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5 Ways Coworking Spaces Can Increase Revenue | Greetly
White paper with 5 tactics coworking and shared workspaces can utilize to grow the revenue and profits without the overhead impact of adding square footage
- Coworking and shared workspaces are a fast-growing segment of commercial real estates
- White paper offer five ways coworking spaces can grow revenue without the overhead impact of adding square footage.
With increasing numbers of coworking spaces opening every year, competition increases in proportion. The relative easy of starting a coworking location makes it an appealing business model, but unfortunately, approximately 60% of coworking locations are not profitable.
Coworking locations are also very similar to one another, making it difficult to set themselves apart from the competition, so increasing membership is not always a viable solution in the short-term to increase profitability.
Looking to alternative and additional revenue streams, however, may assist flex workspaces away from lingering in red ink. Organizations that work to improve their services and utilize their resources to the fullest potential, are more likely to find organic success.
The following white paper describes five different opportunities for coworking locations. These opportunities have great benefits:
- Earning profits from nonmembers
- Creating value for (and increased revenue from) members
- Indirect revenue through increased operational efficiency
One of the methods for increasing revenue is described below. To learn more about this and the other four suggested methods,
Providing Virtual Services
Not every member needs or wants to rent a desk or an office space. However, many small businesses, especially those run by only one or two people, can benefit from the professional appearance of having an office.
To illustrate, consider which seems more professional: the owner of a business letting calls go to voicemail when too busy to answer them, or a receptionist answering the phone? Most would say having a receptionist.
Offering virtual services to those who aren’t ready to rent a desk is a relatively easy, low-cost way to add value and increase your revenue stream. It is a way to leverage what coworking locations already have – a physical address with staff – into a streamlined service that adds professional panache to businesses still getting their feet under them.
Benefits of offering these services include:
- Keeping staff busy who may not otherwise have enough work. (This might be the case with a new coworking location that doesn’t yet have many members.)
- Exposing the business to others who may not have need of a physical membership at this time.
- Bringing in revenue using services already in place, with minimal additional overhead and training.
Some possible services to offer could include:
- Mail receiving, processing and forwarding
- Telephone answering services
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