How to Keep Your Coworking Revenue Steady During the 2020 Holidays
This is a tough time to be a coworking space operator. Your revenue is likely reduced and your space may be sparsely filled. But there’s light at the end of the tunnel, and a new year just around the corner.
As we move into the holiday season, Satellite Deskworks CEO Barbara Sprenger shares pro strategies for keeping your coworking revenue steady.
Connect with your community
Connecting with your extended community will bring new people in your doors, providing an opportunity to introduce them to your space and brand. For instance, you might want to partner with a local nonprofit that gives away toys or host a food drive. These things demonstrate how you are truly an important part of your community.
Offer membership discounts
Around this time of year, people normally start shopping for workspace. Yes, 2020 is off the rails, in terms of normalcy, but there is a growing workforce of remote workers who are tired of working from home and looking for professional space. Offer discounts and incentives for joining now. For example, you could offer the rest of 2020 free for people who sign up for 2021 membership. Deskworks makes it easy to create on-the-fly pricing, products and discounts.
Rethink your space
Can you turn your meeting room into a virtual learning room? Can a private office be rented by the hour or day? Can you create a media area for people to host and attend online events? Get creative about how you utilize your space and how you can repurpose existing areas with a Covid-conscious angle.
Reduce meeting room prices
Your meeting room, which typically seats 12, might now only accommodate five, with physical distancing protocol. Adjust your meeting room pricing to reflect this. You may attract more individuals and micro teams who need a space to work in for a few hours or a few days, increasing your overall revenue. Deskworks makes it easy to adjust pricing and create new products quickly.
Automate as much as possible
You may not be in the space as much you normally would. Automate your space as much as possible to maintain as no- and low-touch an environment as possible. Deskworks, with our patented network check-in features, enable you to see who is in the space at any time, create and track usage of special less-than-full-time memberships, remove or give wifi access remotely and on the fly, send messages to everyone currently in the space, let people make and pay for a reservation right from your website, and much more.
It also allows you to create buffer times between meeting room bookings to allow for cleaning between reservations. Integrations with door lock systems like Kisi and Salto let you customize access to very specific times or just to reservations.
Reduce staffing to keep your bottom line constant
Can members access and use the space while it’s unstaffed? This is where the automations above become vital. When we’re talking about keeping your revenue constant, we’re really talking about keeping your bottom line constant. If your staff is okay and you can reduce staff hours while still providing the services and amenities your members need, you can keep that bottom line steady.
Work with your landlord
Is your landlord offering any relief during Covid? Work with them to pay half or partial payments until your space fills back up. However, ensure that these reduced payments are the full monthly payment and that you’re not going to be faced with a big bill down the road.
Maximize virtual memberships
Virtual memberships scale nicely without requiring much additional staff hours. Look at virtual mail services, such as Spheremail and Anytime Mailbox to streamline your virtual mail offerings. These platforms can bring you clients, manage services and generate revenue for your space.
Keep your eyes on the horizon
We will be through this at some point, and coworking will boom as the newly-remote workforce gets out of their homes and into professional workspaces. Do what you can to keep your revenue steady now, so you’re around to welcome people into your space down the road.
Deskworks can help you eliminate revenue leakage and automate your space right now and moving forward. Contact us to schedule a free demo.