Coworker Ashok Amaran recounts his tale of how he found a coworking community and what it has meant to him.

One of he pillars of coworking is Openness.  Many space catalysts are often worried about business plans, finances, and expenses, and rightly so.  Now, I’m not an accountant, but I can put together a spreadsheet.  So in the spirit of openness, behold, I give you the Cincy Coworks P&L, year-to-date.  Now, every situation is different, but hopefully this can help someone with their planning.

A little background: we were lucky enough to find a move-in ready retail space and negotiated a reasonable rent.  So we had no build-out.  Our primary start-up expense was furnishing the space and the kitchen.

In the lower right-hand corner in the green cell, you can see our current bank balance.  Clearly, we will not be retiring on Cincy Coworks anytime soon.  But the good news is that we opened in the black, and have stayed in the black through 4 months, so we must be doing something right.

Our top expense is of course rent, followed by furniture, internet, and supplies.  Important note: supplies on the P&L mostly refer to one-time purchases like the wi-fi router, power strips, and hardware.  Consumables like paper towels, trash bags, and keeping the fridge stocked has been a 100% community effort by our members.

Other patterns: our revenue varied widely due to a surprising amount of turnover in the first few months.  Our expenses varied because every time a new member joined in the beginning, we bought a desk.  Our expenses also varied because, though I am a smart guy, I am not smart enough to figure out when our internet bill is due (thanks for nothing, Cincinnati Bell).

We would like to start a nest egg.  If you are in the Cincinnati area, interested in joining?

Author Craig Baute

If you have been deterred from joining a local coworking facility because of their membership fees; don’t be because it will payback multiple times. Coworking and other shared workspaces provides a vibe of energy and community that motivates people to keep moving forward with their business and have the confidence to make bolder decisions. When people are surrounded by a diverse set of talents that are in a similar situation, being a freelancer or small company operator, the freedom to open up and share ideas is likely to occur and benefit all members.

Sharing Knowledge

This open sharing leads to thought-provoking conversations that will help form your business and product. The graphic designer a few seats down might suggest some new colors for your logo, and the marketing consultants across the table might be able to offer you a more focused strategy, while the SEO expert sitting next to you teaches you a bit more about keywords. All of these conversations won’t happen when sitting at home or the coffee house, but they will happen while coworking.

5-Minute Guidance

This access to free and open exchange of ideas is the competitive advantage that your rivals don’t have. An individual or small business has many questions about several small aspects of business, and the answers don’t require a three-hour sit down with an expensive consultant. Most individuals just need a professional to answer a question or point them in the right direction, something that normally takes 5 minutes or less. Coworking provides the community and connections to make these 5 minute conversations happen so people can operate their business with the resources of a company three times their size. It’s also important to note that coworking relationships go both ways and your opinion will be asked.

Coworking is an opportunity to share your knowledge and to learn from others. It’s more than a shared workspace and is a community of professionals and friends. The expenses of coworking should not be seen as a burden or unnecessary expense because of the benefits of the community. The knowledge and interesting people that will help support your business, the energetic atmosphere, and the new physical space is a competitive advantage that is hard to match.

Keep Coworking!