COVID-19 tested owner Melanie Banayat’s tenacity and creativity.
WingSpace offers offices, dedicated desks, flex desks and meeting rooms by the day, week or month.
“After what we all experienced last year, I stand as a firm believer in the value of community and being connected, whether that means being part of a team, a club, a church or a coworking space,” Banayat said. “Being a member in a coworking community is a full-tilt-boogie, audience participation, count-me-in-style workplace.”
In-person networking opportunities and small-scale public events have now been revived. Typical are monthly Lunch and Learn classes on premises and the popular online Mastermind Groups to help achieve business goals.
“It’s far more than just working under the same roof,” she explained. “Even though it’s a melting pot of different types of businesses and remote workers, we get to know one another. We begin to learn about and appreciate one another’s work. We teach one another. We are willing to offer insight and participate in brainstorming sessions for each other, and collaborate on projects together, and as a result, networking and referrals happen with ease. We become friends who joke around. We have lunch dates and hang out together outside of work. We cheer with you when you have a successful achievement and offer our support and encouragement when things get rough.”
Employing her own capital rather than utilizing investors or loans, Banayat stated that “bootstrapping WingSpace was one of the smartest ways to get this business off the ground. I can personally testify that starting small is a great way to get a business up and running, although this strategy is definitely not for the faint of heart. It’s stressful babying every single penny so carefully and considering what will be the next best piece of equipment or service to invest in that will help the business grow.”
Judgements such as upgrading to sit-to-stand desks versus buying iPads for meeting rooms were tough calls. She made such decisions with the prospect of “having a large loan looming over your head. At least with bootstrapping, the onus is on me if something doesn’t work out. Maybe that makes some people cringe, but I’ve made mistakes in business in the past and I know it’s not the end of the world.”
Losing 20 members at the pandemic’s onset “felt like a punch to the gut” each time Banayat opened her email. She celebrated her second anniversary wondering if she would be closing her doors for good. However, her resiliency triumphed.
The business building blocks she had created during the preceding months served her well. She had paid close attention to predictions of an upcoming recession and consulted with a business mentor to address potential impacts.
“I wanted to make sure that there was a low barrier to entry for anyone who might become unemployed and need an inspiring place to take their side-gig full time,” she explained. “I adjusted my lowest membership price point to basically match the cost of a daily cup of coffee. And to make it even better, we provided complimentary, premium, locally roasted coffee for our members. This resulted in a growing number of flex desk members right away.”
Banayat had decided by the end of her first year to lease an additional 1,500 square feet for five more offices and nine dedicated desks. She says the expansion was a blessing when the lockdown spiked demand.
”Just like every other business owner that was hit hard worldwide, I was scrambling to figure out how to pivot, and how to negotiate with my landlord and service providers, and fill out paperwork for business loans, all while still operating my business, communicating with my remaining members, and doing my best to keep my cool,” she explained.
By August 2020, all of her offices and dedicated desks filled up. New members included relocated residents seeking temporary offices, corporate employees escaping the distractions and isolation of home offices and working parents seeking respite.
“Strangely enough, some good things have come out of the chaos of 2020,” Banayat said. “Being able to live and work in a geographic location that could improve the quality of life for millions just may be the silver lining that so many have desired. Companies are more readily providing home office stipends as a fringe benefit. Coworking spaces that used to attract mostly entrepreneurs, small businesses and freelancers are now seeing a swath of remote employees.”
Next up is the exploration of potential e-commerce co-warehousing. A survey on the WingSpace website will help define that possible venture.
To celebrate its third anniversary, WingSpace will host the “Feminine Pen – Festival of Women Authors,” 10 a.m. to 2 p.m., Saturday, May 22. For details, visit wingspace.biz. QCBN
By Sue Marceau, QCBN
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