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.

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)​

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
Print Friendly, PDF & Email