It's basically like like an upscale space designed for meetings and discussions. High quality, innovative art would be present throughout the building, and events would be held for local business owners to share thoughts, and upcoming entrepreneurs gather ideas. Those would be the core elements that I think it would have to have, besides this statue made out of money obviously.
How could it make money? Umm... we could charge for events. We can't charge for internet usage, people don't like that. We can charge for coffee, but that can't be the main source of income or it wouldn't be a new idea. Maybe there is a membership fee with certain benefits. Maybe the building is much larger than a coffee shop and we could have tons of rooms that people can use to meet, and that could be part of the membership.
What do you think? Is it a profitable idea?
These were previous comments on this post in my other blog. I wanted to document them here as well.
ReplyDeleteLia Renee said...
I think having a LOT of space like you mentioned would be a great way to make it different from regular coffee shops. You could promote it to current business owners as having space for off site business meetings. Maybe have a large meeting room and a few smaller meeting rooms that people can pay to reserve them and have a good atmosphere, but without noise and "spillover" of ideas and information.
Just a thought!
4:41 PM
Tino said...
It sounds like a pretty nice idea, but you'd have to have a major selling point to have businesses come over that don't already have a large conference room to share ideas. From the entrepreneur perspective, it would be a nice place to come if you didn't have a big office. What you would want to do though is completely cater to their needs when the client(s) were there. One thing I know they like to do (because I'm in meetings quite often) is have food delivered on site so they wouldn't have to leave to go get it. Maybe if you had a small staff to serve food from a small menu with items they can choose from before they get there. So basically once they arrive for a pre-arranged meeting, they would have everything set up from their food and drink, to the technology they need to use at their disposal while theyre there. That way the ideas can come easier to them without them having to worry about all of the petty stuff. In terms of profitability, you wouldn't let anyone bring in any food and drink unless its being delivered, you can charge a monthly membership fee, or for people that come less frequently, charge them on a per use basis or maybe hourly. If they need to rent like projectors, or laptops at all, you can charge for that as well. To make it sound more appealing and make it look like you're not charging a bunch of little fees is to have a larger base monthly membership fee and really explain what they're getting for paying the fee. In order for the business to be profitable because this type of business is considered more of a luxury to some business owners instead of a necessity, it will have to really make them think that they're spending their money wisely. Its a good business idea though! I love entrepreneurism lol.
5:13 PM
Phil said...
I completely agree with you both. Tons of good insight here. I think the big marketing challenge will be that nobody has seen anything like this. It would have to be 10 times better than using a room in a restaurant or hotel room. It would have to really blow other meeting spaces out of the water.
This one is a challenge. On a risk scale, I think I'd put it in the 7-8 range out of 10. The payoff could be good to, but the risk would definitely be high.
7:49 AM