Being Space....what do you think?

[leggomygreggo]

I was just checking out springwise.com and i came upon this idea of being spaces. Basically its a commercial living-room-like settings, where catering and entertainment aren't the main attraction, but are there to facilitate small office/living room activities like watching a movie, reading a book, meeting friends and colleagues, or doing your admin.(got that from the site)

I really think this idea is intriguing and wanted to get everyone's opinion on this. This could be profitable because at least where i am, there is nothing like that except for starbucks. Would love to hear your guys' responses.

-Greg

[davisondraft]

Sounds like a cool idea, I think the challenge will be how to monetize this to make it profitable. Firstly, you're probably talking about something that would need to exist in a cityscape of some sort - i doubt people would drive to this, more of a "walk from the office and chill out" type of thing. Because of that, you're probably talking about some big bucks for real estate and overhead.

You could charge per hour for use of the space, but I'm curious how many people would shell out the bucks necessary for you to break even.

You could sell advertising space on the walls, which might be an appealing angle. It would allow folks to use the space at will, with the ads generating the revenue. You'd have to carefully consider how much space would be too much, so as not to turn off the customer.

Sounds like a cool idea, I'd be interested to hear more about how you plan on monetizing it.

[leggomygreggo]

At first i was wondering how these people were actually monetizing on this but some of the businesses that are doing this are charging either a monthly or annual fee and then for special things like an executive office or boardroom they charge by the hour. I think selling advertising space on the walls would also be a good way to get some money.
I was also planning to maybe monetizing on the food and beverages i would selling there for the busy business people that need to stay awake and energized

I think that for this kind of project, location is EVERYTHING!!! What would be some good places to put one of these at?

[deep_impression777]

Not only advertising space but apother way to monetize this is to use some of the space as a new form of gallery for painters and artists looking to show and sell their work. One plus side is that the pieces decorate the rooms for aesthetic effect and the other is that they can be seen as pieces for sale.

Offering new and old services like karaoke or videoke, some bare rooms but audio muffled rooms for band practice or maybe even a small theatre.

[davisondraft]

I like your idea with the art, that'd certainly be much less intrusive than advertisement. You could even run it as a consignment deal, wherein you get a portion of profits from the sale of piece of the art.

As far as location goes, I definitely think this is something that will have to be placed in a busy urban area. What is your target market? It seems to me that this appeals to young/middle-aged professionals and the like who need a break during the workday. It might also appeal to college students, although, you're going to have to pry them away from Starbucks

Keep working on it! It sounds like a really cool concept. I know that if there was one of these near me, I'd drop by on occasion, just to relax and refresh my mind during the day. Renting rooms to groups might be another way to monetize.

[leggomygreggo]

I think that i want to keep my target market to middle-aged professionals and not go with the band stuff=/
I think the art idea is a very good idea but how would that work? Would i make a commission off of the art that is sold or would i charge for them to put it there?

[leggomygreggo]

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[BusinessAdviser]

The biggest mistake that more technical thinkers make is to think of running a business in terms of maximizing streams of revenue. Where I come in, as the business guy, is to reconsider that approach. Look, I see ideas for art, advertising wall space, etc. as ways to make money. It's good brainstorming, but it's a disaster waiting to happen.

If you want to make a successful business, there is ONE key concern around which everything else should evolve: your CUSTOMER.

To start, understand what you want to provide: an establishment away from the office but where business can be conducted in a relaxing atmosphere. Focus first on how to provide this. Think about relaxing (maybe Feng Shui, something clean, modern, but clearly not an office atmosphere). Several different "living room setups," but also include a few separated rooms for more private business. No matter what, it must all be clean, modern, expensive (or at least expensive looking).

Now, what else might businesspeople want while conducting such business, often over lunch or after work? A drink, maybe something to munch on. You don't need a full-service kitchen, but you do need a full-service bar and at least a few finger foods or apps to munch on. There's your first revenue stream, a very lucrative revenue stream.

You'll keep the bar away from the meeting areas, maybe in a separate room, as you could quickly grow this into its own little club. And by club, I don't mean glow sticks and shots, I mean that your second revenue stream is charging a membership fee. Individuals have one price, and corporations are charged a higher price, but where all members can use it.

Keep the amateur art and ads off the walls, and cater to creating an environment that people will pay just to be in. You'll have no problem finding revenue.

Again, the lesson here is that if you can give the customer something that he or she wants, you don't have to worry about anything. This is a lesson for all the technical types out there. Consider using a consultant, like myself, or taking on a partner to help, but you must start to think from your customer's point of view. In the right area, I think you've got something. Got it?

[consumertreehouse]

I think this idea could work, maybe not in all cities, but the larger ones for sure. I could see something like this taking off in San Francisco or Seattle. I am nor sure how the money issue would work and how your acutally make money, except for the fees that you talked about above or if people sold art and you got a commission.

I am sure that you would be able to sell food, snacks, etc...but depending on where you live this can be expensive because you need to aquire the permits, etc....

I am intrigued by this as well, I think this idea has potential, but a good plan needs to be set in place before you do anything with it and you need to figure out a way to generate income. You may lose money for the first couple months, until people catch on. You could have certain days/night revolve around certain things too, like open mic night, music, etc....

Good Luck with this idea and let us know what you decide to do.

[leggomygreggo]

The biggest mistake that more technical thinkers make is to think of running a business in terms of maximizing streams of revenue. Where I come in, as the business guy, is to reconsider that approach. Look, I see ideas for art, advertising wall space, etc. as ways to make money. It's good brainstorming, but it's a disaster waiting to happen.

If you want to make a successful business, there is ONE key concern around which everything else should evolve: your CUSTOMER.

To start, understand what you want to provide: an establishment away from the office but where business can be conducted in a relaxing atmosphere. Focus first on how to provide this. Think about relaxing (maybe Feng Shui, something clean, modern, but clearly not an office atmosphere). Several different "living room setups," but also include a few separated rooms for more private business. No matter what, it must all be clean, modern, expensive (or at least expensive looking).

Now, what else might businesspeople want while conducting such business, often over lunch or after work? A drink, maybe something to munch on. You don't need a full-service kitchen, but you do need a full-service bar and at least a few finger foods or apps to munch on. There's your first revenue stream, a very lucrative revenue stream.

You'll keep the bar away from the meeting areas, maybe in a separate room, as you could quickly grow this into its own little club. And by club, I don't mean glow sticks and shots, I mean that your second revenue stream is charging a membership fee. Individuals have one price, and corporations are charged a higher price, but where all members can use it.

Keep the amateur art and ads off the walls, and cater to creating an environment that people will pay just to be in. You'll have no problem finding revenue.

Again, the lesson here is that if you can give the customer something that he or she wants, you don't have to worry about anything. This is a lesson for all the technical types out there. Consider using a consultant, like myself, or taking on a partner to help, but you must start to think from your customer's point of view. In the right area, I think you've got something. Got it?

Wow, thank you so much. I realize that I really have to think about making the customer fell comfortable there. Thank you so much for your help.

[MikeAnd]

Interesting idea. I think that this would be a great way for people to relax and network.

If you decide to think about serving multiple groups of people, I'd consider opening one for each group so as not to create an overly high noise-to-signal ratio for those who are there to network and get to know others.

[leggomygreggo]

Yeah. Right now I am thinking about just targeting the young/middle-aged mobile workers and basically stick to that. If I am going to expand into a different market i will probably open up a different store as to accommodate them.