This article is part of the school of coworking course through Archie. Make sure to check out the other articles to learn more about how to start a coworking space business.
As a coworking space operator, your revenue stream comes in part from memberships fees. However, there are other areas that you can monetize to increase your revenue. One of those is by selling your members’ additional services they might want or need.
This article will go over what type of additional services you can offer and how to maximize profit for your coworking space.
What are Additional Services?
Your coworking space likely provides a range of services to your members and new customers. Some of which are included in their membership plans, while others may be available as add-on services, which members can order separately.
Your membership plan should always include the basics. This includes a workstation of some sort, whether a hot desk, assigned desk, or private office as well as the necessary hardware at the said workspace. This is the foundation of your business offering but it is not enough to really set you apart from the competition or to offer an exceptional customer experience. As a result, it is a good idea for coworking spaces to offer a wide range of additional services to entrepreneurs and remote workers at all stages of their business’ development.
Some additional services include but are not limited to:
- Office cleaning services
- Airport Pickup
- Office Handyman
- Personal Assistant
- Parking garage
- Offset printing
- Food and beverages
- Alcoholic beverages
- Event space
- Day passes
The list of additional services offered to new members and loyal customers are only limited by your imagination thus, the opportunities for increasing revenue through those services are ample. Consider addressing not only professional needs (virtual offices, tax and accountant, legal, marketing, web development, HR, and other services) but also the personal needs of people in your space.
Note that all additional services should be available to your members at a competitive price, adding value to their membership.
Offering Add-ons to your Members
Once you’ve compiled a list of potential additional services you will need to make sure your members are aware of this feature and know how to access/purchase these add-on services.
To do so, you can include a value-added services section on your website or include an in-app service catalogue.
However, if you decide to showcase your services list you will need to organize the add-ons by category for your members to easily navigate and find what they are looking for.
For example, you may want to create categories for:
- Food and Beverages
- Professional Services (virtual offices, tax and accountant, legal, marketing, etc.)
- Personal Services
Make sure that each category and service include plan details and pricing for members to choose from. That way, customers can not only explore what’s inside the offer, but also select a service option of interest, apply for it, and pay for it directly from their smartphone’s mobile app.
Once your services are easy to find and clearly described, make sure they are always available. In other words, don’t forget to specify how to obtain this or that service instantly without talking to administration by adding clear call-to-action buttons that prompt customers to take the next step: “Get,” “Apply,” “Pay,” or any other custom verb that works best for you.
There are several ways to enable the application for services:
- External link: takes customers to a page where they can learn more about the service and apply for it.
- Email: immediately after the customer presses the “Apply” button, send an email with the order details.
- In-app purchase: you can buy or sell services right inside the app and receive payment right away.
After reading this article, you should have a better idea of how to go about increasing your coworking space’s revenue streams. Remember that a usable service catalogue will give you a significant advantage over competitors and contribute to the best member experience at your space, which is great because focusing on members is the only way to grow a coworking business.
Still, have questions or something you wish to discuss? Join our Facebook Group and enter the conversation on everything coworking.