Did you know that only 40% of coworking spaces are financially viable? Real estate, leasing, and operational expenses can significantly affect your bottom line and model. What can you do to make your model more profitable?
It’s easy, raise the cost of your membership and charge for any amenity that you can think of. Of course, I am being facetious. Drop Desk believes that the amount of money you make is directly proportional to the value you offer.
How can you maximize the profit of your coworking space in Gurgaon? We will help you. Scroll down.
More coworking spaces are opening each year than ever before, increasing competition. Although it is relatively easy to open a coworking space, about 60% of them are not financially viable.
How do you measure your revenue leads?
From where is your Revenue? Memberships Leasing out space? These are the two main revenue streams for coworking.
Your business model may be more focused on revenue generation through membership. Therefore, some of your expenses could enhance the membership experience or upgrade amenities.
You can also give greater importance to the former or both. Your lead is an essential part of generating profits and pumping in money.
Who is your target audience?
Profits also depend on where you expect a large portion of your Revenue. Coworking is a business that many people can enjoy, and these are the most popular:
Digital Nomads and Freelancers
Professionals who work from home
Office Teams and Groups
It is almost impossible to work with more than one audience. However, this is entirely up to your vision and goals.
Click here to learn more about your target audience. Your ability to meet the needs and expectations of your target audience will have a significant impact on the Revenue that you can earn.
Here are some ways to increase coworking space revenue
It’s good to offer additional services to coworking spaces or incubators if you have a particular type. You can create a system that tracks meeting room usage and allows users to book via your website or mobile app.
You can also add a virtual membership that gives users limited access to your mailbox, address, and mailbox. Affiliate deals can be made with local vendors and companies that could benefit from your users’ access.
Non-members can sell workshops and events. You can also strengthen your membership by offering it to them as an option. Before opening your space, you might consider preselling memberships and offering exclusive deals. Join A Coworking Network. Attract corporate sponsors to allow them to provide members with discounts/advertise.
Optimize customer service and hospitality
Customer support is just as crucial in coworking spaces as in other sectors. Customers want to be able to call upon a coworking space for assistance whenever they have a problem.
Although it might seem like a bother to hire additional staff for hospitality, it will help undecided customers pick your space.
You can contact your users at any time, regardless of whether you have a space manager, a receptionist or just off-site support. This staff section should be friendly and helpful so that users feel like they are part of a larger community. Your members should be happy with every interaction with you regarding customer service.
Host networking events
As stated, productivity is the main reason most people choose to work in a coworking space, and networking is often just as important.
It’s easy to get distracted by your work when you work from home as a freelancer and neglect to expand your network.
You can promote networking in your shared space as it serves a community.
Here are some fun ideas:
Host talks. Your members may be extraordinary individuals who dare to open their businesses and work for themselves. Host talks are a great way to get to know your members better, as everyone has a unique professional story. This allows members to learn from each other and share their own experiences.
Pecha Kucha events:
Pecha Kucha allows your members to quickly share critical ideas and practice their presentation skills. The presentation is 20×20 in format, and a presenter selects 20 slides and has 20 seconds for each slide. This presentation is dynamic and will excite your members.
Professional Speed Dating:
This is not speed dating to meet your next fling. However, you can use the same format for introducing your professional work to your fellow members. Members can talk to each other for five minutes and then move on to the next person. This is an excellent way for potential suppliers, partners, or staff to meet.
Be mindful of the interior design and user experience-
Your coworking space’s design plays a vital role in its overall value. It can be challenging to block out the noise from office decorators and interior designers who have ideas about the ideal space.
An open-space office is a classic example. While some may claim that it’s the future workspace, others find it distracting due to the noise and inability to concentrate. This dilemma can be solved by dividing your space into different workspaces, from super-private areas to open space blocks.
Events sponsored by companies-
If you’re in the market, Why not think about renting your space to major corporations? Coworking spaces are often rented by companies who want to host meetings or other social events in a neutral and fascinating setting. Working in a coworking space will make them more welcoming to collaboration and other different work styles.
Virtual services are a low-cost and easy way to increase your revenue stream and add value to people who don’t want to rent desks. This is a way for coworking spaces in south Delhi to use their physical addresses with staff to offer streamlined services that can add a professional flair to businesses just starting to get their feet under them.
If the aid of a business can be engaged without any sacrifice, they shouldn’t anticipate a large payout in the beginning because we all know that good things require time.