Different Revenue Sources for in an Co-Working Space!
Coworking spaces deal with various business standards from different organizations. The vast majority of them don't conceal their costs, nor do they lock individuals into long contracts. The community-oriented climate is so esteemed in coworking spaces depends on the trust between its individuals, and not on profit squeezing. The second Global Coworking Survey shows that nearly all spaces are profitable after two years. Most Co-Working spaces rarely run on their full capacity so co-working has to have multiple sources of revenue to sustain. These revenue sources can be:
- Membership fees are the primary source of revenue for any co-working space. This Co-working membership fees depend on the package chosen by the founder. Some of these packages are premium plan (where co-worker gets an individual cabin), Fixed Desk (where a co-worker got a dedicated area for himself/herself), Founder Pass (where co-worker can work in common area), Weekend Pass (Where co-worker uses the area common area on weekends only) and Daily Pass (where co-worker are charged on per-day bases).
- Co-working space can host events, lectures, seminars, and other activities to generate additional revenue from their space. For that purpose, they can use the common area. Sponsorship for that event can also bring additional revenue for the co-working space.
- Co-working space can also open a cafeteria type of facility in its space which can either run by the organization himself or can be rented out to another vendor. In either way, an additional chain of revenue can be added.
- Co-working space sometimes also receives grants from the government, as the government wants to boost this kind of facility as they are adding into the entrepreneurship infrastructure of the country.