Why Co-working Operators Should Monetize Retail Meeting Rooms

In 2017 self-reported figures from co-working operators estimated that only 40% of co-working spaces are actually profitable. Granted, co-working is still a relatively new industry, but 40% is still far from ideal.

Back in 2016, during his presentation at the Global Coworking Unconference Conference (GCUC), Jerome Chang--founder of BLANSKAPCES--said that meeting rooms are a co-working space’s most valuable asset. Unfortunately, they are also the most underutilized.

Co-working operators aren’t realizing the full potential that meeting rooms hold. More often than not, operators tend to only let members use the meeting space. Even is a space is running at 100% capacity, it’s very unlikely that meeting rooms are used frequently enough by members.

There exists a big opportunity for co-working spaces to increase their revenue simply by changing the meeting room strategy and policy. Instead of only allowing members to use them, operators should strongly consider making their meeting rooms available for non-members as well.  

Doing so will create an added source of revenue for the space, at little to no additional cost. Additionally, allowing non-members to use meeting room space means that new people will walk through your door; you will have increased traffic that, if followed-up with correctly, can translate into an increased number of potential members.

There are various ways operators can go about monetizing their meeting rooms--they can do local marketing, they can advertise online, or they can rely on word-of-mouth. But there is an easier, more efficient way of doing this: using online meeting room platforms. These platforms already exist and they accept various forms of payment. They are also a one-stop shop for individuals.

People today like to be able to book their meeting rooms or event space online. These platforms allow for individuals to customize and personalize their search, see images, compare prices, and pay immediately with credit cards or other methods.

For co-working operators, the decision should be a no-brainer. Monetizing meeting room space means an new revenue stream, an opportunity to increase brand awareness and recognition, and an opportunity to turn one-time users into part-time of full-time members. And more importantly, it gives operators the opportunity to run a profitable business.

About Cecilia Amador

Cecilia Amador is a writer and content strategist based in Guatemala City. She's been writing about coworking, virtual offices, and business centers since 2015 and she is currently getting a Masters Degree in Innovation from The Pontifical Catholic University of Chile.