Coming Out of the Pandemic: The Revenue Side
This is kind of an exciting time. You are probably seeing people coming back to your coworking and flexible workspaces. But money is incredibly tight, and this really is a make or break moment for many workspaces. You’ve weathered the worst of it and just need to get over the finish line.
Last month, we had a few ways to be sure you were controlling expenses. In these tenuous times, it’s also important to do everything you can to maximize revenue — and capture the revenue that you’ve already earned. For too many years, coworking space operators have said they operate on an honor system: they set up 10 day a month plans and expect people to count the number of days they use each month. We expect people to be honest, but perhaps they are a little more honest in their own direction.
There are two ways to give yourself the best possible chance of pushing through, and they work in tandem.
First, you need to maximize what you offer. If you only have offices, you can’t meet the needs of the software engineer down the block from your space who only needs a drop-in desk three times a week. Or the new CPA who wants to meet clients a few times a month in a conference room. Or the startup group who have day jobs and want a night owl plan. There are a lot of these disparate people, and all of them together can make security that much more attainable, using space that might be vacant otherwise. An office can only be sold once. A conference room “bucket of hours” can be sold many times. Think of yourselves as offering space-time-community, rather than just space. Expanding offerings provides the margin between holding on by the skin of your teeth and comfortably being able to pay the rent and have a cushion.
Second — and this is needed in all caps — is AUTOMATION. You can’t have more complex and tailored offerings if you’re running around trying to manually track this. We are entering the world of IoT (internet of things), and all of that usage described above can be tracked through wifi or other means, tracked directly against the plans you set up, and tracked right through to billing.
What will you do if you’re not running around doing things that automation can do? You’ll be building community and creating great events and doing the marketing that will bring in the people to allow you to breathe out after a year and a half.
Here with you,
Founder & CEO of Satellite Deskworks
Deskworks gives you the powerful and easy-to-use automations necessary to manage a sustainable coworking space in our rapidly changing industry. Request a demo and we’ll show you how Deskworks can power a more efficient and profitable workspace.