What activities can one perform in an empty space?

The increase of empty spaces around got us thinking about what can one do or perform activities in an empty space by earning extra revenue. We came up with a lot of ideas for empty spaces that we can share with you in this blog.

You would have an empty space that you had brought a while back and now it is just empty. Now the question is how can you make use of the empty space?

The standard answer to this would be a pocket park, a little green space, a bench or two, or maybe just that. But apart from these, there is much to do.

Here is a list of activities to do in an empty space

Make an event space: Maybe you can set a little stage indoor of the empty space for students to hold performances there. Just installing a stage doesn’t mean anything that it is of no use. Dance classes can take place by experts in particular slots for the same.

Let people decide: One of the other options would be if anyone with their own choice of using the empty place would approach you. Maybe they would want to run a dance class or arrange for a business meeting or event.

Office meeting space: You might need a separate space for a while at some point of your week for special office meetings like discussing with the clients, presentations, etc. Your office might have a different room for it but client meetings call for a special empty space.

Clubhouses for rent: With an empty space like a clubhouse, you could make the best use of it by conducting some of your best talents like dance classes, singing classes, art workshops, general workshops, etc. By that society, clubhouse would earn extra revenue and you would get an opportunity to grow your business.

Open grounds for rent: When we talk about open grounds, we mean open spaces that are best used to grow your business by utilising it for different activities like sports practices, karate classes, football grounds, etc.

Open hall for rent: Open halls are best used for events for special occasions and business events. This will give you an opportunity to increase your business by conducting these special events on such open grounds.

Empty cafeteria: Indoor eating is considered the best especially during monsoons. Different types of the eatery can be kept in the empty cafeteria for everyone’s entertainment.

Empty studio for rent: Studios can be used for different dance performances, music classes, instrument playing, etc. By performing such activities, you can earn extra revenue and grow your business at the same time.

Bottom line

You can go out and look for empty spaces but going out can be a bit of a hazard. Online listing websites like www.myrsa.in can give you an opportunity to earn extra and help you grow your business.

Want to Earn Revenue from an Empty Space?

June 22, 2021 0

How businesses survive during pandemic using temporary spaces?

The pandemic has tested human patience to its core. With never-ending lockdowns, restrictions and curfews we have learned to embrace life as it is and work towards building it into a good one. We were safe in our homes but haven’t we ever wondered how hard the businesses were hit due to this?But isn’t it fascinating at the same that there are so many new businesses popping up during a time like this?

More and more people have started accepting this as the new “normal” and moved on. There are so many creative new ideas that have grown so much in this period and that too from the comfort of their own homes. These businesses are now at a small scale and a local level but, once they grow, they’ll need to move out of their houses and look for bigger and better places.

The businesses which have recently emerged might surprise us at first but they’re making profits and people are choosing them over the other conventional ideas. Since the virus has forced us to hide under a mask, a business that popped up is that of custom-made masks which makes sense right now.

People love to flaunt their designs which is making this quirky idea work.
Local businesses might prefer expanding into their city first as there is a sense of comfort as they know their areas well. For this, temporary spaces are the best solution. A business that once started from one room can expand into a flat and slowly move towards renting big spaces and in many later stages expand to other cities as well.

With the rise in the gig economy and a big hit due to the pandemic, more and more people are shifting towards freelancing. In some types of freelance jobs, you need a workspace of your own but with a crowded or small house, a workplace of your own might seem like a dream, but it is possible to own a workplace by renting a temporary space at your convenience. Who would’ve thought about that right?

Another rapidly growing business is a home run bakery. More and more people have started baking and it’s growing at a rate which no one ever imagined. Soon these great bakers will need some space with the resources to fulfill the blooming orders. This is where temporary space can prove to be very useful as they can store all their products as well as expand.

So, another question that comes into our minds is how would one avoid the hassle of long drawn contracts and lease contracts? The answer to this question is Myrsa. Sounds weird right?

With Myrsa you can avoid the nuisance of lease and rent a space temporarily and grow. With just a few steps to follow you can build a business from scratch on your own! So, what are you waiting for? Get, set,
book!

February 20, 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

Will physical retail have a role to play in a Post-COVID world?

The ongoing Covid-19 crisis has profoundly impacted many facets of our lives. The way we shop is no exception. Yet what does the pandemic ‘s effect on physical retail futures mean?

With local laws curtailing our movements at the height of the crisis (and trapping us in our homes in many countries), the way we shopped changed drastically. Restricted high streets and malls, and ecommerce underwent tremendous upliftment. Now that the freeze is easing across the globe, the question arises – does physical retail still have a part to play, and if so, what’s going to be different?

The short answer to that is yes. Physical retail should continue to play an significant part in the relationship between customers and brands. Its dynamics may change slightly, but our high streets do not go anywhere and brands will continue to look at physical retail as a mighty opportunity. What’s important to think is which customer preferences in a post-Covid environment will survive, and which will revert.

We’ll take a look at what’s changed in this article, what it means for physical retail and how brands can adapt.

What’s changed?

It’s no secret that ecommerce has seen a big boom in the last few months. As McKinsey’s consulting group points out, retail will definitely see a gradual rise in online shopping and in areas that had been predominantly store-based in the past. That would be attributed in part to consumers who previously preferred shopping offline, such as baby boomers and Gen Z, being more comfortable with shopping online. Particularly for the supermarket ‘routine’ such as groceries. If they have done it once or twice it is going to become normal.

According to Forbes, these new consumer habits are likely to persist with an anticipated 20 per cent annual growth in ecommerce across retail as a whole, compared with 15 per cent pre-Covid

In fact this shouldn’t be a big surprise. That was a phenomenon that we’ve seen already. The last few months may have actually accelerated the trend but there is still a vital part to play in physical retail. This is because while ecommerce may have benefited from being

Nonetheless. Although ecommerce success in recent months may have benefited from being a fast and convenient alternative, it can not compete with in-store experience.

What’s the physical retail getting to the party?
Ecommerce is amazing. What doesn’t want the convenience of their own home to do all their dull ‘routine’ shopping? It’s smoother, quicker and sometimes cheaper. Yet we need to note before we get carried away that this is not a one-size-fits-all case.

Everything this comes down to the experience these days. Name the industry and you’ll find that expertise is at some stage the main differentiator. This is no different in trade. Improvements in ecommerce capability are generally geared towards increasing efficiency and reducing friction. That effectiveness comes at the expense of experience and the key is experience.

Physical stores offer the opportunity to provide interactions that just can not compete with the digital world. There is no alternative. For precisely this reason, digital brands have launched physical stores all over the world over the last few years.

What’s more, it’s obvious that even in the last few months there’s been a big shift to digital, there’s still a need for an experience above and above what a typical ecommerce website offers. For example, here at Myrsa we saw a tenfold increase in inquiries about our Virtual Reality Stores as customers look for ways to differentiate and deliver unique, branded experiences.

That is why we are confident physical retail will recover as consumer demand picks up. People are going to return to the high street, back to physical retailing. Yet while we’re sure that physical retail space for rent will return as a retail force, we ‘re also positive it won’t look exactly the same.

What will become of physical retail in a post-covid world?
We need to think about what it will look like in the short term and what it will look like in the long term to answer this issue. The perspective of the short term is interesting; with the shops opening gradually across the globe, we are still catching glimpses of what is to come. We will go through this in more depth in a separate article but it is fair to conclude that physical retail will concentrate on fulfilling consumer standards about hygiene and health over the next few months. Consider PPE, hand sanitiser, and shopping for appointments.

The long-term view is even more compelling. When brands use physical to attract new consumers and offer excellent brand experiences, we ‘re likely to see even more of a shift to experiential retail. They need to work on the halo effect to do this – using both the physical and the digital to deliver a seamless customer experience.

In a recent interview, José Neves, founder and CEO of Farfetch’s online luxury shopping platform, took this even further when he said: “Brick-and-mortar digitization was ‘good to have’ in the eyes of many brands and retailers but should be pushed to a ‘must have’”

The Covid-19 crisis has increased transition pace, and the need for reform. Brands capable of integrating online and offline to gain advantages on both sides would be competitive with physical retail (so-called ‘phygital’).

Yet not all digital upgrades. Changed the role of physical retailing. Or rather, it has accelerated the change that it was already experiencing. Stores will focus less on shifting stock and generating revenue, and more on building customer loyalty, gathering insight into marketing and reaching new audiences. More marketing … Less transactional.

This is a phenomenon we’ve seen in the emergence of pop-ups as brand trial sites, run product releases and gain marketing feedback in short-term environments designed to offer outstanding experiences.

We expect that we’ll see less but better flagship stores over the next few years coupled with plenty of flexible retail (like pop-ups shop on rent) to highlight brands and goods, draw new buyers, create brand loyalty and improve online sales. We ‘re going to see versatile retailing in affluent areas where you’d never have seen it before.

Such physical stores can offer less items and sell less, but can have even more entertainment.

Entertainment and the experience is everything.

August 24, 2020 0

How much is rent in a mall in Mumbai?

Looking to create a fun shopping or pop-up experience? It can be a challenging challenge to find the right room with so many unknown variables — and one of the first important questions that will arise is, “How much does it cost to rent a store in the mall? “You know that temporary shopping interactions are all about finding the right location for consumers to get involved with their product or service. Many malls, however, make you go through hoops to find out the prices for the best stores open.

We also gathered details about what rental spaces are to be sold at the mall, as well as an estimation of what it costs to rent one. We’ll also be offering several alternatives to mall rooms, including chic cafes, vibrant art galleries, and more.

Why do the people in the mall rent out stores?

While shopping centres aren’t as popular as they once were, shopping centres are still a place for shoppers to visit their favourite stores and find new ones. There are several reasons why anyone in the mall would like to rent a store — whether it’s opening a boutique, offering facilities or entertaining.

Another growing area for malls and other rental spaces is the pop-up shops and shopping experiences. Companies are trying to develop exclusive products that aren’t like a typical brick and mortar shop. These short-term events will provide brands of all sizes and budgets with an opportunity to move into a physical market in a city or region that they have not yet had a presence in.

The temporary shops can generate exciting buzz on social media and draw new clients to your company. Besides mall rooms, to give your pop-up a different flair, you can also try other exclusive rental rooms like cafes, art galleries or trendy shop fronts. Later in the article, we’ll have some fun tips to give you an idea of what’s out there beyond space in a store.

How much does it cost to rent a store in the mall?

Retail real estate now in Mumbai is the most expensive, followed by New Delhi and then Bangalore. Rent is calculated on the basis of the floor the store is situated on. The ground floor demands a premium as a rule of thumb and is typically the most expensive. This is only leased to established retailers on the regional and national level. The first-floor rent is about 20-25 per cent lower than the ground and the second floor is about 30% lower than the first floor.
You can expect an average mall rent (averaged over all floors) per SQFT per month to be around Rs. 170 (+ /- 10 per cent) for all Mumbai properties.

Many other malls do not disclose their pricing and only have square footage and other famous businesses in the surrounding area. Bear in mind that many malls will charge higher rents for being close to famous department stores or retail outlets such as Apple. Of course, you want the maximum amount of foot traffic, but in a shopping environment, it certainly would cost you.

Related Post: What is Location-Based Marketing?

How to rent a store in the mall

It can be super challenging to find a retail spot for your pop-up — do you ever wish there was a place in your town that listed every option? Okay, luckily there is something exactly like that already! Rather than renting from a big mall, go local and rent from one of Myrsa’s many hosts — find Temporary rental spaces near you

Myrsa has so many shops, restaurants and stores available for rent in dozens of cities across the country. Plus, rates and services are upfront and you don’t have to go with various sales representatives from phone call after a phone call.

Additionally, Myrsa will help you narrow down what you’re searching for with search filters for location and amenity. Check at the photo collection, see what kind of equipment is included in the rent and get in direct touch with the property’s host.

Other factors to consider

Although cost is a major factor in choosing a property, you should also consider what kind of crowd you get at a mall vs. other retail locations. A shop close to famous bars, restaurants and things to do might be easier on your target market than in a dusty shopping mall.

Finding the response “How much is it costing to rent a store in the mall? “Can be time-consuming and wearisome. We hope we’ve helped you understand the cost of renting a store at the mall with some options that may better suit your needs.

May 6, 2020 0

A Complete Guide On How To Open A Food Truck In India

Food truck business has been flourishing in India and has been gaining popularity as a concept. Previously the main focus was in CBD(Central Business District) areas of the metropolitan cities like Mumbai, Bangalore, Chennai, Kolkata, Delhi, and NCR.
Here we will take you through everything you need to know about starting a food truck in India.

Let’s start with these things:

1.Vehicle

The most important part of the business is a truck. Initially, you can start with a second-hand food truck and the vehicle running would be a bare minimum. At a later stage, you may invest in a new one. It might cost approximately 4-5 lakhs when buying a food truck.

2.Equipment and Raw Material

Next most important investment required is in essential kitchen equipment though it is a one-time investment for your truck. Essential types of equipment may include oven or stove, utensils, cookware, cutlery and few appliances like fridge, chimney, etc. When all the equipment put collectively would require an investment of around INR 2 lakhs. You will require an inventory stock of ingredients or raw materials to prepare the meals. That might cost you around INR 20-30K initially.

4.Staff Recruitment and Marketing

You will require to pick a few employees to manage and handle the daily operations of your food business. Fortunately, in India, expenses of using a support staff are not that huge. You can consider keeping aside around 13-15K per month per person.

Like any other store, sales will grow only if you are advertising and promoting your food business the proper and right way. Marketing would involve both offline and online publicity and can require you to spend a lot of money. You should keep at least 20k aside for the marketing of your business. Over and above your everyday operations, you should consider establishing a few tie-ups and cater to events, corporate festivals and more, such activities act as a marketing strategy.

5.Licenses and Permissions

Like any other restaurant, even food truck requires all the valid consents and licenses as per the government norms. Nowadays illegal food stalls or food truck running with permits and licenses are have been banned or eradicated from various cities. Licenses that are compulsory to run a food truck are as follows:

FSSAI License

Any food business including food trucks with gross revenue of more than Rs.12 lakh in India needs to have the FSSAI license.

NOC from Fire Authority

As food trucks deal with a lot of gas appliances, having a NOC that is the No Objection Certificate from the Chief Fire Officer is obligatory.

Permission letter from the local municipal body

When you will zero in on a location for your business premises, you would need to get a written document, stamped by the local municipal body to start setting up.

Vehicle license

A vehicle license as per the RTO of commercial vehicles is just as you will be operating out of a commercial vehicle, a license for the same must be issued by the RTO of commercial vehicles.

7.Location

Your food truck will manage well only if the location is good. So while selecting the location Keep the following factors in mind while deciding to find spaces for food truck parking

Vehicle Parking

A truck would require a sizable volume of open space or parking spaces for rent. Also, you need to assure that you are authorized to park a vehicle in a precise area. You could check up with the confined municipal authorities about this.

Visibility

You should determine an area which is often visited by people. Select areas that might be outside or close to popular parks, movie halls, and universities. The is a tendency of the food business to flourish in such areas. For E.g These days food truck business is flourishing Central Business Districts, especially during Lunch hours.

8.Health and Hygiene

Food trucks usually work in very small areas. Owners must be very careful of kitchen hygiene, air pollution levels, and food waste management. Checklist related to health and hygiene are as follows:

Perform the use of chimneys to check air pollution.
Keep a check on the food waste twice a day and maintain a clean cooking area.
Assure that your team or staff members keep good sanitation.
Put a few dustbins near the food truck.

9.Brand Creation

A restaurant is as great as how it clicks with people. People love connecting with unique stories. Try to connect your brand with a unique story. Consider the following points to build a strong brand.

Finalize a target audience
Do competitor research:
Finalize a name
Finalize a logo and a theme

10.Adopt Latest Technological Trends

These days digital marketing has been playing a very crucial role in the success of any business. The reason being is people are now becoming more techno-savvy and are using apps, websites to order food or research any food brand or restaurant before visiting. People order as per the reviews, coupons codes, discounts, and offers.

So good marketing and promotions will determine the success of your business. Following this in mind, we will point out some ways you could promote your food truck, both online and offline.

Have your own website and app.
Tie up with online food ordering aggregators like Swiggy and Zomato. Here’s the complete guide to getting you started.
Develop a powerful Social Media presence.
Run online advertisements.

Myrsa is a portal which caters to businesses looking for temporary space on rent for food trucks and allows the host who would like to list vacant space for rent to earn extra income.

June 11, 2019 1

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

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

How can startups benefit from Myrsa.in?

The ‘Golden Age’ for start-ups in India has rightly and truly arrived, and India is witnessing its age-old talent for entrepreneurship being unleashed like never before. Brand-new ideas are exploding into business models and investors are all lining up to provide the requisite finance and mentoring, to take the start-up to the next round of funding and higher valuations.

India today is replete with examples of successful start-ups that have seen valuations ballooning within the first five years of operation. Renown names like Make My Trip, Naukri.com, Shaadi.com, Just Dial, are all success stories that have survived and grown from the last internet boom, at the beginning of the Millennium.

Success stories of companies that have grown over the last 5-8 years in India are Flipkart, Snapdeal and Myntra – all e-commerce companies, Paytm in payment processing, Red Bus in travel, Ola in taxi aggregation, Book My Show in entertainment, and Housing.com in real estate. The list is long with more businesses being launched each month.

Numerous successful online or e-commerce businesses and small-scale startups face a very genuine problem which is to target potential audience who are not aware of your brand/business and convert them into loyal customers.

One of the colossal hurdles these businesses face is that of forming a professional presence out of the ambit of their reach. For digital companies, these would be tapping into potential customers that are more likely to avail your product/service when acquainted to it in the physical dimension. For small-scale businesses, this would be making people aware of their existence outside the vicinity of their operation. The biggest challenge faced while executing a strategy which aims to tackle these marketing barriers is finding the apt retail space for rent which would complement the needs of your business to blistering extents. People with their own space can open doors and host events – reaching a new audience, expanding their network and growing their business with additional income.

What are the biggest challenges faced? More importantly, what does one do about it?

Understanding investment- As a good businessman, you obviously know that owning assets that generate value and earnings is much better than owning assets that generate expenses.

So now let’s discuss the really important details ->

1.)Issues with conventional rental -> If you rent a commercial venue through conventional means and methods nor only do you find yourself facing leases stamped over but might also have to handle maintenance, utilities and commitments to occupy the place for a set temporal period.

2.)The opposite side of the picture-> In strong contrast to this consider finding yourself a platform which lets you rent said avenues on weekly or monthly rolls without strict leases and independent of any and all sorts of legal fidelity.

3.)What can you do with it? This quickly empowers you to switch between places to find the appropriate one according to your professional needs. Also shifting between important locations with a good inflow of defined target audience is “gold” for your brand/business awareness.

“The pendulum has swung too far,” stated a founder of one of the well-doing startup in Bengaluru “People have to have places to restore and absorb and process information” in order to be productive at work, she said.

4.)Optimization through analysis-> Individually if you have the liberty to hop between different spots and decide which shops or workrooms are most suitable for your goals and targets you’ll be able to optimize your business strategy.

One of the most potent elements of running a successful offline business is ideally finding the perfect surrounding an environment that complements your venture. This more often than not can only be figured out by trial and error no matter how much you try to work it out in theory.

Myrsa is an online platform that not only lets you avail everything already mentioned here but a lot of other features as well to assist you in real-world simulations of your business in different environments. You can temporarily rent office or shops for short terms, shared working space with already established businesses; which by the way is a great place to tap into the already in-flowing foot traffic , avail accommodation spaces to cache your procurement, get promotional spaces in places like malls and shopping centers, advertising spaces and a lot more. Basically all the benefits of temporary renting out any space with bare minimum liabilities. So stop waiting and up your marketing game to the next plethora, go check out all available rentals and get the one that suits your business needs and wants.

December 28, 2018 0

Earn Extra By Giving Empty Retail Space For Rent!

In 2017, the retail business saw some huge changes. Publications were loaded up with doom and gloom headlines about the retail end of the world. And while brick and mortar continues to be a feasible deals channel, the shifting landscape has some industry players, especially business landowners, endeavouring to make sense of how to fill their empty retail spaces.

As traditional retailers screen, that space is left unoccupied — leaving the owners to locate another occupant. Finding another long-term tenant can take months or even years, yet that home loan on your space still should be paid. Rather than basically hunting down another, lasting occupant, you can monetize your unoccupied retail space meanwhile.

Depending upon the size, layout and area, you have choices to make some money off your space while waiting for the right occupant. Giving your retail space for rent can be a great idea. Here, we outline a couple of the best choices so you can settle on the correct choice for your space.

Utilize Your Space for Pop-Up Shops

Rather than picking just for long-haul retail occupants, business space proprietors can likewise investigate the alternative of short-term renters. Indeed, we’re looking at presenting your space for pop up shops.

Short-term opportunities, similar to pop up shops, can keep your space possessed with retail occupants and keep the foot traffic streaming. Yet, before you start with your choice to run with pop up shops in your space, there are assignments you’ll have to deal with to prep your space for short-term tenants.

Just like with private gatherings and occasions, you’ll need to accommodate tenants with the basics like bathrooms, Wi-Fi and climate control. To additionally speak to brands lurking here and there for the correct space for temporary activation, you’ll need to guarantee yours is impartial to effortlessly expect your renter’s visual identity.

Each renter will need a different aesthetic, so if you have a blank slate for brands to work with, you’ll likely pull in more bookings.

Rent Your Space for Private Events

If your space is especially in an urban centre, you can likewise rent your commercial space for private occasions. In many bustling cities, there’s a consistent demand for well-appointed venues for gatherings and occasions, and commercial space owners can take care of that demand.

From fundraisers to art sales to parties to corporate events, property owners can showcase their space for a variety of purposes. If you choose to go this route, ensure your space can suit organisations eager to have an event with things like:

Working restrooms

Wi-Fi

Heating and air conditioner

Light, particularly neutral light

As a space for occasions, you need your setting to be a clear canvas. Along these lines, consider painting your walls a shade of white and keeping any decor theme neutral. It’s additionally useful in the event that you can give catering or bar service suggestions to occupants.

Likewise strategize which kinds of occasions would work best in your space — intimate social events, large parties or something in between.

Myrsa helps you with renting out your spaces on a temporary renting basis to different brands. Just list your space on Myrsa and start earning instantly with the brands of your choice.

September 11, 2018 0

Tag: retail space for rent

What activities can one perform in an empty space?

Want to Earn Revenue from an Empty Space?

How businesses survive during pandemic using temporary spaces?

How much is rent in a mall in Mumbai?

How much does it cost to rent a store in the mall?

How to rent a store in the mall

Other factors to consider

Key Factors to Consider While Choosing a Commercial Space for Rent

Price

Location

Accessibility

Ambience

Services and facilities

Time Period

Renting a Retail Space: List of things to consider

Define Your Budget

Figure out How Much Space You Need

How to Pick a Retail Location

Scouting Spaces: How to Find Available Rentals

Final Thoughts

How can startups benefit from Myrsa.in?

Earn Extra By Giving Empty Retail Space For Rent!

Utilize Your Space for Pop-Up Shops

Rent Your Space for Private Events

Recent Posts

Want to Earn Revenue from an Empty Space?

How much does it cost to rent a store in the mall?

How to rent a store in the mall

Other factors to consider

1.Vehicle

2.Equipment and Raw Material

4.Staff Recruitment and Marketing

5.Licenses and Permissions

FSSAI License

NOC from Fire Authority

Permission letter from the local municipal body

Vehicle license

7.Location

Vehicle Parking

Visibility

8.Health and Hygiene

9.Brand Creation

10.Adopt Latest Technological Trends

Price

Location

Accessibility

Ambience

Services and facilities

Time Period

Define Your Budget

Figure out How Much Space You Need

How to Pick a Retail Location

Scouting Spaces: How to Find Available Rentals

Final Thoughts

Utilize Your Space for Pop-Up Shops

Rent Your Space for Private Events

Recent Posts