Inside The Numbers: Cincy Coworks P&L

Posted under , , , , , , on October 29th, 2010 by gerard Leave a comment, or trackback from your own site.

One of he pillars of coworking is Openness.  People are always asking me our revenue and our expenses and – are we breaking even?  Now, I’m not an accountant, but I can put together a spreadsheet.  So in the spirit of openness, behold, I give you the Cincy Coworks P&L, year-to-date.

Balance graph Background: we were lucky enough to find a move-in ready retail space and negotiated a reasonable rent.  So we had no build-out.  Our primary start-up expense was furnishing the space and kitchen.  The report goes back 6 months, though we’ve only been open for 4 – we had some early commitments before openings. 

In the lower right-hand corner in the green cell, you can see our current bank balance.  Clearly, Bill and I will not be retiring on Cincy Coworks anytime soon.  But the good news is that we opened in the black, and have stayed in the black, so we must be doing something right.

Our top expense is of course rent, followed by furniture, internet, and supplies.  Important note: supplies on the P&L mostly refer to one-time purchases like the wi-fi router, power strips, and hardware.  Consumables like paper towels, trash bags, and keeping the fridge stocked has been a 100% community effort by our members.

I had hoped to see other interesting patterns, but could not find any.  Our revenue varied widely due to a surprising amount of turnover in the first few months.  Our expenses varied because every time a new member joined in the beginning, we bought a desk.  Our expenses also varied because, though I am a smart guy, I am not smart enough to figure out when our internet bill is due (thanks for nothing, Cincinnati Bell).

We would like to start a nest egg.  Interested in joining?

Posted under , , , , , , on October 29th, 2010 by gerard Leave a comment, or trackback from your own site.

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