When looking for a successful entrepreneur, Rajpurohit Ganpat couldn’t be missed. He was born into a middle-class family in Mumbai and faced struggles from an early age, which helped shape his hard-working attitude. Rajpurohit graduated in Mass Media Journalism and worked as a news anchor in his journalism career.
Rajpurohit experienced many rejections in his career journey. Despite these setbacks, he learned valuable lessons from each experience. Eventually, he founded his successful venture called GR8 Offices.
Clients of Gr8 Offices:
Gr8 Offices caters to a wide range of companies, including Times of India, L&T, and unicorn companies like Leadschools, Malabar Gold and Diamond, Reliance, and over 1,000 startups.
Revenue Model:
Gr8 Offices has contributed around 40-50 crore worth of business to the co-working space industry. Given the rising demand for co-working spaces, Gr8 Offices anticipates a five-fold growth in the near future.
The company’s multiple revenue streams include:
1. Online Aggregator Platform for Coworking Space
2. Ownership and operation of its own coworking space known as GR8 Workspace.
3. Consultancy services for setting up coworking spaces
4. Managing partnerships with coworking spaces on a revenue-sharing model
5. Franchise Model
Focus on Small Startups:
Rajpurohit found a big problem in the system where the cost for each unit or seat was very expensive. This made it difficult for startup companies or MVP-stage startups to afford it.
The high cost per seat was due to several reasons, such as expensive rent, fancy infrastructure needs, operational expenses, and the requirement for well-paid employees.
Because of huge investment, the system mainly attracted big startups and large companies, while small startups and those in the early stages were left out and not given enough opportunities.
Taking all factors into consideration, Rajpurohit approached owners who possessed their own land and proposed the establishment of a coworking space with basic infrastructure and minimal resources. The primary objective was to ensure that the per unit or per seat cost would be kept low, thus enabling small startups to enter and thrive in the market.
Vision:
Rajpurohit’s vision is to support small startups and create affordable coworking spaces across India, contributing significantly to the coworking ecosystem. He has successfully trained over 50 owners in establishing coworking spaces and provided affordable workspace solutions to over 1,000 startups.
What are the key factors for making coworking profitable?
Rajpurohit believes that there are several key factors that are crucial for making coworking spaces profitable. These factors are outlined below:
1. Location
2. Flexible Membership Plan
3. Partnership with Brands
4. Member Referral Program
5. Community Building
6. Value-added Services
7. Additional Revenue Streams
9. Networking Opportunity:
10. Professional Environment
11. Nurture a Strong Partnership with Aggregators
Future of Coworking:
Working in a corporate office from 9:00 am to 5:00 pm is becoming a thing of the past. Working entirely from home does seem like living in 2020. The conventional concept of requiring all employees to have an office is no longer workable, and coworking spaces can play a significant part in the new changing landscape.
According to projections, by 2025, all commercial spaces in India will have transitioned into hybrid offices, leading to the rise of managed workspace businesses.
The co-working culture has become popular in India, and the country is rapidly catching up with other modern nations. The desire of many Indians to become entrepreneurs is expected to contribute to future business growth.
The traditional concept of working in a fixed corporate office is changing, and coworking spaces with flexible work arrangements are becoming the future of work.
The global coworking space market is predicted to reach USD 24 billion by 2030. These developments are also improving India’s economic conditions.
In conclusion, Rajpurohit’s vision, hard work, and dedication to assisting small startups and affordable co-working spaces have been beneficial for the startup community. As Rajpurohit continues his journey, he will undoubtedly motivate and empower many more entrepreneurs in the co-working space industry.
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