I Hi, I'm Nikita. I'm the Chief Fitness Officer of Great Work and we started this business last 2017. We actually came up with the idea of the business because as a startup before I used to handle several businesses as well. But as a startup it was really challenging for us to look for affordable workspaces which would address all of the needs that we would have as a startup.
So that would be internet, good work desks, presentable office, meeting spaces, conference rooms, and of course a pantry. So seeing that need, we decided to put it up for other startups as well. The business actually stands out because unlike any other co-working spaces out there, we offer more than just the space. So we went beyond providing just an area for people to work in.
We actually take pride in our napping houses, shower facilities, we have bike stations and we have a fully stocked pantry as well. And our co-working spaces or event spaces are actually really conducive for events. The mission of our business is actually to create a community where people can create, collaborate, and be a real community as well together.
We want to connect people. We want to help businesses grow and be where they want to be faster in terms of profit or ROI. Here to tell us more about GreatWork is its owner, Nikita Yu. Nikita, you've got three minutes to pitch your business to our panel. Take it away.
Hi, good day. So, GreatWork is a co-working and shared office space located in Quezon City at the moment. We have two branches. Our first one is along Quezon Avenue and our second one is along Scout Rallios.
What makes us a little different is what has been mentioned. have more amenities than the regular co-working space. We look at it at the more holistic approach.
We want to take care of our clients rather than just providing them with a space where they can work efficiently. So those are napping houses for power naps, shower facilities when you want to refresh like if you're outside after a commute you want to feel fresh and you want to re-energize yourself there. And then we have spinning bikes if you want to get fit while working out as well.
So another aspect that makes us unique is we tailor fit each branch to a certain industry. So our first branch is actually catered to a more formal office setup wherein we have BPO's or consultancies and back-end offices. But then our second branch is geared towards more creatives wherein we have freelancers, marketing agencies, ad agencies. And hopefully, we're going to be tapping the mega metro market by the time we expand next year.
Fantastic. Now, to our mentors, one of you is in a related field, one is in an entirely different field. But I'd like to take you back to the time when you were just starting your own business, just like Nikita. What is it that you see can be the driving force behind this business so that it can grow and flourish?
Sure is. Anybody? I guess just to start and thank you again for sharing. One of the main things about co-working spaces or shared spaces is about collaboration and community.
And I believe these words are thrown sparingly. It's a big word but there's a lot that comes into it. When we were starting our spaces, the challenge is a lot of the activities we do was a matter of preferences.
So we felt that what we wanted is what the consumers wanted as well. And one of the few things we learned through the three, four years operating in this market is we have to go to the consumer and really understand what they like and dislike. And from there, be able to penetrate really how we can be of help in terms of their business. So we have other clients that says that they need help in sales. So we build activities that are catered to selling.
Some would be taxes. someone like Mona Bria would be a good person to get in building a lot of these activities and events. So you want to know what your customers want, really, so that you can provide them that service. Correct.
Because I believe space is one thing, which is fundamentally what a shared space is. But putting more value into it is what will make it different. Fantastic. I want to hear from you how women...
can succeed in business. What do you see from Nikita? Do you think that she's gonna Yeah, Nikki is at least she knows that she has to be different. She has to do more than what others are offering. And for me, I would put myself as a new entrepreneur, a young entrepreneur, millennials, you know, who are looking for new things to do and whatever is there, grab the opportunity.
And I think it is a good opportunity to have a space and you don't have to be alone. don't have to spend so much for your capital and then you will have you know an office for yourself at the same time and I think with the other services like marketing you know creative it's very important in business so I think you are doing it right thank you fantastic now this is a business that is evolving because of the needs of the times and the changes in the culture of business, the changes in the nature also of the companies, the freelance drive, you grow your business one day, you collapse it another day. And so a co-working space is perfect for that.
Now the question is, and I think the mentors here would also like to know, how is it working out for you in terms of financials? Is it earning? What are your financial targets? And please go ahead and jump in in the discussion anytime. So to start off, GreatWork has been in operation for about two years now.
Two years, two branches. Safely, I can say that we're on the earning side, although we did have a rough patch when we started out. One of the challenges was getting the idea of co-working and shared offices across to the market and the demographic in Quezon City. So if you look at it, mention co-working or shared office spaces in Makati, BGC or relatively the known areas, they will know what it is. But in Quezon City, if you mention it, they're like, why do I have to pay X number of pesos for one seat?
So it takes a little while for them to understand. So that's where we had quite the challenge. It took us about three to four months to get on our feet.
And then steadily after that, taking care of our clients, maintaining a good community. I think it's very good. I will take that advice, you know, bring in more targeted talks.
Maybe it could help us with our sales. Very happy and I hope, I really hope that we can maintain it. I agree, I think education and awareness is something that we should pursue, I think as an industry in general. If you're in the key districts, more people will... have heard of it, but not many would understand it in full.
So I think especially in the market, the land mass of Quezon City, it's just so fragmented. They're just different parts of QC. There's a lot of opportunity if you're able to educate the right market on what the benefits would be of using a shared space as opposed to leasing their own office. And if you just walk around or just drive around QC, you see a lot of these small businesses that have been around for 20, 30 years in the same office.
And it's one way to upgrade, especially that you have the second, third generation of these family businesses, which are run by very young millennials, would want a different environment, different atmosphere. And I think that's an opportunity for you to grab, especially that you're now present in NQC. And I will. As for me, I think you have to study the demographic of your vicinity and at the same time, you have to really look at the convenience of the people who are going to rent out. your space and not only that you have to actually Because so many people doesn't even understand, you know this type of business and what it offers So you really have to educate a lot of people even the Millennials even the you know the older people they they would like to still go into business those after working for so many years they think that they're bored they want to to do other things and having a space just a table will attract them so you have to study and target your market and you will you will be able to be more successful if you would put a strategy in such a way that okay this target market I would like to have at least how many percent you know and those who are in in who just graduated probably also would be interested to do something on their own because they are very very creative, very ambitious.
So if you let them know that your space is there for them to really take advantage, then that would be easier for you. Is there something that you see in the future that you think can threaten the success of this business? I think that the business model has been around for a long time. It's just that in the recent years, it became very popular.
But shared spaces have been... has stood the test of time, if you put it that way. So I believe that there will be more spaces similar to open in the future, just of how volatile businesses are today.
I mean, if you ask a startup today where they'll be in the next year in terms of headcount, sometimes their projections might be a little off, sometimes they might be accurate, but having a shared space protects them in terms of scalability when you talk about space. How about you, Mir? Well, There's always a threat in every business and you have to actually look at it in a way that you should be different from the others. So when others are coming up, you have to know and you have to be abreast of what's going on always. the market because competition will always be there but if you're ahead of the competition then you'll win fantastic wise words now nikki what we do here in on the money is we always ask them to ask you questions i'm going to do something very different i want to ask you as we wrap up this segment to ask them something that you want to know and to learn from them okay What would you want to know from somebody who's already in the business of co-working spaces and somebody who has brought in the iconic Barbie to the Philippines, who's been a very successful woman entrepreneur?
Okay, maybe for Sir Miko first. One question that I'd really like to know is... How do you maintain the market share in your locations?
Accelerate is very well known in Makati and BGC, and it's also very known that Spaces and WeWork have opened. But I'm very keen on knowing. what is your strategy on maintaining your market share because every time I visit it's still full so that's that's really great question I aspire for okay like I want the space to be as filled as and as he is yes for Miss Myrna for very much What are key points on being a woman or boss lady? Let's say, how can you inspire other people? How can you be on top all the time?
And how can you... Grow your business in like a time today. Okay, mentors, very quick, powerful answers. Lady first.
Well, you have to know yourself first and your market. And at the same time, you have to have a vision and a direction in whatever you do. And you have to act on it. Women are usually defocused when they have personal problems, right?
Yes. But when she says you need a vision, then you're focused. Yes.
Mico. Yeah. For us, I answer it two ways. One is stick to your fundamentals in the core of what the business is.
So we always go crazy when it comes to events and all that. But most of the time, it's really making sure that the internet is enough for everyone. The space is conducive for it to be a work environment as it is. And second is really the onboarding the right people, which is the, I'd say, attribute to where we are today is mostly because of the people that we have in the firm. Very wise words.
Thank you so much. Our mentors, thank you, Niki. Thank you for being here.