What’s Better? Coworking space vs Serviced space.

With the growth of businesses and entrepreneurs in our country, the need for flexible office spaces is also rising high. These concepts are very popular among small startups but now, larger corporations are stepping towards the concept of shared office space to provide their employees with a better and comfortable environment. There is a potential for tremendous savings in the operational costs with shared office spaces. Two of the most popular shared office space concepts are co-working space and serviced office.

1. Basic Definition

To understand both concepts of shared office spaces we will have to start with the basic definition first.

Coworking spaces refer to an office space that can be used by freelancers, entrepreneurs, businessmen or a team who are willing to work in a regular office space rather than in isolation of their home office. This kind of workspace is very flexible and it offers various types of facilities and services which are according to the needs of the business. Some websites that provide you with coworking spaces are We work, Awfis and also Myrsa.

Serviced office are those building in which each company has an individual floor or an individual office to themselves on rent. These buildings come under the regulations of a facility management company. These offices are mainly known are business centres or executive suites. In India, there are many companies that provide serviced office spaces.

2. Privacy

As co-working spaces are something that is a space inside one office, maintaining privacy becomes a bit of a concern. This is because there will e people around discussing their projects and walking around in the space. Everyone has a common space but if you book a space like a cabin to yourself then it will be much better. People who work in coworking spaces should respect and maintain decorum for everyone to work efficiently.

In a serviced office space, each company has the liberty to work inside their own respective offices. Businesses are able to maintain their own rules and regulation inside their offices and every startup or company can work peacefully in their own environment. Thus the privacy of each company can be maintained well.

3. Community Events

Coworking spaces organise events usually to keep the employees motivated from time to time. These events help in networking and also relaxing from work for a short amount of time. Entrepreneurs and freelancers get to discuss new ideas and this can help them a lot for the creation of bigger ideas and collaborations.

Community events are not held so much in serviced offices as they have their own individual workspaces. This reduces the scope of interaction with other companies and other organisations. They have their internal events in their offices from time to time and every company can differ in such events.

4. Agreements

Agreements in coworking spaces are on a temporary basis. They offer a lot of flexibility to freelancers, entrepreneurs and companies who rent out the spaces. It can be according to the requirements like the number of people and how long will they require it for. A coworking space can be booked for a few hours, a few days and even for a week. Usually, it is rented for shorter periods of time.

Companies that are going for serviced office need to pay rent on a monthly basis. Unlike coworking workspace, these are leased for longer periods of time and for companies having a larger group of people. The lease period may start from a month and may go up to a few years. The rent amount of this office is also much higher than that of coworking spaces.

5. Extra Amenities and Extra Space

In a coworking space, entrepreneurs have additional services like a game room or a resting room and this will include inside the particular rent amount. There are usually extra spaces available for entrepreneurs they can make use of the additional features that are there in the office. This can help reduce stress and can provide a comfortable environment for the business owner.

In a serviced office as the company has its own space they use it for the accommodation of every employee. They usually do not have extra rooms available for the employees. Every office has the same layout in these business centres and it depends on the individual office how they utilise it and how they would plan the interior. However, some services are that they have managed reception and maintenance facilities and security services available.

Now that you are well aware of both of these spaces. Decide on what suits you the best. Renting out spaces on a temporary basis and searching for spaces in a different location can become a tiresome task. Myrsa helps you with this. It is an online platform for short term renting of office spaces. You can decide the time and space required and search through various options and start working in your own office.

August 1, 2019 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

Age of Experiences is here: What is Experiential Marketing?

It’s 2019 and getting consumers attention has become even harder now. For this reason alone it is easy to see why brands are falling in love with the idea of experiential marketing.

Experiential campaigns are immersive, live and memorable which will help you deliver your message without distractions. When you are new to it, it is possible that your strategy may lack the standard definition.

So what exactly is experiential marketing? Are there different types of it? How does it differ from your traditional marketing, or from live events generally? And when will be the perfect time for your brand to use this technique over other tactics?

Let us get a better understanding of the meaning of experiential marketing.

Experiential marketing, defined

Experiential marketing is a strategy that a brand uses to give a personalised experience. Also referred to as “live marketing” or “event marketing experience” the idea of this is to create a memorable impact on the customer. An experience that will motivate them to share with their friends both online and offline. This could be in the forms of event, a part of an event or a popup activation that is not tied to any event.

At its essence, experiential marketing is all about immersing the customers in live experiences. It’s likely a similar approach to the one that you use while crafting an event experience.

Events do often overlap with experiential marketing in two ways. Events can be a part of larger campaigns as a grand opening of a popup shop. Even smaller brand activation can be a part of an on-site art installation.

No matter which of the cases you fall under, you must be clear about the goals for each campaign. There are different ways to measure the impact of your experiential marketing campaign. Social expressions earned that means having a unique hashtag and by surveying your attendees after the event.

Should you try experiential marketing?

When should your brand incorporate an experiential marketing campaign in your business? It depends upon your goals, timeline and the resources.

Experiential marketing can help you humanize your brand and create an experience that will leave people with a permanent and positive impression. Although these experiences are in person and live you need to add social and other means to amplify your efforts across different channels.

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

It is not enough to provide your customers with the prize wheel or lottery and then call it a day. That type of event is not called as experiential marketing. You need to create different ways or touch points that will engage your attendees in unexpected ways. That provides benefit to all of you, your event and your sponsors if you have them. This means that you need to have the budget to make your event big or a brand name that will make it big.

Better Experiences for Consumers and Brands

The goal of experiential marketing is to create a lasting impression on customers that they will want to share with others that will ultimately lead to brand loyalty. You are not just advertising the product but you are making the customers aware of what their life would be with the product. You are creating that connection between your brand and the positive vibes of the customer.

Many managers have started to devote almost 20-50 per cent of their budgets to experiential marketing efforts over the next few years. If they are not a part of your marketing strategy right now, then they should be. These are the benefits and the main reasons why you should:

1. Lasting Connections With Consumers

One of the main reasons big brands are following this trend is that it creates a lasting impact on the customers. Many of them have already begun building connections through this. Enhancing the experience by different activities turn out to be the best options for brands.

2. More Data in the Moment

When it comes to any form of marketing knowledge is power. Collecting information or data of customers through these has become the top priority of many businesses. Marketers need data about customers to know where and how to reach them most effectively. Product developers need to know which product will appeal more to the customers. Business leaders need to steer the direction of their companies.

Experiential marketing gives customers the prospect to learn about products and brands while also enjoying the experience. Those customers who are willing to exchange their personal info as the admission price to an event or experience they want to attend.

Experiential marketing is essential for data collection. The data that is collected from these events can be used to make changes in the messaging, create value, and increase customer engagement on the spot.

3. An active perception of your product

One of the main goals of marketing is to give knowledge about your product to the customers and this works well when the customer is engaged. Most people go out of their way to avoid commercials, yet most will go out to have unique experiences. That’s why experiential marketing works so well. Tie your brand or product to a new experience, like events, and consumers are most likely to get the message. In fact, 65% of consumers say that live events or product demonstration helped the customers to learn better about the product than any commercial could.

Luxury brands and other sectors are using experiential marketing to transform customer experience. Well executed marketing campaigns can turn passive customers to active participants.

It helps in transforming and elevating the connections of brands with the customers, and that’s becoming increasingly important as customers demand more specialization. With the benefits that are mentioned above, won’t be long that everyone catches up with it.

Unique spaces play a much important role in experiential marketing than you think. Finding spaces in different spaces like malls, hotels, office parks and many more is possible through Myrsa. Renting spaces on a temporary basis becomes a huge challenge for businesses. Myrsa has made this process of finding event venue easier and renting spaces for your experiential marketing has become as easy as booking a hotel. Visit our website to know more.

June 25, 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

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

How to find your ideal Cafeteria space for rent?

Discovering a prominent location for a new cafeteria offers many challenges. Is it a reasonable size? Is there sufficient traffic? Can you afford it? What is the owner like? Does the location have a record of failed cafeterias?

Here are tips to help you find just the proper place for your new cafe.

Do Your Restaurant Market Research

Before you even begin looking at any kind of restaurant space to rent, firstly do your homework: is it the perfect area to open a new restaurant? Knowing who your possible customers are and where they reside will assist you to tailor your restaurant idea accordingly. Conducting market research for a new restaurant, because it can inform you of the income range of a possible restaurant location. Will there be adequate people, with fairly expendable income, to contribute money at your new restaurant? If the response is no, then move on to a different location.

Be Flexible When Looking at Restaurant Spaces

Restaurant spaces appear in all shapes and sizes, from teeny little hole-in-the-walls to big sprawling cafeterias. You apparently already have a genuine idea of the type of restaurant you desire to open, and what it will look like indoors. Nevertheless, the perfect space may not, at initial glance, be what you envisioned. So be prepared to redesign the restaurant in your head to fit a vast space. Bear in mind, more often than not great restaurants don’t make a location, a location makes great restaurants.

Do a Landlord/Location Background Check

Once you’ve picked a cafeteria space, discover as much as you can about your possible new landlord. If there are other businesses in a similar location, ask different business owners if the landlord is easy to operate with and if he addresses obstacles quickly. You can moreover ask about the pros and cons of the location, as well as their opinions on a new restaurant going into the building. Of course, take everything other renters say with a grain of salt. If they believe a restaurant is a fantastic idea, learn, it’s their opinion, not an actual fact.

Know Your Budget

You may discover the perfect place to open a new restaurant, however, if the rent is out of your budget, don’t get extremely attached. Just like you wouldn’t rent an apartment you couldn’t afford, the equivalent is true of renting a restaurant space. The initial years of a new restaurant are normally pretty tight, financially so over-extending your budget before you are even open isn’t a good idea. However do in keep in mind that restaurant rent can be negotiable, which guides us to…

Don’t Be Afraid to Haggle

Possibilities are your proposed landlord doesn’t want his or her prime real estate vacant for long and may be ready to haggle at the cost of rent. General rent negotiations for a new restaurant involve not paying rent at all until the restaurant opens for business, pro-rating rent. You may spend a very low rent the first year of the lease, then slowly raise it each year thereafter.

Know What’s Included With Rent

Is heat, water, electricity covered in rent? What about garbage removal, building repairs, and general maintenance. Your cafeteria rent should specify specifically what expenses your owner will cover, including any required renovations, and what expenses your restaurant (that means you) will be responsible for paying.

Related Post: Why Is The Popup Retail Trend Better?

Have an Exit Plan

How long is your restaurant lease for? Two years? (good) Five years? (hmmm) Ten years? (run away). Before that, there are also shorter options for you. From a few hours to a few days or a week. You can have your restaurant set up and try if it is the perfect location for you. Myrsa is an online platform that provides you with different locations for short term renting of your restaurant. Test different markets and then choose the one that is perfect for you before investing so much on your rent. You can find your ideal cafeteria space on rent on this platform.

No one desires to think concerning their restaurant closing, at least not before they are even open, but the fact is, a majority of new restaurants stop within an initial couple of years. So, if for nothing else but for the calm of mind, keep your lease as small as possible. If things are going along smoothly after year two or three, then sign on for a longer lease.

March 26, 2019 0

Renting a Retail Space: List of things to consider

Finding the appropriate retail space to rent takes time and patience. The space becomes a fundamental part of your brand and, of course, the location is significant. Before you decide on a spot and open a storefront, you’ll want to front load the process with some strategic research and thoughtful planning. The more planning you do now, the more you’ll set your business up for victory in the long run.

Discovering the ideal neighbourhood, making sure rent fits your business budget and evaluating the proper square footage are all key steps. Here’s a clever guide to navigating the world of commercial real estate with a keen eye for detail and the appropriate frame of mind.

Your retail space is an integral part of your brand image.

Define Your Budget

Every project starts with a budget and identifying how much and the type of space you can afford up front can spare a great deal of time and hassle. It’s prudent to keep your rent payment in the range of 3% to 8% of your gross revenue. The averages for each industry differ depending on the role the retail space plays in the overall business strategy. Electronics stores, for example, typically put a lower percentage of sales toward their lease (around 2% on average) than clothing stores (around 8% on average). Figure out this percentage by dividing the annual rent payment on a space you’re considering by your gross annual revenue.

Knowing your budget before you begin searching for the perfect space will save time and hassle.

Figure out How Much Space You Need

To determine your ideal square footage, map out the several workspaces and other areas that your store will require. Examples comprise the sales floor, inventory storage space, offices, kitchen, bathrooms, and dressing rooms. Now measure your square footage needs for each one of those spaces and add together for your total square footage.

Traditionally retail sales floor space is measured using industry research and this formula:

Making these estimations beforehand can help you pinpoint the properties that are the best match within your budget.

How to Pick a Retail Location

Choosing the right location can seem like rocket science. In a simple world, you just require to be where your ideal customers are, or you need to make it accessible for those customers to get to you. Once you have that covered and have narrowed down your preferences to a few options, it’s time to drill a little farther and do some comparison.

Begin with the most straightforward comparisons first:

Rent expense, including utilities
Amenities available, such as security
Parking availability and public transport nearby

The cheaper space is not sufficient if your customers don’t have easy access to your store. Analyze how customers will get to you and factor in the hidden costs of an unsafe area in lost sales.

Then move on to the more complex comparisons:

Size of the neighbourhood/area and its demographics
Nearby businesses and the foot traffic they’re likely to bring
Local Competition (consider both the pros and cons of this)
Compatible Businesses (think college and pizza shop)

If you sell to a targeted niche, you may not depend much on foot traffic, but it’s still significant.

Competition can mean a proven location in many cases, so it’s not evermore a bad thing. Businesses nearby whose services are corresponding are worth their weight in gold. Also, businesses like a big supermarket that will drive a lot of foot traffic can be important. This idea forms the source of most shopping centres that have an anchor store on which the other stores will depend on traffic.

When you estimate your rent expense, all of these revenue-influencing factors should be a part of the decision.

Scouting Spaces: How to Find Available Rentals

Above all, when scouting out possible spaces, always keep your ideal customer in mind. Are they somebody you see shopping nearby or walking and driving past the site? Is this an area where they are satisfied spending time and where they already spend money?

If you want to start out on your own, look for websites that provide you with all the nearby rental options. Myrsa is one such website that you can use for your scouting.

Myrsa provides you with all the different types of retail spaces for rent. You can find short term rental spaces and try out different localities for your business. Choose the perfect location for your business. From small spaces to spaces with all amenities nearby filter out your search and easily find spaces.

Related Post: Why Is The Popup Retail Trend Better?

Final Thoughts

When searching for the perfect property for your retail business venture, keep your brand and the customers that your brand was designed to serve in mind at all times. A good fit for your clients will be a good fit for your business.

In this fast-paced and ever-changing society, location remains as important as it ever was to the health and well-being of a business. Plan for the appropriate amount of space at a price that fits your budget from the beginning.

February 19, 2019 0

Test out new markets with no long term commitments!

Lets set the scene: you have designed your first or second collection, samples are ready and you want to hit the ground running. Before you take your product to a business, ask yourself, “Have I tested my market?”

Market research is one of the first steps you do in developing your brand and collection. At this stage of development with samples, you have probably researched your competition, determined pricing, and created a brand story to launch off of. In fact, you may even have a sales strategy to penetrate the market and a small list of contacts. This is, of course, the best case scenario.

On the other end, you may have none of the aforementioned in place. Regardless, testing your market will validate your brand, solidify your pricing strategy and offer you incredible insight before you launch any public relations, marketing and large retail relationships. With a small initial investment upfront producing a small collection you may be able to save your company thousands of dollars in the future from failed collections, prices that are too high and styles/bodies that don’t fit.

Through market testing, you can:

Test out price sensitivity.
Try new styles- does it fit on ‘all’ body types.
Open up customer reaction outside of friends and family.
Gather true demographic statistics before approaching retail buyers.

The best ways to test your market is going directly to the consumer through pop-up shops, trunk shows, and in-person events. The best strategies to getting the most from your 2-4 week pop-up shop are as follows:

Assortment Planning. 60% Key Brand Styles / 40% New Styles/Fabrics
Merchandising. Placement on the selling floor by price point. What does your client gravitate to? Price sensitive? Are you telling the story that justifies the price? Re-merchandise your selling floor at least 3 times in the 7 day period.
Grassroots marketing. Invite your target market, partner up with local businesses to cater, speak to the local press, and work with other designers to double up on your efforts and cut down costs.
Lastly, be a hawk, ask lots of questions to your customers. Would they prefer it in a different style? Different colours? You cannot please them all, but you can understand what they want.

Remember: your goal is to get strategic feedback and make business decisions based on them.

Market testing is to a fashion brand what beta testing is to technology. It pays to do it, does it right, and make intelligent decisions with the data you receive.

For this, the first step you can do is to find an ideal space to carry out your market research activities. Where do you think can be the perfect space for selling your products? If you couldn’t decide on that you should test out all the different spaces that are available. That doesn’t mean that you have to buy shops in different areas. Short term rentals are your way to go.

Things we must ask ourselves to understand short term rentals!

a) Can I rent stores for a week or a month?
b) Can I rent an office on an hourly or daily basis?
c) Can I examine a market by opening up a pop-up store?
d) Can I carry my business where customers are?
e) Can I rent a space amidst zero security deposit and no lease?

Ok now, let’s get to the subject. Understanding Short Term Rentals!

What are the short term rentals?

A definition is as simple as it sounds. “Renting a space for short term – viz. hours, days, weeks or even few months”

Short term Commercial Rentals are becoming more and more successful nowadays, because of the perks that come along with them. Although, every business understands that getting a right space at the right time is very important, very few are lucky to have that opportunity because of unavailability, difficulty in accessing spaces, unrealistic terms or even unreliable sources.

Short term rental are used to promote, occupy or even sell products in a new market. You can rent a space in any locality to reach out to your customers (read more about pop-up stores) or even have a workplace for a short duration.

How short term rental’s work?

Myrsa is India’s online platform to book short term rentals.

We leverage unused and underutilized space and provide them for businesses. To sum it up, Myrsa’s view on short term rentals can be described as:

a) Any space that can be rented for a few hours, days, weeks or even months.
b) Any space that doesn’t have complications like Leases, Security Deposits, etc.

c) Any space that is accessible by a business for their needs.

So, using these unused or underutilised space, one can have their business set up for the short term. These spaces can be used for office, retail, advertising, event, etc.

Related Post: Give your empty retail space for rent!

Why should you try short term commercial rentals?

Affordability: Because short term rentals are temporary in nature and smaller in size than conventional retail or office spaces, the cost of rent is usually affordable.
Short term commitment: Rather being locked into a long-term rental agreement, the brand is only committed for a fixed period of time, which means it can adapt to changes in its business and marketing plans.
Brings in Attention: People are interested in the sudden existence, especially if they look unique — for instance, retail shops or exhibitions.
Testing & Experimentation: You can test your Brand on the go! You can test marketing new products or trying new office environment to gauge the response, from which you can improve in future.
Brand Awareness: Utmost of all, when you reach out to people personally, you will be promoting yourself and your brand. This will bring in a kind of faith and assurance in every customer or client.

At the end of the day, any space that can be efficiently rented by a business for the short term is the way to try reaching out to new markets, customers, a better environment and affordable options. Moreover, the best part of this is no lease or no security deposits!!!

February 15, 2019 0

Why Is The Popup Retail Trend Better?

Let’s begin with the basics of what we mean by pop up stores.

Pop-Up shops are used to retail pretty much anything. It can be Clothing, Jewellery, Art, Crafts, Tech Gadgets, Food or anything you are selling. The Pop Up Stores are set up on short term rental. The span can be a couple of hours to weeks, but the concept is to have a temporary presence so that one can reach out to customers.

Related post: What Are Pop-up Shops

Reasons why Pop Up Shops are preferable than traditional advertising.

1. Engage Customers with Experience

When you have a Pop-Up shop, you are inviting your customers to feel your product/brand closely. Your customers indeed will get experience and trust in your product. Pop-up stores provide the power of experiential marketing and create a retail environment with a twist. In current years, shoppers have begun to spend less on products and instead have been spending their money on experiences, such as going to the cinema or eating out at a restaurant. While this has remained bad for some retailers, it has left a gap in the market for the likes of pop-up shops.

A pop-up shop intrinsically has the potential of novelty to contribute to the experience that it creates. In extension, pop-ups are usually run by a very small number of staff who all care about the store’s success. This secures a real interest in customer feedback and an increased desire to interact with customers in a genuine way. It also combines the experience of a pop-up store and helps to really engage customers on a personal level.

popup shops on rent

2. They’re Nailing Events

Events are an excellent way to ensure a store is creating an experience. Pop-up stores are excellent at this. This is partially down to their agility and enthusiasm to make the most of their limited time on the high street. By managing events, such as a demonstration or a talk by a well-known local expert, pop-ups draw customers into their store and create a memorable experience. It is certain types of memorable experiences that help to create brand loyalty and excitement. These events help create retail experiences that support customers to become brand loyal and spend their money.

2. Create Urgency

When you say that you are open for only a few days, you are creating an impact on your customers to grab it soon. It is demonstrated that excited shoppers are more open to buying than people who look around.

Its Here now, gone tomorrow is a real thing with pop-ups. You can assure that they won’t mind letting you know about it either. Several of the owners or sales assistants will inform you that they are just trying it out for a couple of weeks. “Fast! Get those jeans now; you may never see them again!”

This is an age-old tactic cherished by many retailers and salespeople. If you have ever bought a car from a large garage, I’m sure they will have told you that you need to put down a deposit today, because there is somebody else interested in exactly the same car that has been sat on the forecourt for two weeks until today. Now of all days, someone else wants the same car!

Particularly with a pop-up, it’s not just a tactic; they really will be gone tomorrow. Still, the most sceptical shopper will appreciate that the pop-up will truly not be there next week. Unlike the bulk of stable shops, discounts do not have to be used to generate urgency.

3. Create Buzz and get recognized

When you begin a Pop Up Store, you get a chance to trend better than the retail stores around you with colours, setup and excitement. This will assist you to spread the word around about your product or brand.

4. Cut Costs

Affordability is a huge factor when it comes to renting space in India. You can either make an affordable rental or get cuts in the deposit. Having both is impossible unless you have a Pop Up Store for your product.

5. Flexible Tool

Pop Up shops are extremely flexible when it comes to setting and moving around. It can be accomplished on a moving truck or a small plot in a street. So, relocating the setup is as easy as a food truck bringing you deliciousness.

Pop-up stores tend to profit from their independence. Unlike several of the retail giants, pop-ups do not have to worry about their brand looking the same across all of their stores. This grants them a degree of freedom with their retail display equipment that the majority of retailers do not enjoy. For the short time that the pop-up is on the main street, it can move its displays around as often as it likes. In addition, staff can ask their customers for feedback that can be actioned in a matter of hours, rather than waiting weeks for the changes to filter through the hierarchy of merchandisers and managers above them.

Quirky styling can do phenomena for the experience a customer has. In an age where clothes are mass produced, many of us love to say that we got our new favourite jumper from a boutique or a quirky little shop that was simply there for a month. There is something interesting about being unique, temporary and exclusive. What’s more, customers love to have found someone new. They will love that a pop-up is trialling something and desires their opinion. They will root for a pop-up as though they were an underdog, and appreciate supporting and watching their discovery grow.

Related post: Your space is your leverage!

To sum it all, The greatest 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 delivering energy and serving customers.

If you want to set up pop-up shops you can find spaces on a temporary basis for rental. Myrsa is one such online platform where you can find short term temporary rental spaces in different locations of your choice.

Find spaces for pop-up shops on rent with Myrsa.

February 5, 2019 0

Start Your Business With Kiosk Rental!

In this competitive world full of great giants already established, up and running – you might as well fail if you are a small retailer trying to rent out prominent places.

Next time you’re in a mall, watch around — those little carts you see everywhere can account for 10 percent of the entire mall’s sales. Across the years, this business model has continued to quietly and steadily rise.

Not surprisingly, e-commerce has got on fire and many retailers choose not to have large display floors any longer. Rather, they elect to occupy much smaller physical locations. Malls are also creatively responding to these changes. Once a place for the distribution and storing of goods, they are now a place for numerous experiences. With lots of franchise options out there and short-term renting commitments, it resembles to be the perfect time for entrepreneurs to start their own kiosk business without the need to invest a ton of money up front.

Related Post: How can Short-term Renting benefit you?

So, to stand out in these circumstances and at the same time have a great presence to kickstart your business, you might wanna consider about renting out a kiosk in places wherever you can meet, educate, market and sell your products. Furthermore, getting that perfect space for retail is hard. To succeed in these situations, one can rent a kiosk inside a mall, posh localities, high rise streets or tech parks.

Let’s start with the basics;

1. Deciding your target audience

Picking the right location comes into play when you can identify the target audience. Deciding or identifying the right audience plays an important role not only in choosing your location but also in your marketing and sales of your product. So, recognise the audience you want to target and whom you want to attract.

2. A budget for your Kiosk

Learning to know your budget is really important before you start any business. Consider how much you can invest, how much you can spare on a daily, weekly or monthly basis and what should be your ROI. Holding a clear picture is really easy when you look into someone who is in the same business. You can find different kiosk rental rates in malls in India.

3. Identifying the opportunities

Examine if there are any others doing the same thing nearby and get to know what they are missing out and how you can entice your audience better. It’s always beneficial to open in an untapped market, but we cannot always expect to be the only fish in the sea.

It’s time for some serious talk now;

4. Choose the right location

Even if you want to do a temporary kiosk business, you should constantly look for that perfect place where you can get the best ROI. Picking the right location will help you market and sell your brand better. Always pick a location where you can reach out to most of your target audience. Take guidance from people in business, look for places wherever you can make the most.

5. Temporary or Permanent Kiosk

Kiosks can be rented out for short term or long term depending on wherever they are located. So, determine what you are looking for! Are you seeking for spontaneous attention to try a new market for your product or do you want to have a long term commitment, where you want to settle down? That’s something you have to choose now!

6. Make no mistake in research

Do your research on reality, creating clutter, competitor analysis, leases if any, industry standards, etc.

7. Returns

It’s always useful to have an idea about what to expect and how much to expect from your business, particularly if it’s a small scale short term rental. Without significant investment on the setting up part, you can always predict what you can have in return.

There are more to pick like hours and days of operation, parking restrictions, conducting events, gift certificates and loyalty programs, appearance, etc. We will leave that to you; you understand your business better than us!

Managing a kiosk business is a great way to kick-start your entrepreneurial career. Make starting your own business reality by renting out a kiosk space in different locations for running the high quality, highly profitable kiosk.

Myrsa is an online platform where you can find kiosk on rent in various locations. Similarly, you can rent out kiosk space in malls. Try Myrsa for your business needs!

January 22, 2019 0