Dr. Gleb Tsipursky – The Office Whisperer
Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
- Coworking spaces can generate revenue by hosting events, offering niche memberships, and renting out space for external use.
- Value-added services like virtual coworking options and shared resources enhance revenue potential.
- Corporate partnerships, affiliate deals, and hosting competitions can increase income while attracting new members.
While they started as a simple alternative to traditional office experiences, coworking spaces have evolved into thriving communities of entrepreneurs, freelancers, remote workers, and startups.
With the increasing demand for flexible working environments, coworking space operators are finding new ways to generate revenue while providing added value to their members.
If you’re looking to expand your revenue streams, here are some creative ideas that can help your coworking space thrive.
1. Host Events and Workshops
Events and workshops are a great way to attract new members, offer added value to current ones, and bring in some extra cash. Hosting industry-relevant events such as networking mixers, skill-building workshops, or panel discussions not only creates a sense of community but can also be monetized. Charge for tickets or bring in sponsors to help cover costs. Plus, hosting events can help raise the profile of your coworking space in the local community, attracting new clients.
2. Offer Niche Memberships
Sometimes, the best way to increase revenue is to narrow down your target audience. By offering niche memberships, you can attract professionals with specific needs who are willing to pay more for tailored services. Whether it’s a “startup founder” membership that offers mentorship or a “creative professionals” membership that includes access to equipment like photo studios or design tools, niche memberships can allow you to charge premium prices and appeal to a specific community.
3. Rent Out Space for External Use
Your coworking space isn’t just for your members. You can rent out meeting rooms, event spaces, or even individual desks to external companies or individuals. Whether it’s for corporate meetings, off-site team-building sessions, or one-off workshops, renting out your space during off-hours or when it’s not being used can generate a significant income. You can even offer a “day pass” for individuals who need a temporary workspace.
4. Create a Virtual Coworking Option
Not everyone works best in a physical space. Offering a virtual coworking option allows remote workers to still experience the benefits of your community without ever setting foot in your physical location. This could include access to virtual events, video call check-ins, collaboration tools, and even networking opportunities. This option is especially attractive for members who travel frequently or work from home but want to feel connected to a larger community.
5. Provide Value-Added Services
If you want to make your coworking space even more appealing, consider adding value-added services to your offerings. This could be anything from high-quality printing, postal services, or even concierge services. You could offer personal business support, such as accounting, marketing, or legal consultations, which can help freelancers and entrepreneurs who don’t have these resources in-house. Think of it as providing the tools and services that make it easier for your members to focus on their work.
6. Offer Shared Resources
Another creative revenue idea is offering shared resources for your members. Whether it’s office supplies, equipment, or meeting rooms, pooling resources can save everyone money. Charging a small fee for access to these shared resources can help generate revenue. For example, if you have high-end office equipment, a fully stocked kitchen, or specialized tools, make them available to your members at an extra charge, creating additional income.
7. Create a Coworking Space Marketplace
Why not let your members buy and sell products and services within the coworking space? A coworking space marketplace can become a hub for local businesses, startups, and freelancers to sell their offerings. From physical goods like tech gadgets to digital services such as design work or web development, your marketplace could support connections and help your members generate additional income. You could charge a small transaction fee or offer premium placement for certain businesses in the marketplace.
8. Affiliate Partnerships
Affiliate partnerships can be a great way to generate passive revenue. By partnering with companies that offer products or services your members might need, you can earn a commission every time someone makes a purchase through your referral. Whether it’s software subscriptions, business tools, or even personal wellness products, affiliate partnerships are a win-win: your members get access to discounts, and you get a cut of the sales.
9. Offer Short-Term Flexibility
Flexibility is a huge selling point for coworking spaces, so why not monetize it? By offering short-term or pay-as-you-go options for desks, meeting rooms, or private offices, you can cater to clients who need more flexible arrangements. Short-term members or people just passing through can pay for what they use, while you benefit from the convenience of offering a more flexible pricing model.
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10. Corporate Partnerships
Corporate partnerships can be a lucrative revenue source for coworking spaces. Many larger businesses are looking for flexible spaces for their remote teams, satellite offices, or even pop-up locations. By offering corporate memberships or dedicated office spaces for businesses, you can attract companies that need to provide a flexible work environment for their employees. Companies are increasingly moving away from traditional office setups, so offering this service could bring in a steady stream of revenue.
11. Offer Virtual Assistant Services
Many entrepreneurs and small businesses in coworking spaces could use some help with the day-to-day administrative tasks. Offering virtual assistant services—whether it’s scheduling, email management, or social media support—can be a great way to tap into this market. Charging an hourly rate for these services allows you to provide more value to your members, especially those running solo or small teams, while also increasing your revenue.
12. Host Competitions and Hackathons
Competitions and hackathons are a fun way to engage your community while generating extra revenue. Whether it’s a coding challenge, business pitch competition, or innovation hackathon, hosting these events can help draw in participants who might not typically use your coworking space. You can charge entry fees, secure sponsorships from companies, and even offer prizes to make the events more exciting. Plus, these types of events can bring great publicity to your space.
