Of Gold, Glitter and a great business avenue

Attica Gold, a known name in the gold buying and selling space is expanding fast via franchise partners pan-India. Its present investor model offers dual advantage of Investing in a unique business model with a fixed return of 18-24% apart from variable returns. MD of the brand, Bommanahalli Babu tells us why his brand enjoys the first mover advantage with patent towards its business model and how it’s beneficial for franchisees also. 

What inspires you? Who is your inspiration to excel?

I am a firm believer in helping the people and there can be so many ways in doing that. So, I prefer to follow my own path to create a newone. I inspire myself in most difficult times.

Where do you plan to expand next? Any target zones apart from South zone?

Within a short span of just six months we have been able to get 40 franchisees. Next, within 12-16 months, we will be operating 300 branches across south zone. Apart from south zone, we are already present in Indore and looking for pan-India expansion.  

What kind of technology do you use to make this expansive trade better and more accurate?

In the fast growing IT Sector, people tend to believe in businesses that are technology backed. In our business, we evaluate gold and its purity without human intervention. This builds trust among customers and inturn converts into more business. Presently, we are using imported german machine to evaluate gold and planning to upgrade the same for better results.

What reasons do you attribute for the gold sector being largely unorganised?  

The major reason for gold sector being largely unorganised is families and big business ventures running a business. This way, the capital requirements, knowhow of the business is largely held as a secret within family.

What are the risks involved in gold buying/selling trade and how can franchisees overcome them?

Spurious gold and gold sold by unauthorised people are biggest risks involved in trading of gold. To reduce the risk, franchisees should be provided with complete training for their staff. Also, customers should be properly verified either by physical or third party agency for reducing the risk.

Franchise facts