There is no doubt that coworking spaces can be profitable. We covered this topic in more detail in a previous article on the profitability of coworking spaces. Now that we know coworking spaces can be profitable, we will go into more detail about the possible streams of income in coworking.
In this article, you will quickly learn that membership fees are not the only means for your business to earn a profit.
There are a number of extra services, features, and amenities your space can offer that can provide a reliable stream of revenue for your business. Let’s have a look at some of the most common revenue streams in modern coworking.
Diverse Membership Plans for Every Need
There are varied requirements of your members, offering a range of membership plans is essential. From hot desks available by the hour to dedicated offices for long-term use, the flexibility in membership options can significantly enhance your space’s attractiveness. Implementing tiered pricing strategies based on access levels, amenities, and space usage can accommodate different budgets and working styles, ensuring your coworking space is accessible to a broad audience.
Here are different plans ideas:
- Flexible Plans: From hot desks available by the hour to dedicated desks and private offices with monthly or yearly commitments, flexibility is key. This approach allows members to scale up or down based on their current needs, making your space more attractive to a broader audience.
- Tiered Benefits: Create tiers within your membership plans, offering basic access at lower tiers and more exclusive benefits, such as unlimited conference room usage or guest passes, at higher tiers.
- Trial Memberships: Offer trial memberships or day passes to give potential members a taste of your coworking space’s community and facilities. This can lead to longer-term commitments once they experience the value directly.
Additional Services For Members:
Enhancing your coworking space’s value proposition goes beyond just the space itself; it’s about the added services and amenities that can make life easier for your members.
Here are some additional services you can offer:
- Professional Development Workshops: Organize workshops and seminars that encourage professional growth of your members. Topics can range from marketing strategies and software training, adding significant value to your memberships.
- Wellness Programs: Integrate wellness programs, such as yoga classes, meditation sessions, or onsite massages, to promote work-life balance and attract members who value health and wellbeing.
- Mail Handling and Virtual Office Services: Offer mail handling, phone answering services, and a prestigious business address as part of your membership plans or as an ‘a la carte’ service. This is particularly attractive to remote workers and businesses looking to establish a presence in a new city.
- Tech Support and IT Services: Providing on-demand tech support and IT services can be a significant draw, especially for tech startups and digital nomads who rely on technology for their work.
This allows members to get a taste of your space without breaking the bank or fully committing, opening up the possibility for more committed members down the line.
Meeting and Conference Rooms Usage
Maximizing the potential of meeting and conference rooms in your coworking space requires a blend of technology, flexibility, and strategic pricing. By refining how these spaces are managed and utilized, you can significantly increase both profitability and member satisfaction.
Here’s how to optimize the usage of these essential spaces:
- Implement Smart Booking Solutions: Integrate advanced booking software, such as Archie, to simplify the reservation process. This technology allows for real-time availability checks and bookings, making it convenient for both members and non-members to schedule meetings and events.
- Adopt Pricing Models: Pricing strategies to maximize revenue from your meeting and conference rooms. Adjust your pricing based on peak demand times, the length of the booking, or specific days of the week.
- Provide Customizable Room Setups: Offer flexibility in how your meeting and conference rooms can be arranged. Whether clients need a boardroom setup, a classroom layout for workshops, or a more casual arrangement for creative brainstorming sessions, customizable setups ensure that your space can accommodate various types of gatherings.
- Equip Spaces with Modern Technology: Ensure that your meeting and conference rooms are outfitted with the latest technology. High-speed internet, video conferencing facilities, projectors, and smart boards are just a few examples of the tech amenities that can enhance the functionality of your spaces.
- Highlight the Benefits: In your marketing materials and on your website, highlight the benefits of your optimized meeting and conference rooms. Showcase the ease of booking, the flexibility of space usage, the cost-effectiveness of pricing, and the state-of-the-art technology available.
Incorporating these strategies into the management of your meeting and conference rooms will improve their usage but also significantly enhance the overall value proposition of your coworking space.
Hosting events & workshops
An integral part of any successful coworking space is fostering a sense of community. Event hosting is one of the best ways to encouraging community within your space.
Events bring like-minded people together and give members some time to breathe and take a social pause from their busy day. We have written about easy to execute event ideas.
These events are a great way to bring people together and also have the added benefit of creating some revenue for your space. Many space owners will choose to open these events to the public and sell tickets to earn extra revenue.
Building Revenue In Your Coworking Space
One of the most effective strategies to achieve this while also boosting your revenue is through the organization of diverse events.
Here’s a more detailed exploration on how to leverage events for community building and revenue growth:
Diverse Events Calendar : Diversity in your event offerings can vary the interests and professional needs of your community. From skill-building workshops and educational seminars to networking mixers and creative showcases, a broad spectrum of events can engage different segments of your audience.
Local Talent and Industry Experts : Partner with local businesses, industry experts, and thought leaders to bring a wide range of experiences and knowledge to your events. This collaboration not only enhances the quality of your offerings but also broadens your space’s appeal.
Utilize Event Marketing to Boost Visibility: Promote your events through various channels, including social media, email newsletters, and local event listings, to maximize attendance and visibility.
Offer Exclusive Benefits for Members: While opening your events to the wider community can attract new members, providing exclusive benefits for existing members strengthens loyalty and enhances the value of their membership.
Incorporate Sponsorships and Partnerships: Engaging sponsors and partners can offset event costs and even generate additional revenue.
Analyze and Adapt: Post-event feedback and analysis are vital for continuous improvement. Gather feedback from attendees, participants, and partners to understand what worked and what could be enhanced for future events.
By strategically building an event program, your coworking space can enhance its community engagement, attract a broader audience, and open up new revenue.
Conclusion
Transforming your coworking space into a thriving hub of productivity and community requires a multifaceted approach. Beyond the foundational membership fees through additional services, strategic utilization of meeting and conference rooms, and the organization of diverse events can significantly enhance your space’s attractiveness and profitability.
Embracing these strategies, coworking space owners can create new revenue opportunities and improve member satisfaction. The journey towards building a successful coworking space is ongoing, requiring adaptation and innovation.
