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Everything Coworking Featured Resources:
The SEO Action Guide
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy
Community Manager University
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
Resources Mentioned in this Podcast:
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Learn more about SUCCESS Space, a coworking franchise model with three revenue streams; recurring and on-demand revenue from coworking memberships, a full-service cafe, and Success Certified business coaching.
- The profits from your coworking space are usually highly correlated to the size of your coworking space…until your supply is too large for your market demand.
- Smaller spaces can be more profitable with diversified revenue streams such as business identity packages, events, f&B offerings (uber eats originator) and specialized/niche memberships
- Smaller spaces don’t work for management agreements. If the LL is trying to beat market rent, but has to pay out a management fee in addition to paying the opex….the premium to market rent is not usually high enough to make it work.
- If you are running a small space and you are getting to your take-home pay goal by being the community manager, make sure that it makes sense for you to be doing that job. 1) I hope you love it if you’re doing it. 2) The community Manager role is generally a $20-$27/hour job. If you can make more per hour, you should consider doing something else. Example - all of the space owners that run other businesses.
- It’s hard to create the diversity of workspaces that people want in a small space. The intentional design will matter a lot.