For most coworking spaces in Kolkata and other parts of the world, memberships seem to be the primary source of income. But, the reality is quite different from what it seems. Coworking operators are always striving hard to create and monetize the value of the space and surroundings in the best possible ways. Do you own coworking space in Kolkata and want to gain maximum revenue from it? Keep reading to learn the most effective tactics to increase your revenues and give a tough competition to your rivals in the industry.
Coworking Space in Kolkata – Tips and Tricks to Gain Revenue From It
Here are the key sources of revenue for your coworking space:
Coworking Memberships
When it comes to earning revenues in coworking spaces, ‘memberships’ is one of the major contributors. These agreements are usually settled between entrepreneurs, small businesses and freelancers who are looking for a collaborative community. Such memberships operate on a flexible basis like monthly or weekly and constitute a significant portion of your revenue. In any coworking space, this type of membership is the most scalable. It is advisable to get into as many memberships as you can because members will come and go in your shared office space and that too not at the same time.
Facilities
The amount of revenues you earn from your coworking space depends a lot on the type of facilities and amenities you provide to your tenants. Meeting/conference room rentals, snacks/beverages, parking, and other paid services bring in profits. To keep your clients happy and have a long-term relationship with them, you should never compromise on your amenities. The better facilities you offer in your coworking space, the more revenues you can earn.
Suites
Suites are exclusive space for members of your team that are a great source of revenue. Unfortunately, suites are also the least scalable as after selling that space, you cannot use those for other purposes. As compared to a standard monthly membership, suites have a longer-period engagement. Build more suites as it promotes budgeting and covers a significant portion of your building cost. Suites are often referred to as ‘anchor tenants’ because of the predictability associated with them.
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External Room and Hot Desk Bookings
External room and hot desk booking facilities drive your business growth. Use cutting-edge software to automate taking payment and resource management. Hot desks are ideal to be booked by people who are looking for a change in the workspace. At external rooms, people can work peacefully and may feel like guests by availing high-quality amenities in the shared workspace.
Event Rentals
If you are running a coworking space in Kolkata, city of joy, you will get a lot of opportunities to host small and big events. When you hold events for your members frequently, you can increase your monthly revenue. As a coworking space is built to entertain people and is equipped with a kitchen, it becomes an excellent source of revenue after business hours. Arrange for staff and provide the best services to guests in your coworking space to earn more revenues via event rentals.
Kolkata offers a good deal of coworking spaces to tenants. To keep your shared workspace ahead of others and grow your business, you should know how to earn revenues. Follow the above-mentioned tips and tricks to increase your revenues and make your coworking space one of the top rankers in the city.