Booking (Meeting Room Booking)

Booking (Meeting Room Booking) refers to a reservation for a meeting space done by a member or external customer of the coworking space.

Meeting room bookings usually last between 30 minutes and a full day. Members can generally book meeting rooms for free, and external customers (sometimes called Drop-ins) pay. Often, coworking spaces utilize a credit system to manage the member allowance.

How to get more meeting room bookings?

Maximizing Meeting room utilization is one of the most important goals of every coworking and flex space operator. Meeting room bookings revenue is an essential part of the On-demand Revenue. On-demand (Bookings) Revenue yields a very high Gross Margin, which should be a critical component of your Total Revenue. Increasing your Bookings Revenue will also increase your Margins.

Following is the list of meeting space bookings’ sources:

• Active members – your community should be your most important source of bookings. 50% internal bookings is a healthy utilization for your meeting spaces.
• Drop-ins – your network of irregular but known users is usually the second most important source of bookings. A healthy 10% of your meeting space usage should come from your irregular customers.
• External users – it would be best to aim to attract as many new meeting space users as possible through marketplaces, aggregators, and other booking platforms. Another 10% or more should come from new users.

You should try to find a healthy balance in your utilization to leave some space for your members to book spaces when needed.

From our experience, a healthy meeting space utilization is about 70%.

The key to maximizing your meeting room bookings is relying on a robust booking system built for coworking and flex spaces, such as OfficeRnD Flex. Our platform will help you maximize and optimize your bookings and make it easy for members, drop-ins, and external users to book a room from any device whenever needed.