Re: [Coworking] SMALL SPACE OWNERS -- HELP!! How to make money in a small space ?

[Alex Hillman]

So, two things:

*First, $17-20k to outfit a 800 square foot space is absolutely
unnecessary.* It sounds like you're talking to someone who does corporate
space planning + design, and their budgets generally start around there.

But for a small coworking space (we started with ~1200 square feet), it
just doesn't make sense. You can do so much with simple DIY options and a
little bit of creativity. Don't be afraid of home finishes (so long as they
aren't junky) - I'm always looking for ways to mix the things that make
homes cozy with the things that make a workplace productive. We pulled off
our original fit out for under $2k worth of desks, chairs, etc. Just the
necessities, then add niceties later and make it a constant collaborative
improvement process *with* your members.

*Second, I think your pricing model needs work ;)* I'm not sure how you
came up with your price points, but they seem *very* low and if you're
scratching your head about sustainability...they are way too low.

My approach to figuring out a sustainable pricing model is to work
backwards from a monthly and annual budget, and then divide by the number
of members are realistic, to find the price point needed for
profitability.  Remember that you won't be 100% occupied all the time, and
that full time desks + day passes aren't the only options

.

Flip your approach around and I think you'll find a simple, sustainable way
to make this work!

-Alex

--
*The #1 mistake in community building is doing it by yourself.*
Better Coworkers: http://indyhall.org
Weekly Coworking Tips: http://coworkingweekly.com
My Audiobook: https://theindyhallway.com/ten


On Tue, Jan 8, 2019 at 1:04 PM AK  wrote:

> Been doing a lot of research (reading, meeting, and talking) -- Also
> looking at build-out costs.  Nevertheless, we still are stuck with a small
> space ( about 800 ft open coworking and one 10x13 private space)
>
> I had a designer tell me decorating, new furniture and space planning
> would run me  $17-20,000 (our place is clean and has fresh paint now) --
>
> Based on rent of about $8 per table ( we think we can have 10 --without
> making it tight)-- $80 /day --$240 month... plus private office $400
> --that all seems too little.
>
> So To ALL of YOU with Small Space, how do you make it work?
>
> Thank you, ALL!  If anyone has answers I know this is the forum to ask
>
>
>
> --
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Re: [Coworking] SMALL SPACE OWNERS -- HELP!! How to make money in a small space ?

[Tamika Washington]

I have a small space also.  11 desk, we seat  can 25 at one time at desk
and a few comfy chairs throughout.  I have one small office we are going to
advertise for office space and one meeting room that holds up to six.  We
added a virtual membership plan, which is popular and later this month we
are adding late days. Our space is still new so we've been holding small
events to allow people to gather in the space.  And we've had a lot of
inquiries about using the space for events.


Tamika Washington
Community Manager
he...@theconverspace.com
803.386.7112


On Tue, Jan 8, 2019 at 1:04 PM AK  wrote:

> Been doing a lot of research (reading, meeting, and talking) -- Also
> looking at build-out costs.  Nevertheless, we still are stuck with a small
> space ( about 800 ft open coworking and one 10x13 private space)
>
> I had a designer tell me decorating, new furniture and space planning
> would run me  $17-20,000 (our place is clean and has fresh paint now) --
>
> Based on rent of about $8 per table ( we think we can have 10 --without
> making it tight)-- $80 /day --$240 month... plus private office $400
> --that all seems too little.
>
> So To ALL of YOU with Small Space, how do you make it work?
>
> Thank you, ALL!  If anyone has answers I know this is the forum to ask
>
>
>
> --
> 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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[Coworking] SMALL SPACE OWNERS -- HELP!! How to make money in a small space ?

[AK]

Been doing a lot of research (reading, meeting, and talking) -- Also 
looking at build-out costs.  Nevertheless, we still are stuck with a small 
space ( about 800 ft open coworking and one 10x13 private space)

I had a designer tell me decorating, new furniture and space planning would 
run me  $17-20,000 (our place is clean and has fresh paint now) --

Based on rent of about $8 per table ( we think we can have 10 --without 
making it tight)-- $80 /day --$240 month... plus private office $400  
--that all seems too little. 

So To ALL of YOU with Small Space, how do you make it work?

Thank you, ALL!  If anyone has answers I know this is the forum to ask



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