Q1. How and when did you start your Entrepreneur Journey to serve into Wedding industry? What did inspire you to start your own business? Th...
Q1. How and when did you start your Entrepreneur Journey to serve into Wedding industry? What did inspire you to start your own business?
The inspiration of starting my company, Vighnharta Gold Ltd was to make Gold accessible to everyone and making investment in gold easy and digital. Our product serves an important role in Weddings as it makes parents prepared for the expenses which they would have to incur in the Wedding.
Q2. Kindly describe more about your business, your role, products/services.
We, at Vighnharta Gold, offer 3 products, all of which revolve around the funding needs of Weddings. First is the "Booking product" which gives customers the benefit of booking Gold on interest free EMIs. Second being the "Deposit product" which gives customers a 5% increment on the pure gold deposited with us. And thirdly "Membership" which provides customers a relief on the hefty Making changes charged by some renowned jewellers (upto 75% off on ornament making charges).
Q3. Please share about unique feature/specialty/USP of your Product/Service.
The USP of our product is our "Price Lock facility". When customers book gold with us, the rate of gold is locked to the value on that date, making gold an accessible commodity to customers across diverse financial backgrounds. Buying gold on interest free instalments then becomes a very profitable option against buying the entire quantity all at once and blocking the funds.
Q4. How would you explain the importance of your role into a Wedding?
Our importance in a wedding is similar to that of Gold's importance to the wedding. We help the families by providing them with safer and better investment options in gold for the purpose of marriage. Our role is to help parents build a sustainable plan for the future wedding expenses.
Q5. What are the most common challenges you face at the wedding you are handling?
One of the challenges that we face every day contribute more towards the social awareness about digital gold products and how the same would help in actual physical gold needs for future events. Digital gold products aren’t a competition to the physical gold ones, but act as complement to each other and help build a portfolio which is not only safe but also expected to yield a higher return.
Q6. How do you deal with these challenges?
Educating people around the different digital products that we offer isn’t an easy task, but is dealt with by explaining them with real time scenarios with examples that correlate to their investment situations. Developing cultures consume a lot of time, but once the process begins, the fruits that yields give us the courage to pitch diverse segments and spread the culture.
Q7. Could you share one of your most unique creation/experience for/of a wedding?
Parents usually end up with difficult times arranging for the best of ornaments within a short span of time for their kids weddings, we had one such customer, who visited us approximately 3 years before their daughter’s wedding date. They booked gold with us that day, locking in the prices and paid the sum in 24 interest free instalments, the result of this plan had fourfold benefits: Not only were they able to save the sum in a better way, since they had the enough time to span it out, but the increase of about 32% in the rates also increased the returns they expected. Their booking rate was somewhere around Rs. 34,000, whereas when they took the delivery of the product, rates touched a mark of Rs. 45,000. This Rs. 11,000 profit, in addition to the interest, they earned on the funds not blocked by paying for the product all at once added the glitter to the occasion.
Q8. What type of collaborations would you like to explore in future?
We are looking forward to add to our webpage, a display section wherein different jewellers can project their masterpieces for our customers’ added benefits. For the same, we look forward to a deeper ties with our existing associated jewellers along with joining hands with a larger group of jewellers across India.
Q9. What is your vision for next five years?
We envision a more financially aware society, wherein every household understands the digital options readily available, not only for upcoming future events like weddings, but also for a general brighter future with better saving and investment habits. Within the next 5 years, we expect to reach out to at least 200,000 families, and help serve their wedding jewellery goals.
Q10. What would you advise new entrepreneurs who want to start & sustain in the business?
Start-ups these days come up with amazing and revolutionary ideas, but they lack the courage to hold onto them in the initial difficult phases. My advice to them would be to hold onto their beliefs and products in the toughest of times and they would discover that efforts and hard work do yield the best result in the long term. Having faith is the need of the hour along with constant efforts of 1% improvement from where we stood at dawn. I wish every form of success to the start-ups and hope that failures don’t break them rather be the pillars of the constant learning life needs.
Q11. LinkedIn profile URL link:
Q12. Facebook profile URL link:
Personal - https://www.facebook.com/
Company page: https://www.facebook.com/
Q13. Twitter profile URL link:
Q14. Instagram profile URL link:
NA
Q15. Personal blog URL link:
NA
Q16. Company website & Company blog URL link:
Q17. YouTube channel URL link:
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Interviewed by: Khushboo Chotaliya - Influencer & Co-Founder of Sanskari Decor from Mumbai, India.
Referred by: Ratna Kulkarni - Founder of Le Miroir Spa & Salon from Pune, India.
Khushboo is a student of Yogesh MA's Digital Influencers Academy.
Follow Khushboo here : instagram.com/KhushbooBChotaliya
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