No matter how much community you build in your Coworking space, and no matter how great your members are, you need to bring in consistent revenue to sustain your business. And as we’ve looked at before, you can be profitable in this industry . Lets take a look at some of the most reliable ways to bring in consistent revenue streams.
How to Maximize Your Membership Sales
As we all know, the heart of your Coworking operation is the memberships you sell. You want members who continuously renew, and you want their word of mouth to bring in new members on a monthly basis.
Make sure you have a strategic marketing plan way before opening day. Lead generation is the foundation to your sustainability. Host events in your space to build up anticipation for the grand opening, especially if this is your first location. If it is an expansion, make sure you promote the new location in every single one of your existing spaces.
Book tours even before the space is fully ready. Have renderings available for potential members to view. A huge factor in your revenue is your private offices and meeting areas. They serve as more of a backbone to your income than the hotdesks. Therefore, make sure you show them off pre opening day, even to those who may not believe they would be using them. Everyone needs to be aware of the benefits to these more executive spaces within your location.
Also in the pre-open stage, make sure you partner with local businesses, especially in the immediate vicinity of the new space. Partner with coffee shops, restaurants, bars, bookstores, residential buildings, and literally any other venue in the neighborhood. It’s in your best interest, and of course, you would cross promote these businesses in your space.
You’ll decide whether to offer discounted opening rates, but it could be a small hit to take at first, for a long term gain.
Prior to opening, and throughout the life of your Coworking space, make sure your social media pages are representative of your business. Continuously update them with pictures, deals, events, cross promotion, and feature your members’ great work. Social media following can be a driving force behind lead generation, which in turn brings in revenue.
Understand Your Lead Sources
Where are your leads coming from? Answering this simple question is a key to maximizing revenue. First of all, because you will allocate your budget more efficiently toward what’s working. But also because your personal time will not be as split on methods that are not generating volume or quality of leads.
Use analytic sites to measure where your inbound leads are coming from. The better your website is, the more traffic it will generate. There may be some areas where you can find budget alternatives while you’re searching for consistent revenue, but the buildout of your website is not one of them. This is especially the case if you have multiple spaces. Make sure each is clearly designated so as to highlight the unique differences between them, and their location in the city.
Are your social media posts driving potential members to check out your site? Are your events creating a buzz? Is your website ranking highly for SEO? While all of these are important to maximize revenue, continue to drive hard on the specific tactics you are seeing the best results.
Membership Options
Coworkers want flexibility. Its one of the biggest reasons why people turn to this industry to begin with. So make sure you give them options to fit every need, therefore increasing the odds they’ll sign up, even temporarily. If someone just wants to check out the space for a month and see if it fits their needs, great. Believe in the community you’re creating, the space you’ve built out, and the amenities you’re providing. They’ll likely commit long term if that one month is worthwhile.
You can allow for certain amenities in your space to be purchased ‘a la carte’. This means members won’t feel a need to upgrade their membership just for one feature they’re missing.
Offer virtual plans. Not everyone can come into the office consistently, or at all. That doesn’t mean you can’t profit off them. Virtual memberships are becoming very popular, and with modern meeting room technology, you can make virtual members feel like they’re not missing any of the action.
Cater to the corporate world. We’ve spoken at length about how vital the rise of corporate Coworking is to the success of a space. With some of the biggest Forbes 100 companies using Coworking spaces for their employees, it would be a huge revenue stream to secure a commitment from a corporation.
Non members can also bring in revenue for you. Just because you haven’t secured a commitment yet does not mean they cannot pay for guest services such as conference room booking or equipment, or small fees for workshops/events held in your space. Let your members use guest passes, and you’ll see the income that provides quickly.
And of course, always keep in mind that retention begins the moment the member sits at a desk. Retaining a large percentage of members is one of the most critical aspects to consistent revenue. Strive to treat a month long member the same way you’d welcome someone who is touring for the first time.
To find out how the new Yardi Kube can optimize your space and help your profitability, please click below.