Have you ever thought of owning a business on the side but don’t have the time to fully commit to it? Do you want to manage a business easily from your phone and not have to worry about hiring a big team? Then maybe renting out meeting rooms might be a suitable option for you.
So what exactly is a meeting room business? Basically, it’s simply providing a space for rent for freelancers, start-ups or businesses that don’t have a space to meet their requirements. You can take an empty space for rent, fix it up a little and then rent it out at a premium to individuals or businesses.
Recently, the growth of start-ups and online-based businesses has increased and these companies have been relying on home-based employees due to the pandemic. Occasionally they meet in person if required, but with that being said, as a business, providing a space for you and your employees to meet in person can be beneficial.
So how do we get started? Well, first of all, location is key. Finding the right place to set up your shared space business is essential for success. Look for commercial spaces that are easily accessible within the city, ideally with lots of natural light and with minimal renovation needed. This allows people to want to meet at your space to relax and be creative. Or maybe you already have a location but don’t know what to do about the extra space? With proper planning and marketing, even the smallest spaces can attract regular clients.
Next would be setting up an efficient meeting room booking system to help you manage and track bookings. With technology constantly evolving and everyone connected via their laptops, tablets and smartphones, keeping track of your bookings would be as easy as checking your phone’s calendar. There are a lot of free booking apps that could help you jumpstart your business.
Creating awareness and finding the right target market would be the next step. Social media is the answer! Create a social media page for your new business and market it like there’s no tomorrow. People need to know what you can offer them and most of them look for what they need on social media platforms such as Facebook or Instagram. Or Tinder, but that’s an entirely different business if you know what I mean. And speaking of maintenance, you can either hire someone part-time for maintenance to keep the costs low or you manage it yourself to get all the profit.
Once you’ve set this up, expect bookings to fly in! However, honestly, there is no guarantee of success as with any other business idea – there are so many factors to consider and that is why we can’t stress enough the importance of planning and research before diving in.