To Alex's point about debt; bootstrap is certainly safer but in the case of Workspace it wasn't dept, it was massive debt that did them in. I don't know what the state of the debt was when Bill sold or when they closed shop but if I remember correctly, the setup was in the 180K range. (From memory, seen in an article on the wall at Workspace (interview with Bill))
For Station C we did get a loan but it was a minute fraction of what Workspace was facing. We managed to pay it back in less than a year and a half, it was planned for four years. However, we've done all the work, like most coworking spaces, for free. Workspace was a business with employees (great ones but still an expense). Dept + salaries; those are two big charges. If you can bootstrap, do. But small scale loans can help you work the whole thing without dipping in your personal savings. SMALL scale though. And try operating as long as possible as a hobby, get payed help only when absolutely necessary and workable within budget. Patrick --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Coworking" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~----------~----~----~----~------~----~------~--~---
