Everything Coworking

You love a little extra revenue...flex memberships are hard to sell, so you're happy to have a little more buzz in the space with the day passers...but day passers can be high maintenance, it can be challenging to make sure they have a great experience, and sometimes it feels like they are more work than they're worth.

Day passes create the ultimate flexibility for the commitment-phobic user. So if you offer them at an attractive price, you might get repeat day pass users who never upgrade to a recurring membership, helping you to sleep a little easier at night.

Who does not offer them?

Lucid Private Offices

Gather

Here are a few tips to encourage day passers to upgrade to recurring memberships:

• Raise the price of your day pass. If the daily rate of your lowest recurring membership is not significantly less than your day pass, you won't get your day pass users to upgrade. There's both a monetary cost and a mental cost to committing to a recurring fee. You have to make it attractive enough to overcome that resistance.

• Create a more compelling "fence" between your day pass and a recurring membership. If you don't want to encourage repeat day pass purchases, don't give them the benefits of membership.

• Run periodic promotions to create urgency and scarcity. Humans generally operate on inertia. You have to give them a really compelling reason to change their behavior. Encourage the upgrade by offering new-members-only promotions with a compelling discount on a recurring membership for a short period. You could put a minimum membership commitment on the promo such as 3 months, to avoid having day passers upgrade for one month only.

And if the admin cost of offering day passes is just too high, don't do it.

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

Follow Us on YouTube

What gets focus gets better.

If you want to improve your coworking business, define your KPIs (Key Performance Indicators), track them, pull levers to make them better, and grow your coworking business.

In this episode, I walk through 3 of my 5 favorite KPIs for coworking businesses.

If you missed the first two KPIs, scroll back to episode #351.

Resources Mentioned in this Episode:

• Feasibility study for landlords - evaluate a coworking business or partnership with clarity and confidence with industry-benchmarked coworking financial metrics and a pro forma customized to your market and your project.

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

Follow Us on YouTube

What gets focus gets better.

If you want to improve your coworking business, define your KPIs (Key Performance Indicators), track them, pull levers to make them better, and grow your coworking business.

In this episode, I walk through 2 of my 5 favorite KPIs for coworking businesses.

Resources Mentioned in this Episode:

• Feasibility study for landlords - evaluate a coworking business or partnership with clarity and confidence with industry-benchmarked coworking financial metrics and a pro forma customized to your market and your project.

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

Follow Us on YouTube

Maryann Baldwin opened a 2400 square foot coworking space in Lansing Iowa, population 1,000. This is her third year in business and this year she will turn a profit.

She owns the building and doesn't staff full time.

Her "Whys" in no particular order include: economic development, connecting like-minded people, coaching new business owners, helping the local community keep their minds healthy through lifelong learning, and providing Internet and a great place to work for visitors.

Resources Mentioned in this Episode:

Maryann's LinkedIn profile

The Works website

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

Follow Us on YouTube

Sam Pickering is the head of the sustainability practice at Incendium Consulting which is part of the Instant Group.

Sam shares:

• What their Sustainability Index tracks and how it helps operators make better decisions about their environmental impact and changes they can make to improve their score.

• Incendium's partnership with the International WELL Building Institute (IWBI) to create a simplified/approachable coworking version of the Well Certification.

Resources Mentioned in this Episode:

Sam's LinkedIn profile

Incendium Consulting website

The Instant Group website

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

Follow Us on YouTube

Felicia founded HAYVN to support local women in business and make an impact in the community. Being a B Corp Certified business is an external signal of the values she leads at HAYVN from recruiting practices to vendor selection, to the programming she hosts to drive local economic development.

She and her B-Corp Certification consultant, Kerrie McDevitt, share what it means to be B-Corp certified, why a business might want to become certified, how much time it takes, and what it costs.

Resources Mentioned in this Episode:

Felicia's LinkedIn profile

Hayvn website

Connect with Kerrie at Impact Growth Partners: [email protected]

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

Follow Us on YouTube

Wes Walker, Laura Fisher, and Ashleigh Ramsay share the details on their virtual service revenue - what they offer, how they price, lead sources, how long it takes them to process the mail, the impact it has on their revenue, and more.

Deadline: May 12: Register for the Everything Coworking Club's Quarterly Revenue Challenge: Start or Grow your Virtual Mailbox Service

Get on your email address to learn more about the quarterly revenue challenge.

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

The Everything Coworking Academy

Follow Us on YouTube

Virtual Mailbox demand is growing - see our "Why Mail" video. Virtual Mailbox services can create a significant revenue stream for coworking spaces. This video walks through a simple forecasting model for how virtual mail adds revenue to your coworking business over time.

Resources Mentioned in this Episode:

The video version of this episode on YouTube

Get on your email address to learn more about the challenge.

Deadline: May 12: Register for the Everything Coworking Club's Quarterly Revenue Challenge: Start or Grow your Virtual Mailbox Service

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

The Everything Coworking Academy

Follow Us on YouTube

Is it a head-scratcher to you as to why someone might buy a virtual mailbox at a coworking space?

Or do you get it but you just think it's got to be too much work to make it worth it?

Have you launched a mail program half-heartedly and had lukewarm results?

In this episode, we dive into why people buy mail packages, why you should consider launching a mail program, and how our upcoming challenge will help you start or optimize a money-making mail program.

Resources Mentioned in this Episode:

Get on your email address to learn more about the challenge.

Deadline: May 12!! Register for the May Mail Money Maker Challenge

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

The Everything Coworking Academy

Follow Us on YouTube

Welcome to another episode of the Everything Coworking Podcast! Today, I'm joined by Tracy Beavers, a business visibility and strategy coach who specializes in turning strategies into actionable success. We dive into a crucial topic for any coworking space owner looking to boost their business—email marketing.

Want to join Tracy's FREE, live masterclass coming up next week? https://www.tracybeavers.com/masterclass

What We Discuss:

• The Power of Email Marketing: Tracy explains why email marketing remains a powerful tool for coworking spaces, helping to promote memberships, event spaces, meeting rooms, and special events effectively.

• Building Your Email List: We cover strategies for not just creating but also growing a marketing email list—a vital asset for any business. Tracy shares insights on how to attract the right subscribers who are genuinely interested in what your coworking space offers.

• Consistency is Key: Tracy emphasizes the importance of consistency in emailing, recommending that coworking owners send out communications at least twice a month. We talk about how regular updates can keep your community engaged and informed.

• Content That Converts: Learn what types of emails have been most successful in converting inquiries into memberships and event participants. Tracy provides examples of content that resonates with audiences and drives engagement.

Resources Mentioned in this Episode:

Tracy's Free, live masterclass (week of 4/15 and 4/22)

Everything Coworking Featured Resources:

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Coworking Startup School

Community Manager University

The Everything Coworking Academy

Follow Us on YouTube