But life peerages (meaning the title will die with them) are given by the Queen every year (on the advice of the Prime Minister), as a reward for services to the nation.
A life peer is a Baron or Baroness, and they have a right to sit in the House of Lords (in Parliament), unlike most hereditary peers. A life peer can use just their surname e.g. Baroness Thatcher or use a place name, Baroness Thatcher, of Kesteven (in her home county).