Archive for March, 2007
Sorry for the short notice, but this bridge, which is right beside our building, is coming down this weekend, so although we can get into our building with special passes, visitors can’t just drop by.
I’m at least hoping for some cool explosives or something.
We have received many questions on what it costs to run our coworking space and, although our situation isn’t ideal for everyone (we eat much of the cost of running the space), we have been pretty good about spending the minimum on things like furniture (Ikea) and equipment (eBay, sales + donations). We add some ‘touches’ that are pricey to the space that we think makes it special (like a space/event coordinator + fresh flowers weekly) and spend money on cleaners, etc. because we found people are too busy to pitch in consistently. These are sort of ‘luxury’ costs that aren’t necessary.
So, here are our costs (some of them averaged or estimated):
- The base rent = $1500
- The utilities (electric) = $150 (avg.)
- The internet (speakeasy.net) = $140
- Cleaning service (2x/month) = $160
- Water = $25
- Nice flowers for the entry way (fresh every week) = $160
- Original space investment = $10,000 (furniture, equipment, paint, labour)
- We’ve now hired Tara 2.0 to help manage the space and events = $1500
Thus, monthly expenses work out to roughly $4,135/month (with furniture costs…and estimated replacement, upgrades, etc. estimated at $500/month). With 5 tenants, we collect $1750 (not including our ‘portion’), so we ‘eat’ about$2,385/month. We currently don’t charge for events unless they are charging (but we may start asking for a deposit based on some not-so-cool recent damage). We don’t want to rent out any more desks in the current space…if we expand to next door (here’s hoping), we willThat being said, we are always planning improvements to the space, we just want to be smart about them.
Our priorities for the next big spend are:
- New windows in the back – for both sound & climate barrier (I think these will be costly…around $2,500)
- Better projector screen (around $200)
- Better phones for the front door (around $150)
Our amenities in the space include such things as:
- Internet connection
- Coffee/water/tea …usually snacks
- A mini fridge for lunches + microwave and toaster oven for warming them up
- A central stereo system, which individuals can control through airtunes
- A fax machine/scanner/printer (two of them, actually)
- A really nice space in an awesome location
- A boardroom for private conversations (with a chandelier)
- A library of business and tech books for borrowing
- A lounge for customers to wait for you in
- Really cool ongoing community events to tap into for networking
- Whiteboards galore (even a rolling one for the active presenters)
- A projector + screen
- Desks (you can use our chairs, but they aren’t fancy, so we recommend you bring your own if you are a regular tenant)
We are also working on doing things like paying into carbon offsets and green certifying the space (Ivan talks about how we are doing this over here)
I think that’s it…If you have any questions…drop us a line!