[Coworking] Re: Our first 18 months: we doubled our revenue, and we're still losing money.

[Matt D.]

Thanks, Tabari. 

We use a few main tools to track our data:

First, we use Cobot to manage our coworking space, and Cobot does provide 
us with some basic analytics. We export information about the number of 
members we have, and we've just begun to make use of their accounting codes 
 to allow us more granular 
tracking of how our revenue breaks down.

Second, as I mentioned in the post, we hired an accountant this year, and 
we use a mix of Xero and Google Spreadsheets to keep track of our 
financials on a regular basis. Our accountant does his magic in Xero, and 
then once a month we dump the data in a Google Spreadsheet so we can talk 
about it. In this spreadsheet we track revenue, expenses, and much of the 
data you saw in my blog post. (I plan to share some of our Google 
Spreadsheets soon... stay tuned.)

I would love to create some sort of dashboard software that magically pulls 
all of this info together, but, alas, I don't think it exists. For now, 
it's a combination of some custom reporting from Xero and Cobot, some 
manual entry in a Google Spreadsheet, and a monthly meeting to make sense 
of it all. 

Holler if you have additional questions. Happy to answer!
-Matt





On Saturday, January 9, 2016 at 8:59:06 PM UTC-6, Tabari Brannon wrote:
>
> Excellent read. One of the goals I have for 2016 is to track everything. I 
> would be interested to see what systems you have in place to track all this 
> data. Thanks!
>
> On Friday, January 8, 2016 at 4:21:04 AM UTC-8, Matt D. wrote:
>>
>> Hey everyone. 
>>
>> We just hit the 18-month mark, and we decided to take an honest look at 
>> how we're doing. Turns out we've had some nice growth, but were still 
>> losing money. 
>>
>> We've laid it all out - data, financials and some honest analysis of 
>> what's still gotdoing we're in our coworking business/operations in order 
>> for us to find profitability - which we will! If you're interested, please 
>> take a read:
>>
>>
>> http://www.theskillery.com/blog/2015/12/29/we-doubled-our-revenue-in-2015-but-were-still-losing-money-heres-why
>>
>> Hope you find it useful. Let me know if I can answer any questions! 
>> Thanks!
>>
>> -Matt @mattdudleytn, from The Skillery @theskillery
>>
>>

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[Coworking] Checking out the new coworking space that just opened up in your town - friend or foe?

[Kaylyn Gelata]

There is a brand new office that opened up very recently in close proximity 
of our coworking space. We have already lost one member to the space. I 
want to go check it out but I'm debating whether to go as a prospective 
member, or as honest-to-goodness me who is checking out our competition.
 
My gut says to go as myself and be honest about why I am there - this is 
what I would prefer. What can I go there with to be prepared? Partnership? 
Offers? I'm sure many of you have gone through this.. what did you do to 
make the meeting a positive experience for everyone? 

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Re: [Coworking] Re: Our first 18 months: we doubled our revenue, and we're still losing money.

[Jacob Sayles]

We use our own system, Nadine, and Xero, and Excel.   I like the idea of
the dashboard, but the monthly meeting really is key.  It takes a little
time and attention to look through the numbers.

Some time ago I was pitching the Open Coworking Database where we all feed
numbers in to a central, neutral repository for data analysis.  I even
started working with Steve King on this but we found people have a hard
time being so totally open with their data, even if their identity is
shielded.  I still like the idea and think there is a way to do it.

Jacob

On Mon, Jan 11, 2016 at 4:48 AM, Matt D.  wrote:

> Thanks, Tabari.
>
> We use a few main tools to track our data:
>
> First, we use Cobot to manage our coworking space, and Cobot does provide
> us with some basic analytics. We export information about the number of
> members we have, and we've just begun to make use of their accounting
> codes  to allow us more
> granular tracking of how our revenue breaks down.
>
> Second, as I mentioned in the post, we hired an accountant this year, and
> we use a mix of Xero and Google Spreadsheets to keep track of our
> financials on a regular basis. Our accountant does his magic in Xero, and
> then once a month we dump the data in a Google Spreadsheet so we can talk
> about it. In this spreadsheet we track revenue, expenses, and much of the
> data you saw in my blog post. (I plan to share some of our Google
> Spreadsheets soon... stay tuned.)
>
> I would love to create some sort of dashboard software that magically
> pulls all of this info together, but, alas, I don't think it exists. For
> now, it's a combination of some custom reporting from Xero and Cobot, some
> manual entry in a Google Spreadsheet, and a monthly meeting to make sense
> of it all.
>
> Holler if you have additional questions. Happy to answer!
> -Matt
>
>
>
>
>
> On Saturday, January 9, 2016 at 8:59:06 PM UTC-6, Tabari Brannon wrote:
>>
>> Excellent read. One of the goals I have for 2016 is to track everything.
>> I would be interested to see what systems you have in place to track all
>> this data. Thanks!
>>
>> On Friday, January 8, 2016 at 4:21:04 AM UTC-8, Matt D. wrote:
>>>
>>> Hey everyone.
>>>
>>> We just hit the 18-month mark, and we decided to take an honest look at
>>> how we're doing. Turns out we've had some nice growth, but were still
>>> losing money.
>>>
>>> We've laid it all out - data, financials and some honest analysis of
>>> what's still gotdoing we're in our coworking business/operations in order
>>> for us to find profitability - which we will! If you're interested, please
>>> take a read:
>>>
>>>
>>> http://www.theskillery.com/blog/2015/12/29/we-doubled-our-revenue-in-2015-but-were-still-losing-money-heres-why
>>>
>>> Hope you find it useful. Let me know if I can answer any questions!
>>> Thanks!
>>>
>>> -Matt @mattdudleytn, from The Skillery @theskillery
>>>
>>> --
> Visit this forum on the web at http://discuss.coworking.com
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>

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Re: [Coworking] Checking out the new coworking space that just opened up in your town - friend or foe?

[Ashley Proctor]

Kaylyn,

Honesty is key.
You definitely want to build trusting relationships with the other coworking 
communities in your area, so start there.
I believe we should lead by example, live by our own coworking model - 
collaborate rather than compete.

When other space owner/operators visit Foundery or Creative Blueprint, I 
welcome them with open arms.
If someone is thinking of opening a new space in Toronto, I'd prefer them to 
say that openly so I can offer to connect them with helpful people, resources 
and the support of our local collective.
And I can also give a much more relevant tour if I know what it is they are 
looking for.
Rather than talking about membership options, we chat about how much we love 
our members and the honest challenges of running our spaces.
Some of my closest friends and allies are other owner operators. You can now 
walk to 8 spaces from ours and we are all thriving.

Give them a head's up, book a 15 minute meeting, and if all goes well, grab a 
beer later and get to know each other better :)

Good luck!



Ashley Proctor


Foundery
www.foundery.is

Creative Blueprint
www.creativeblueprint.ca

The Foundery Buildings
376 Bathurst Street
Toronto, ON, Canada
M5T 2S6



On 2016-01-08, at 10:29 AM, Kaylyn Gelata wrote:

> There is a brand new office that opened up very recently in close proximity 
> of our coworking space. We have already lost one member to the space. I want 
> to go check it out but I'm debating whether to go as a prospective member, or 
> as honest-to-goodness me who is checking out our competition.
>  
> My gut says to go as myself and be honest about why I am there - this is what 
> I would prefer. What can I go there with to be prepared? Partnership? Offers? 
> I'm sure many of you have gone through this.. what did you do to make the 
> meeting a positive experience for everyone? 
> 
> -- 
> Visit this forum on the web at http://discuss.coworking.com
> --- 
> You received this message because you are subscribed to the Google Groups 
> "Coworking" group.
> To unsubscribe from this group and stop receiving emails from it, send an 
> email to coworking+unsubscr...@googlegroups.com.
> For more options, visit https://groups.google.com/d/optout.

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Re: [Coworking] Checking out the new coworking space that just opened up in your town - friend or foe?

[Rachel Young]

I say go as yourself with the idea of encouraging collaboration over
competition. When you start a relationship wanting to work together, then
there isn't an automatic barrier between you. It's not that much different
than bringing coworking members together in a space.

A number of other spaces in Toronto and other parts of Ontario received a
message from me when I noticed they were opened or about to open, and I
started the conversation wanting to communicate and collaborate. It freaked
out some of them but most realised my intentions were genuine, and others
welcomed it no problem. This other space could be your next best friend, a
chance to band together and help the freelancers and small businesses of
Burlington/Halton. Maybe you can offer a joint membership in time. Maybe
you can swap meeting rooms between members of both spaces. Maybe together
as unit you can talk with City Hall about funding programs for small
businesses, co-sponsor events together, or co-write a press release
together, and there is strength in numbers.. Maybe you can become
comfortable with the owners of that space to be able to talk freely about
your frustrations about running a space and you can be therapy for  one
another. None of that will be as easy to do if you do in under a different
pretence.

Also, every space is different and has its unique strengths and offerings,
and maybe that one member that you "lost" to the new space found something
they wanted/needed. Be happy for that member that they can be productive in
a great space. Or, perhaps the new space will suck and that member will
realise what they had with you and come back.
r.




*rachel young*rac...@camaraderie.ca

*We're located at 2241 Dundas St W*
*(between Bloor and Roncesvalles)*

*Find us online:*
Website/blog  and Newsletter
, Twitter
,
Facebook , Google+ ,
Yelp , and LinkedIn


*New Camaraderie locations:*
Artisan Market  (Toronto) - now open!


We're a proud member of CoworkingToronto ,
CoworkingOntario , and CoworkingCanada
!


On 8 January 2016 at 10:29, Kaylyn Gelata  wrote:

> There is a brand new office that opened up very recently in close
> proximity of our coworking space. We have already lost one member to the
> space. I want to go check it out but I'm debating whether to go as a
> prospective member, or as honest-to-goodness me who is checking out our
> competition.
>
> My gut says to go as myself and be honest about why I am there - this is
> what I would prefer. What can I go there with to be prepared? Partnership?
> Offers? I'm sure many of you have gone through this.. what did you do to
> make the meeting a positive experience for everyone?
>
> --
> Visit this forum on the web at http://discuss.coworking.com
> ---
> You received this message because you are subscribed to the Google Groups
> "Coworking" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to coworking+unsubscr...@googlegroups.com.
> For more options, visit https://groups.google.com/d/optout.
>

-- 
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Re: [Coworking] Checking out the new coworking space that just opened up in your town - friend or foe?

[Jacob Sayles]

Yes, go as yourself.  Also, don't be too prepared at all, that just makes
it feel pressured.  Just go in and say hello and check out the space.
Invite them over to see your space too.  It's only weird if you make it
weird.

On Mon, Jan 11, 2016 at 9:27 AM, Rachel Young  wrote:

>
> I say go as yourself with the idea of encouraging collaboration over
> competition. When you start a relationship wanting to work together, then
> there isn't an automatic barrier between you. It's not that much different
> than bringing coworking members together in a space.
>
> A number of other spaces in Toronto and other parts of Ontario received a
> message from me when I noticed they were opened or about to open, and I
> started the conversation wanting to communicate and collaborate. It freaked
> out some of them but most realised my intentions were genuine, and others
> welcomed it no problem. This other space could be your next best friend, a
> chance to band together and help the freelancers and small businesses of
> Burlington/Halton. Maybe you can offer a joint membership in time. Maybe
> you can swap meeting rooms between members of both spaces. Maybe together
> as unit you can talk with City Hall about funding programs for small
> businesses, co-sponsor events together, or co-write a press release
> together, and there is strength in numbers.. Maybe you can become
> comfortable with the owners of that space to be able to talk freely about
> your frustrations about running a space and you can be therapy for  one
> another. None of that will be as easy to do if you do in under a different
> pretence.
>
> Also, every space is different and has its unique strengths and offerings,
> and maybe that one member that you "lost" to the new space found something
> they wanted/needed. Be happy for that member that they can be productive in
> a great space. Or, perhaps the new space will suck and that member will
> realise what they had with you and come back.
> r.
>
>
>
>
> *rachel young*rac...@camaraderie.ca
>
> *We're located at 2241 Dundas St W*
> *(between Bloor and Roncesvalles)*
>
> *Find us online:*
> Website/blog  and Newsletter
> , Twitter
> ,
> Facebook , Google+ ,
> Yelp , and LinkedIn
> 
>
> *New Camaraderie locations:*
> Artisan Market  (Toronto) - now open!
>
>
> We're a proud member of CoworkingToronto 
> ,
> CoworkingOntario , and CoworkingCanada
> !
>
>
> On 8 January 2016 at 10:29, Kaylyn Gelata 
> wrote:
>
>> There is a brand new office that opened up very recently in close
>> proximity of our coworking space. We have already lost one member to the
>> space. I want to go check it out but I'm debating whether to go as a
>> prospective member, or as honest-to-goodness me who is checking out our
>> competition.
>>
>> My gut says to go as myself and be honest about why I am there - this is
>> what I would prefer. What can I go there with to be prepared? Partnership?
>> Offers? I'm sure many of you have gone through this.. what did you do to
>> make the meeting a positive experience for everyone?
>>
>> --
>> Visit this forum on the web at http://discuss.coworking.com
>> ---
>> You received this message because you are subscribed to the Google Groups
>> "Coworking" group.
>> To unsubscribe from this group and stop receiving emails from it, send an
>> email to coworking+unsubscr...@googlegroups.com.
>> For more options, visit https://groups.google.com/d/optout.
>>
>
> --
> Visit this forum on the web at http://discuss.coworking.com
> ---
> You received this message because you are subscribed to the Google Groups
> "Coworking" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to coworking+unsubscr...@googlegroups.com.
> For more options, visit https://groups.google.com/d/optout.
>

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