Renting your office space by the hour

Raw Space Photos

You renovated your office but not fully utlising it

You’ve spent around RM50,000 renovating your office before you start earning a dime. That’s the norm of businesses in Malaysia and even the world. But as time goes by, you realise that the meeting rooms that you built to meet client, and the conference room is not fully used as you only have weekly or even monthly meetings.

There’s no undoing renovation and you keep paying rent for your underutilised office space. What’s worst is that now you’ve paid a year’s rental in advance to get discounts, and 4 months of deposits and your cash is stuck.

Current market situation

Small businesses suffer from increasing rental cost in Kuala Lumpur with a YoY rental increase of 5%-10%. In tough economic situations, over 90% of small businesses do not last over 2 years.

We’ve seen great cafes, coworking spaces, restaurants, bars and art galleries in urban areas move to a more rural side of the city so it can operate at a lower rent. But does it solve the fact that most businesses suffers from high rental cost?

Riding on coworking trend

A few years back, offices came into the trend of coworking. I assume everyone knows coworking spaces now, as a new one pops out every week across Malaysia. And bigger coworking space operators like WeWork, WORQ, Common Ground, Co3 have significant market shares due to strategic location.

A lot of office owners starts promoting their office as a coworking space, but how can you, a small business owner, compete with companies that do this for a living, and why do people care about coworking in your office? Furthermore, its a long term thing, when people starts coming into your office to work and leave, tops at RM10-RM20 per person. And they stick there for the whole day, and of course expecting coffee and snacks.

Wotso KLCC
Coworking space in KLCC area

Rise of space sharing

As more people move into coworking spaces, and working as a self-employed individual or operate a small team. Often times, they need to move around the city to acquire customers and host events on a different side of town. Here’s when spaces come in, it lets professional to own (or rent) space in their property for a few hours on a particular day. Typically rented out by coworking spaces, in the area they’re visiting as there are transparent and affordable rates.

So why can’t they rent your office, which is nearer to their location and more affordable as compared? It is because they don’t know you exist.

It's an event space.. wait what?

As people have an event in a space in coworking spaces, hence the name “event space”. But after 1000+ bookings that happen on Chupspace, we see the use of space a little differently.

If you’re familiar with Airbnb, it is an online platform that allows homeowners to share their empty rooms for travellers to stay. But there’s a certain group where they would rent an Airbnb for social gathering, family reunion, or even filming. So the usage is much wider and bigger as what is intended by the founders.

An art studio rented as a party room on weekdays

Creating an inclusive world.. well, for small businesses

So how can you, as a business owner, combine these two concepts that I’ve just mentioned (Airbnb and event space), to monetise your empty space and idle times in businesses, so that you can offset your rental & operation cost?

Here we compiled a list of possible solutions that you can use to monetise your business space:

Rent for small activities

You can share your space with people who are interested in having small events, meetings or a film shoot.

As you rent the space from the landlord for 24 hours and only using it for 10 hours a day. Don’t think of events like music festivals or dance parties, but more like networking events, social gathering or even small birthday parties.

Offsite meetings

Income: RM1500/month
Cost: Utilities, staffing, equipment

Challenges: People who look for meeting rooms are always very urgent, and having a staff dedicated to handling inquiries that 80% do not turn into a customer is a headache.

Events

Income: RM6000/month
Cost: Utilities, staffing, equipment

Challenges: Additional staff is required for event logistics, people visiting the office time to time and planning ahead of time.

Photo & Video Production

Income: RM8000/month
Cost: Utilities, staffing, equipment

Challenges: Filming sometimes include heavy machineries that may damage your flooring, and moving of furniture around for the best scene

Key takeaway

Marketplaces like Chupspace lets you monetise your underutilised spaces for meetings, events & production. Where you can share your space by the hour, whether it’s 6PM-10PM, only on weekends or anytime you wish. Why take the hassle of doing it yourself while you can leverage?

Chupspace makes it safe and easy to share your space and earn extra income during downtimes of your business.

Chupspace

Chupspace connects professionals to creative spaces, while helping small business owners monetise their underutilised spaces by the hour.

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