I'd echo this. Also, it's worth checking out the Coworking Survey results - if memory serves most coworking space owners only make it work by having a second, primary income.
In the case of Fruitworks (http://fruitworks.co) the space isn't quite at break even, and has been sustained by our own agency based here, http://fruitbowlmedia.com Before we consider my own drawings, when the space starts turning a profit it will start paying back debts to this company. So as Tom said, I'd plan on not paying yourself a penny in first 12 months unless you have an investment and the investor is comfortable with a salary been involved. But I'd approach it a different way, what is that salary going to pay for? Your time spent organising events, office manager type duties, promotion, blogging, attending networking events…. all of these things can be fulfilled by members with contra deals. If you know a member is stretching to afford your monthly membership, offer them a deal of free membership in return for 4 blog posts a month. Offer another member a free membership in return for organising and promoting 2 events a month. As well as providing a great deal for both parties, these will also create evangelists for your space early on. It will also free up your own time to do consultancy on the side and focus on the tasks that specifically need you personally, such as attending networking events and speaking at other events. Kind Regards, Liam Gooding Managing Director ------------------------- T: +44 (0) 1227 807210 M: +44 (0) 7540 359277 W: www.fruitbowlmedia.com E: [email protected] Skype: liam.gooding_fruitbowlmedia Twitter: http://www.twitter.com/liamgooding Twitter: http://www.twitter.com/fruitbowlmedia Fruitbowl Media specialise in delivering highly targeted e-marketing solutions to the conferences and events sector. Our unique approach ensures that every visitor to your website fulfils your conversion goals, through constant tracking, reporting and iterative improvement. Our attention to detail and industry knowledge builds autonomy, allowing you to focus on high value business development and management tasks. On 11 Jun 2012, at 13:00, Tom Brandt wrote: > I think you are putting the cart before the horse. > > Figure out what your costs are before your pay, figure out realistic revenue > projections, and set your pay based on the remainder. Unless you are > well-capitalized, or have a flood of members on day one, I wouldn't figure on > drawing any pay for a while - six months to a year. > > On Fri, Jun 8, 2012 at 2:56 PM, Judy Santos <[email protected]> wrote: > Hi All! > > I'm Judy and currently working on a business plan to open a co-working space > in the San Fernando Valley. However, I'm stuck at what to put on the > business plan as a fair rate to pay myself... > > I"m planning on making this business profitable and sustainable. > > Any ideas, input would be appreciated! > > Happy Co-Working! > > Judy > > -- > You received this message because you are subscribed to the Google Groups > "Coworking" group. > To view this discussion on the web visit > https://groups.google.com/d/msg/coworking/-/J29YClycGcMJ. > 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. > > > > -- > twb > member, Workantile > @twbrandt > > > -- > 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. -- 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.
