We live in a world where optimization is a constant need for any organization whether old or new. Every now and then companies fall into capital crunch by increasing their fixed costs. One of those major fixed costs is renting or buying their own workspace etc.
Renting or having our own workplace is also of great importance but it can only make sense if the business we run is quite lucrative. After all, we are not here just to pay off bills with our hard earned living, right?
But, there is nothing to worry about.
Shared working spaces are the answer!!
Co-working Spaces are a great solution to the workspace problems. Many new start-ups and SMEs are moving into shared working spaces as the benefits are quite appealing. But to list down a few of the major ups, here they are:
1. Fixed Cost Reduction
As a business shares the workspace, it majorly saves up on the renting/hiring fixed costs. This is the most appealing benefit to the business owners. It saves a huge chunk and gives an opportunity to manage the leftover funds. And if at all they want to scale down the operations, the setup is will friendly and allows you to make changes according to your current need.
2. Great Working Environment and Networking Opportunities
For small business houses and budding entrepreneurs, it is a boon as they cannot afford a workspace but still need an environment which offers them a chance to live their dream without actually having to struggle through the process of achieving it. In addition to that, they can also capitalize on a huge pool of knowledge that their surrounding is and can be used it to connect to different entrepreneurs and business officials on a corporate and personal level.
3. Ergonomically Sound
Research says, if a workplace is ergonomically sound, it can reduce the stress levels by up to 30% and can drastically boost up the productivity. By this way, SME's facing the problem of designing an office and not be able to do a good job at it, can enjoy and work with a readymade setup, hassle-free.
4. Learning Opportunities
Co-working space gives you a great environment for learning and growth. Every other business owner working within the same premises are not just your customers or potential clients. They can help you with the basics regarding your business as they are doing the same thing i.e. managing. One can take advantage of this opportunity and capitalize on the benefits of their presence.
5. Facilitative Environment
While we give ourselves a chance to work in a shared space environment, we expose ourselves to a lot of facilities offered by the premises. Facilities like fitness arena, Gym, yoga centre etc. Along with this, technical facilities like copying machines, printers, scanners, availability of projectors in the meeting room etc. are also shared within the premises. Believe it or not, these are some of the major expenses incurred by an organization while trying to successfully run an office. And if not managed properly, some businesses find themselves experiencing working capital crunch.
6. Motivation to Outperform
Having a great environment around with people sitting next to you, achieving their lesser and greater dreams pushes one to reach their personal best. It motivates them to run a mile farther just to survive the race. This can turn good results into great results and thus justifies the decision to move into a shared workspace.
All these reasons are why organizations opt for shared spaces and don't get their own place to carry out the business operations. That day is not far when more businesses are going to realise and understand the importance of the concept and will soon start to capitalize on it.
7 Reasons Why Co-Working Is The Future Of Workplace
Co-working spaces is one of the newest concepts emerging as a considerable option among Indians, when it comes to the deciding on the workplace. SME’S traditionally chose to have their own workstations but the idea of shared workspaces is bringing a customary change. Whether it’s an established organization or a startup, relevance of shared workspace to both the kinds of setup is justified and we can say that Co-working is actually a step into the future considering the following reasons.
Being a developing nation, this nation has tremendous potential and scope. And opting for a Co-working space is the next step on the path of growth and prosperity of your organization. Join the nation’s flow growth and switch to a Co-working space today.
The age of start-ups
Entrepreneurs are full of revolutionary ideas of innovations and are willing to make it a reality. But, not all great ideas have the right amount of resources to build up an organization from the scratch. So, to save a lump –sum from their initial investment, co-working spaces provide a head start. All facilitative; they make available all the necessities which one requires to start their journey
Whether it is a Start-up or an established organization, all kind of firms will focus ultimately on the business and customer acquisition. In Co-working spaces, the environment is ready to work, to connect & to collaborate.
An environment full of motivation
There are many companies, firm and freelancers working in a co-working space. As these businesses are run by people from different backgrounds and ethnicities, they bring very enriching business experiences to the table while socializing. That’s how motivation stays its place and zeal to outperform gets developed within the individuals.
Sharing is the next step towards optimization
Companies like OYO rooms, Airbnb and many others which are run by young entrepreneurs, have embraced the concept of sharing. Sharing of resources is one of the wisest decisions is what they reflect by their operations. Co-working space gives an opportunity to share a workspace with other businesses which develops a sense of optimity among the working individuals.
Eco-friendliness comes along with the idea of co-working itself. Imagine where ten separate companies were planning to open their workstations by acquiring & deploying their own resources, now can shift in one single floor of workspace, share their resources and lower their costs radically.
One stop shop
Being in a co-working space is being in a community, a union of innovative minds. Working alongside with them can build stronger relationships, which will be helpful for the partners that are interacting and engaging at a time to deliver combinedly. In most of the cases, it might lead to becoming a one-stop shop for all the requirements of the client.
Growing at a pace
All the things will fall into place and will boost your pace of growth. Things like saving on major fixed costs which can be a lot of help to an entrepreneur, joining a community of intelligent minds and many other unstated factors. Being in an environment like that will make you want to grow at a good pace and will greatly assist you throughout the process
8 Financial Tips To Remember Before Launching A Start-Up
Launching a start-up isn’t an easy task. But if you believe in your idea and you are willing to cross oceans for that no matter what, then you can be an entrepreneur. But not just the will, you will also have to be a lot more precise and smart about every decision you make. Managing finances is the key to grow your start-up. To manage the finances better, here are some tips to guide you along your way to become a success story.
Establish financial goals
Setting short-term, mid-term and long-term financial goals is an important step towards becoming financially secure. If you aren't working towards anything specific, you're likely to spend more than you should.
Cash Flow Management
Many start-ups find it hard to manage their cash flow during the early stages of commencement;one of the major reason is they run out of cash. You have to know the source of every single penny and also the application of every single penny spent. If you don’t stay on top of your cash flow, you are going to put your venture in jeopardy. Then it won’t matter how amazing your idea was when you ran out of cash. Prepare a budget and stick to it.
Be open and honest with your investors & lenders
Always make a point to be utterly honest and truthful to your investor and lenders. Share all the information religiously which stands relevant to them. And never put them in a position, not to trust your intentions or guts. Being truthful is a must and it should be done without even a shadow of a doubt. Hold meetings with them whenever required and let them be the part of the whole story right from the start.
Don’t start fancy
Don’t look out for a big office to start your story. It is just not going to be fruitful to make use of your resources on something which is of no use at the time. Maybe later, when your income outgrows your expenses & you want to expand. You can rather opt for a shared working space which will have all the amenities and attractions which you wish for.
Don’t invest in Expensive equipments
Preliminary investment should be done with proper attention. But don't focus on investing in new and expensive equipment like fully loaded copying machines, high-end printers etc. Try to outsource the work as it will be very pocket-friendly. By opting co-working spaces over traditional workstations, you save around 15-20 % of your investment, which in turn helps us to allocate & manage funds properly. Try to save on such things, which you don’t require permanently and invest or save the left ups for a better use.
Always be prepared for the contingencies
This is one of the hardest realities of an entrepreneur’s life. You have to stay optimistic but at the same time, you can’t afford to fall for the financial expectation of any outcome. You should always stay prepared for the financial uncertainties and have a contingency plan ready. You never know what can happen when starting a business, so it is best to prepare yourself for the worst possible situations. Your regular income source and business, both should go hand in hand until business income outgrows the other one.
Time is money
The more time you spend on the things which matter to the survival of your company, the more you are pushing your organization towards greater height. For an Entrepreneur, time is the most important rather critical factor to be taken care of. Utilize your time to the fullest, because it is as important as money. Manage your time by prioritizing your work by identifying its position on your list through “TheEisenhower’s decision matrix”https://bit.ly/2rcMn5ato know more about “The Eisenhower’s decision matrix” go through this link.
Focus on Customer Acquisition
“Customer is the King of all the Businesses”It's better if you realize quickly how to acquire clients and scale up, then the probability is very high of your company making it. Once the different acquisition channels have been identified, work on optimization to lower your cost.
By remembering these, you will have the capacity to drive your activities with no obstruction for a significant period of time.
5 Successful Companies That Started In Co-Working Spaces
“Success in most cases isn’t something random. It isn’t something that just happens to you. It is something that happens because of you!”
The path to startup success is not always a predictable one, as only a few seeded startups reap success whilst others stagnate and fail.
So, have you ever wondered what the secret to success behind such startups is? The answer is their unmatched dedication coupled with right decisions.
One such decision that has helped these budding entrepreneurs transform into successful multi-millionaire businessmen has been choosing a proper workspace. A place to bring their idea into being, a place to build networks, grow a place full of positivity and a group of like-minded beings.
So let’s have a look at the startups that grew from a shared desk in a co-working space to big companies.
The app that is a hub for “selfie” lovers and bloggers began its journey in a co-working space. The founders Kevin Systrom and Mike Krieger bought their idea into being in a co-working space. The idea took just 8 weeks thereafter to get developed. So, if you’re worried about distractions and efficiency, Instagram is a proof that co-working spaces give you all the positivity you need for a successful start!
A thoughtful idea of solving the cab issue in San Francisco was initiated and developed by Travis Kalanick and Garrett Camp at a co-working space. UBER currently has its horizons in 60+ countries running successfully.
Co-working spaces are great places for exposure and opportunities, and the story of UBER proves just that.
TIMEHOP is a fun Facebook app, to reminisce and reconnect with people who feature in your TIMEHOP photos and posts. The CEO and Founder of TIMEHOP says that the co-working space gave his idea a platform to get launched and believes such spaces are the future for emerging technology hubs.
Indiegogo was started with an idea of providing a fair platform for the budding entrepreneurs to raise funds. Indiegogo is one of the business models that has taken birth in a co-working space and has grown into one of the world’s biggest crowdfunding portals.
A travel site, that was brought into being by Christy Liu with 3 other co-founders to help people discover new experiences based on their needs and budgets. The team worked for a year in a co-working space before they were acquired by travels giant TripAdvisor.
So if you are planning for a startup, choosing to work in a co-working space can prove to be the most fruitful decisions you will ever make. As it has been rightly said that, who you are tomorrow begins with your today! And if your start is right, nothing else can stop you from attaining success.
Patience is key to what you call sweet success and to bear something like that risks should be taken. That's how you become an entrepreneur from a normal civilian.
These are just common good habits that can make you either the owner of the company or just a laborer.
1. Organizing Things Will Help
It’s a given that if you have great ideas in your mind but you’re not able to organize a proper work schedule, your ideas will be half as good as the junk food on the streets. Tasteful but not balanced for a good body. If Vijay Shekhar Sharma, the creator of Paytm had an ill timetable he’d never had started his own start-up in college. According to him, the goal was to, “Always Be Useful”.
2. Taking charge over Confidence is a winning move
You may have all the things to set up a great business but if you lack confidence then it’s involuntarily a no go. Similarly, when KFC’s founder Colonel Sanders found out that no one will listen to him if he just kept talking about data and graphs of his business, he decided to make them taste his handmade chicken to convince them finally. He had full confidence in his recipe. That’s exactly the kind of attitude needed in the field. Because “Confidence is not ‘They will like me’ confidence is ‘I’ll be fine if they don’t.”
3. Start taking Initiative
Witnessing the journey of Bhavish Aggarwal, founder of OlaCabs, who experienced a situation where a cab driver left him mid-way just because he refused to increase his pay. In result, Bhavesh decided to solve the problem not for just himself but for every traveler around the country. He took the initiative of helping citizens get access to cab drivers through their phones. One person starting something new without to make the world a better place is a commendable quality. You can only have this quality by believing in your ideas and more than that by believing in yourselves.” You have to be your own mentor and be resilient to the negatives noises from all around you.” And take initiative for things you think will make other’s lives better.
4. Learning from the Best
In history, we have seen people becoming examples, entrepreneurs like Jeff Bezos; founder of Amazon. Jeff started Amazon as an online bookstore first, and gradually he took it to a bigger scale and won over every other site running at that time. Today Amazon earns more than $17 billion a year. It is an inspiration for us to take big steps in life. If you have the spirit to do something big and have not started it yet, look back and learn from those ideals who took the risk. They will give you the courage to believe in your dreams.
5. Improved social skills are important
All the good qualities some up in you to help you get interactive with people easily. An entrepreneur works on himself to gain perfection in these skills so that he can keep good relations with his clients. “Focus on how to be social not on how to do social.” Steve Jobs had people co-operating him in his ideas without questioning him because not only he had great plans for the firm but great ability to persuade them to adjoin him.
These points are just a small start to what needs to done to make yourself known as an entrepreneur. The journey will not be pleasing but it'll surely make a great story to tell after you achieve success.
Women have been working for a significant time in our country now. The way women are developing today in every field, it is no shocking news that women are working and earning for themselves now in the Indian society. Not only in working places but as entrepreneurs too, women have flawlessly developed their heritage in the country.
These are some exceptional examples of those entrepreneurs we should look up to.
1. Radhika Ghai Aggarwal, Shopclues.com
Radhika Ghai co-founded Shopclues.com in 2011. She is an MBA from Washington University and before Shopclues, she worked with Goldman Sachs in New York City.
2. Harpreet Kaur, Love4Apple
Harpreet Kaur is the co-founder of Love4Apple an online business site where clients can purchase embellishments that are only made for Apple items. It is the only distributor for genuine Apple products in India.
3. Falguni Nayyar, Nykaa
Falguni Nayyar launched her website at the end of 2012 and soon her website, Nykaa was already boasting of retail partnerships with Unilever, P&G, L’Oreal etc. It raised up to 20 crores in funding from private investors with plans to expand to new technologies, a phone app and physical stores.
4. Chitra Gurnani Daga, Thrillophilia
Thrillophilia is India's first adventure travel organization that deals with the best nearby encounters with self-picked guides to convert your excursion into a super fun trek. All made possible by Chitra and her husband Abhishek who had the passion for adventure and followed their dreams.
5. Aditi Gupta, Menstrupedia
Aditi created a Hindi comic book with the help of her husband, illustrating and educating girls about menstruation. Soon her venture scaled to the whole website called Menstrupedia.com.
6. Neetu Bhatia, KyaZoonga
KyaZoonga is India’s first and largest sports and entertainment company founded by an investment banker Neetu Bhatia. KyaZoonga has ticketed major international events like 2011 ICC Cricket World Cup and a number of Olympic style sporting events.
7. Pranshu Bhandari, CultureAlley
Pranshu Bhandari is the co-founder of an online language learning app, CultureAlley. Pranshu and her husband Nishant came up with this idea for CultureAlley after Nishant returned from China having experienced the toughest time trying to learn Mandarin.
8. Sabina Chopra, Yatra.com
Sabina Chopra, the co-founder of famous travel website Yatra, was the head of Indian Operations of eBookers, Europe’s leading online travel company. Sabina has additionally been regarded amid the second yearly Women Leaders in India Awards 2010 and was announced the victor in the Travel and Tourism Group.
9. Valerie Wagoner, ZipDial
Valerie Wagoner, ZipDial: ZipDial is an organization that allows colossal associations to give out their numbers empowering people to call and disconnects without charges. Valerie quit her job in Silicon Valley and moved to India to start ZipDial. Today it is working with over 500 popular brands.
Studied at Glion Institute of Higher Management in Switzerland, Zeenia has experience with Hospitality brands like ITC Grand Central in India, the Landmark and Hyatt Regency abroad. Zeenia has been a key member of Sofitel in Mumbai and Hotel Missoni in Kuwait. She is also a traveler and has a heart for photography.
These great marketing geniuses have proved that dreams are not something just be to forget after you wake up, they are something to reach out for, and hold until it comes true.
When work was entirely viewed as a 9-5 responsibility, attempting to keep up a work-life balance has dependably been a noteworthy importance when it comes to the working professionals. Today, this parity is near to impossible in a lot of corporate positions.
You might have to skim these 7 hints below to figure out how to all the more likely can you find a balance between your work and personal life, so you can be your best–both in the workplace and at home.
Organize Your Life; Gather Your Deals
Some portion of keeping up a solid work-life balance is building up needs both at home and at the workplace.
There are just such a large number of hours in the day and it is dependent upon you which one will get the vast majority of your time and consideration, and which one will be given lesser an importance.
The main thing individuals need to do is distinguish what genuinely matters to them and convey it positively in their act throughout the day.
It is nobody else's activity yet your own to put yourself first. Work will also have to suffer to some extent, eventually, if you don't have time for yourself outside your office/cubicle.
Get. Enough. Rest.
The amount of quality hours required for a full-night's rest fluctuates and depends on the requirements of each person as and how their day pushes them ahead. Yet the odds are, you require like seven hours of really peaceful and healthy sleep.
Tune in to your body and get the opportunity to rest when you are run-down.
Don't sleep more than what you need, this will cause a reverse psychological impact such as tiresome and laziness; when you know you have an entire day of work the following day sleeping extra may cause you something little extra too. ;)
Get on a calendar and note them all in front of you including TV, social networking, and reading, no less than 30 minutes before you go to bed.
Separate Desires, Needs and Wants!
Need is something you can’t live or sustain without–air, water, food.
Want is something that isn’t a need, but can be implied to your life for making it better
Desire is something that you wish for, something that isn’t a want or need, juts an add-on.
So, working gives you money, which helps you pay for your needs and wants. But, will over working help you get more of desires and wants? It might; but is it worth it when you lose upon friendship, family, and loved ones who are a major part of your wants as well. No, right?
Accept The Turn OFF button
When you turn on your computer, office room, cubicle, or even your classroom, you need to make a policy with yourself that “Work also gets turned off after you turn off your PC or room”. This maxim will take you to longer acceptance of working well; also will get you going with loving your work and looking forward for an exciting new day.
Manage Your Pace; Not The Speed, The Transition
To have a long, sound, gainful, and upbeat life, both professionally and otherwise, you will have to comprehend the estimation of pace of life. There are times when you have to throttle up and there are times when you can gear down.
You should be self-aware in the routine as well. Why do we say that? Because being aware of what is going on alongside your pace will definitely allow you to transition better from one work to the other.
Stay Fit. Stay Healthy. Stay Crazy.
This is imperative! Highly! Being a working professional may take a toll on you if you are not taking good care of your health. Depending on junk food, having bad schedules of meals, and trashing anything tasty that comes along your way into your stomach is equally bad for a long-term too. Exercise, and build a rapport with some great members of a gym or yoga and Pilates classes. Make groups and plan on to go on for hiking, running, cycling, and all related activities post work; mostly weekend. Discover your new and crazy self while treating your body with the required workout.
Learn to Say NO!
Being in a state of denial is unhealthy, but you should know when to turn that denial phase on and then off. Do not over commit, and please do not say YES to everything even if you might be able to do that stressing yourself out. Why to do that; when you know neither will it give the desired results, nor will help you with having enough time on hands for your social life.
So, get your life in your hands and deal with your troubles without many delay and without creating a hassle in your schedule. You can do it; just be out there to be positive about it!