The Glamour of being a Luxury Entrepreneur!
What is the first word that comes to your mind when you hear ‘luxury’? Glamour, champagne, sophisticated parties bathed in a golden glow…in short another world altogether.
For me, it is a lot of sun, sweat and hard work.
And no, I don’t travel in long, swanky cars like my industry colleagues. It’s only when I manage to borrow one from my successful entrepreneur father that my feet get some relief. Hell! I can’t even wear smart heels - which are absolutely essential when you are in a luxury business - since I have to use public transport.
It all started when I took up a job in a media group which published print luxury magazines. After lot of work, late nights, unwarranted screaming by the top boss and massive pay cuts for stupid reasons, I decided it’s not worth it anymore. “If I can do it for them, then why not for myself?” I thought.
Realising that there is no online luxury magazine in India, the seeds of creating LuxuryFacts (www.luxuryfacts.com) were sown into my mind quickly. The idea enveloped my mind through all waking (and sleeping) hours. And then one fight triggered my resignation from the company and refusal to serve any notice period. I was free! Free to do whatever I wanted…
A two month sabbatical to relax my aching bones (yes, it was a taxing job!) helped me outline my plan and business idea further. I spent a considerable amount of time thinking that is it the right time? I am too young. I don’t have enough capital. I just had savings of Rs 50,000. Will people even take me seriously?
I had a quick chat with my parents. They only asked me, “You think there is a market for an online luxury magazine in India?” When I replied in the affirmative, they said, “Then go ahead with it. Don’t think about money, and who will say what, and your age. All those things can be worked out as you go forward. Just start putting things into motion.”
So without a business plan, a future plan or a goal chart, I jumped into it. And what a heady journey it turned out to be! From looking for an affordable good web designer to writing to my old professional acquaintances to going for press conferences and writing articles, I was the CEO and the peon of my new baby company.
The most complex thing about being in the luxury and online sector is that luxury is exclusive while online is considered mass. A lot of brands initially were apprehensive of including online blogs and websites in their PR/marketing campaigns because they felt their brand will get a ‘mass image’. It took a lot of education from my side to convince people that online is not mass. Audience can be filtered in online medium too!
My current hurdle is that though luxury brands now accept that blogs and online magazines are very important for visibility, they are still apprehensive of including them in their advertising budgets. They feel safer with regular print magazines and hardly want to experiment. So the second level of education includes telling brands that how online is much better for them in terms of larger visibility, multimedia avenues of telling their brand stories and larger shelf life.
Initially, I was extra sensitive. People would come, steal ideas, and try to leverage the popularity of LuxuryFacts to fulfill their own purpose. And I would rage and rant for long. Many would discuss ways of collaborations and advertising and then disappear. Once, a popular mall wanted to do an event with us. Promising us commissions, we started working on it as the contract was getting readied side by side. But the contract was never made because, actually, I figured that they didn’t want to pay any money for our hard work! So, well, I pulled out, and sulked for a week…
I soon learnt that having a thick skin is more beneficial than wasting time and energy on every Tom, Dick & Harry. While every email, every call, and every knock on the door may give a tempting opportunity, it is important to weed out the leeches. I am better at dealing with people now.
Today, 2 years and 9 months later, LuxuryFacts is considered a credible force in the Indian luxury industry. Readers come to our site and gulp down all the content we can give them. Even a single line of appreciation from a reader makes our day! I have co-edited my own book called ‘The Luxury Market in India: Maharajas to Masses’ which was published and released by Palgrave Macmillan in September 2012. We are quoted in quite a few media stories about the luxury industry, and people listen to what we say! I get many resumes, off-the-cuff, from young to experienced people, to work with us.
I am still mostly broke, travel in metros and autos, and I still haven’t come to the stage of carrying a luxury bag bought from my own money. But I have got opportunities and recognition which I might not have got in any job. Being an entrepreneur in the nascent Indian luxury industry and the relatively young online media scenario is tough, but wonderful and challenging all the same! I wouldn’t exchange this life for anything else…
Tags: business, entrepreneur, fashion, luxury, magazine, magazines, online
Views: 2808
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Permalink Reply by Chetan Thakkar on -
Hi Soumya:
Good to read your story. You are on the right path dear. Wish you all the best. Would be great if you can figure out a way how you will make money in the future. May be the link to this hour long video from stanford may help you. I watch videos from ecorner.stanford.edu during my lunch time and makes it great value for me. This video especially helped me structure a business model around our business. Hope it helps you and takes you to new heights.
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Permalink Reply by Soumya Jain on -
Thanks Chetan! I shall definitely go through the video. I am sure it will help me too. Thanks for the link! :)
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Permalink Reply by Neeta Valecha on -
Hey Soumya,
Your story and the way you have written it is so captivating..I just wanted to have a glance of the site but got engrossed in it completely..
Feels so good to see that the path i am trying to take has already been walked by amazing people like you :)
Lets keep up the good work :)
Neeta
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Permalink Reply by Soumya Jain on
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Hi Neeta
Thank you so much for the encouragement! Glad you enjoyed the website too. Do keep coming back! And all the best for your journey too :)
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Permalink Reply by Anurag Saurabh on -
Hi Soumya,
Loved your article trust me all the entrepreneur goes through this ups and down....when you talk to client for whole week and at the time of meeting client failed to turn up....it sucks!! but as you said the word "opportunity" and even a small success gives you a sense of high that no job can give
Anurag
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Permalink Reply by Soumya Jain on
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Absolutely Anurag! And I guess it is these extreme emotions which make the entire journey so enjoyable. :) Hope you are having a great entrepreneurship career too!
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Permalink Reply by Pawan Naulakha on -
If I were to describe this post in one word it would be " AMAZING".
It's really hard work and persistence that keep you up and moving. You've tasted the bitter blood and now in a warmth of a little cozy life.You're story line moved me, its touching and has that HUMANE angle in it, it's always the bitter experience in life which show you the right path in future. To make the sword mightier you need to rub it hard and that's what exactly you have done
I am into apparel in Ludhiana, do not mind to ping me up for any of fancy woolen requirements. Wondering how can I grab a copy of your book?
Stay connected to the Rodinhooder's for inspiring people with your stories..!!!
PN
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Permalink Reply by Soumya Jain on
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Hi Pawan
Thank you so much for the praise! I would be humbled if this post inspires, moves and manages to encourage other entrepreneurs to keep going forward despite all odds!
Will surely connect with you for any apparel requirements I may have :)
The book is available on Flipkart and Amazon
Do give me your feedback if you read it! :) And thanks again for the lovely comment.
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Permalink Reply by Debapriya on
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Hey Soumya!
I read your article and it is truly amazing and inspirational. I am currently a Masters student of Luxury Brand Management in France and I would love to interview you for my graduation thesis on successful entrepreneurs in the luxury sector in India.
If possible can you please send me your contact details so that I can get in touch with you!!
Thank you so much.
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Permalink Reply by Soumya Jain on
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Hi Debapriya
Thank you so much for commending the post! And I would be most glad to help out in your thesis. You can mail me at soumya@luxuryfacts.com
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Permalink Reply by Aman Jha on -
Hi Soumya,
I appreciate that you followed your heart. Its very difficult to move out of comfort zone but you did and you will be inspiration to many to do so.
Regards,
Aman Jha
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Permalink Reply by Soumya Jain on
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Hi Aman, Thanks a lot for the praise & motivation! I'll be honoured if my story becomes an inspiration!
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