Coworking has been on the rise lately whether in memberships or in private spaces. The question of whether coworking is profitable continues to be asked. The answer is simple, coworking spaces can be profitable, but it does take some time. According to drop-desk, 72% of coworking spaces become profitable two years into their launch. You are probably asking, “How can I make my coworking business profitable?” Well, there are several things you can do to cash in on your coworking space. Here are some things to do.
Charging membership fees
Membership is mostly to pay for the privileges the coworker gets from your coworking area. Privileges could be items such as a shared desk, a private office, or a dedicated desk. You have to classify the payments in a way that services all types of clients from those who will visit for a day, a week, a month, quarterly, and annually. You can charge based on the quality of what people get from the working space. You could have basic and advanced amenities, which could charge separately based on what the client is comfortable doing. You may have a promotional way of charging clients, such as a discount on membership for more extended memberships—moreover, a discount for group memberships, to cash in on teams.
Have membership packages
You need to get creative with how you go about your charging without reaping off your clients. People love packages these days; hence bulk sales are what you need to do. Have packages designed for your average visitor by making the premium cheaper for the frequent user to sustain. Even better, have a software that allows the user to select their most preferred package voluntarily. This approach assures you that the client is comfortable paying for that package. Also, create more personalized premiums using what each select customer usually pays for that package.
Facilities to include in your membership package are discounts and benefits such as transportation, bars, and clubs, gyms, outdoor activities, among others. All these items are customer needs-oriented, hence can be negotiated with the coworker.
Rent out equipment and amenities
There are many amenities in your coworking space you can rent out, especially if you have a coworking space in Bristol. These are items you offer for free that could turn into premium services. Do you have an audio or a video cabin in shared office space? Well, you can charge a premium for its use. Other items you could rent out are individual lockers. Instead of making them free, charge a small fee for each, something like a storage fee.
Secondly, there is a lot of equipment lying around in your coworking space to make you money. Telephone lines, audio and video tools, cloud storage, and printers, among others, can bring in some good cash.
Do not forget the conference rooms can be put out of renting for events such as meetings, video presentations, staff training, among other social occasions.
Making your coworking enterprise profitable is not a challenge anymore. If you start your coworking space in a place like Bristol, you could scale its services and cash in on amenities here and there. The result is a good income off it.