Monday , October 18 2021

In two weeks of guessing a business he invented the invention of young women and created millions of businesses


Forbes estimates that Payal has a personal fortune of more than $ 50 million. Credit: STEPHANIE HALLER

Would you like a good business idea for two weeks? Payal Kadakak was challenged in 2010 as he was at the age of 27 and left the corporate world to enrich his commercial adventure.

At that time, he worked at New York's Warner Music (United States), and after his holidays in California, he founded his business.

"I went to San Francisco and I met several entrepreneurs", how much Payal is now in 35 years.

"I thought …" How do I think they have an idea, "and then I set it two weeks a day."

Fortunately, for him, it was just 36 hours of inspiration.

A dance and fitness enthusiast, Kadakia realized that it was not easy to book a New York ballet class.

"I visited six different websites and I could not figure out which class was right for me," he says.

"It's been an hour and I can not book anything."

The company has an estimated value of 470 million dollars
The company has an estimated value of 470 million dollars Credit: GETTY IMAGES

Afterwards, the idea was to create a website that will bring together all the city's dance and gym classes in class and allow them to make reservations there.

It would charge a commission for gyms for class and dance centers in each class.

After six months of research, he left work in January 2011 and worked on the first version of ClassPass.

Currently, his company, based in New York, has an estimated value of 470 million dollars and is available in nine other countries, including the United Kingdom, Canada and Australia.

Although the road was not easy, he had to make several rounds before finding the best business model.

How did he do it?

The company began in 2011, it was successful in the class for two years.

"I've been saving what I saved for two years," he says.

It provided 500,000 dollars for family and friends, and launched the website (2012 called Classtivity).

Initially failed

Looking back, the start made a lot of noise, but that was not enough to return to the sale.

"We have to be a very tough business."

In 2014, Kadak decided to change the class-based individual reservation system and replaced it with a class-based package-type classPass package.

At first, he offered 20 classes per month for a fixed amount, but when he reduced it 10 years earlier, he realized that all people had to use 20 classes a month.

Passes are currently sold under a subscription model. Instead of reserving a certain number of classes per month, the client accounts for between 25 and 100 credits.

Gym owners and class organizers will pay a pre-determined amount for each ClassPass Assistant.

The class is the most expensive and well-known, ClassPass user needs more credit.

For example, an almost class yoga class worth nine credits, and a smaller gym class can only spend four credits.

Change your business model

The business model has undergone a series of criticisms, Chadak confirms that all these changes were necessary to reach the system that worked financially.

"We have never wanted to change things," she says. "But we would not be here if there were no changes."

Despite all the changes, ClassPass has succeeded in growing in recent years.

The company joins 60 million class reserves through its website and its application.

At the same time, it works with 14,000 gymnasiums, dance centers and other sites in its reservation system.

Although not showing yearly sales levels, the company has raised US $ 173 million dollars to foreign investors (including Google).

To expand the company, the company offers clients services such as facials, acupuncture sessions and massages.

Now, he also wants to invent other services such as photography, art and crafts.

Since last year, Kadakak has been executive directors of the company and must have free time.

"I wanted to add the value of the company and for that, I had to do the time I had to do," he explained.

Nowadays, its function is to develop new products, promote brand and market.

He also manages his dance company, "Sa Dance Company", who wants to practice traditional Indian dances.

"If I think class people think of classes included in ClassPass, I feel grateful and have the privilege," he says.

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