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Home > Everything Coworking > 270. 5 Truths About the Size of your Coworking Space
Podcast: Everything Coworking
Episode:

270. 5 Truths About the Size of your Coworking Space
Category: Business
Duration: 00:34:05
Publish Date: 2022-09-14 08:00:36
Description:

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Everything Coworking Featured Resources:

 

The SEO Action Guide

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

The Everything Coworking Academy

Community Manager University

Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective

 

Resources Mentioned in this Podcast:

To be featured in the Noumena community and give your members access to a whole library of entrepreneurial resources and financial education programming, all at no cost to you by the way, visit noumena.pro/coworking to fill out an interest form

 

Learn more about SUCCESS Space, a coworking franchise model with three revenue streams; recurring and on-demand revenue from coworking memberships, a full-service cafe, and Success Certified business coaching.

  1. The profits from your coworking space are usually highly correlated to the size of your coworking space…until your supply is too large for your market demand.
  2. Smaller spaces can be more profitable with diversified revenue streams such as business identity packages, events, f&B offerings (uber eats originator)  and specialized/niche memberships
  3. Smaller spaces don’t work for management agreements. If the LL is trying to beat market rent, but has to pay out a management fee in addition to paying the opex….the premium to market rent is not usually high enough to make it work.
  4. If you are running a small space and you are getting to your take-home pay goal by being the community manager, make sure that it makes sense for you to be doing that job. 1) I hope you love it if you’re doing it. 2)  The community Manager role is generally a $20-$27/hour job. If you can make more per hour, you should consider doing something else. Example - all of the space owners that run other businesses.
  5. It’s hard to create the diversity of workspaces that people want in a small space. The intentional design will matter a lot.
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