Ladies and gentlemen, for the public to enjoy: the numbers behind co.up.
Our coworking space was founded in August 2008 when our small software company upstream moved into their own offices. We only had 60sqm of space, leaving room for about 7 coworkers and us. In November 2009 we moved into our new 180sqm office and put the coworking under its own brand: co.up.
In January 2010 we launched Cobot, our coworking space management software, which is also the time we (that is, Cobot) started recording any numbers, so here we go:
Our space has room for about 20 people max, but we can sign up more because nobody is there all the time (see “Attendance” below). Since January we have grown from 8 to 23 coworkers (Not counting the people with day passes and “upstreamers” - people working for upstream and not paying any rent).
We are getting maybe 2 or 3 people per week dropping in to try out co.up. 1 to 2 of these sign up every month. Churns are very low, mostly because people move to other cities.
In the beginning, most coworkers were on a “full time” plan, but now the “part timers” are the majority.
As you can see our revenue is steadily increasing. We have 3 plans:
- full time: 120 EUR/month, you can work 10am to 8pm 5 days a week,
- part time: 60 EUR/month, up to 11 days per month,
- day passes: 10 EUR per day
We don’t offer any discounts on buying batches of day passes - the steady income of subscription based plans is better for our space, especially in the summer when it can get quite empty, but people continue to pay their monthly rent.
As a result we are making most of our money from these subscriptions and hardly anything from day passes.
Even though most people are on the “part time” plan, the majority of revenue still comes from the “full time” coworkers.
We only got our new router in May, which allows us to automatically record the attendance of our space using Cobot once again.
This chart shows the attendance from the beginning of May to September:
Interestingly, even though our no. of coworkers more than doubled, the attendance stayed more or less the same. One reason for this might be the summer, where the space generally seems to be less frequented.
Here’s a chart from August:
As you can see weekends are mostly empty, Monday is also not the preferred day of work.
We have a few fixed positions, the largest being the rent for the space.
Currently we are making almost 2000 EUR per month from our coworkers and we have fixed costs of 2500 EUR. We can fit in a few more coworkers to get closer to the 2500, but to turn our space into a profitable business (to the accountants anyway) we’d have to increase prices and offer/charge for additional services.
You have to take into account though that our software company with between 4 and 6 people is also sitting in this space, not paying any rent.
Overall we are quite happy how things are going. We have a huge office, surrounded by amazing people, enough space for many kinds of events, and we as a company are only paying 500 EUR of rent. Most of the administrative work is taken over by our Cobot software, so the space is not a huge burden for us to handle.
I hope other spaces will join in and publish their numbers, too. I would be very interested.