Coworking is the new linkedin

Coworking is the new LinkedIN

by | posted in: Coworking | 0

Introduction & background

I am Aditya Verma founder of The Office Pass, a coworking facility in India. We started operations on 1st March 2017 with our first center in Gurgaon in Delhi NCR region with 6 paying members. Thru this note, I am sharing developments of the past 3 1/2 months that have cemented my belief that Coworking is the new Linkedin. Please read this post & feel free to write at aditya@www.theofficepass.com/toppings with your views on the topic.

Coworking is the new linkedin

Starting critical success factors & differentiators

Before our launch, we identified a few critical success factors (CSFs) that would define the character & personality of our business. They are

  • keep the business capital-light

  • focus on Freelancers and Small companies (less on tech startups)

  • be known for community & engagement

  • not be a real estate business, instead be a technology platform that would solve a real estate problem

Problem stuck as soon as we started

While the business was good and we were adding members at a respectable pace, something was not right. As per the analysis shared during one weekly review in April, we had 18 paying members (up from 6 last month). While that was great, 4 out of 6 members we had in the previous month, had stopped coming. We were very confident of the way we were running the business, so this was completely unexpected & a bit baffling. We had maintained regular touch with all members but failed to notice any early warning signals. There was something missing. We had a leaking bucket, with an invisible hole.

Steps to identifying the real problem

66% paying customers (4 out of 6) leaving without any intimation is a problem that warranted immediate attention. Such issues invariably get amplified if they remain unattended. To identify, we decided to call and/or meet all 4 members individually and note down their concerns.

Coworking is the new linkedin

Profile of the churned members

Out of four members, Shakti & Vishal were two friends pursuing a real estate brokerage business in Gurgaon. They took our membership as they liked the office infrastructure and environment. Another member was an employee of COGO Freights Pvt Limited a company based in Ahmedabad who was using our coworking space as a remote office. The fourth member was a lady in a tech support function of an IT firm. She was earlier working from home.

Problem identification

Findings based on our conversation with members were as under:

  • Real estate brokers: although they were satisfied with office infrastructure & environment, they had shifted to an alternate space in the same building. On further enquiry, they highlighted two reasons for their move. The primary reason being that the other space had higher occupancy, which to them, meant greater potential to generate leads from fellow members (for their property-related requirements). The secondary reason was the cost advantage of the alternate space i.e., they offered a seat at INR 5000/- (while our price was INR 7000/- pm).

  • COGO, the remote office company: The company decided to consolidate its position and shifted their employee to their head office in Ahmedabad. Delhi was no longer the focus market for them.

  • Tech support women: she stopped coming and went back to work from home as she did not get the community, she expected out of a cowork space. She said, “she would have been more comfortable if there were more women at our coworking space”. This seemed a fair comment as she was the lone woman in an otherwise all men’s office. We had completely overlooked this aspect in our planning.

Action plan to resolve the problem

Nikhil (my Co-founder) and I were happy that we’re able to speak with the members and note their concerns. We had the opportunity to course correct before the problem amplified. Our action plan was:

Action plan 1 was driven out of the feedback received from real estate brokers i.e., members come to coworking not for a desk & seat, but to establish professional connections that help them grow their business. We decided to speak to all existing members to identify 2-3 common expectations where they would want our support. Top expectations from members were inability to

  • hire good talent in the absence of an HR resource

  • expand their business visibility thru digital marketing and

  • find a credible and cost-effective Chartered Accountant (CA) to take care of their company accounts, finance and statutory compliance

Our task was clear; we needed members with skills to meet the above expectations. Nikhil & I reached out to our social circles i.e., friends & relatives and What’s APP groups with specific skills requests. Within 2 weeks, we were able to

  • convince a recruitment company of 3 people to set up shop at our co-working facility.

  • approach a Digital Marketing company, having an office in our building, to offer their services to our members at discounted rates.

  • finally rope in a CA & a Goods and Service Tax (GST) expert as members. They are now helping co-members with their accounts and finance-related activities.

Action plan 2 was the result of the feedback received from the tech support lady. We decided to undertake activities that will, over time, take our women’s membership to around 40%. Some activities initiated were

  • a specific Facebook campaign to target women members

  • started discounted membership for women

  • a BLOG to promote coworking among women

  • approached companies that could allow women employee to work out a coworking space, closer to their home, for a few days in a month

Luckily for us, both action plans played out well. It helped us reduce member attrition from 66% in March to fewer than 20% in May. Our women membership currently stands at 21% and on track to reach 40% by July. The past 3 ½ months have changed the way we looked at the coworking business. These initiatives that got triggered with a simple line item in our weekly review led us to an insight that was difficult to get otherwise.


Concluding observations

It is amply clear that members take up coworking for benefits that go far beyond “simple cost economics”. It is not desk and seat, coworking means more, much more. Coworkers need help to further their business by establishing mutually rewarding professional contacts. They are happy to lend their support and expect fellow members to help, in return. One can be successful in coworking business only if the technology platform is able to do this matchmaking & deliver on this critical promise. It seems Coworking is the new LinkedIN, both in letter and spirit. It is a physical space where professionals come together to connect and solve professional issues. I truly believe, day is not far when, Coworking will compete with LinkedIN. That will be one clash to watch-out for.

Your comments & feedback are valuable, so don’t keep them to yourself.

BOOK A COWORKING TOUR

How can small Company & Freelancers save cost | The Office Pass

How can small Company & Freelancers save cost

by | posted in: Freelancers | 0

WHAT IS A “SMALL COMPANY” IN INDIA?

As per the companies act 2013 a company is defined as Small or Large based on the paid-up capital and turnover. Any non-public company is a small company if its paid-up capital is under INR 50 lac and the previous year’s turnover is under INR 200 lac.

HOW MANY COMPANIES ARE REGISTERED IN INDIA?

As per Corporate Affairs Ministry data for January 2016, the total registered companies in India were 15.27 lac (out of which 10.76 lac was active). This does not include the large number of businesses that are not registered with the authorities.

Freelancers at The Office Pass coworking space in Gurgaon

COMPANIES EMPLOYING LESS THAN 100 PEOPLE IN INDIA

Although there is no official data available, it is estimated that 8.6 lac companies in India employee less than 100 people. This is 80% of all active companies.

NUMBER OF SMALL COMPANIES & FREELANCERS IN INDIA?

The number of small companies (employing 3-50 people) in India is estimated to be around 500 lac (or 50 million). Most of these small companies are not registered with the authorities. The number of freelancers (employing 1-2 people) in India is estimated to be around 150 lac (or 15 million). The freelancer’s population is next only to the US which has around 53 million freelancers. Main freelancing sectors in India are IT, programming, finance, sales & marketing, designing, videography, content & animation.

Also Read: Difference Between Coworking and Shared Office Space for Freelancers

HOW CAN SMALL COMPANIES & FREELANCERS SAVE COST?

Two main cost heads for small companies & freelancers are:

  • Employee & their benefits cost: apart from the owner, it is the people or the employees who help you run and scale-up the business. In the initial days, a contribution from each employee is critical for the success of the organization. Their salary and benefits cost can be a very high percentage of your company’s initial day’s earnings.

    How to save money: Small companies & freelancers are advised to keep the fixed salary cost low and provide perks that compensate for the same. These perks don’t have to be pricey; instead benefits such as flexible schedules, telecommuting and casual dress codes can do a lot to boost retention. Financial perks can be considered by linking them with business performance. Remember, it’s more cost-effective to retain good employees than recruit new ones.

  • Office space & utilities cost: the second biggest cost for small companies & freelancers is the office space & utility payment. The home office works well till you are working alone, but do not expect an employee to work from your home. Renting an office space or purchasing property is not a cost-effective option, especially in the initial business days. The large payment gets blocked in security deposit (3-6 months of rent), lock-in for 12 months etc. Additionally, you have to manage multiple vendors and utilities payments like telephone, electricity, internet. This can be a big distraction. However, taking office space is critical to attract employees and grow the business. Many companies do not offer contracts to companies if they do not have a credible business address.

    How to save money: Coworking space or shared office space, like that offered by companies such as The Office Pass in Gurgaon, India can be a great option for small companies & freelancers, especially when one is not sure of what the future will hold. These office spaces provide facilities that include an office desk & chair, internet access, coffee & tea, printing & scanning and meeting rooms that are shared among multiple members.


Coworking space offers flexible pricing so you do not have to drill a hole in your pocket. The pricing includes utilities payments like internet, electricity etc. You only pay per seat; this way you do not have to pay a fixed fee during the initial days.

By renting Coworking space on a monthly basis, you can save money without a long-term commitment. However, as your business grows over a year or more, you outgrow your Coworking space. If your business is growing rapidly, your team dynamic is expanding, and you’re becoming more established in your market, you may want to explore an alternative office solution.

BOOK A COWORKING TOUR

The Office Pass Raised funding

Coworking space provider The Office Pass raises $245,000 of seed investment

by | posted in: Coworking Spaces | 0

Gurgaon-based TOP Technologies Private Limited that runs a coworking platform The Office Pass raised funding from a group of individual investors. As per the company, the funds will be deployed in enhancing the platform and hiring technology & product talent. This investment has come within 2 months of their formal launch.

There has been a rapid increase in demand for coworking spaces and companies are trying different formats to meet this demand. The Office Pass (TOP), unlike most other coworking providers, is not a real estate company; it is a technology company that is solving a real estate problem. “We aspire to connect companies & professionals with high-quality office space within 5 km. Most office-goers waste precious time and money commuting to work. If they are able to work from high quality, yet affordable, office near-by, it will solve a big productivity problem for Indian companies.” says Aditya Verma, Founder & CEO of The Office Pass.

Finding an office is a major challenge for Micro, Small & Medium Enterprises (MSME) and freelancers due to their inability to get into a long lease and block money in security deposits. Many of them prefer working from home and cafes. These segments remain under the radar for most developers and owners who prefer to rent to large MNCs. The Office Pass aims to solve this problem by offering office space on flexible terms without the need for long leases or security deposits.

Arun Tadanki, former MD of Yahoo Southeast Asia & India, who led this round of investment in the company said, “The Office Pass is an exciting business model that can disrupt the commercial office leasing market. The founders have the right domain expertise and they have been focused on building a scalable, capital-light business model where users can book office space on monthly, daily or even hourly basis”.

Co-founded by 3 former employees of Makaan.com, Aditya Verma, Nikhil Madan and Sachin Gaur, TOP launched their operations with the first facility at Sohna Road, Gurgaon on 1st March this year. “We are pleasantly surprised by the traction and are on track to achieve full utilization of our first facility within 3 months of launch”, says Aditya Verma.

Coworking Space Provider The Office Pass Raises Seed Investment

About The Office Pass

The Office Pass, part of TOP Technologies Private Limited, is a technology platform that connects companies & professionals to “ready to use” cool, economical and flexi co-working office space.

The company takes care of all expenses associated with opening and operating an office. Expenses such as security deposit, maintenance charges, lock-in period, furnishing & equipment, rental, electricity, WiFi, security, housekeeping etc are all clubbed into an “a small fee per seat”. This saves its customers valuable time and money, which can be used to improving the productivity of their business. The company also provides on-demand meeting and conference rooms through its platform.


For the 1st time in India, companies & professionals can take office space on MONTHLY, DAILY or HOURLY basis as required. Moreover, users pay only for the seat(s) they book. If team size expands, buy more seats and vice versa. So, one can “save money & enjoy flexibility” like never before. The “on-demand” nature of the service helps users expand instantly without burning a hole in their pocket.

For additional information

Contact: Nikhil Madan, Co-founder, The Office Pass (TOP) @ nikhil@www.theofficepass.com/toppings or +91 9891833008

BOOK A COWORKING TOUR

Coworking or Shared Office Space in Sohna Road Gurugram | TOP

Coworking or Shared Office Space in Sohna Road Gurugram

by | posted in: Coworking | 0

What is a Coworking space or shared office?

Coworking Space or Shared Office is a generic word that’s generally used to describe any situation in which two or more people are working in the same place together, but not for the same company.

WHAT IS the rental for an office property in sohna road?

If a property expert is asked to name top locations for office space in Gurgaon, Sohna Road will feature prominently on the list. Gurugram or the Millennium city is home to many large and medium global corporate. Emerging businesses including Micro Small and Medium Enterprises (MSME), Small and Medium Business (SMB) and freelancers typically follow mature businesses in their choice for an office space. Monthly office space rentals in parts of Gurugram have crossed INR 90/- psf making it prohibitive for many organizations. However, the average rate of office property in Sohna Road ranges between INR 45/- to 75/- PSF making it a favorable location.

Coworking Or Shared Office Space In Sohna Road Gurgaon

WHO SHOULD USE SHARED OFFICE SPACE IN SOHNA ROAD GURUGRAM?

While MSME, SMB and freelancers may aspire to work alongside large global corporate, they may not “yet” be financially ready to take on this additional cost. Coworking or Shared office spaces come in handy as they allow small companies to taste, best of office space experience, without drilling a hole in your pocket.

If your small business looking for a coworking office space in Sohna Road in Gurgaon, we strongly recommend that you consider you to look for the following.

AFFORDABLE PRICING

When compared with other locations in Gurugram, Sohna Road offers a good return for your money. Coworking spaces like “The Office Pass in JMD Megapolis building” charge a relatively low membership fee while facilities like WiFi access, Coffee & Chai, printer & scanner are provided for FREE. The monthly membership cost is charged on a per-seat basis and ranges between INR 7,000/- to 9,000/- per month.

Also Read: Why Coworking Is Ideal for Women Entrepreneurs

FACILITIES & SERVICES

Before you finalize a coworking space in Gurugram make sure it has all the facilities that are typically available to a large and medium global corporate. Do no compromises here. Facilities like nice and decent-looking offices (avoid places that try and fit people like in a call center). Check for Hi-speed WiFi connection, printer & scanner facility, Coffee & Chai depending on your preference, access to conference and meeting rooms and good air-conditioning system. Double check for AC, especially because the temperature in Gurugram can touch 45 degrees in summers.

MEETING ROOMS

If your business requires you to meet customers or vendors face to face, make sure that Coworking space has space to hold a meeting or do a conference call with a client. However, if you do not expect customers to visit you, this criterion can be ignored.

PRESENTABLE ADDRESS

Sohna Road, Gurugram as a coworking location is central, easy to find and reach. It is the perfect office address if you are living in Gurugram but also convenient if you are coming from North or West Delhi (via NH8) or Central & South Delhi (via Golf Course Extension road). Sohna Road can also be reached by using multiple transport systems, both public and private.

Office Space In Sohna Road Gurgaon

FLEXIBILITY IN CONTRACT

Some Coworking space providers ask for a 1-2 months fee as a security deposit and some have a lock-in period of 2-4 months (before which you cannot vacate). On the other hand some allow you complete flexibility and do not have a security deposit and lock-in periods. Prefer the shared office spaces that provide flexibility in contract terms to its users.


COMMUNITY

If you can benefit from the experiences of other Coworkers and vice versa, then you achieve more while at work. You become part of a larger community and culture that thrive on each other’s experience. This can bring life into your business, and providing you the ability to give something back too.

If you are looking for Shared office space in Sohna Road Gurugram, check out The Office Pass. Keep the above points in mind before selecting a space.

Happy Coworking.

BOOK A COWORKING TOUR