Creative space as a business idea
Creative space is a promising business idea gaining popularity in many cities worldwide. It is a type of coworking focused on multimedia and innovative design.
Defining the ideal creative space is a challenge because it will differ for each client. We advise starting from the basic idea of a comfortable coworking space. For example, the room should be bright, spacious, equipped with the necessary tools, and meet sanitary and hygienic standards.
We have already written about launching a standard coworking space, you can learn more about all the nuances of starting such a business here. Today, we'll talk about opening a creative space, the financial part of such a startup, and lifehacks for managing and promoting this business.
Coworking is a space that is used for remote work, conferences, and work meetings. A creative space is often the same coworking space but with a focus on the creative component. For example, such areas often have unusual design solutions. They are ideal for work and informal events.
A business plan for creative space is written similarly to standard business planning. The only difference is that we should focus on design of a creative studio to stand out from the competition. Read more in the article below.
Appointment scheduling software is ideal for coworking and creative spaces of various types. The software helps with financial management, team management, planning, and customer service. EasyWeek stands out from the competition due to its free website and other valuable features.
Business plan & investments to start a creative space
A creative space starts with an idea, which over time, grows with experience and planning. As a rule, it is easier to cope with the ideological part than with the actual implementation of the idea. Let's leave the creative component to you and discuss managing the financial aspect and business planning in more detail.
Steps to launch a creative space and financial calculations
Idea and definition of the target audience. Clearly define your concept and target audience (TA). For example, if you plan to open a creative space for women, the renovation, services, and promotion will differ from a similar plan for a creative area for hipsters.
There are no obligatory investments at this stage. You can survey social media and determine what people are interested in. For example, if you promote such a survey online, you may need about $50-100 to pay for the service. This way, you will attract more users, positively impacting the final result.
Search for premises and renovation. Renting or buying premises for the project will significantly affect the level of investment. Buying premises will be much more expensive, but you will be sure that the location is yours and you will not have to move. For example, depending on the city, buying a small creative space with several rooms will cost from $45,000. Rent also varies depending on the location. For example, New York will cost at least $3 500 per month. Rents in other districts will be significantly lower.
The renovation will cost at least $15,000, including cosmetic repairs, equipment upgrades, and the purchase of furniture and appliances. Repair and rent or purchase of premises is the most expensive investment in a startup. The minimum initial investment is $60,000 if you buy the premises or $18,500 if you rent them.
Staff. Qualified employees will significantly simplify the launch of a creative space. To begin with, you will need an administrator, cleaning staff, and an accountant.
The monthly salary for such staff will be at least $10 000. However, you can reduce costs by working with freelancers. For example, it is convenient to hire an accountant on a freelance basis. It is cheaper.
Business management. It is better to think about managing the business processes of a creative space before opening. This will significantly save your budget and nerves.
However, you can reduce costs is ideal for managing creative spaces of various sizes. The choice of a quality provider determines the final profitability of the business. The cost of the software will depend on the functionality and the manufacturer.
Promotion. We recommend starting with an online presentation of your creative space on social media. You can create an Instagram account for free, add creative content and collaborate with bloggers.
Promotion with bloggers will cost at least $150 for a post. It all depends on the price of the influencer.
The final launch of a creative space with several rooms will cost starting from $35 000 + company registration costs.
How to organize a creative space rental
EasyWeek appointment scheduling software will help you organize the rental of creative space easily and efficiently. Let's look at this process step by step:
How to add multiple branches to the system?
When registering, the system will ask you about the branches of your business. This information should be given at the initial stage or can be added and edited later.
How do I add several creative spaces within one branch?
To do this, you need to add a new object. This can be done in the Asset section of the EasyWeek system. So, you can add several objects, i.e. themed rooms (creative spaces) and set up separate schedules for each.
How do I set up a schedule for a branch or an asset?
After you create a branch or an asset, you can set up its work schedule. This can be done in the Schedule section. There are various schemes available for the work schedule of locations and assets, you can add a break or a window between bookings, for example, for cleaning.
How do I add equipment for rent?
For example, if your creative space is equipped with a projector, you can add it as a resource. This way, clients will be able to book a projector online. You can do this in the EasyWeek system in the Resources section.
Learn more in EasyWeek Help center or ask our support team.
What is the target audience of a creative space?
You can launch a creative space for literally any target audience. It depends on the idea of the startup. Coworking and creative spaces are most popular among young people who work freelance or remotely.
Potential clients of creative spaces:
Freelancers who work remotely.
Companies that want to hold a creative event.
Writers, bloggers, and people in creative professions.
Case study 1. Creative space for women
So, your audience will be female. Most likely, they will be young women aged 23 to 50.
Case study 2. Creative space for hipsters
The target audience of this project will be young people aged 18 to 35. Gender does not play a role in this case.
Creative space management & CRM
Managing a coworking space is relatively easy if you have connected innovative software. Let's look at how a good CRM should work in the example of EasyWeek.
EasyWeek software offers:
Online appointments. The system provides businesses with an online booking feature via a custom widget 24/7.
A free website. EasyWeek creates a website for a creative space for free and automatically upon registration.
Loyalty program. The service supports the creation of a loyalty program for coworking clients. For example, you can set up notifications, share QR codes, etc.
4K+ integrations. EasyWeek integrates with all popular services, including Meta and Google products.
Flexible plans. The system provides various tariff plans depending on your business size and needs: branches, the number of rooms in your creative coworking space, or particular software features.
Launching a coworking space is a responsible business that scheduling software can facilitate. Therefore, it is essential to choose this software wisely because the market offers thousands of options. The EasyWeek system stands out among competitors due to its advanced functionality and flexible pricing. You can try EasyWeek here. It is free and takes little time, money, or effort.