What you can learn from the business plans of these 4 companies

Business Innovations

28 November 2016

What you can learn from the business plans of these 4 companies

  • Posted by Awfis Editorial

Creating a business model for your company is one of the first tasks you would need to complete before establishing your company. Your business model communicates how your business will work and make profit. The success of a business rides on it. Innovative business models are one way to differentiate yourself from the competition. Therefore the process of formulating such a model is vital.

A lot of companies have used innovative business models to ensure success. Here are a few companies that can be learnt from:

  1. Paytm

Paytm’s success can only be attributed to their unique business model. They started out with a stage by stage model paired with a powerful discounting model. They started with online payments attracting customers through the massive discounts they were offering. They emerged into a mobile wallet and then an e-commerce website. Even though Paytm is known mainly as a mobile wallet, their e-commerce business has also performed well in the market.

Paytm has now acquired a variety of markets through this approach. Their discounts have given consumers a chance to shop freely on the Paytm e-commerce website. Rather than spending on marketing activities, Paytm focussed on providing various discounts to its consumers. These discounts cut down rates by more than 50% on the original price. This ensured consumer retention. Their stage by stage model made sure that they were positioned as a market leader before moving on to the next market or stage.

Learning: Adopt a step by step procedure to capture a number of markets.

  1. Paperboat

Paper boat plays with the nostalgia aspect not only with its product, but also with its advertising and communication. Their business model mostly focuses on intelligent marketing strategies in order to be recognized amongst their competitors in the beverage industry. Their product is unique and highly relatable with an affordable price. It is also the main focus rather than promotion. Their main competitors are non-branded alternatives. Paper boat is also very cleverly placed. By partnering with Indigo airlines, they have catered to the airlines industry as well as retailers.

Learning: Pay most attention to your product and where it is sold.

  1. Ola

Ola has become one of India’s leading cab service. It aims to connect consumers with chauffeur driven cabs. These cabs are owned by third parties, most of the times by the drivers themselves. Their revenue model focuses on a variety of sources. Ola charges commission to all those riding with their cabs. Additionally, they have in-vehicle advertisements and various event and corporate tie ups. They are also constantly evolving. They released Ola Money, a mobile wallet specifically for Ola rides, to avail cashless transactions. They have recently decided to buy a number of cabs themselves and rent it out to drivers in order to differentiate themselves from their competitors.

Learning: Have a number of revenue streams.

  1. OYO Rooms

OYO Rooms is a mobile app and website which allows booking of budget rooms in hotels. It follows a marketplace model. Hotels can contact OYO if they want to be registered with the brand. The hotels that tie up with OYO are marketed by OYO itself. OYO then conducts a standardized test to determine if the hotel abides by its quality requirements. The focus of the business model is the product. OYO aims to provide consumers with luxury in a budget. You can even order room service through the OYO rooms app while staying at one of their hotels. Still at the building stage, it is still looking at improving its marketing and technology aspects.

Learning: Make sure to deliver what you promise through quality testing and setting standards.

A number of factors need to be taken into consideration while designing a business model. Learning from successful businesses, having conversations with other entrepreneurs and constantly working towards your goal goes a long way in ensuring the formulation of a good business model.

You need to be driven towards  growing your startup into a business. Find your inspiration by choosing shared office space in Churchgate, Mumbai or business centre in MG Road, Bengaluru.

What is the Significance of Meeting Rooms in a Coworking Space?

Business Innovations

04 April 2023

What is the Significance of Meeting Rooms in a Coworking Space?

  • Posted by Awfis Editorial

Are you tired of working from home or in coffee shops and craving a more productive work environment? Coworking spaces may be the perfect solution for you. With an array of amenities, including meeting rooms, coworking spaces are becoming increasingly popular among freelancers, entrepreneurs and remote workers. But what makes meeting rooms in a coworking space so significant?
In this blog post, we will explore how these spaces can benefit your business and why they are essential to any successful coworking community. So, let’s dive in!

Meeting Rooms in Coworking Spaces – An Overview

Coworking spaces have been around for decades, yet their popularity is just starting to spread. The market’s thirst for startups and freelancing is driving up demand for the coworking space in Mumbai, Bangalore, Gurugram, and other major cities. This growth is due in part to the increasing popularity of coworking spaces and the benefits they offer. They offer a collaborative setting for freelancers, entrepreneurs and remote workers to work together.
Meeting rooms are an important part of coworking spaces as they provide a space where members can come together and exchange ideas. They can also be used for presentations, workshops and other events. Presentations and workshops can help to educate members on new topics and provide them with new skills. They can also be used to showcase the work of members and help to build relationships with potential clients.
According to a survey conducted by GCUC, 84% of coworkers are more motivated when working in a coworking hub. Meeting rooms can help to create a sense of community and collaboration, which can help to motivate coworkers. Meeting rooms can also provide a space for members to network and build relationships with other members.

Meeting Rooms in Coworking Spaces – Benefits

Meeting rooms are one of the most important features of coworking spaces, providing a dedicated and professional space for members to conduct meetings, collaborate and brainstorm.
Listed below are some of the key benefits of meeting rooms in coworking spaces:
Professional Environment: Meeting rooms provide a professional environment for conducting business meetings. Members can use them to host meetings with clients, investors, or partners and convey a more polished image of their business.
Privacy and Confidentiality: Meeting rooms offer a secure and private environment for members to discuss confidential information or sensitive topics without worrying about eavesdroppers or interruptions.
Technology and Amenities: Meeting rooms in coworking spaces often come equipped with high-speed internet, audio and visual equipment, whiteboards and refreshments, which can further enhance the meeting experience.
● Reduced Distractions: Meeting rooms offer a quiet and distraction-free environment, allowing members to focus on their work and avoid the noise and interruptions of a busy workspace.
● Collaboration and Brainstorming: Meeting rooms offer a collaborative space for members to work on projects, exchange ideas and brainstorm new concepts. This can to foster a sense of community within the coworking environment.
Flexibility and Convenience: Meeting rooms are easy to book and offer flexible booking options, such as hourly, daily, or weekly rates. This accessibility and convenience make it easier for members to manage their schedules and plan their workdays more effectively.
Cost-effectiveness: Coworking spaces offer meeting rooms at an affordable price, eliminating the need for expensive office space or renting hotel conference rooms.
Professional Support: Coworking spaces often have a professional support team that can assist you with booking the meeting room, setting up the equipment and providing administrative support, making the process hassle-free.

Meeting Rooms in Coworking Spaces – Types

Coworking spaces should provide their members with a selection of meeting rooms to suit their requirements. Depending on the size and number of members, these may include private rooms, small group areas or larger conference rooms. Some spaces also provide special features like whiteboard walls or video conferencing capabilities.
Private meeting rooms are ideal for one-on-one discussions or small group gatherings. Usually equipped with tables and chairs, these rooms may also feature additional amenities like a whiteboard or TV.
Small group meeting rooms are ideal for team discussions, brainstorms and any other type of small group interaction. These typically contain tables and chairs as well as additional amenities like a whiteboard or TV.
Large conference rooms are ideal for large group meetings, presentations and any other type of event that requires plenty of space. Usually equipped with a large table and chairs as well as additional amenities like a projector screen or sound system, these rooms can easily accommodate up to 200 attendees.
Video conferencing rooms are great for remote meetings or presentations. These rooms usually have a large screen with camera and microphone capabilities, as well as extra amenities like a whiteboard or TV.

Meeting rooms in coworking spaces – How to make the most out of it?

Meeting rooms in coworking spaces are valuable resources that can help you collaborate with others, build relationships and grow your business. To make the most out of your coworking space meeting room, here are some tips to follow:
Plan ahead: Before booking a meeting room, take some time to plan your meeting. Determine the purpose, agenda and participants. This will help you choose the right meeting room size and amenities and ensure that everyone is prepared and focused.
Choose the right meeting room: Consider the type of meeting you will be hosting, the number of attendees and the amenities you will need. For example, if you are hosting a presentation, you will need a room with a projector and screen. If you are hosting a brainstorming session, a room with a whiteboard or flip chart will be helpful.
Arrive early: Arriving early at the meeting room will give you time to set up any equipment you need, such as a laptop or projector. It will also give you time to ensure that the room is clean and ready for your meeting.
Use technology: Take advantage of the technology available in the meeting room, such as video confer software, online collaboration tools and virtual whiteboards. These tools can help you communicate and collaborate more effectively, especially if your team is dispersed across multiple locations.
Manage time effectively: Set a clear agenda and stick to it. Use a timer or clock to keep track of time and ensure that the meeting stays on track. Be respectful of everyone’s time and avoid going off-topic or getting sidetracked.
Encourage participation: Encourage participation from all attendees by asking open-ended questions and providing opportunities for everyone to speak. Use techniques like brainstorming or group discussion to generate ideas and encourage collaboration.
Take breaks: Taking breaks during the meeting can help everyone stay focused and engaged. Use break times to stretch, grab a drink or snack, or just take a quick breather.
Follow up: After the meeting, follow up with attendees to ensure everyone is clear on the next steps and action items. Use email or a project management tool to keep everyone on the same page and ensure progress.

FAQs

Q. What are the things needed for a meeting room?

Basic meeting room necessities include
● Table and chairs
● WiFi
● Power
● Digital AV solution (screen or projector with speakers)
● Shared writing surface
● Office supplies
● Access to refreshments

Q. What is the purpose of a meeting room?

A meeting room allows teams to discuss issues, collaborate on projects and make decisions.

Q. How much space is needed for a meeting room?

A conference room for one to two people would require 25-50 sq. ft, whereas for two – six people — 100-150 sq. ft.

Q. What is a meeting room layout?

A conference room layout is a set up of chairs and tables in a conference space. The most compelling conference room layout depends on the size and style of the meeting.

Q. What are smart meeting rooms?

Smart meeting rooms provide employees with video conferencing tools that make collaboration in the workplace simple, enjoyable and inclusive.

Meeting rooms are an invaluable tool for businesses that want to maximize their productivity in a coworking space. They provide the perfect place for teams to collaborate and engage with one another so that they can achieve success. Not only do meeting rooms allow coworkers to come together, but they also give them the opportunity to get away from distractions and focus on their work.
With their flexibility and convenience, meeting rooms make it easy for companies of all sizes to create more efficient workflows and increase overall productivity in a coworking space.

5 Apps to Increase Productivity at Work

Business Innovations

25 August 2021

5 Apps to Increase Productivity at Work

  • Posted by awfis

Life has become much easier with the advent of technology. With access to latest technology, work has become less strenuous. The biggest contribution to technology has been the invention of smartphones. They have not only made communication easy, but also play core to organize our lives. The hundreds of ‘add on apps’ have made life stress-free and have definitely helped increase productivity, in every possible way.

App

Here are some applications that we feel will help you outperform at work.

  1. WandurList:

As the name suggests WandurList is an app that helps you in maintaining a number of lists. It is a clean application which enables you to make multiple lists under various folders. It is available for Android, iOS and web users, but what makes it stand out is that WandurList enables you to access the lists from anywhere and from any device. The lists that you make are saved in the cloud, thus letting you share the lists with the other users. So the next time you are out of your office and need to assign work or access previous work, WandurList will be your go to app.
wunderlist.com

  1. Shoeboxed:

Tired of keeping track of your expense receipts before submitting for tax reduction every month? We have a perfect solution for you. Use shoebox and say goodbye to the strenuous process of filling out forms. Shoeboxed is perfect for people who are up and about in the name of the business. Shoebox can access either via android, iOS mobiles or also via the web. Scan the bills and Shoebox sorts out and collates the receipts for you and also generates an expense report.  By the end of the month all you will have to do is send it out to your accounts team.
shoeboxed.com

  1. Speek:

Conference calling is an important aspect of how work happens in the business world. With growing business environment one needs to connect to people from various parts of the world and that’s where Speek steps in. It is an application that enables you to have a con-call by eliminating the process of dialling the numbers and the pin codes. Speek gives you a personal link which has to be shared with the people you want to have the conference call with and all they have to do is click the link to join in via their laptop, smartphone or the computer. So want to make a conference call? It’s just a link away now!
speek.com

  1. Keeper:

Have a lot of passwords of various platforms to keep track of? Tired of sending email to the IT to retrieve your passwords? This application takes that burden of remembering passwords off your shoulders. You have one master password that has all the passwords stored in it. If any hack is attempted all the passwords are automatically erased to maintain secrecy. This application can be accessed via a phone, laptop or a computer with the android, IOS software or by using the web.
keepersecurity.com

  1. Prezi:

Need to make flawless presentations that capture your client’s attention? We have a unique cloud based presentation application – Prezi. This app lets you put down all the information on one canvas and mark it out instead of making separate slides. It uses Adobe Flash Technology to animate the presentation. The application is easy to use and is also compatible for Windows, chrome, iOS and the Web.
prezi.com

Try the apps out and see the increased productivity that these applications bring about in your work life!

Join our business centre in Bengaluru, or our co-working space in Delhi.

Freelancers Work Better in Office Spaces than Coffee Shops

Business Innovations

25 August 2021

Freelancers Work Better in Office Spaces than Coffee Shops

  • Posted by awfis

You would have seen freelancers and solopreneurs working intensely at coffee shops, buying a cup of coffee accompanied with something to bite on now and then, more to keep the table occupied rather than ordering by choice! But working out of a coffee shop comes with a set of challenges. Being in such a relaxed, casual ambience for work, you are not really motivated enough and you can only rely on self-motivation to keep you going.

Thankfully, this is something that can be resolved by working at collaborative office spaces. Leased workspaces and desks that you can find on a reliable collaborative working website like https://www.awfis.com/inspiration/wp-content/uploads/2016/06/shutterstock_3835072871.jpg.com will also give you access to all amenities that you need when you work in an office, like free Wi-Fi and unlimited tea and coffee to keep you fueled up.

Freelancers in office spaces

Freelancers are looking for offices spaces with a positive atmosphere to conduct their work. More often than not, freelancers have a lonely job. They are at their laptops doing their work. However, at home, they have several distractions to keep them away from their desk. Coffee shops do not make the best talking environments for productive business meetings as a plethora of distractions come your way. No such worries exist in a collaborative working space where you are paying rent to be at your desk for work.

Let’s talk about the motivation factor now. Because you are in a roomful of people working on their desks, you are motivated to be a part of that workforce. You can make some great professional friends. As a freelancer, you cannot deny that working alongside others is a much better feeling that being a lone wolf, especially on days when things are a bit rusty. The general working ambience keeps you afloat, something that you find in plenty of plug & play rented office spaces.

If you have not considered working in a collaborative working environment, now is a good time to do that. All your criteria will be met and your business will commence in a cheerful and inspiring environment. After all, your venture deserves only the best.

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