- July 13, 2018
- Posted by: Coworking Industry News
- Category: Coworking Industry
*📊 Get this template and more with the Business Model Planning kit here *
Considering starting a new coworking space? Make sure you’ve got a viable plan with my business model template!
This video walks you through the premium version of the template, which is just one of many tools I use when helping people launch new coworking spaces.
This template will let you:
📝 Estimate your capacity.
How many of each different kind of membership and private office can you hold in a given space?
🏗 Estimate your capital costs.
Get a sense of how much you might spend to build out your space.
💰 Estimate your potential income.
Across a number of different potential income sources, you can determine exactly how much you can make.
📈 Determine your break-even point.
The model spreads out your membership growth across a year, just so you can easily see at exactly what point your space becomes profitable. Once you know what success looks like and have set your model, you can adjust your actual projections to get to that break-even point sooner!
👥 Estimate staff needs and costs.
These will be rough and will vary a lot by your location, but we’ll go so far as to estimate the number of paid staffers you’ll need based on space size and how much they might cost you. You’ll customize these things later, but for now you’d get a really good back-of-the-envelope estimate to start with!
💸 Estimate expenses.
The template includes a bunch of formulas to make informed guesses about how much you’ll end up paying for common expenses, like internet, cleaning services, supplies, and more. Change the size of your space, and all of these expenses are updated automatically. Easy!
📋 See your profit & loss.
As you adjust the assumptions, your bottom-line numbers will get more and more realistic. Keep refining and checking the bottom line!
Once you’ve got a model you feel comfortable with, you’ll have a really good idea what you’re getting yourself into.
Then you’ll be in a much better position to decide whether to proceed, or whether further investigation is necessary.
This template will also give you something impressive to show potential investors or landlords—they love to see that you’ve done your homework and come up with a rationale to show the model could work!
GET ANSWERS TO CRITICAL QUESTIONS
Some topics we’ll cover in this package:
* Overview of the coworking movement
* The 7 proven coworking business models
* Does coworking make money?
* Is coworking saturated?
* ow big is the coworking market?
* What does it cost to start a space?
* What kind of software should I use?
* The 4 key realities about coworking software
* A quick overview of the different platforms
* How to attract members
* How to avoid the pit of doom
* Quick guide to attracting your first members
Based on my own experience, which I’ve taught to hundreds of other space owners, this is a surefire way to ensure you will have all the help you need!
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