I’m working on an upcoming GCUC talk on the business side of coworking and looking to connect with coworking spaces that are profitable.
Are you only doing coworking (if not what other aspects have you introduced) and are you paying yourself (and possibly a team) a living wage?
Who should I be talking with?
Hi Schaapy,
I run Radius in Erie, PA. We’re profitable enough that I have two part-time staff and take home some money. It isn’t a “living wage,” but the way I’ve designed my work allows me to earn my primary income as a consultant. I don’t know many owner/operators earning as much or more at their coworking space than they could from alternative businesses/jobs. For a lot of us in the rust belt region, it’s about a lifestyle of economic independence and civic/social responsibility.
Hope that helps!
Hi Aaron.
What GCUC conference are you going to? Toronto?
My coworking space opened in January this year and was profitable by July. I have a very different model than most spaces I know (I think). I own the building and the space is only 25 seats. I manage the space while operating an Architecture practice one floor above so no staff. LMK if you want to chat… [email protected]
I’m seeing a lot of this, Sean and think it’s great. I’m also curious on the modals of coworking being someone’s only job with a living wage and possibly multiple employees. I’m really curious on the different tipping points when it is no longer a side hustle or a labor of love but something with good net profits along with good wages and benefits.
Is that tipping point turn into more real estate plays?
Hi
Yes - we’re profitable and paying market salaries
We do bigger sites (c.25,000 sq ft each = c. 2,500 sqm each)
We are about 60% offices + 40% break-out / hot-desk / coworking / meeting rooms - so a true hybrid (not 100% coworking - but not 90% office + a bit of break-out)
Our focus was finding cheap spaces in good-ish locations. Cities have proved much easier to make money than towns. The cash needed to open a site is scary though - so doing smaller, possibly temporary sites as stepping stones worked well for us to get up to bigger sites.
Hope that helps