Coworking cash: extra income ideas

If you're like most coworking operators I know, you've probably felt a bit of a squeeze lately. Filling those desks and dealing with rent... it's not always easy. And, honestly, industry surveys, like the recent one from Deskmag, show it's not just you. Many spaces are struggling with high costs and low occupancy.

So, let's talk about adding some extra cash flow. You know, making your space more than just a spot to work. We're going to dive into simple, real ways to bring in more revenue, like smart event rentals and partnerships that actually pay. Plus, we've got a cool revenue calculator you can grab to see how much more you could be making. Let’s figure this out together.

Expanding revenue beyond basic memberships

We all know those monthly memberships are the backbone. But they can be a bit… predictable. To really make your space thrive, you've gotta think beyond the desk. Let's break down some solid ways to add some extra cash flow, and more importantly, make your space a real hub.

1. Event space rentals: turning empty space into an opportunity

Different events, different revenue

Your space has potential way beyond just meetings. Think about it: workshops where people learn new skills, networking nights that spark connections, product launches that create excitement, even just casual meetups for the local community—tall these need a venue. Take a good look at what's happening around you. What kind of events do you think people are missing?

For instance, if you're seeing more and more startups popping up in your area, consider hosting demo nights where they can show off what they're building, or pitch events that connect them with potential funders. These kinds of gatherings naturally attract people, and you can earn revenue by providing the space for them.

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Pricing that makes sense

When it comes to pricing your event space, avoid the temptation of a one-size-fits-all hourly fee. Instead, consider the specifics of each event. How much space will they need? For how long? What equipment will they be using?

For instance, you could create different tiers. A 'Basic' package might work perfectly for a small, informal workshop, while a 'Premium' option could cater to larger events by including things like audiovisual equipment and tech assistance. And don't forget that weekend events often have a different value proposition, so adjusting your rates accordingly can make a lot of sense.

Make it easy

Want those event hosts to book with you again? Make their experience smooth and stress-free. Offer a hand with setting up, have a list of reliable caterers they can easily connect with, and just generally make sure things run without a hitch. When you make their event easy, they're way more likely to come back to you next time.

Increase coworking space revenue with events

Workshops and training: skill-sharing and profit-making

People are always looking to pick up new skills, and your space could be the perfect place for that to happen.

What do people need?

Instead of just guessing what workshops to offer, take a moment to think about what your members and the local community are actually interested in. What skills are in demand? Keep an eye on local trends and, even better, just ask your members directly what they'd like to learn. Skills like digital marketing, coding, or managing personal finances are often really popular.

For example, if you've got a lot of freelancers using your space, workshops focused on things like 'How to Find More Clients' or 'Getting Better at Managing Your Time' could be incredibly valuable—and a great way to draw people in.

Find the experts

Here's a cool thing: you don't have to be the one leading all the workshops. There are likely tons of talented people right in your community—local trainers, consultants, even some of your own members who are experts in their field. Offer them your space as a platform to share their knowledge. You handle the venue and getting the word out, and you can agree on a fair split of the workshop fees.

Think about it: a local graphic designer who knows their stuff could run a fantastic workshop on 'Visual Branding' in your space. You provide the room and help spread the word, and everyone benefits.

Flexible pricing

When you're thinking about pricing your workshops, remember that everyone has different needs and budgets. Offering a few different ways for people to join in can make a big difference.

You could have single, one-off workshops for those who just want to dip their toes in, or offer a series of sessions for a more in-depth learning experience. You could even explore a subscription model where members get access to a certain number of workshops each month. And don't forget that little incentives like early bird discounts or bundled deals for signing up for multiple sessions can often make your offerings even more appealing.

Strategic partnerships: local wins for everyone

Consider the other businesses around you—the ones your members might already be using or interested in. Teaming up with them can be a smart move that benefits everyone involved.

Think local

Think about the local cafe, the nearby gym, or even tech companies in the area—businesses that naturally complement your coworking space.

For example, imagine partnering with the coffee shop just down the street. You could offer your members a small discount on their coffee, and in return, the cafe would likely see more customers coming through their door. It's about creating those local connections that add value for your members and the businesses around you.

Bundles and packages

Think about how you can combine what you offer with the services of your partners to create something even more appealing. Instead of just offering coworking, explore the idea of putting together packages.

For instance, you could create a 'Wellness Package' by teaming up with that local gym we talked about. This package could include a coworking membership along with access to the gym. It's about offering a more comprehensive solution that caters to different aspects of your members' lives.

Share the wealth

When you team up with other businesses, think about how you can structure things so that everyone benefits directly from the collaboration.

This could involve setting up a system where you earn a small fee for every member you refer to a partner's business, or vice versa. You could also explore the idea of partners paying a small monthly fee for access to your member base or for having their services promoted within your space. The key is to get creative and find arrangements that feel fair and rewarding for all parties involved.

2. On-demand services: the little things that add up

Let's talk about those 'little things' that can actually make a pretty big difference to your revenue and your members' lives. We're talking about on-demand services—the stuff people need regularly but don't always want to deal with themselves.

Making life easy: printing, mail, and admin support

Printing and copying

Don't just think about having a standard printer available. Consider stepping it up a notch by offering services like high-quality color printing, the ability to print larger documents like posters or banners, or even document finishing like binding.

Printing as an idea to increase coworking space income

For example, you could say to your members, 'Need to make a really sharp impression with your client presentations or marketing materials? We've got professional-grade printing right here, so you don't have to make a separate trip to a print shop.'

You could also think about having different pricing levels—a basic rate for simple black and white, a slightly higher price for color, and then options for those premium services like large-format printing or binding.

Mail handling and package receiving

For freelancers and small teams, dealing with mail and deliveries can be a real hassle. Offering services like receiving and holding packages for them, forwarding their mail if they're on the move, or even providing a professional business address can be a huge perk.

You could let your members know, 'We'll take care of your packages, keep them safe until you're ready to pick them up, and even send you a heads-up when they arrive. No more worrying about missed deliveries or using your home address for business.

Administrative support:

Think about those everyday admin tasks that can eat up your members' time—things like entering data, coordinating schedules, or even making travel plans. Offering some basic administrative support can be a real game-changer for them.

You could say, 'Feeling swamped with scheduling client meetings? Our admin support can help manage your calendar, freeing you up to focus on what you do best.

Tech support: saving sanity and time

On-demand tech help:

Let's face it, when tech goes wrong, your whole workday can grind to a halt. Having a reliable tech expert on call can be a real lifesaver for your members. Consider teaming up with someone local who can offer on-demand support.

You could let your members know, 'Got a tricky Wi-Fi issue or need help installing some software? Our on-site tech support is here to sort it out, so you can get back to work without the frustration.'

To make it even more appealing, you could think about offering different ways to access this support—maybe a pay-as-you-go hourly rate, a monthly subscription for regular help, or even a special 'tech emergency' service for those urgent moments.

3. Optimizing membership tiers and pricing

Think about your membership options and how you price them as a way of talking to your potential members. You're essentially saying, 'Here's what you get with each plan, and this is why it's worth it.' Let's make sure that message comes across clearly and makes them want to sign up.

Coworking space members with different membership options

Tiered membership analysis: are you leaving money on the table?

Evaluating current tiers

Don't just assume your current membership plans are still hitting the mark. Take some time to really analyze how they're doing. Which ones are people actually signing up for? Which ones seem to be collecting dust? And, crucially, how much profit are you actually making from each option?

You might notice, for instance, that your 'Standard' membership is flying off the shelves, but your 'Premium' one isn't getting much love. That's your cue to dig deeper. What's not working? Are the extra perks of the 'Premium' tier obvious enough? Is the price difference justified in people's minds?

Identifying new opportunities

One of the best ways to figure out new membership options is simply to listen to the people who are already using your space. What kind of needs are they expressing? Are they asking for something you don't currently offer? You might find there's a demand for a 'Part-Time' membership for folks who only need a workspace a few days a week, or perhaps a 'Team' option designed specifically for small companies.

For instance, if you've noticed a lot of digital nomads passing through, a 'Nomad' tier that includes flexible access and mail handling could be exactly what they're looking for.

Premium and value-added pricing

When you're thinking about creating those higher-end membership options, resist the urge to just throw in a bunch of random extras. The key is to offer real value—the kind of perks that your members actually need and are happy to pay a bit more for.

For example, a 'Premium' membership could genuinely appeal to some by including things like a guaranteed dedicated desk, the flexibility of 24/7 access, the convenience of getting first dibs on meeting room bookings, and maybe even access to special events just for premium members. The important thing is to make sure the price you're asking clearly reflects the significant benefits they're getting.

Dynamic pricing and flexible options: adapting to the flow

Day passes, hourly rates, flex desks

Keep in mind that not everyone needs or wants a full-time membership. To bring in a wider mix of people, it's smart to offer more flexible ways to use your space.

Think about having day passes available for professionals who are just visiting town or need a workspace for a single day. Hourly rates can be great for short meetings or focused work sessions. And offering flex desks gives people the option to work a few days a month without committing to a full-time plan.

Demand-based pricing

Here's an idea: think about how airlines price their seats. They often charge more during busy travel times and offer better deals when demand is lower.

You can apply a similar approach to your coworking space. During your busiest hours or on the most popular workdays, you might consider adjusting your rates slightly. Conversely, you could attract more people during less busy times, like weekends or evenings, by offering discounted rates.

Add-on services

Think about giving your members the power to tailor their experience to exactly what they need. You can do this by offering add-on services.

For example, if someone needs more time in a meeting room than their plan includes, they could easily purchase extra hours. Or, if they want a secure spot to keep their belongings, you could offer dedicated storage lockers for a small extra fee.

Even something as simple as offering access to premium coffee for an additional charge can give members more choices and create extra revenue for you. If someone needs a larger monitor for the day or wants the convenience of a personal locker, make those options available at a reasonable price.

Value-based pricing: it's about the ROI

Focus on benefits

When you're describing what your coworking space offers, shift your focus from just listing features to highlighting the actual benefits for your members. Think about how your space helps them reach their goals.

For example, instead of just saying, 'We have a professional meeting room,' try explaining it this way: 'Our modern and fully equipped meeting rooms create the ideal setting for your client presentations, helping you project a polished image and ultimately increasing your chances of landing those important partnerships.

Communicating ROI

It's not just about the cost of a membership; it's about what your members get back. Make sure you're clearly showing them the return on their investment. Highlight the chances they have to connect with others, how the focused environment helps them get more done, and the professional image your space helps them project.

Consider sharing stories from your members who've gained new clients or seen their businesses grow since joining your space. Even something visual, like a simple chart illustrating how productivity can increase in a coworking setting, can really drive home the value you provide.

4. Upselling and cross-selling techniques

Think of upselling and cross-selling as simply helping your members get the most out of your space. It's about tuning into what they need and showing them how you can make their work life even better or solve a problem they might have.

Upselling and cross selling coworking space members

Identifying upselling opportunities: more value, more growth

Upgrading to higher tiers

Instead of just asking if someone wants a better membership, point out the actual perks they'd be getting that could really make a difference for them.

For instance, you could say, 'Hey, I've noticed you're booking meeting rooms quite a bit. Just so you know, upgrading to our 'Premium' tier includes a certain number of free meeting room hours each month, plus you'd have 24/7 access. That could actually save you money on booking fees and give you more flexibility with your schedule.

Promoting add-on services

When you're talking about those extra services you offer, don't just list them off like a menu. Instead, explain how they actually make your members' lives easier.

For example, instead of just saying 'We have storage lockers,' try something like, 'A lot of our members find our dedicated storage lockers really handy for keeping their work stuff organized. It means less clutter on your desk and more time focusing on what matters.'

Or, when talking about printing, you could say, 'Need to make a great impression with client presentations? Our high-quality printing service lets you create professional-looking documents right here, without having to run to another place.

Implementing effective cross-selling: bundling and recommendations

Bundling services:

Think about how you can group together services that often go hand-in-hand and offer them as a package deal. It's a way to give your members more value for their money and make things simpler.

For instance, you could create a 'Productivity Pack' that bundles a dedicated desk with some extra hours in the meeting rooms and a certain amount of printing credits. Or, if you want to foster more connections, a 'Networking Pack' could include a regular membership along with free access to all your networking events and maybe even a discount on workshops.

Recommending relevant events

Pay attention to what your members are working on and what their interests seem to be. Then, when you have a workshop or event coming up that looks like it would be a good fit for them, just give them a friendly heads-up.

For example, you could say, 'Hey, since you're in the marketing field, I thought you might find our upcoming workshop on social media strategy really useful.' Or, 'I know you mentioned you're a freelancer, so I wanted to let you know about our time management workshop—it might be just what you're looking for.'

Utilizing in-app and email:

Take advantage of your coworking app and email system to send more personalized recommendations. Think about grouping your members based on what they do or what they've shown interest in. Then, you can send them specific messages that are more likely to grab their attention.

For instance, you could send a notification through your app just to members who are in tech startups, letting them know about an upcoming networking event focused on their industry. Or, when someone new joins, you could send them a welcome email that highlights a special bundle offer that includes some meeting room credits—something that many new members often find helpful.

Creating a seamless customer journey: from onboarding to support

Smooth onboarding

When someone new joins your space, making their first experience a great one is key. Keep the onboarding process straightforward and make them feel genuinely welcome. Take the time to clearly explain all the perks and services they now have access to. For example, you could give them a simple welcome guide that lists all the resources available and make sure one of your community managers personally introduces themselves and answers any questions they might have.

And if you have a member app or portal, that initial experience becomes even more effortless. As soon as they join the app, they instantly have all the information they need right at their fingertips. They can see and apply to all the perks, products, and services available, often without needing any direct assistance from you or your team. It's a fantastic way to make them feel immediately connected and informed.

Excellent customer service

Ultimately, providing excellent customer service boils down to being there for your members. Be quick to respond when they have questions or run into any issues, and make sure you address their concerns promptly.

For example, having a dedicated community manager who's easily reachable for support can make a huge difference. And if you have an in-app member support system, that makes it even easier for members to get help whenever they need it, right from their phones. Also, keeping members in the loop by proactively communicating about upcoming events or any changes to your services shows you value their experience and keeps them engaged.

5. Leveraging coworking software for revenue management

Running a coworking space is more than just filling desks; it's a real business. The right software should be a valuable tool that makes your life easier, not another source of frustration. Let's take a look at how it can actually help you manage and grow those revenue streams without the headaches.

Utilizing space management tools: automate and organize

Automating billing and invoicing

Let's be honest, chasing invoices is nobody's favorite task. That's where good coworking software really shines. It can take over the whole billing process for you—automatically sending out invoices based on your membership plans, sending friendly reminders when payments are due, and even processing those payments without you having to lift a finger.

Think about it: you set up your recurring billing for those monthly memberships, and the system just handles it. No more manually creating and sending invoices, no more keeping track of who's paid and who hasn't. Many systems, like Spacebring, even offer features like automatically adjusting invoices for upgrades or downgrades and letting members easily see their past and upcoming bills. Some even integrate with accounting software like QuickBooks and Xero, making tax time a whole lot less painful. It's like having your own dedicated (and tireless) billing assistant.

Tracking revenue and generating reports

To really understand how your coworking space is doing, you need to know where your money's coming from. Good coworking software gives you that bird's-eye view with real-time reports. You can see at a glance which membership levels are the most popular, how much revenue your event rentals are bringing in, and how those little add-on services are contributing.

Think about being able to pull up a report that clearly breaks down your income by membership type, the income generated from your event space, and even the revenue from things like printing or virtual assistant services. This kind of insight helps you spot trends – what's working well, what might need a bit of attention—so you can make smart, informed decisions about your business, backed by actual data.

Booking systems for events and meetings

Making it easy for your members to book meeting rooms and event spaces is a huge win for everyone. Good coworking software provides online booking systems that eliminate the headache of double bookings and streamline the whole process.

Think about it: instead of back-and-forth emails or confusing sign-up sheets, members can simply use an app to see what's available and book the space they need. Many platforms offer intuitive calendar interfaces, prevent scheduling conflicts, and even handle payment options like credits or cards. Some systems also allow you to differentiate pricing for members versus external bookings, or integrate with tools like Google Calendar to sync everything seamlessly. This not only makes things more convenient for your members but also gives you a clear overview of room usage for billing and management.

Integrating CRM and marketing automation: connect and engage

Segmenting members for promotions

When you're promoting events or services, avoid sending out the same generic email to everyone. The best coworking software includes CRM (Customer Relationship Management) features that let you group your members based on what they do or what they're interested in. In fact, many platforms integrate with popular email marketing tools like Mailchimp, giving you even more powerful ways to personalize your communications.

Think about it: instead of a blanket email blast, you can send targeted messages. For example, you can send a focused email about an upcoming client acquisition workshop specifically to your freelancer members. Or, you can promote your event space rental options to local startups, highlighting the benefits for product launches or team meetings.

Automating email campaigns

To make your upselling and cross-selling efforts even more efficient, consider setting up automated email campaigns. Many coworking software platforms, or tools you can connect to them like Zapier or even marketing platforms like HubSpot, allow you to create sequences of emails that are sent automatically based on specific triggers.

For example, you could set up an automated email sequence that welcomes new members and gradually introduces them to the add-on services you offer, such as dedicated storage or premium printing. This way, you're consistently promoting these services without having to send individual emails every time someone joins.

Tracking customer engagement

To make sure your coworking space is always improving, it's crucial to understand how your members are interacting with it. Coworking software can help you track their engagement and gather feedback, giving you valuable insights.

For example, many platforms offer community feeds, where you can share surveys or polls. This makes it easy to get feedback on specific events or workshops and see which services are the most popular. And good analytics features can give you an overview of how your community is using the space and its resources, helping you make informed decisions about what to offer and how to improve the overall experience.

Here's a pro tip: Lots of coworking software out there can really help you get a handle on your revenue.

When you're looking at different platforms, keep an eye out for features like:

Automated billing: This makes invoicing and payments a breeze.
Easy room and desk booking: This streamlines space management.
Online plan sign-up: This makes it simple for new members to join.
Shopand event management: This helps you sell products and tickets.

These tools are all about making your operations smoother and ultimately helping you bring in more revenue.

Also, don't forget to check out the reporting tools. They're super important for keeping track of where your money is coming from and how each part of your business is performing.

Generate recurring revenue and offer exceptional customer experience at your shared or coworking space

Learn more

Your quick coworking revenue snapshot tool (free!)

We built a really simple Google Sheet you might find useful. It's not going to do your taxes or anything, but it will give you a quick, clear look at where your money's coming from. Think of it as a basic dashboard for your revenue.

Coworking revenue calculator

Especially if you're not using a coworking management system yet, this free calculator can be a really handy way to get organized and see your numbers clearly.

Basically, it's designed to help you see:

Where your cash is: You can quickly see how much you're pulling in from memberships, events, workshops, and all those other bits and pieces.
Where there's room to grow: By plugging in your numbers, you can play around a bit and see how small tweaks might impact your bottom line.

How to use it (it's really easy)

Grab the tool: Coworking Revenue Calculator. Just click the link, and download it as an Excel file or whatever you prefer.
Fill in your numbers: It's broken down into easy sections—memberships, events, workshops, and so on. Just pop in your current numbers: how many members you have, what you charge, how many events you run, etc.
See the big picture: The sheet will add it all up for you, so you can see your total monthly revenue at a glance.

Grow your space, grow your income

We've explored practical ways to boost your coworking revenue, beyond just monthly memberships. From optimizing event space to smart membership tiers and leveraging software, the core idea is clear: your space holds more potential than you might think. It's about seeing it as a dynamic hub, not just a set of desks.

Diversifying your revenue streams isn't a trend; it's a necessity for sustainable growth. And staying innovative? That's how you stay ahead. Experiment, adapt, and listen to your members. Track your results, learn from them, and keep moving forward.

You're building more than a workspace; you're creating a community and enabling growth. With the right tactics and tools, you can unlock significant revenue potential.

Ready to see how coworking software can streamline your operations and enhance your revenue?

Schedule a Spacebring demo today, and discover how to maximize your space's profitability.

FAQ: Your coworking revenue questions answered

We know you've got questions about maximizing your coworking space's income. Here are some of the most common ones we hear:

Q: What are the best ways to increase revenue in a coworking space?

A: There are many effective strategies! Diversifying your income streams is key. This includes:

Renting out your event space for workshops, meetings, and other gatherings.
Hosting workshops and training sessions that cater to your members' needs.
Forming strategic partnerships with local businesses to offer bundled services.
Providing on-demand services like printing, mail handling, and tech support.
Optimizing your membership tiers and pricing to attract a wider range of members.

Q: How can I price my event space effectively?

A: Don't just use a flat hourly rate. Consider factors like:

Event size and duration.
Equipment and services needed (AV, catering, etc.).
Day of the week and time of day.
Offer tiered packages to cater to different needs and budgets.

Q: What kind of workshops should I offer in my coworking space?

A: Focus on providing value to your members and the local community. Consider:

Skill-based workshops (coding, marketing, design).
Industry-specific training.
Business development workshops (sales, finance, management).
Partner with experts in your area to lead the workshops.

Q: How important are membership tiers and pricing?

A: Very important! They directly impact your revenue and ability to attract members.

Analyze your current tiers regularly to see what's working.
Offer a variety of tiers to cater to different needs (part-time, full-time, etc.).
Clearly communicate the value of each tier to justify the price.

Q: What is value-based pricing?

A: It's a pricing strategy that focuses on the value your members receive, not just the features of your space. Emphasize the benefits of your coworking space, such as increased productivity, networking opportunities, and a professional environment.