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This Entrepreneurial Story is about Rita Kale who Founded ‘MoneyChat India’ located in Pune, India.
About – Rita Kale is the Founder and CEO of MoneyChat India, a company which helps women in business. Rita has several years of management experience behind her. She has previously worked extensively in Australia, South Africa and the U.S. After spending 15 years overseas, Rita returned to India in 2009. Before launching MoneyChat India she worked as the Chief Financial Officer of Roche Diagnostics India. She has a Masters and an MBA from Sydney, Australia.
Founded in March 2012 MoneyChat India Office is registered in Pune. Services are provides to customers across India.
What Motivated you to start your Business?
Any woman in India who is starting a new business or growing an existing one faces a barrage of questions. Questions about pricing, business plans, tax, legal structure, funding, required licenses, marketing, technology, competition analysis, etc. are likely to keep them awake at night. Resources are tight and are being pulled in many different directions leaving little time for core business. To make matters worse, well-meaning but conflicting advice comes from many different directions with scant regard for accuracy. I saw this scenario played out time and time again and wanted to do something to help make things easier and more predictable for women in business.
Tell us about your Business …
MoneyChat India’s mission is to provide affordable, timely and professional advice to Indian women to help them create successful, sustainable and profitable businesses. MoneyChat India provides its customers with the following services:
• Timely & Affordable Professional advice: The MoneyChat panel is a pool of qualified and experienced professionals who are experts in their domain.All our plans are affordable and provide terrific value.
• Local Networking Opportunities: Women in business are giving many networking opportunities to meet and interact with other local lady-entrepreneurs to expand their social and business network.
• Industry specific advice: MoneyChat connects new entrepreneurs with other women who are already in that industry. New entrepreneurs can get all their questions answered and benefit from a ready-made support system.
• An opportunity to showcase their business: As a MoneyChat India subscriber, women entrepreneurs can advertise their business on MoneyChat. This opens up new doors for business and increases sales.
• Other services: MoneyChat India can also create custom newsletters, surveys, social media services, basic websites, email campaigns etc. to aid their customers with their marketing efforts.
What is a Day in a life of you like?
Three words – Busy, Busy, Busy! But that’s exactly the way I like it.
One particular skill you got right and gave you best results.
I operate with complete honesty and transparency with my customers. They understand that MoneyChat India is still evolving and needs honest feedback from its customers to improve and provide real value-added services. I hope that this openness in communications stays way beyond my business reaches maturity.
What have been your biggest challenges in running your Business so far?
My biggest challenge so far has been reaching out to clients outside Pune. Since I am based in Pune, it is easy for me to meet people and talk about what I do. These people sign up and like the service we offer and then recommend us to other people. So we have really good traction in Pune mainly from word-of-mouth publicity. We also conduct a lot of free events in Pune city for women entrepreneurs. This has also generated a lot of interest and new business.
Although the services we provide are mainly web and phone based, we have found it harder to get business outside Pune. Of course, it is early days yet and we have so far concentrated on building a base in Pune and will replicate the Pune model in other cities next year.
How did you overcome these challenges?
We have shortlisted cities where MoneyChat India will start its city specific clubs for local women entrepreneurs next year. We will conduct free events, training sessions and seminars locally to which these women will be invited. We will also recruit local MoneyChat Club presidents who will be responsible for running the club. We will do a lot of targeted advertising for the cities we have shortlisted. I have no doubt that we will be able to mirror the success we have achieved in Pune in other cities as well.
What have you found the most effective way to get new clients?
I offer a free trial period of one month to new customers. This helps them figure out what we are about and whether it is worth sticking with us. It is the typical ‘try before you buy’ philosophy. We have a fantastic conversion rate so far from free to paying customers. This is because we provide them with the best service we can in the free period and they get a taste of what we can do for their business.
What advice would you give to other business owners?
Believe in yourself and your business idea but be prepared to be flexible.
How did you keep motivated through difficult times?
I believe in what I do and I don’t find it hard to be motivated. If you come upon hard times, ride them out, tomorrow’s another day. If you provide something of value to someone, if you are determined, and if you are willing to put in hard work, your business is sure to succeed.
What’s your Marketing, Funding and Team Building Strategy?
Marketing strategy: I have a multifaceted marketing strategy. I believe that the most powerful marketing tool is the quality of service you provide to current customers. Women have strong referral networks and take references seriously. Besides this, I also aim to conduct regular workshops and networking events for local women entrepreneurs. I will also use social media marketing in the near future.
Funding strategy: I will bootstrap for as long as I possibly can. I believe this should not be difficult since most of my trial customers do convert to paying customers so cash flow should not be a problem. I am looking at rapid expansion within the 12 month timeframe and will assess my funding options at that time. I hope I can find some intelligent investors quickly.
Team Building strategy: Of all three, this is the most important and the most difficult. A company is its people. Especially in my line of work, good people are a must. It is difficult to assess a person’s values, attitude and skills in an hour’s interview. You have to trust your gut and then cross your fingers. I have been lucky in my selection so far and I hope my luck continues.
Your Achievements
Within a few months of launch:
– MoneyChat India is hosting a regular event called MoneyChat Mondays which is a combination of a workshop and a networking forum for women entrepreneurs in Pune. The event has already become quite popular in Pune.
– I have been on the panel of the Google initiative – Women Entrepreneurs on the Web (WEOW) – on GDay in Mumbai
– I have been on the panel of the event conducted by Symbiosis Institute for fostering entrepreneurship
– I have been interviewed by several reputed online magazines
– I am in talks with Google to conduct a large workshop for women entrepreneurs in Pune in November this year
What’s your favorite quote?
You should always live within your income even if you have to borrow to do so.
– Josh Billings
Who inspires you?
I draw inspiration from many different people. However, if I can be half as good a person as my mother, and half as strong as my grandmother, I think I will lead a very happy life.
Do you have a Business Philosophy?
I truly believe that if you come up with something of value to people at a price that they can afford, you have a good business idea. If you are able to successfully execute this idea then you have a successful business.
Contact links
Website | Facebook | LinkedIn | Twitter | Google+
More Info
http://www.
Startup Freak wishes Best of Luck to Rita Kale
