5 ways to Gain Revenue from your Coworking Space
A sudden rise in coworking spaces seems to have been observed a lot lately. Coworking spaces are pretty much in vogue, I mean in the middle of immense work pressure, meeting deadlines, and a 9 to 5 tedious job, you get a chance to witness some amazing creative architectures, feature-rich amenities, and tons of perks. I mean when it comes to developing or adopting Coworking spaces, what’s there not to like?
Now when I ask you to visualize a coworking space, you will find a bunch of individuals who may be from the same organizations but different departments or different organizations come together and work seamlessly. Here you will find multiple rooms, and conference rooms to conduct meetings and labs. Basically, each person sitting there gets a fair opportunity to network well with other creative professionals. So in other words, the definition of ideal space is thoroughly changed.
What is a Coworking Space?
Well, if you ask me to put it in simple words coworking spaces are mere arrangements of space where employees (they might hail from the same company or different companies) come together to work in an environment featuring all the relevant vibe or amenities such as coffee machines, reception, custodial services, play area, conference rooms, lounges, etc. Cost-effectiveness and convenience are one of the basic yet vital benefits of any coworking space.
In fact, there was a time when coworking space used to be the best bet for freelancers or startups, or small businesses but not anymore. More and more medium to large size companies have started looking for such spaces where their teams get to build long-lasting relationships, take part in potential joint projects, and of course, follow the best business practices. Here, of course, you do get to enjoy the best of both worlds, a professional yet flexible environment.
Further, I would like to mention a few significant benefits of working in coworking spaces.
Benefits of using Coworking Spaces
1. Enhanced Productivity and Efficiency
One of the obvious benefits of working within such spaces is that you get a chance to increase the productivity of your employees. Now I am sure you must have employees complaining that your office environment seems to be too boring and corporate and working from home is pretty tedious where they need to take care of work as well as deal with household chores, crying babies, take care of groceries while working and what not! Well in both circumstances, your employee’s productivity decreases slowly.
On the contrary, coworking spaces are pretty much relevant here. You see here there is no scope for any kind of interference. Plus, the creative and live environment enables them to be more productive, and energetic throughout the day! So if you want to increase the productivity of your employees in the long run, simply consider coworking spaces that are created based on different styles, desk arrangements, and meeting rooms for working individuals.
Another crucial benefit of choosing coworking spaces over the conventional and tedious environment is seamless networking and collaboration opportunities. Networking is one of the best and most unusual differences between traditional offices and shared ones or coworking spaces according to Itesh Sharma from TatvaSoft.com. Conventional or traditional working spaces seem to be like boarding schools, everything, and everyone has to be well-disciplined pin-drop silence, and most of the time employees are found yawning or glued to their digital devices. Whereas with the rise of coworking spaces, the environment seems to be pretty much light, lively, and worth considering. Here lots and lots of communication and networking takes place and you never know where your next big business idea comes from.
In fact, among these spaces special events tend to happen in regard to office meets, fun activities, networking, brainstorming sessions, luncheon events, happy hours, special workout sessions and whatnot! The basic objective behind this is to develop professional yet, long-lasting relationships.
3. Mental Well-being
Much like your physical fitness, mental well-being is equally important. You see, if you calculate things precisely, you tend to spend more than half of your life in your workspace. So there is no point in living such a boring life for years and years. Time to change, time to be flexible, take care of your mental health, and enjoy your work life as much as your personal life. And here coworking spaces play a significant role. Right from reducing loneliness to lessening the chances of depression, enhancing interpersonal skills, attention to self-improvement workshops, and whatnot, coworking spaces seem to have a lot to offer. Overall, it’s a pretty worthy place to get acquainted with.
Now personal benefits or intangible ones are fine but is there any other way to increase revenue to gain profit by developing a coworking space? Let’s find out!
How to Gain Revenue from your Coworking Space?
1. Focus on the Membership Tiers
One of the basic yet pivotal aspects that must be considered here is to focus well on your membership tiers. Coworking memberships have been extremely crucial. These arrangements are quite necessary for individual freelancers, small businesses, or other business professionals especially for developing large and active communities and high-end flexibility. In fact, bifurcating or breaking up membership tiers can grab the attention of several beings.
Try offering 24/7 access and try up-selling memberships only to those who need lots and lots of space and usage. You can think of offering some kind of pass for a day by charging at least 25-30 dollars. Don’t just focus on one type of employee, do cater to everyone from individuals to enterprise-based clients, I am sure by doing this you will be able to create more and more opportunities. Ask them whether they would like to opt for a shared-desk plan or a dedicated one, a small private office, a mid-size private office, or a large one, and charge them accordingly.
2. Hosting Numerous Events and Conducting Workshops
Another amazing way to gain revenue by developing a coworking space is by hosting different types of events and conducting workshops. Now, this is possible physically as well as virtually, thanks to the ever-emerging digital era. By hosting events, meetups, and workshops you can definitely earn money, especially in the offseason. All you have to do is hire a reputable event organizer who can take care of all your needs and offer the best possibilities for attracting more and more individuals in regard to business executives, employees, freelancers, local businesses, and whatnot!
You can host a themed party or happy hours for relaxation and communication purposes, for information sharing you can consider conducting seminars and workshops, etc. Here the key is to charge per person and offer customized company packages to enhance your branding and reach. I am sure this can surely increase member subscriptions as well as the overall revenue.
3. Do not neglect the non-members
Another incredible way to increase revenue is by offering services even to non-members. Allow any interested party to join your conference meet or seminar or training program. In fact, if they require any equipment such as video projectors, or laptops, make sure you provide them on rent. Even conference rooms when not being used can be and should be rented to outsiders. However, do keep the security tight and charge them on an hourly basis. You can even offer high tea services from your space but don’t forget to charge extra for that. Also, try holding as many seminars or workshops on the weekends as people can surely join on the weekends instead of on the weekdays.
Apart from conference rooms, you can even gain revenue by offering spaces for fitness purposes. Offering a space for gyming, dancing, or doing yoga, pilates, and whatnot! You can even ask your users (employees as well as outsiders) to bring their own equipment for a better workout.
The next way to increase revenue from your coworking space is by offering special suites. It’s more like dedicating a specific space for a precise member or members of a team. This is one of the finest ways to increase revenues by making the most of your coworking spaces. Don’t get me wrong here you are not selling that space. All you are offering to a sale for a specific time being. Here you can offer month-to-month membership. Most of the time suites are often referred to as anchor tenants because they cover a lot of the cost of the building itself.
5. External Room and Hot Desks
The last but certainly not the least way to gain revenue from your coworking space is by offering external rooms and hot desks. Conducting seamless payment transactions, and taking care of resources can be done by using amazing, robust and scalable technology. Hot desks or such rooms are booked by those who are desperately looking for a change after a while. Here people can peacefully work and get used to the high-end amenities and facilities available in the shared workspace environment.
The ultimate concept of coworking spaces keeps on the increasing day in and day out! And to be honest this seems to be one of the best potential investment ideas. So whenever you develop such a space just make sure it features high-end security, amazing amenities, creative vibes, and whatnot!
I hope you did find the following post meaningful. If so, feel free to share among your peers to help us in spreading the word. In case, if you still have any doubts or queries regarding these coworking spaces, feel free to mention that in the comment section below. We will get back to you as soon as possible. Thank You for reading, We wish you good luck for all your future endeavors.