Business Plan and Financing advice..Where to begin?

As I sit down trying to gather all of my thoughts together and put it on paper I find that this is probably one of the hardest things I have ever done. I know exactly what I want to do with the coworking space, I know what my goals are and how I want it to look and run but I am intimidated by all of the numbers. How in the world am I going to know my projected costs and break down and break even points over the next 3 years and so on and so on. On top of all of this, once I am able to gather all of this information what do I do with it? How do I get financing? How do I support my family until my space starts turning a profit?

I think these are questions that stop a lot of entrepreneursin their tracks, Embarking on an adventure like this is a scarey thing to do but I know that the pros will far outway the cons once I hit the ground running.

So what kind of advice can the seasoned professionals give to us newbies just getting our feet wet in this kind of thing for the first time?

Thanks for all the feedback in advance!

Brian

Indianapolis Coworking Connection

Hey Brian!

You’re 100% right that you can’t answer those questions now. You’ve skipped a critical step that’ll help you get all of those answers without putting yourself (and your family) at risk:

http://dangerouslyawesome.com/2011/09/how-to-fund-your-coworking-space/

-Alex

···

/ah

indyhall.org

coworking in philadelphia

On Wednesday, September 5, 2012 at 3:55 PM, bfogle wrote:

As I sit down trying to gather all of my thoughts together and put it on paper I find that this is probably one of the hardest things I have ever done. I know exactly what I want to do with the coworking space, I know what my goals are and how I want it to look and run but I am intimidated by all of the numbers. How in the world am I going to know my projected costs and break down and break even points over the next 3 years and so on and so on. On top of all of this, once I am able to gather all of this information what do I do with it? How do I get financing? How do I support my family until my space starts turning a profit?

I think these are questions that stop a lot of entrepreneursin their tracks, Embarking on an adventure like this is a scarey thing to do but I know that the pros will far outway the cons once I hit the ground running.

So what kind of advice can the seasoned professionals give to us newbies just getting our feet wet in this kind of thing for the first time?

Thanks for all the feedback in advance!

Brian

Indianapolis Coworking Connection

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Research
feedback from people on this forum

just do it.

Seriously, just work on your biz plan incrementally and you’ll get there. My first day? Literally it was this:

“1. Open laptop”

“2. Open Excel.”

"3. Type in “pay rent”

"4. Type in “collect rent [aka membership fee]”.

“5. Close laptop”

2nd day?

“6. Collect more ‘rent’.”

“7. Close laptop.”

This was back in 2007, before we had this google group for others to help me (or it existed and I didn’t know about it), and I even knew the term, “coworking”.

Jerome

···

BLANKSPACES
“work FOR yourself, not BY yourself”

www.blankspaces.com
5405 Wilshire Blvd (2 blocks west of La Brea) Los Angeles, CA 90036
323.330.9505 (office)

On Sep 5, 2012, at 12:55 PM, bfogle [email protected] wrote:

As I sit down trying to gather all of my thoughts together and put it on paper I find that this is probably one of the hardest things I have ever done. I know exactly what I want to do with the coworking space, I know what my goals are and how I want it to look and run but I am intimidated by all of the numbers. How in the world am I going to know my projected costs and break down and break even points over the next 3 years and so on and so on. On top of all of this, once I am able to gather all of this information what do I do with it? How do I get financing? How do I support my family until my space starts turning a profit?

I think these are questions that stop a lot of entrepreneursin their tracks, Embarking on an adventure like this is a scarey thing to do but I know that the pros will far outway the cons once I hit the ground running.

So what kind of advice can the seasoned professionals give to us newbies just getting our feet wet in this kind of thing for the first time?

Thanks for all the feedback in advance!

Brian

Indianapolis Coworking Connection

You received this message because you are subscribed to the Google Groups “Coworking” group.

To view this discussion on the web visit https://groups.google.com/d/msg/coworking/-/f6Fyh_nFqHMJ.

To post to this group, send email to [email protected].

To unsubscribe from this group, send email to [email protected].

For more options, visit this group at http://groups.google.com/group/coworking?hl=en.

Hi Brian,

I have been getting help in putting my business plan together by a group based here in Los Angeles San Fernando Valley called the VEDC - The Valley Economic Development Center. However, SCORE also offers many of the same classes as well as consultations with Business Executives.

I’ve recently completed a class that helped me put together a business plan! It was the hardest thing I’ve done, and I’ve spent all summer putting together the business plan. However, now I have a viable business plan to show lenders, property managers, etc. Also, I met many other entrepreneurs in class, and they are now possible community members for the coworking space! And all of the classes are free, or for a very nominal price… it is a win win situation! Look into it and good luck!

Judy
OfficeSlice
Coworking in the San Fernando Valley

···

On Wednesday, September 5, 2012 12:55:58 PM UTC-7, bfogle wrote:

As I sit down trying to gather all of my thoughts together and put it on paper I find that this is probably one of the hardest things I have ever done. I know exactly what I want to do with the coworking space, I know what my goals are and how I want it to look and run but I am intimidated by all of the numbers. How in the world am I going to know my projected costs and break down and break even points over the next 3 years and so on and so on. On top of all of this, once I am able to gather all of this information what do I do with it? How do I get financing? How do I support my family until my space starts turning a profit?

I think these are questions that stop a lot of entrepreneurs in their tracks, Embarking on an adventure like this is a scarey thing to do but I know that the pros will far outway the cons once I hit the ground running.

So what kind of advice can the seasoned professionals give to us newbies just getting our feet wet in this kind of thing for the first time?

Thanks for all the feedback in advance!

Brian

Indianapolis Coworking Connection

Thanks for the feedback everyone, Embarking on something like this is an exciting but confusing thing all at the same time. I have written a few pages of a business plan and what I have down really is good and actually every time I read the 3 pages I have complete it gives me motivation to keep going and to keep pursuing this but at the same time I feel stumped at what to do next. Alex I think you are absolutely right in your article about building the community before worrying about any money or business plans. Jerome and Judy thanks for the advice I will be looking into SCORE I have googled a few different local small business development centers here in Indianapolis but haven’t had much luck.

···

On Wednesday, September 5, 2012 3:55:58 PM UTC-4, bfogle wrote:

As I sit down trying to gather all of my thoughts together and put it on paper I find that this is probably one of the hardest things I have ever done. I know exactly what I want to do with the coworking space, I know what my goals are and how I want it to look and run but I am intimidated by all of the numbers. How in the world am I going to know my projected costs and break down and break even points over the next 3 years and so on and so on. On top of all of this, once I am able to gather all of this information what do I do with it? How do I get financing? How do I support my family until my space starts turning a profit?

I think these are questions that stop a lot of entrepreneurs in their tracks, Embarking on an adventure like this is a scarey thing to do but I know that the pros will far outway the cons once I hit the ground running.

So what kind of advice can the seasoned professionals give to us newbies just getting our feet wet in this kind of thing for the first time?

Thanks for all the feedback in advance!

Brian

Indianapolis Coworking Connection

Hey Brian,

I’m working on a book right now that discusses the business aspect of coworking with worksheets, checklists, spreadsheets, and lessons I learned on choosing location and getting the community involved early on in the process. Shoot me an email and I can share a few rough drafts of material that may be helpful to you.

Craig

Creative Density

Denver, CO

SCORE is one of the greatest unknown resurces in the US. The Small Business Administration often has a lot of resources available as well.

When I was starting up I found a very useful tool on the Coworking Wiki in spreadsheet format, which calculated square foot needs and costs and so forth, I had to change a number of the assumptions because I am in Europe, but it was nevertheless then a great help.

There were also several business plans on the Wiki to use for examples last time I looked.
@Jerome: thanks for saying that, I was over here laughing at your post because I remember that. :slight_smile:

Jeannine

···

On Thursday, September 6, 2012 2:47:36 AM UTC+2, bfogle wrote:

Thanks for the feedback everyone, Embarking on something like this is an exciting but confusing thing all at the same time. I have written a few pages of a business plan and what I have down really is good and actually every time I read the 3 pages I have complete it gives me motivation to keep going and to keep pursuing this but at the same time I feel stumped at what to do next. Alex I think you are absolutely right in your article about building the community before worrying about any money or business plans. Jerome and Judy thanks for the advice I will be looking into SCORE I have googled a few different local small business development centers here in Indianapolis but haven’t had much luck.

On Wednesday, September 5, 2012 3:55:58 PM UTC-4, bfogle wrote:

As I sit down trying to gather all of my thoughts together and put it on paper I find that this is probably one of the hardest things I have ever done. I know exactly what I want to do with the coworking space, I know what my goals are and how I want it to look and run but I am intimidated by all of the numbers. How in the world am I going to know my projected costs and break down and break even points over the next 3 years and so on and so on. On top of all of this, once I am able to gather all of this information what do I do with it? How do I get financing? How do I support my family until my space starts turning a profit?

I think these are questions that stop a lot of entrepreneurs in their tracks, Embarking on an adventure like this is a scarey thing to do but I know that the pros will far outway the cons once I hit the ground running.

So what kind of advice can the seasoned professionals give to us newbies just getting our feet wet in this kind of thing for the first time?

Thanks for all the feedback in advance!

Brian

Indianapolis Coworking Connection

Not sure if anyone is still checking this thread but we made a business plan section in the coworking wiki: http://wiki.coworking.com/w/page/16583286/Business%20Plans

Feel free to edit the page (you can ask for writing permission if you dont have a log in yet) and add your coworking space business plan. Sharing is caring!

Cheers,

Cristina Santamarina

cobot & coworking wiki

···

On Sunday, October 7, 2012 8:05:56 AM UTC+2, Marc Stephan Nkouly wrote:

@Brian

Good Morning am writing from Cameroon

am interested in your Book, can we have a talk.

thanks in advance

On Friday, September 7, 2012 6:46:53 PM UTC+1, Craig Baute - Creative Density Coworking wrote:

Hey Brian,

I’m working on a book right now that discusses the business aspect of coworking with worksheets, checklists, spreadsheets, and lessons I learned on choosing location and getting the community involved early on in the process. Shoot me an email and I can share a few rough drafts of material that may be helpful to you.

Craig

Creative Density

Denver, CO

Craig,I am looking into co-working as a business owner. I really would like to see your materials. Thanks
-Larry

···

On Friday, September 7, 2012 1:46:53 PM UTC-4, Craig Baute - Creative Density Coworking wrote:

Hey Brian,

I’m working on a book right now that discusses the business aspect of coworking with worksheets, checklists, spreadsheets, and lessons I learned on choosing location and getting the community involved early on in the process. Shoot me an email and I can share a few rough drafts of material that may be helpful to you.

Craig

Creative Density

Denver, CO

As for me am based in africa and is true people here are not much advance but am building my own community from scatch i mean o start rigth at the level of learning or i rather say CO LEARNING for a simple reason people here don’t know the opportunities conputers give not to talk of having jobs online.

Building the community from the ground up i belive the book will also help me.

···

On Sep 22, 2014 3:38 PM, “Larry Peterson” [email protected] wrote:

Craig,I am looking into co-working as a business owner. I really would like to see your materials. Thanks
-Larry

On Friday, September 7, 2012 1:46:53 PM UTC-4, Craig Baute - Creative Density Coworking wrote:

Hey Brian,

I’m working on a book right now that discusses the business aspect of coworking with worksheets, checklists, spreadsheets, and lessons I learned on choosing location and getting the community involved early on in the process. Shoot me an email and I can share a few rough drafts of material that may be helpful to you.

Craig

Creative Density

Denver, CO

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