In a membership-based business, each month we win new members and lose others. Our business model relies on a systematic sales and marketing approach that drives net positive membership growth each month.
In this episode, we analyze a local, membership-based, community-focused business that, despite it's strong, engaged community, is losing money each month. I walk through their situation and what we can learn to better manage our coworking businesses.
In this episode, I share my go-to platform for outsourcing critical business tasks that I just can't get to. You'll be amazed at the breadth of expertise that you can leverage on a project-basis or long-term if needed.
I share example projects that I outsource, the process for posting to the platform and tips for posting to help you get the right resource.
If you're starting a coworking space, the Coworking Startup School is open for registration through August 8th. www.coworkingstartupschool.com.
BJ Rosinus has a real estate background, ran a coworking space in Florida, and then decided to join one of his members in serving a niche need for the coworking space - insurance for operators and members.
Insurance is not the sexiest topic, but your landlord won't let you sign your lease without it and it can be hard to find a broker that "gets" our business and assigns the appropriate amount of risk and in turn, charges a fair premium.
Going a step further, BJ's team offers insurance for members that meets the requirement in the member agreement and also satisfies the the growing frequency of requests from landlords that each member provide proof of insurance.
Get the details here: www.everythingcoworking.com/114
Whether you’re new and worried that someone is going to beat you to opening in your market, or you’ve been in business for awhile and competition in your market is starting to heat up, this discussion is for you.
Hannah Walker reflects on her team's first year in business at WorkHub in Tyler, TX.
A little about Tyler, TX
What role does Workhub play in your community?
What is special about Workhub?
What WorkHub members do for work
What has surprised Hannah the most in your first year of running a coworking space?
What Hannah has enjoyed the most?
What has been the most challenging?
What advice would Hannah give another operator to help them prepare for their first year?
What is Hannah excited about for year 2?
In this episode, Susan Glosby owner of WorkAway Solutions outside of Washington, DC, shares her coworking story AND her expertise in franchising major brands.
In this episode, I asked Susan to share:
Want to offer your community managers training and development and a peer community? Check out our new Community Manager U at www.everythingcoworking.com/communitymanagers.
We cover topics including:
Interested in a training and development program for your Community Manager? Get more info here: www.everythingcoworking.com/communitymanagers
In this episode, we talk about what to do when your tour flow doesn’t feel right, or better yet, when your tour tracker data demonstrates your numbers are down.
Always get back to basics to troubleshoot issues. It’s tempting to do a “shoot, ready, aim” approach and start (desperately) throwing tactics at the wall.
Try not to do that.
First, go through your sales funnel and evaluate every step of it to see where you might be falling short.
We cover some simple data sources to check to see where the holes might be and how to get some help plugging those holes.
Anne Hardy, Chief Security Officer at Join Digital, shares with us the basics on our physical security and cyber security responsibilities as coworking space operators. Some categories of members such as corporate employees and funded tech startups, will have non-negotiable requirements/specifications for security in the space ranging from guest check-in policies to secure, dedicated SSID's
Anne is a high-tech executive with broad experience, starting from software design, architecture, cybersecurity, to managing teams to release telecommunications and enterprise software, building and leading research labs, managing developer relations, and initiating and driving cultural changes. She recently joined the Join Digital team, passionate about the innovation of their cloud-based IT service platform and its ability to change the IT game for building owners, flexible workspace operators as well as traditional tenants.
Maximilliano and his childhood friend, stumbled upon a unique need in the coworking market. They had a logistics operation involving inland transportation in the US, and they realized that many of their customers were operating some aspects of their business from Coworking Spaces.
These customers had their office at a different place than their actual logistic operation; this didn't make any sense to Max and Guillermo.
Their customers would have to commute from their Coworking Space to a Warehouse, losing valuable time commuting. Max and Guillermo saw an opportunity to put both under one roof - they created Palletized - a Coworking space focused on logistic distribution and e-commerce.
Now their members had access to work space and their warehousing and logistics needs...and they had a community of business owners with similar needs all under one roof.
This week's guest is Melissa Saubers. Melissa is the Chief Connector and CEO of Cowork Waldo (founded in 2012) and Co-Founder & Past President of the Record-Setting & Award-Winning Kansas City Coworking Alliance (founded in 2015).
Melissa shares her coworking story (she started in 2012!), talks a little about the award-winning Kansas City Coworking Alliance that she co-founded, and dives into her new passion for helping event planners and hosts (such as coworking space owners) be more inclusive in their frosty beverage offerings.
Melissa provides both big picture thinking about the benefits of inclusiveness and gives some tactical suggestions on how to market and deliver in away that will excite and delight your event attendees.
In this episode, Jerome and I tackle questions such as:
What are the things that you do in your business that are unique to approaching the business as an architect AND an operator?
For those that are listening and just getting started - can you talk about the role that an architect plays in opening a coworking space?
What’s the difference b/w an architect, designer, and variations such as “interior architects.”
Find Jerome at email@example.com
One of my Coworking Startup School students recently asked about choosing a niche group to serve with her coworking space. It's very common to get nervous when you start to consider designing specifically for a segment of the market and therefore potentially telling others "this space isn't really for you."
Sometimes you need to go small to go big.
I love examples from other industries that make me think about aspects of the coworking industry.
This case study is about a summer camp that charges $100 more a week than the other neighborhood camps and how they explain this on their website. It's about both tangible and intangible benefits. Food for thought!
Scroll all the way down on this page to see the example that I talk about in the podcast. https://avid4.com/day-camps/california/burlingame-skills/
In this short episode, I share a story of a Flight Group member who recently launched his space and found himself managing a long list of community norm challenges - the sensitive, sometimes awkward aspects of bringing together a bunch of professionals with different work styles that are only just beginning to build relationships.
Food for thought on how to manage these communications.
Not on the list yet for the Coworking Startup School? Get your email in now at www.coworkingstartupschool.com!
Kicking off a new "bonus episode" format that will allow me to share insights that apply to business but don't fit into my typical episode approach.
This one addresses mindset when $hit goes wrong and messes with your expected outcome.
Let me know what you think! Leave a note in the Everything Coworking Facebook Group: www.everythingcoworkingclub.com
Currently in Carlsbad, Long Beach, San Jose and Denver, CommonGrounds Workspace is on an aggressive growth plan to add 2 million square feet across 50 locations in the next two years. All of this is made possible by a $100M capital raise.
Jacob's perspective has been shaped by his previous life in corporate real estate - his resume includes Director of Global Real Estate and Workplace for Nike, Director of Global Real Estate for Cigna and Director of Global Workplace Solutions for CBRE.
Jacob shares his unique perspective on the needs of the corporate occupier of Workspace as a Service, the gaps in the marketplace today, how these offerings are evolving and where the CommonGrounds brand fits into the rapid growth of the industry.
On this episode, my guest is Jason Anderson, recently named President of Venture X, one of the fastest growing premium shared workspace concepts in the country.
Prior to joining the shared workspace community, Jason was the Chief Technology Officer and Director of Franchise Development for United Franchise Group.
Jason and I cover:
A personal perspective on this episode: Joining a franchise family can be a great approach to getting extensive, ongoing support for your business, a built-in community of operators supporting the same brand, and a higher chance of exit success and valuation.
Landlords also love a high-end build-out like that of Venture X. They're looking at the risk profile and saying 1) This operator, while new to coworking, has a massive support system behind him/her and 2) If something goes south for this operator, I'm left with a beautiful space that will easily attract a full-time tenant.
Have a listen!
This is a debrief and case study of my Enerspace Referesh Project with a focus on adding additional team spaces and a meeting room. I dive into details on the planning and install process for the modular wall system we used by Emagispace.
I worked with Mara Hauser's Workplace Studio to refresh my paint colors, lounge area, mood lighting, cafe seating, and more. Part of the ROI on the project was to add two additional private team spaces and a meeting room.
If you've discovered that private spaces should be a more prevalent part of your product mix, this is a must-listen.
This question came up recently in one of my Flight Group sessions. One of the FG members wanted to start encouraging ACH payments and wondered if she could pass fees to members and how that would be received.
I was hesitant because I know passing fees is illegal in CA for some types of businesses. We started googling and trying to figure out the rules and I finally said I’d take the topic as homework and get some answers. I thought this topic was worth sharing on the podcast vs. just taking back to the FG.
I enlisted Jack Richer with PlacePay to share his expertise on the topic. Have a listen to hear the details on how to legally pass credit card fees to your members.
Furniture: New, used, refurbished, contract...what does it all mean and what's right for my coworking space? What role does a furniture dealer play and how do I find one that "gets" coworking?
We cover it all in this episode with Mara Hauser, CEO of 25N Coworking, Principal of Workplace Design Studio and former contract furniture dealership owner!
Facebook Groups, Google Groups and Slack Groups are all great potential resources to answers to your coworking questions. That being said, ask a question like, "What CRM do you use?" and you'll get 20 different responses.
When you ask a group of relative strangers for advice, honor your business by getting some context on their brand values and who they serve before you decide if the advice they give aligns with your brand and who you serve.
More on how to do that in this episode!
In this episode, we talk through three keys to getting what you want out of 2019 (or anytime you're in goal-setting mode).
This is the process my business coach (Simone at Cultivate Advisors) uses with all of her clients. It forces discipline upon those of us that love to work at the idea-level but get a little worn out once we have to dive into the details.
There's no fluff in this process - it's about identifying three things you want to focus on in your business in 2019 and taking the action steps to achive those goals. If you're committed to results in 2019 (or anytime!), have a listen!
This week, Kevin Whelan has deep expertise in marketing that he is applying to Coworking Spaces. I have been working with Kevin on some strategic projects for the Global Workspace Association and Kevin is the outsourced CMO for IQ Office Suites, a coworking space with 5 locations in Toronto and Vancouver.
I've been really impressed with Kevin's deep marketing expertise and his application of them to the coworking industry and was thrilled when he agreed to share his advice on how to approach Google Ads.
This episode covers:
Get the full show notes at www.everythingcoworking.com/97
Michelle Bodick, Managing Director of Sales and Marketing for the Americas at Instant Offices shares their research which reports that 68% of the coworking market is run by independent operators.
Instant has a strong research group that frequently publishes industry data. As business owners, we all love data that helps us learn more about where we sit in the industry and where things are going to help us make better decisions.
The Instant Offices report is full of industry stats and perspective. If you're looking for stats for your investor deck, this is a great resource.