How To Increase The Booking Rate Of My Coworking Space Rental Business?
Running a successful co-working space rental business entails a combination of marketing and promotion strategies and a reliable web based reservation software. Co-working incubator spaces appeal much better to young professionals, while a business center attracts a more mature type of working professionals. Success in the business depends on your target demographic, type of model you want to operate, location, niche, and marketing activities.
Know your target market. Co-working spaces can cater to a variety of demographics, depending on the business goal. If the goal is to serve the creative companies, you can offer shared spaces that have high-quality media, editing studios, photo enhancement services, and the like. If you want to cater to freelance consultants, writers, sales associates, accountants, lawyers, etc. you can offer shared spaces that have a secure and stable WiFi connection, printers, coffee, and refreshments. You can also add up a space for small group meetings and conferences by using an efficient reservation system software.
Type of Model You Want to Operate
You must take into consideration the type of co-working space model you want to operate. Do you envision open spaces, private offices, event areas, meeting rooms, café-style, or phone-booths? You must also anticipate price per head, frequency of use, amenity spaces, and member capacities.
Co-working spaces that also act as team rooms or dedicated offices are likely to bring in more revenues. Monetizing underutilized spaces can be tricky, but with the help of the right meeting space software, you can sell the areas many times over.
Location is Key
Location is very crucial in the shared spaces rental business. If you choose to operate in major cities, prepare for stiff competition in the area and high real estate value. Nonetheless, if you want to open a co-working space in the suburbs, you should evaluate the volume of local remote workers in the area. Find the balance and strike a deal.
Allow a wide range of professional workers and freelancers to use your shared spaces. Offer a day pass with a $25 fee or lower to allow the smallest of companies to afford and experience the workspace. Create options using hot desking software solutions that will enable users to access the area from an hour, flexible hours, or 24 hours/7 days access. You can up-sell premium memberships to individual clients or groups who need a lot more space and usage. So generally, if you want to earn more in your co-working rental spaces, allow a more significant number of companies to give flexible hours to their remote employees. Accommodating a broad category of working classes will provide you with so much more earning opportunities.
Tips in Increasing Co-working Space Rental Revenue
Offer your clients with these additional services in conjunction with the co-working space rentals to increase business income.
– Use a meeting room scheduler system where you can monitor the use of meeting areas allowing regular and new customers to book a preferred flex desk ahead of time using the mobile app.
– Add a “VIP” membership granting users to use a virtual address, mailbox, and limited access.
– Partner up with affiliate deals with the local vendors or companies that would benefit from accessing your users.
– Reinforce membership plans by conducting workshops and events to non-members and offering membership as a convenience.
– Pre-sell membership and offer exciting deals to the first 100 customers
– Partner with a Co-working Network
– Attract sponsors by allowing them to advertise to members
– Accept consignment deals
Additional Services & Sponsorships
Build a great community of co-working professionals by adding value and excellent customer service to your clients. Offer promotions, hoteling stations, and freebies to loyal members to retain their membership.
Many companies will pay for access to the community you have built. They can be your greatest assets. Some companies want to devote some time to consult your members for free, sponsor or attend events, and potentially subsidize some of the rental costs if you introduce members who would benefit from their products or services.
You can also reach out to your members further by providing in-house services with reasonable discounts. Help your customers ease out some of their daily concerns, and you will have a large number of trusting and loyal customer base who would be willing to put a good word for you to others and generate more members along the way.