How can empty shops be used for renting?

Space owners after owning a space should start getting creative and start thinking out of the box when the retail space remains vacant most of the time. Not only some empty spaces strain the property owner but it also starts creating an eye store in the community. As an easy way to remedy both the problems and to lease out the space out on a short-term basis.

Many businesses lend themselves to this kind of temporary occupancy. Many shops give prop-up two to three months in advance spaces too. But some of the accounts are not the only ones who need temporary retail space.

Related Topic: How empty classrooms can be ued for renting

Marketers use pop-ups to sell their wares

Some marketers who have new products use completely new business, which will also be used for lease, specifically short term spaces to test the products or new businesses concept to determine it well. If any of the products or businesses are susceptible to some localized influences, then the market may lease down spaces in multiple markets to make sure it is covered in the entire demographics.

The empty shop’s space market has become popular with both landlords and tenants that have multiple sites online catering to landlords who want to list the properties as well as the tenants who are searching for the right opportunities. One such popular site wherein you can list your space would be www.myrsa.in to book property spaces.

The length of leases and other consideration

The lease for such spaces usually stays for six weeks to one year, with so many non-seasonal retailers willing to sign in the month-to-month leases there could result in long-term tenancy.

This concept works the best where there is little or no space in the modification required. Generally, just by adding desks and chairs or some kind of display to fix it is all that is required. These simple additions and changes are easily implemented than torn down. Extreme modifications are not a stumbling block because tenants don’t want an easy move-in move-out phase, and the landlords want to become little and have no refit between the tenants.

The pros and cons for landlords

While there is a long-term lease commitment, there is a pop-up operation that is not wholly unattractive for landlords. That might be because the prospect of bringing some rent is better than having no rent at all. The aesthetic value that is there in the pop-up operation can add a location that would not be overlooked. It can also be used to help consumer confidence and show the retail space as being desirable. The short space to these leases can also give huge benefits to landlords by offering immediate mortgage assistance while leaving the potential prospects open for long-term leasers once in the market become favorable.

When to search for an empty shop space

There is no ideal time or season to search for an empty shop space if you are in a need to grow your business and you don’t have much space for it then you can search for more such spaces. For example, holiday decoration stores and gourmet goods, and gift basket providers need space for in the upcoming holiday season and that is usually in the summer season. For more information on empty spaces and more, you can visit www.myrsa.in

August 11, 2021 0

How empty classrooms can be used for renting

Whether you are into a small business that is based out in a retail office or space, it is quite possible you are spending money on that particular space rather than making money on every square foot.

There are many ways empty classrooms can be used for small businesses. There are many strategies one can put to use in the right way to help earn extra revenue for the business. All it takes is imagination, brainstorming, and the right marketing.

To put it into place, here are few things to consider to bring in that extra revenue with the space for business.

Lease out extra desks/ classroom space

Just like you, many small business owners are starting a small business on a low budget. They may start by working at the kitchen table to do their daily business or by sitting in a fancy Starbucks café. But with great concentration and growth, there has to be a small space of their own to do their business with themselves or with their small team.

It is very uncommon to find a space like an empty classroom to do their business who would find success to rent or buy so that they can grow into. Classrooms at this time can be used for businesses, meetings, important business discussions, etc. At the start, it can look a little unusual but with such spaces, small businesses can get the opportunity to grow their team and their business at the same time. The perfect space may be utilized for the business sometime in the future.

Set up the extra space in the classroom space as a rental or lease an empty desk in the back office. You can even make arrangements to have renters and make the best use of the classroom equipment’s like a board to explain a few things, tables to sit, etc. You can even arrange office during weekends or in the evenings when you and the staff aren’t present in the space.

Related Topic: Long term renting benefits

Training classes and seminars

Does your house have enough space to hold seminars or training coaching places? Or does it have a classroom set up with a marker board and projector screen display? You can design workshops, seminars, or even training in the empty classroom. You can handle seminars on how to better handle finances, a home decorating workshop, and training clients can come to learn how better to use your product.

Another idea if your space is suitable and desirable as a training center is to rent it out for other businesses for training and seminars. Using an extra space for utilization could bring a considerable amount of revenue to your business.

Rent the equipment’s present in the classroom

Do you have special equipment or stationery that can be used for business? If you have a piece of special woodworking equipment, it can be best used for other businesses.

The equipment present in an empty classroom can be useful for others. There is another catering company starting that specializes in wedding cupcakes. There can be the use of the equipment once a week or every day by another specific person. You can rent out the equipment during off-hours as well. You can help other small business owners to succeed and help them bring additional revenue. This goes for any other type of business or individual who needs access to special equipment that you may have.

August 4, 2021 0

What activities can be done on long-term renting spaces?

A good long-term activity program in a long-term space can be beneficial for a long time. There are many benefits of long-term renting spaces. It can be either renting a villa for people to visit on weekends. Many activities can be performed. From conducting medical facilities to renting out an empty villa, there are many benefits to it.

Villa– weekend gateway- While many people especially teens, their favorite vacation spot for short time would be chilling on a villa with a good view. Taking a villa in a good place with a good view would give you a good revenue every month. At the peak time, your revenue would just boost up. For example, if you would keep 20,000 for a night on weekends and lesser than that on weekdays but the revenue that would earn from it would be a great opportunity. But apart from that, maintenance and hiring a full-time host for the villa would cost for the villa.

Related Topic: Long term renting benefits

Medical facilities– There are many spaces wherein you can make benefits to it. Medical facilities and program related to it can be used in long-term renting space. Facilities like providing medicines, a monthly check, etc. This will benefit not just the space owner but also the medical program facilities to grow their business.

Shops and storage rooms- When we talk about shops, we can consider rental grocery shops, storage rooms. Long-term renting can be best used for those activities too. As a space owner, you can earn a good amount of extra revenue by renting out shops and storage rooms. Big businesses find new spaces to store their products and your extra space can be best used for the same. Start contract for 2 to 3 years and then after the lease is over, you can increase the rent by informing or discussing it with the tenants.

Related Topic: Short term renting benefits

Tailoring and clothing- Small businesses like tailoring and clothing businesses find out spaces for them to make clothes for their customers with minimum space and deliver the product on time. With proper documentation and credibility, you can give your space for such activities.

Tuitions and coaching centers- Coaching centers can be best used on a long-term renting space. Coaching and tuitions need a good amount of crowd for coaching and teaching. For a huge crowd like this, there can be a requirement for a huge space for a long period. After the lease is over after 2 years, you can renew the documentation and increase the rent accordingly.

Bottom line:

Long-term renting benefits are several and many activities can be performed in a long-term renting space that would benefit the owner and for the tenant to help them grow their business.

July 19, 2021 0

What’s The New Normal For Retail Stores?

Although the world is attempting to return to a sort of normality, it is obvious that certain aspects might have irrevocably changed. The business world is no exception, so what’s the new standard for business?

The Covid pandemic is one of only a few times in history, before and after. When all can be set as ‘before Covid’ or ‘after Covid’ in context.

Physical retail around the world was forcefully modified during the lockout and customer behaviour adapted accordingly. Retailers that start up again work in a different environment.

We recently wrote a piece about how to safely run a store in a post-covid world (check it out here), so we’re going to talk about some of the longer-term impacts in this article and what distributors need to be mindful of in order to thrive.

Physical vs digital a thing of the past

A number of brick-and – mortar stores were suffering long before the pandemic. There are various and nuanced explanations for this, but it is fair to assume that much of it is responsible for the rise and growth of e-commerce.

Consumer behaviour was forcefully adjusted during the lockout. All had to turn to the digital world for their retail needs with physical stores closed, including sectors and consumer groups that previously opposed doing so. Now that these barriers have been demolished, things are unlikely to return to the way they were before. Out of the bottle is the genie.

What this means is that the relationship between offline and online is more critical than ever. Brands that are unable to combine the two will fight. Physical retail remains a very strong customer engagement tool, and the digital world can never compete with the value and experience that can be offered by a physical store.

This ‘phygital’ so-called solution is far from a modern notion. This process, however, will be an ongoing evolution, not a single transition. Are we going to see the virtual wardrobe that Cher Horowitz uses in Clueless to pick what to wear? What about runway shows with holographics? No idea, but those that succeed will be the brands who make the largest leaps and seamlessly merge both the physical and the digital to optimise the effect of each one.

Coping with a recession

It is no secret that the world is facing a possible recession of great severity. However, unlike previous recessions (2008, 1990s etc.), a sudden shutdown of consumer spending caused the Covid recession. Clear, obvious and instantaneous. Previous recessions have left durable imbalances that have taken years to sort out. Although many economists believe we can rebound rapidly, the fact that we’re in for a tough time is not secret.

How will shopping affect this? Well, to begin with , people are going to have less money and be less likely to invest what they have. This decreased spending on consumers would hit retail hard. Retailers will have to fight to build confidence and loyalty by providing outstanding experiences and being trustworthy, much as in previous lean times.

History tells us that recessions reveal internal vulnerabilities, speed up new patterns, and push companies to make quicker than initially expected systemic changes. Brands who adapt, alter their activities and focus on providing value to their customers will emerge at the top, and those that are earliest to do so will have a great chance to develop themselves.

Contactless shopping the new norm?

Contactless shopping refers to the idea of not actually selling something in your stores, another trend that will definitely become popular in the future. A shopping experience without touching items, no show replenishment, and no need for enormous customer numbers. In exhibits, goods are displayed and sales are either made there and there and generated from the back or delivered the next day directly to your home.

Although this is a style that has evolved due to the short-term limitations of working in a Covid environment, consumers are highly likely to tolerate it at first and then actually prefer it.

Appointment-only shopping?

With a range of design labels and fashion companies, we are already seeing this and it’s a trend that might hang around until Covid becomes a bad memory. In short,’ appointment only’ is when you book an appointment on your own or with a small number of other clients and get a time slot in the shop.

While this is very much about preserving social distancing protocols in the short term and making the consumer feel comfortable, it can persist in the long term as it offers a range of significant advantages. From the point of view of the retailer, consumers are more likely to make transactions on an appointment and thus encourage brands to concentrate more of their time and resources on their most important customers who have already made a commitment. An appointment is a far more customised experience from the customer’s point of view; everybody gets a personal shopper!

Experiential retail the differentiator

So far, if there is a common theme, the customer experience is and will continue to be relevant. Physical retail offers brands with opportunities to connect with consumers in ways that the internet does not. With consumers buying all sorts of products online becoming more and more relaxed, physical retail needs to wow and delight. People are looking to be amused, and to establish new connexions with consumers and build loyalty, brands must step up to the challenge.

As physical retail changes from transactional to dramatic, experiential retail would be the norm.

Flexible retail – fewer flagships, more theatre?

The Covid crisis served as a trigger, as we have seen, triggering many of the developments we have already seen. Phygital, contactless, experiential … these are all words that we have spoken of for years. There is nothing that is radically different and nothing that can surprise anyone excessively. But it is possible to get a glimpse of what the overall retail picture would look like when you take a step back and look at the bigger picture. This is a new standard.

Will the make-up of the high street and shopping centres look the same if a physical place is all about collecting marketing insight, evaluating new goods and interacting with new and existing customers?

When contemplating their physical retail plan, brands need versatility. We have called this ‘short-term retail’ in the past, everything from six-month pop-ups to one-day activities, but now this tactic is going to be even more common. We’re talking about ‘flexible shopping’ now, the blurring between long-term and short-term tracks.

Expect brands to scale back their flagship stores and create versatile, engaging short-term retail ventures that travel around and grow instead. Positioning their physical retail plans, both completely aligned with and powering ecommerce products, alongside their marketing programmes.

A thing of the past is long-term rentals. Pre-Covid, as brands sought to reduce their risk, we were already seeing a major shift from 5-10 year leases to shorter-term more flexible agreements, but now with an even greater need for flexibility, we expect the pendulum to swing further because more and more brands are seeking flexible terms.

With major retailers struggling and in the middle of a recession, if they want to continue filling their properties with products that attract customers and prove lucrative, landlords will need to reassess their choices and approaches.

Myrsa is a platform where you can find acces to the societies that are close to you and are looking for bulk deliveries.

You can book a different types space through them on a hourly or a daily basis. As this is going to stay for a while you must register on Myrsa now and connect with housing societies even after lockdown. This has now become a lifestyle change and you as a brand must keep up to it!

October 1, 2020 0

How has Coronavirus Impacted the Indian Real Estate Industry?

The outbreak of coronavirus in Wuhan, China, has affected market sentiment around the world. As allied companies such as steel, heavy machinery, and other raw materials are heavily dependent on Chinese imports, the Indian real estate industry would also be indirectly affected.

Coronavirus has infected more than 60,000 people worldwide and has claimed over 1,400 lives in China. Business sentiment is severely affected with it being declared a global health emergency by the World Health Organization (WHO). The outbreak has created a lot of speculation regarding trade and imports, not just in China but around the world. Nor is the real estate industry spared. Traders are cautious about visiting mainland China and are sceptical about cutting production in the months ahead. This will have a direct bearing on the steel prices and other articles used in India’s construction industry.

Let us address in depth the possible impact of coronavirus on Indian immovable property and related industries.

Why would it affect the Indian Real Estate sector?

India imports extensively products used in Chinese construction activities. Some of them are-

Iron and steel goods
Industrial building equipment
Electronic equipment
Solar panels
Plastic and fibre materials

China remained the largest steel producer with a production capacity of 928.38 million tonnes (MT) in 2018. Although India is the second-largest producer, its production capacity, which stands at 106 million tonnes, lags severely. That heavy reliance on China for steel and steel products is an industry concern. With demand going down in China, prices in the allied industries are expected to increase, thus increasing costs and reducing the profit margins of Indian real estate developers. The slowdown in China’s construction industry will bring downward pressure on world metal prices.

More than 300 Fortune 500 firms worked in Wuhan, China, in 2019, according to a recent report by CBRE. The epidemic will force businesses to provide more flexible work arrangements like’ Work from home’ rather than co-working spaces. The companies could delay real estate decisions and limit new launches. The paper, however, points out that the outbreak would affect mainland China more, and neighbouring countries may have only a temporary dip in business activities.

One chance?

Looking from the Indian business perspective, the coronavirus outbreak could be an opportunity for Indian companies to increase their production capacity and give the “Make in India” campaign a boost.

The Indian government encourages steel companies to increase production capacity and grab a greater share of the market. In the current scenario, the Ministry of Steel, Government of India, is preparing a strategy paper to produce 10 million tons of special steel at the cost of 50,000 crore Rs with 50,000 job potential.

Given the skewing of the Chinese supply lines, the industry has an opportunity to explore other markets to procure raw material and reduce reliance on Chinese imports. That could be a veiled blessing for the indigenous manufacture of imported goods such as metal panels, steel bars, heavy machinery and coke.

In addition, the manufacturing companies of solar panels can also take advantage of the reduced supply and increase production to reduce long-term costs.

Echoing the same sentiments, KW Group Managing Director Pankaj Kumar Jain says, “The effect of coronavirus outbreak on Indian immovable industry will be indirect. Though China is directly affected, supply-side constraints offer an opportunity to explore other avenues for procurement of raw materials. The industry is already facing the headwinds of timid demand and global economic slowdown. While the outbreak in the Indian scenario is not yet a threat, the government must take tough steps to prevent the spread of infection so that the business feeling is not further affected.

To sum up, the planet has also faced similar outbreaks in the past, such as SARS virus, bird flu, etc., and has recovered successfully. Any calamity represents an opportunity to reach new heights. Indian real estate and related manufacturing industries have to find scenario positivity and benefit from increased production and indigenous innovation. In times of crisis, the government would do well to stop further virus proliferation and handle the industry.

February 27, 2020 0

What is Location-Based Marketing?

Location-based marketing is a rapidly growing marketing strategy, located right in the middle of the advertisement ecosystem.

In most but not all sectors this advanced marketing approach is a perfect fit. Here’s what makes location-based marketing successful and a few pitfalls you’ll need to avoid.

Marketing based on location: Wherever it operates.

Brands with physical locations are the best fit for location-based marketing, which is evident but worth repeating at all times. Such types of businesses are best suited for geotargeting strategies because location-based marketing and analytics firms will geofence locations to identify the audiences visiting their locations. Marketers build audiences for their geo-targeted ads based on real-world experiences, rather than shares and follow on social media. Using this approach, advertisers ensure that they reach the right audience and deliver appropriate content at the right time.

So who will successfully use the geotargeting campaigns? It covers all retail outlets, catering and dining establishments, grocers, and the list goes on. Below are just a few more examples.

Auto dealers

Auto dealers also profit from geotargeting campaigns which can reach customers of their competitors, especially geo-conquesting. In their final phase of visiting auto dealers, their large retail presence, high-value price tag and purchasing process force advertisers to work hard to reach the car shoppers.

Pop-ups and seasonal stores

The businesses and brands with seasonal stores and time-specific events often create impactful geotargeting strategies when they meet the right requirements. Talk of pop-up tax bureaux and holiday shops.

Marketers for these brands use publics seen at their previous year locations to offer ads to the same audience, enabling return visits the following year. To encourage future ticket purchases, professional and college sports teams use location-based targeting to meet the audiences who visit their stadiums each season. A trade show that takes place in a large venue over several days, attracting thousands of attendees, is an effective way to capture a business-to-business public.

Tourism boards

We have also seen travel and tourism boards use geo-targeted campaigns with success. For example, a marketer who works to encourage tourism in Charleston, SC, may decide to convince Savannah, GA tourists to visit their location next summer instead.

Ecommerce companies

In some cases, marketers at e-commerce firms and consumer packaged goods (CPG) firms can also use location-based marketing. Whether they have physical retail stores or not, eCommerce companies are competing for customers who visit rivals that have shops. Likewise, businesses that stock items in specific stores may use geotargeting for consumer-packaged-goods (CPG). A business with a high-end hair care product that can only be sold at salons should use location-based marketing to target customers who frequent those salons.

Location-based marketing: What to avoid

Those who use every targeting technique know that there are limitations to each strategy and location-based marketing is no different. These restrictions can be in terms of both data quality and quantity, as well as regulatory and compliance limitations.

Locations that don’t scale

The most common obstacle to build an effective location-driven campaign is to discover that places are not going to scale up to create a substantial audience. This difficulty can come from a variety of issues like choosing a single location to examine without heavy foot traffic, events that don’t last long enough to attract the right audience or smaller markets with limited data to start with.

Marketers also sometimes consider location-based audiences difficult when companies are clustered closely together or on top of each other, as in malls or multi-use buildings. It is difficult to create a market for a store located on the street level of an apartment building, or tourists to an office located on a skyscraper’s 12th floor. Marketing and analytics firms based on location may not be able to determine the difference of who is a shopper and who lives or works on the floors above or below the desired location.

Products or services available everywhere

Recall an example of this high-end hair care product? If it’s only available in certain salons, then ads based on the location will work well. But if it’s available somewhere, the plan would just not work.

Goods that are omnipresent, and can be sold in a variety of locations — think bubble gum, soft drinks, pet food — do not benefit from observations derived from a distance. Such advertisers should use other targeting strategies to reach their customers more efficiently, such as demographics and buying history.

Businesses with sensitive data

Considering the sensitive nature of the data, brands at certain places, such as healthcare facilities, can pose another challenge for location-based campaigns. Compliance companies such as the Network Advertising Initiative, the Digital Advertising Alliance, and TrustArc have membership requirements that stipulate appropriate business practices and how their member firms will treat opt-in authorisations. We play a vital role in providing protections for customers in the absence of robust federal legislation.

Usually, adhering to these codes of conduct, location-based marketing firms do not encourage advertisers to build markets around sensitive areas, especially related to health care, or participate in any discriminatory practices. These same principles apply to the right to personally track or target another person. Marketers have no desire or motive to target one market, but rather large audience cohorts which exhibit similar behaviours or characteristics.

What’s next for location-based marketing?

There are three important elements in the future for location-based marketing: legislation, the emergence of new data sources, and attribution.

The end goal is a standardized structure that voluntarily welcomes both consumers and businesses, and one that gives greater clarity and control over data practices across the entire data ecosystem.

The 5 G rollout would create massive sources of highly accurate location data, combined with the introduction of billions of new sensors over the Internet of Things. The 5 G towers must be more tightly grouped together than the current cell phone towers. Such finer clustering means cell phone carriers can triangulate position with a greater degree of precision than they can do today. 5 G also offers quicker upload and download rates, driving the proliferation of more internet-connected devices across a variety of products and industries. As these billions of sensors come online, they will not only produce location data but also other valuable data sources to track the use, usage and life cycle of goods. It is yet to be determined how advertisers, academics, and regulatory bodies interpret, evaluate, and use the more granular data.

Finally, advertisers will be gradually held accountable for their ad spend, requiring evidence that their ad spend results in new foot traffic and sales. We’re a long way from demonstrating that digital ads, and most other advertising formats, have resulted in actual sales in the shop. There are just too many unconnected silos of data to put meaningful and statistically relevant findings together. The ad seen on TV can not tell your phone or laptop that it has also been watched, while the point-of-sale or online checkout system can not alert the prior touchpoints to confirm that the sale has taken place. Given these challenges of tying online ads to offline sales, when using location data, marketers adopt a macroeconomic view of attribution. They assess how their campaigns affect foot traffic at their own locations, as well as competitors, as another data point to measure the effectiveness of their ad spending.

The Last Line? Such improvements are all new opportunities. It is because of its efficiency that advertisers can continue to invest in location-based marketing. Understanding what works and what isn’t the basis for any successful campaign.

Myrsa will help these marketers to easily find temporary rental spaces in high footfall areas. Register your Brand with Myrsa and start your promotional activities now.

February 21, 2020 0

6 Affordable Retailing Alternatives for Small Businesses

When starting a retail business, making a product that your customer will like is just the beginning of the battle. The next steps are to get that product in front of your target customers and unless you have a few lakh rupees lying around buying your own traditional storefront goes out of the equation.

Well, there’s good news for people who have a product to sell: These brick and mortar retail stores are not the only options for you. Whether you want a scaled-down retail space for rent or choose to sell online there are many alternatives that fit into your budget of selling your products.
Here are budget-friendly ways to run your retail business:

Kiosks

Don’t want to buy a retail store but still want to have your own space in a high traffic area? A kiosk is a perfect option for you. It is a great opportunity for businesses that have a small inventory. These small stands got their start several years ago with seasonal retailers wanting a short term option. Today there are thousands of kiosks in malls, event venues, markets nationwide that sell everything from food products to retail products.

There are many benefits of opening a kiosk, especially for new business owners. The total cost of the kiosk is all in meaning the cost of the location will also be included in the minimum rent amount. Smaller footprint and square footage mean a lower overall rent with less overhead and operational costs.

Another advantage is that they are usually located in high traffic areas such as malls due to which the visibility of the brand increases. This can help in making high sales and can help in brand marketing. Kiosks are usually cheap and can be based on an hourly basis. They are on a short term basis which has no risk of long term leases.

Food trucks

One of the riskiest and expensive ventures that a businessman can pursue will be the brick and mortar restaurants. Food trucks are becoming popular and are now a business idea for many businesses to get started on a budget. You get to show your skills thereby making a huge impact on your customers.

Food truck operators are able to open a shop quickly without a large amount of investment. You just find a small space which will not include extra costs of a kitchen and staffing and dining room. Food trucks have been growing because of the growth of speciality foods like gluten-free and vegan foods.

Statistics even show that failure rates of new restaurants are between 60 to 90 per cent while for food trucks it is just 10 to 20 per cent.

Pop-up shops

Popup shops are most common during holidays or festivals, but many few businesses take advantage of it all year round. Small business owners can take advantage of this and open a temporary shop as per the motive and position of the business. It can help to jump-start their sales marketing and branding efforts.

A great advantage of this business is you can move around and open in different neighbourhoods and expose your brand to a wider audience. Online businesses that want to test out their products can also use this way to really personally know their customer and market their product accordingly.

Related Post: Start your own hassle-free popup shop!

Stores can be found according to their budget and the location they select. Business owners should take a fully professional approach as if they were opening a retail store. The impact that these stores have on consumers is huge so taking this approach for small or big retailers will be really profitable.

E-commerce

If you have a product that can be packaged and shipped anywhere then eCommerce is your way to go. It is an e=inexpensive way to get your business out there. Without the cost of having a retail location, you can almost instantly start off with selling your product online. All you need will be a well-designed website and a shopping cart.

Mobile retail units

On the go, businesses are not just limited to food enterprises. Cost-effective retail stores like repurposed trailers and recreational vehicles are soon becoming popular. This has helped in finding success as businesses can keep on moving to different locations and reach new customers. They can share their whereabouts and keep their customers updated via social media.

Running a business from your mobile retail shops will give you the freedom to set up shops in new locations. The main advantage is that you are not stuck on any agreement and you can move wherever you want to.

It can give the flexibility to move so that you aren’t stuck in a location where there is no sales happening.

Wholesale

A wholesale business will help you get your products in the market without much effort in selling them. They can be in the form of an independent boutique to the large department store. You can produce a large number of products and sell them online to retailers.

To sum it all you can apply any one of these techniques and start off with your business on a small scale. Some of these businesses can create a huge impact on the public and can give you a jump start for your business.

Myrsa will help you find temporary spaces on rent at different locations. Choose the location of your choice and your budget as per your requirement. It is as easy as booking a hotel.

July 23, 2019 0

Key Factors to Consider While Choosing a Commercial Space for Rent

You have extensively prepared a thorough blueprint of your business plans and now is the time to execute them. The initial requirement to conduct your day to day operations is a commercial space for rent. More and more businesses are now opting for rental spaces to avoid blocking their capital. This leaves them with more funds that can be allocated to other requirements. The space that you finalize can make or break your business. There are a number of things to be taken into consideration while deciding on a space but these five factors play a pivotal role.

Price

Everything that your business does depends upon the budget that you set aside for it. Spaces at prime locations are costlier than the ones that have lower accessibility. It is important to strike the right balance between the things you expect from a space and the price you pay for it.

If you are a start-up, it is recommended to opt for properties that have a mid or low price range until your business is up and running. On the contrary, established businesses can look for high range spaces. It is also essential to consider the facilities like electricity, cleaning, water etc. that would be included in the rent of the property.

Location

You should narrow down on your choice of spaces based on the type of business that you run. If you are a business that expects a significant number of walk-ins like a salon or a doctor’s clinic, it is best advised to go for a location that is situated on the ground floor. If most of your work is online and it requires your employees to do a desk job, search for a property with enough space to accommodate all the infrastructure that you will need.

The kind of businesses around your property is also of utmost importance.

Is there a coffee shop around?
Can your employees blow off some steam after a long day at work?
Is the neighbourhood of the rental property safe and not secluded?

Taking all these factors into consideration is necessary while looking for a suitable location for your business.

Accessibility

A rented space for your business is an investment that, if done right, can yield great profits. Shelling out some extra bucks for an accessible commercial space will prove to be beneficial. Always place the convenience of your resources over yourself. Ask the following questions while searching for a good property:

Is the space well connected by transport?
Can my clients and employees locate my business without difficulty?
Is parking available at the property?
Can the property be accessed by people with physical disabilities?

If the answer to these questions is “Yes”, pat yourself on the back. You have got yourself a great deal.

Ambience

Happy employees and clients are an asset to your business and a way to achieve that is to ensure you can sustain a good ambience at your rented property. Make certain that the space you choose is ventilated, neat and tidy, well-lit and quiet.

You can enhance the vibe of the space by adding comfortable sofas, potted plants and posters that are in tune with the line of business you operate in. All these factors affect the perception of your employees and clients. Failing to maintain a good ambience will result in a fall in productivity of your employees. Modern interiors and vibrantly-coloured wall are additional factors that complement the appearance of the property.

Related Post: Start your own hassle-free popup shop!

Services and facilities

To get your business up and running, it is crucial that you have all the infrastructure and facilities you need to get the work done. The quality of the service that you receive is also crucial. There should be an uninterrupted flow of business once the space is rented. Some of the details to be considered are:

Does the owner assure the security of the space?
Does the location have a dedicated postal address?
Is there a well-connected computer network?
Are there proper utilities like air conditioning, electricity points and CCTV surveillance?

Not being able to provide these to your employees will increase your employee turnover and result in significant losses.

Time Period

The rental period for each space would be different. It can start off with just a few hours to a few days and goes up to a month. The short term renting business is on a rise right now. It creates a lasting impression on the customers and many brands use it for their promotion. When we talk about renting for a few hours it covers all the businesses that may use kiosk spaces and also a weekend classroom space. If you want to set up a popup business it can go up to a week. Simultaneously when you are wanting to just test the markets you can even use a commercial space for rent for a month. It all depends on the type of business and the business goals that you want to achieve.

Be wary of the pitfalls that might accompany the commercial space that you rent. A thorough check of all the factors that impact the functioning of your business is vital. Keeping your search for a property as a priority should be of primary concern when setting up your business.

Wouldn’t it be really helpful if you had some kind of assistance to search for such commercial spaces that were for rent? Perhaps a website that lists a variety of properties for you to choose from? Well, look no further because we have a perfect way out. Myrsa offers a temporary renting solution to brands, businesses, service providers, retailers & professionals looking out for space to grow their business and connects them with space owners. With Myrsa, you can significantly cut down on time required to search for a property and focus more on the functioning of the business. So what are you waiting for? Go on to Myrsa’s website and sign up now to get quick, reliable solutions!

May 14, 2019 0

5 Tips For Your Fashion Popup Store

You have planned for your fashion pop-up store to be a hit but you need to be sure before opening it. Know all the points that are said to be important by the experts to create your fashion popup into a success.

The Right Reason

Now you are a new fashion brand that has been started to be recognized as a successful brand in the market- it may be first or second, you need to be sure about the reason you are planning to go offline with your popup shop and set all your purposes right. Everything that comes after that will define whether you want to be placed in a high street area or a mall.

Is it to engage your customers offline?
Are you looking to explore a different city or a new market?
Do you want more brand awareness?
Do you have an upcoming collection to be shown?

Mainly these points complement each other. But there must be one point that will stand out from the others, which then becomes the main goal for your business when it comes time to bring it front and promote it.

Related Post: Start your own hassle-free popup shop!

The Perfect Timing

Once you define your reason, why you want to create a fashion pop-up store, you need to define when and for how long you want to keep the store open.

Knowing the right time to open up a popup store adds to your success. You need to study the dates when your target audience will be at the place that you are aiming for so that they don’t miss your store.

Some important factors to consider are:

Fashion week agenda
Other events that are complementary
Festive seasons
Start of the season
End of the season

To decide about the about of time your popup store on rent should last, I would say it truly depends on the type of experience you want to deliver to your customers. Short term popup stores create an impactful perspective and thus building great customer experience for your brand.

Popup shops that last for more than a week are those that want to a part of the market in a daily way. These pop-up shops then become a go-to destination for the customers because they create certain reliability over time. These long popup stores then go on to become a permanent shop in that area.

The common ground between these two is that they work incredibly well for your brand as a case study.

The Perfect Location

As Important as timing is for your popup store, finding the right pop up shop space that is planned by your budget and as your brand’s identity is equally important. So where do the people who follow your brand’s style go to?

You must have a clear customer persona to get this right. Do they go out to the mall shops or do they go out to outside areas?

Websites like Myrsa help you find unique spaces for your popup shops. Decide the type of space you want from small to big and also specify the time of your shop. Find your ideal popup shop spaces on Myrsa. Once you have this clear you can then start to find the different types of popup locations that are within your price range and your decided area.

These are the various types of pop-up stores:

Mall shops
Stores or street-level shops and retail spaces
Mall booths or stands or exhibition stalls

The essentials that your popup store must have are:

fitting rooms
storage space
storefront for display
bathrooms / restrooms
security cameras to prevent theft
proper lighting system
parking close by
accessibility by public transit
street entrance

If the choice you made is in a shopping mall then make sure to know about the opening and closing time of the store.

The Perfect Store Layout

Now that your idea, timing and location are set, the next thing is to plan your layout. The best layout for your fashion popup will be the one that will create a different or experiential experience for the customer. And the layout is a complementary work between the location and design.

Some basic things to place depending on the spot chosen are:

brand or logo for your storefront
lighting fixtures
Mirrors inside
wifi connection
wardrobes, clothing stands, shelves and hangers
cashier system for the POS
stoppers and signs for outside

You should keep in mind that the inside store should match with the outside of the store to match your brand story. If you want to attract new customers then create an inviting atmosphere for both inside and outside your store.

Promote your Pop-Up Store

Create a lot of awareness about the store you are going to open. Let everyone know about where and when you are about to open your open popup.

A few important tasks to carry on are:

make sure to promote it on Facebook by creating an event
promote it on Instagram accounts
contact all the influencers and newspapers
make offers that can attract customers
set up an opening and closing event for your pop-up store

It is time to get your pop-up fashion idea going! Our team will gladly support you with every step of the way, by finding the pop-up location you were envisioning and creating an incredible fashion pop-up shop that both your customer and yourself will relish.

April 23, 2019 0

Start your own hassle-free popup shop!

The Pop-Up store concept rose first when the big brands started seeing a lot of competition from the newly emerging brands.

When huge brands didn’t promote in the countryside, new brands began to see an opportunity and targeted those markets. In order to succeed these problems, big brands started pop-up shops or short term retail shops to attract specifically targeted audience.

Related Post: Why Is The Popup Retail Trend Better?

The Definition: What are Pop Up Shops?

Pop-Up Shops also are known as Temporary Retail or Flash Retail are short term shops that sell merchandise. Pop-Up shops are typically open anywhere and duration can be from 1 day to a couple of months.

Pop-Up shops are used to market pretty much anything. This can be Clothing, Jewellery, Art, Crafts, Tech Gadgets, Food or anything you are selling.

The Concept: Why Pop Up shops in India?

Although there are many notions of short term rentals in India, we have just observed them in play for marketing campaigns or sales. In this age of going digital with everything, a lot of brands have started selling their products on e-commerce stores and online marketplaces. But a common problem that every such Brand is suffering today is getting the right attention from the right audience.

A brand is a purpose behind your company’s name, logo, symbols, products and slogans. Having a unique presence in the target market helps you build brand awareness and create a long-term position in the marketplace.

Related Post: Co retailing helping with spaces for a pop-up shop on rent

So, let’s rest our case and see the benefits of doing so in a densely populated country like India.

1. Affordability:

Because pop-up shops are temporary in nature also smaller in size than traditional retail stores, the price of rent is usually cheaper.

2. Short term commitment:

Rather being locked into a long-term rental negotiation, the brand is only committed for a fixed period of time, which means it can adapt to changes in its business and marketing plans.

3. Brings in Attention:

People are interested in the sudden existence of a store, especially if they look unique — for instance, retail shops or exhibitions.

4. Testing & Experimentation:

Test your Mark on the go! You can test marketing brand-new products and measure the response, from which you can develop the ways of serving your customers.

5. Brand Awareness:

Greatest of all, when you reach out to people personally, you will be supporting yourself and the brand. This will cause a kind of security and assurance in every customer, which will help in branding.

The biggest advantage of pop-up stores is their potential to grow into permanent local businesses by establishing the presence of your Brand. Pop Up Stores come and go along the road, but the point is bringing energy and serving or getting customers.

Utilizing a vacant retail space for your pop-up shop on rent is about more than having a physical storefront; it’s about joining and participating in the local community, if only for a short amount of time. To be successful, it is not enough to merely open the doors. Your pop-up shop should appeal and tailor its message to the tastes of the community where it is located. That means doing your research and taking action before you move into space.

1. Get to know the neighbourhood:

Prior to opening, visit the other stores, restaurants and coffee shops in the area. Consider introducing yourself to the owners, this builds rapport and potential support network. Between browsing the other stores and talking with the owners, you can gain a better sense of what people in the community desire.

2. Be on the lookout for fliers advertising local events:

Especially during the spring and summer, communities have festivals and outdoor fairs that are open to the general public. You can use these events to learn more about the community and you may be able to sell your goods in an environment where there would be a lot of potential customers.

3. Reach out to the local media:

This used to be limited to getting the local paper to write about your pop-up shop. Now there are blogs, community-centric e-newspapers, email listservs, and other online resources that allow you to reach specific segments of the community that might be interested in your pop-up store.

4. Remember to stay true to your brand:

While it’s important to market yourself to the community, you do not want to surrender your identity and personality either. Before opening, identify the key characteristics of your products that make them unique and be sure to accentuate those details in your space. When possible, figure out ways to demonstrate how your products’ traits appeal to the neighbourhood’s tastes.

Now, to find spaces for your popup brands there are many online websites that are of convenience for you. Myrsa is one such short term renting platform where you can find spaces for your popup shops. From smalls shops to huge spaces, you can decide according to your budget and location which will be the ideal space for you. If you want to find advertising spaces for your popup shops, you can even search for them here. Visit the website to learn more and find temporary spaces for your businesses

April 1, 2019 0

Category: retail space for rent