How Companies Like OYO Are Contributing To The Economy By Supporting Micro-Entrepreneurs
The past few years have seen a significant rise in people quitting their jobs and following their passion. This used to be a fairly romanticised notion back in the day and while it continues to be so today as well, the feeling of it being far from the truth has vanished. People are now willing to take up smaller jobs while working on their passion projects. This phenomenon is what is known as the “gig economy” which then fuels “micro-entrepreneurship.” Narendra Saini was one of the many individuals living the “urban life” in a big city in Mumbai, not too far away from his home in Gujarat. After working in the advertising industry for a few years, he decided that it was time he invested his money and efforts into something that was closer to home and so he collected all his savings and opened up his hotel. Owning a small business that too in the hospitality industry, comes with the harsh reality that everything happens at a price. While any entrepreneurial journey is based on great ideas and functioning with a close-knit team, there are chances that it may initially run low on capital. Moreover, it is underrated how much money and resources go into proper research and development for a successful venture.
A push in the right direction can help small entrepreneurs reach their potential
This is where OYO Hotels & Homes stepped in with its innovative model and created an opportunity for a budding entrepreneur like Narendra to become self-sustainable thereby earning high yields from his hotel Capital O 48482 Hotel Tribecca Inn in Ahmedabad. By leveraging capabilities like operations, transformation and renovation and onboarding, all supported by innovative technology, OYO helped Narendra increase the occupancy of his hotel while delivering quality-assured and standardized stay for guests.
OYO’s end-to-end support meant that Narendra’s hotel had a new logo, a set of branding guidelines, and an establishment that met the company’s standards. In just 3 months after joining hands with OYO, his partner and he saw the results. He said, “Before joining hands with OYO, our main challenge was promoting our hotel through different channels. There was a time when in the offseason we used to get only 25-30% occupancy which now, post associating with OYO, has jumped to more than 80%.”
Innovation drives competition
It is very common that owing to their limited resources, an entrepreneur always has to stay two steps ahead of the market to stay relevant. This drives innovation. And innovation drives competition. There is nothing more fascinating than to see entrepreneurs come up with better ideas to try and outwit competition. To outsmart the competition, entrepreneurs need better resources. For better resources, you have bigger organizations. With their support and innovation of smaller businesses at the helm, you can guarantee that customers will always be happy.
The assurance of a level-playing field
An entrepreneurial venture has a lot to compete with, not only with smaller counterparts but with larger competitors who are always trying to infiltrate the smaller markets. Having a strong backing means that these businesses can afford to keep up with their competition without suffering a huge loss. A vast business with a rich market and operational intelligence brings an opportunity for a small scale set-up to learn from numerous resources, innovative programmes and industry-leading technology.
Something similar happened to Vijal J. Suthar, hailing from the USA, an asset owner in California who saw a huge upsurge in her hotel performance after associating with OYO (now known as OYO Townhouse Lake Arrowhead CA). She says, “Coming on board with OYO has helped my hotel tremendously whereby we get 24*7 support from the team. Having OYO’s support in turning around the properties and bringing them up to their true potential is a big motivation. The transformation process has been very smooth right from revamping the interiors to the exterior including signage and branding. I do believe in OYO and would like to see this brand grow and reach newer heights soon!”
This goes on to show that if you have the right idea, the perseverance and passion to do something for yourself, a little push from a brand like OYO Hotels & Homes can go a long way in changing your fortunes. If you own an asset like Narendra Saini or Vijal J. Suthar, then you can also benefit from the numerous initiatives taken up by OYO.
For more information, log on to https://partner.oyorooms.com/in
This content is produced in partnership with OYO