Description
Hiring out use of your space (or part of it) to others for events
Major variations
Offering space hire only, or with additional equipment and/or services
Potential impacts
- This model is primarily used to earn revenue to support other activities, although there can be beneficial impact from enabling types of event that would otherwise not take place.
- Hosting events at your space may bring awareness of what your space offers to a wider range of people
Advantages
- This is a relatively easy way to earn additional revenue from a space that you use most of the time. Finding paying customers is usually the most difficult part for space hire
Challenges
- In many places this could be an infrequent or unreliable revenue source. Try to identify customers who might use the space on a regular basis and build relationships with them. Think creatively about what organizations may like to be associated with an innovative brand such as yours.
Business model canvas
Key partners
- Space rental agencies or event management companies
- Local companies providing complementary services e.g. catering
- Entrepreneurs and local businesses who want to share risk and share revenue for events they organise
Key activities
- Advertising
- Managing bookings
- Any additional services e.g. event management
Key resources
- Space
- Furniture, audio-visual equipment etc
Value propositions
- Location and/or characteristics of the space (e.g. classroom for x people)
- Brand association with yours
- Convenience & package of services (e.g. if audio-visual equipment or catering can be booked along with venue)
- Risk-sharing
Customer relationships
- Long term relationships with repeat customers
- Personal service to help them manage the event
- May involve self-service elements e.g. setting up
Channels
- Build relationships with organisations
- Local advertising
- Via partnerships
Customer segments
- Organisations who want to host events or trainings
- Entrepreneurs who want to use the space to generate revenue
- Individuals/families who need a bigger space than their home
Cost structure
- Space
- Setup and/or cleaning
- Time to manage bookings and provide any additional services
- Equipment or materials
Revenue streams
- Charge per hour / day for use of the space
- Charge for additional equipment (chairs, projector, etc) or services (event management, catering)
- Revenue sharing if renting the space out for business purposes – e.g. for someone to run a training course there you could charge according to how many people sign up for the course
Complementary models
Providing access to machines, tools, or other equipment for individuals or businesses to use
Creating shared access to a community and/or other assets (space and equipment)
