Space Hire​

Space Hire​

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

Using your expertise to solve problems or deliver outcomes for others​
Creating shared access to a community and/or other assets (space and equipment)​
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