The Shared Workspace Concept - and how it helps Entrepreneurs minimise startup overheads

The Shared Workspace Concept - and how it helps Entrepreneurs minimise startup overheads

Today, There are lots of tools and advanced technology to help someone start a business with ease or run a business on the go. On the Contrary, It is clearly visible that the advanced technology, Digital Marketing tools and Automated AI's are increasing the competition that an Entrepreneur experiences. Not only competition but also it adds an extra level of effort to come up with something new very frequently to let your brand survive which was not the case a decade back. Let Alone be the fear of a Giant Company eyeing your concept as because the fact that they are GIANT, they can replace your novel concept so to say in maybe a month's time!! For Example, In Mumbai, India we have Taxi Service commonly known as "Kali-Pili" which has been around since more than 50 years. They are now having a hard time because of the "Uber's" and the "Ola's" around. I am sure even Swiggy which is one of the most successful food delivery App in India is also facing a tough competition from "Uber Eats" probably because of Uber's big Customer Database and good amount of Capital! Ofcourse we did not need to remind ourselves, the continuous struggle of Flipkart and Snapdeal to stay in Business in the presence of Amazon!!

For all the Entrepreneurs out there reading this Article, don't feel demoralized as there is always a solution to the obstacles we face. One of the best Concepts I have recently worked on with respect to my own startup TABS is the "Shared Workspace Concept" or "Co-Working Space". The best way to understand this concept is Imagining a Mall which is like a platform for business' to come together at a common area/location and sell their Product or Services but without the overhead of Mall's crazy rentals and expenses

So for Example at TABS we help Aspiring Hairstylists, Cosmetologists, Beauticians and all those belonging to Beauty and Salon Fraternity to own their own Business without any investment! There is no Investment as we have made the necessary interiors and added the required furniture to operate. All they need to do is come to us, register and start their own Salon from the very next day and we in return handle all their overheads like Branding, Marketing, Housekeeping, Maintenance, Software, Management, Customer Relations and much more. In return what they owe us is a minimal fixed monthly rental inclusive of everything that is mentioned above. As Ola/Uber gives a user support in the form of a Mobile App and takes 20% commission on the Business, think of TABS to also be a platform which we give people to start their own business with minimal Ongoing Expense which they would incur anyways if they would have gone out to buy/rent a place of their own

The Advantage of this kind of concept is that the Marketing and Customer Reach is Multiplied as compared to a single brand promoting their Business. Again an example of a Mall would be apt. People come to Mall's because they find Multiple Brands with Variety in a single location

Benefits of Co-Working Space

Increased Reach and Shared/Reduced Marketing Expenses - Apart from the Mall itself, All the Brands are also promoting their respective Brands and asking people to visit

Low rental and monthly ongoing expense - As the space and other utilities are shared by different brands, the ongoing monthly cost incurred are incredibly reduces

Reduced Overhead and other Miscellaneous Expenses - As the common resources like Tea/Coffee Machine, Stationery, printers etc can be shared the overhead costs are reduced. Also in some cases, offices like these can have a common receptionist and housekeeping staff further reducing the cost of running the place with ease and without the issues of pointed fingers every morning as to who left the coffee machine unwashed

Continuous up-selling and cross-selling - An Example with respect to TABS again is Imagine a Hair studio and a Nail Studio operating in the premises and if the Hair Studio Customer wants to get their Nails done then tadaa!! the nail studio just got a referral and vice versa

Of course one vital critic here is that There is competition in the same premises. Well, find a place today where there is no competition unless you have a very novel concept/idea which has not been around yet and even if your idea is new, it will not take time for people to start competing you as soon as you begin. Besides, Shared Workspace Concept promotes healthy competition where an entrepreneur learns, thrives and competes with the market and the brands that co-exists in the same place sometimes even benefiting from the competition first hand.

After all at the end of the day its the Entrepreneur spirit that matters to take your brand to a desired height! The End goal though is to be a big Business System with maybe your company being public but I suppose Shared Workspace Concept is a great platform to have your pilot run of your concept before you invest a lot of money and venture out.