Upending the age old business of Clubs | Vivek Narayan @ The Quorum
If you’ve ever dreamt of flipping the script on the hospitality industry, you’re in for a treat. Today, we’re diving into how Vivek Narayan, founder and CEO of The Quorum Club, transformed an age-old concept into a contemporary hit, all while navigating the choppy waters of entrepreneurship.
Recognizing the Gap
Vivek identified a massive gap between traditional clubs, like the iconic Gymkhana Club, and the desires of young India. He saw a need for a modern space where people could work, socialize, and engage culturally. Enter The Quorum Club, a contemporary member's club that’s redefining hospitality.
The Third Space Concept
Think of the “third space” as your cozy coffee shop, where you can work without the judgment of your home or office. Vivek emphasizes that this space should feel comfortable and productive, serving as a hub for both work and leisure. The design of The Quorum reflects this idea, with intentional furniture choices and layouts that promote interaction.
Building a community
At the heart of The Quorum is community. Vivek and his team focus on creating a network of like-minded individuals. They use art, culture, and wellness to engage members and attract a diverse crowd. This community-building aspect is crucial for scaling up—after all, people want to be part of something greater!
Business Model Insights
Now, let’s talk numbers. The Quorum’s business model thrives on a mix of membership dues and food and beverage sales, each contributing about 50% to their revenue. Vivek emphasizes that the real trick lies in hitting that magic number of members—around 1,000—where the business starts to become profitable.
Weathering the Storm
When COVID struck, many businesses floundered, but The Quorum pivoted. They leveraged their existing community and focused on health and safety, turning the club into a haven for members craving social interaction. This adaptability not only saved the business but also set the stage for expansion into new cities.
Future Growth
With plans to open more locations and introduce new offerings, Vivek’s vision for The Quorum is expansive. He’s not just building clubs; he’s creating a lifestyle brand that resonates with the modern consumer.
Words of Wisdom
For aspiring hospitality entrepreneurs, Vivek advises be passionate about serving others, nail the food and ambiance, and be prepared for hard work. Remember, hospitality isn’t just about providing a service; it’s about creating memorable experiences.
So, if you’re ready to take the plunge into the world of hospitality, take a page from Vivek’s book. Embrace creativity, build community, and don’t shy away from the challenges. Who knows? You might just be the next big thing in the industry!
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