This Entrepreneurial Story is about Raghav Kohli who Founded ‘Barmonkey’ located in New Delhi.
About : Raghav Kohli, Founder – Finished Master’s degree in Economics in 2012 and began working on Barmonkey soon after
When Started: June 2013
What motivated you to start your Business?
As consumers, we’re always looking for innovative products and better service. On countless occasions, I’ve wondered why some xyz product or service I’m looking for is not available. I launched Barmonkey because I knew there was a market for it.
I looked for something I was interested in, where I could add value and where there were enough customers. The point is to set up something good and then make sure everyone knows about it.
Tell us about your Business
Barmonkey is a niche online store focused on bar furniture, gifts, accessories and collectibles for homes. We want to help people make a bar at home and Barmonkey hopes to become a one stop shop for everything they need, right from bars to wine racks to glasses to cocktail shakers to quirky bar accessories.
The furniture at Barmonkey is handmade with meticulous attention to detail. We make it a point to make bar furniture that is distinctive from the mass-market products one finds at most stores. An example is the palki bar we crafted from an antique palanquin, which has a very intricate design and is a work of art in itself.
Along with a value product, we strive to offer a spectacular shopping experience by delivering on our promise of great service.
What is a Day in your life like?
There is no fixed pattern to a day. Since we’ve just launched, a lot of time is spent on chalking out and working on promotion strategies. Also, we’re constantly looking for new, quirky stuff to add to our products. We want to grow bigger and better and we’re trying to do it the right way.
What have been your biggest challenges in running your Business so far?How did you overcome these challenges?
As a startup, we knew we had to work within a budget, so we couldn’t afford to hire a lot of people. As a result, a lot of the workload falls on the founders and you suddenly find yourself doing things you had no clue about in the first place. For example, someone who’s good at sales may find it difficult to work in accounts and bookkeeping. However, as an entrepreneur you have to shoulder all these responsibilities. On one hand, it is a challenge, since you have to adapt, but on the other hand, it is a very healthy, holistic way of learning business. Which other profession gives you that opportunity?
What have you found the most effective way to get new clients?
For any online business, ensuring brand visibility on social media is the most effective way. Other than that, we’re targeting people in pubs by way of advertisements and freebies and participating in flea markets to take our products directly to the consumers.
What advice do you give to other business owners?
The more you think before actually starting out, the more likely you are to find fault with your idea and abandon it. Once you’re convinced of your idea and business model, set yourself a deadline and launch your product into the real world. Sure, you will make mistakes, but be sure not to repeat them.
How did you keep motivated through difficult times?
I try to keep my head clear by listening to music, playing a sport or taking a trip.
Who inspires you?
I am inspired by the entrepreneurs I see around me, putting out excellent products that grow into very profitable businesses. That gives me the impetus to work harder. Barmonkey started out with 50 products, and there will be many more additions in the months to come. Hopefully, we will be one of the largest stores for bar products and furniture in the next couple of years with a presence across the country.
Do you have a Business Philosophy?
It’s the age-old theory that every business school teaches you – Keep the customers happy.
Startup Freak wishes Raghav Kohli, All the Best!