Lotsa good advice in here! A few notes from an old head:
*If you're considering raising your rates, do it.* Don't wait for someone else to give you permission, or for the time to be "right." *We give everyone a generous window of being grandfathered in the old rates. *3 months is good. 6 months is generous. We give them the option to *keep *their existing rates beyond the grandfather window by pre-paying their membership. This helps with our cashflow, and gives them an incentive of keeping the olde rate. It's also VERY important to communicate how the increase is going to benefit them! In your case, since this is closing a financial shortfall, don't be shy about letting people know that this will ensure that you can keep the lights on and start to have resources to reinvest, allowing you to say "yes" to more things that will improve the experience for them. We've never had private offices - but the advice I've given many others has been to adjust them appropriately as well along with everyone else to keep things equitable. Unless your contracts specify differently I can't come up with a reason that a private office would be treated differently. -Alex On Wed, May 30, 2018 at 10:33 AM <pa...@soarco-working.com> wrote: > Thank you so much for taking the time to respond! I appreciate your input. > > > > Best Regards, > > Paula Blair > > [image: SOAR Orange 160x66] > > 17401 Commerce Park Blvd., Suite 103 > > Tampa, FL 33647 > > 813-498-1932 > > SOARco-working.com <https://www.soarco-working.com/> > > > > *From:* coworking@googlegroups.com <coworking@googlegroups.com> *On > Behalf Of *Felicity Maxwell > *Sent:* Wednesday, May 30, 2018 10:03 AM > *To:* Coworking <coworking@googlegroups.com> > *Subject:* [Coworking] Re: Price Increases - Notice Given? Grandfather > Members? Other advice? > > > > 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 a topic in the > Google Groups "Coworking" group. > To unsubscribe from this topic, visit > https://groups.google.com/d/topic/coworking/4HZeFFLoRMo/unsubscribe. > To unsubscribe from this group and all its topics, send an email to > coworking+unsubscr...@googlegroups.com. > For more options, visit https://groups.google.com/d/optout. > > -- > 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. > -- 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.
