What are secondary revenue channels for coworking space?

The only sure way to increase revenue is to attract more members and have a higher retention rate. Don’t make it harder for yourself or distract from your core audience’s goals. Don’t distract the motivations of your core audience and create extra work for yourself.

A coffee 

This is an example of what is not appropriate unless you have the right conditions in place. For example, if the majority of members bring their own lunch and choose to spend less or go out because there are many local options. This situation is far from ideal. Coffee/tea/snacks, on the other hand, can be welcome if you have enough members. 

You don’t have to run the business alone, and a nearby provider can be present or simply deliver on demand. You may even find that members would be willing to pay a monthly fee for a meal every day….. If it’s shared, it’s wonderful for fostering community!

Conference spaces

You can offer these to outsiders (non-members) if you make sure that access to them does not disrupt your members. For outsiders, their value depends in part on the attractiveness of your location, address, and facilities (large screen/projector) or simply novelty.

Virtual office services are offered by many companies.

Also, where you live can have an influence. However, having a virtual phone number and receptionist would be excellent. For after-hours calls and transfers, a secondary phone provider like Google Voice may be preferable to your local carrier. 

Members will be more likely to interact with each other if you include a day of workspace access in their plan. With an underutilized staff member, it’s a win, but if the cost of their employment is prohibitive, you can enter into a revenue-sharing agreement with them.

A wide range of business services are available.

Individually or as part of a larger package, incubators often provide this service. You may already have a member of the accounting or legislative professions on your team, in which case competing with them is out of the question, unless you deliberately want to exclude them in order to corner the market. 

But if you don’t have the time, or if they are willing to work together for greater visibility, you could take a small commission for each referral your clients make to trusted and reliable suppliers. If it’s an annual service package that includes time to do, for example, your annual taxes, you’ll have a recurring income. 

Ideally, these providers will spend at least some time in the space themselves, but regardless, you need to organize and track these providers so that you give the impression that you are offering a value-added service rather than just introducing individuals.

While these services can be sold externally, it’s important not to distract too much from your core business.

The actual cost of space in your facility will determine whether or not you can offer an optional “premium” membership package that includes bundled meeting time, or if the market price for space is so high that it should be included in the base fee.

Chart your members’ ability to spend more, and if the percentage is over 60%, you will want to increase your base prices and possibly bundle additional services, even though you will lose some members, but the money will be easy to make. Each group of potential members who can afford something extra should be considered separately, and you should think about how to offer them additional services.

Make it easy for your members by asking them what they want or what they would be willing to pay!

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