Just wanted to add that when you are looking to close a shortfall, you may also want to look at increasing revenue by changing your pricing structure (vs. pricing). We have a WeWork coming in nearby, so in December (3.5 year after opening) we let our members know that we would be switching to a recurring monthly membership model. Previously we had let folks buy day passes in packs of 5 or 10 with out a monthly commitment - everyone loved the flexibility, but it made income projections impossible, since we had no idea when our day pass users would buy additional passes.
Now we have everyone on a recurring monthly membership for 1, 5, or 10 passes. Its not quite as flexible as before, but we have lost maybe 2 members? As soon as we explained that we needed more of a commitment to ensure our long term success, everyone who valued our space made the switch. And I think it has really helped with community building and retention as well - now even if you are not a full time member of our space, you are committed (financially anyway) to come in and use our space for a certain number of days per month. We made this switch on the advice of our virtual CFO, who really helped us figure out a long term plan for success. If you are struggling with income / expense issues, I totally recommend finding an expert - business coach, finance person, etc who can bring fresh eyes to your coworking space. Some of their suggestions might seem counter intuitive but ultimately they might be changes you need to make in order to thrive. HTH -Felicity On Saturday, May 26, 2018 at 10:07:57 AM UTC-5, pa...@soarco-working.com wrote: > > I am looking for advice from Operators who have experienced a couple of > years open. I'm approaching my first anniversary (yipee!!!), and am trying > to come up with a good price increase strategy. > > -- You received this message because you are subscribed to the Google Groups "Coworking" group. To unsubscribe from this group and stop receiving emails from it, send an email to coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
