Building Coco Space - #15 - Last Mile

Finishing the Space, Starting a Team, Preparing for the real thing.

Construction

Let's start with the problems. Bcause, actually, there's lots of good stuff I'm excited to finally write about.

My contractor and I ended our love-of-first-sight relationship, which turned into a toxic one. Long story short, he got a bigger project and ditched mine right when I discovered all his faults.

Anyway, I found a new contractor (not easy). He works on fixing the problems, and we keep going. I learned a few good lessons about contracts, people, and construction.

Now, let's get to the good part. Many things were done properly, and the madness starts to look like an actual Coworking Space. The amenities are functioning, and I have friends coming over already to enjoy it while we try new ideas for the cafe's menu.

We got great tables, made just like I imagined. We got the kitchen equipped and working with a menu designed with the help of lovely friends. The community room is finally getting shape and will soon be completed with bean bags and cushions. Then, it's mostly small decorations to add, and we're good.

You deserve also a look into that, so here is some evidence:

Hiring

I finally got out of my comfort zone and started posting! It's a little tricky to know where to post so you get relevant applications, but as usual, I was advised by some rock stars who had done it before.

Nothing is final yet, as I'm still writing the contracts, but I definitely met some impressive good applicants, and I hope this will work out. I don't feel like writing much details about this topic as it involves real people who might read that one day.

Money

It's been a while since I made my revenue plan, and now, especially after calculating the salaries better, I took the time to update it.

The short story: Coworking Spaces won't get you rich. This is not new to me, and I read it a lot while researching, I mainly remember this analysis by Peter Levels.

It's a good thing I never started this as a pure business opportunity (I could just make a rental villa like everyone else) Otherwise, I would be very disappointed.

I have a feeling that People, including myself, when I was traveling, think those foreign businesses in developing countries are probably printing money. It looks this way because labor is much cheaper, materials and supplies are cheap, and you normally serve tourists who pay foreign money, so the margins should be great.

You don't see how hard it is to find skilled labor or the lack of services and resources you take for granted in Western countries (electricity? water? roads?). There's a never-ending bureaucracy that doesn't always make sense, and, on top of that, which I can understand, digital nomads normally try to be as cheap as possible.

I am not worried, though. I don't see how Coco Space won't be profitable. Maybe it's my overconfidence, but with the plan I have for it, including the additional services and products(will tell more when I'm over with these crazy construction months), I am sure this space will do great financially.

What's next?

Last month was one of the busiest I've ever had. But that also means many things were getting done, so I'll take it (But not again, please).

I believe the next post will already be about how it is to onboard the first guests. I'm excited and super ready. The space will also be ready, I hope.

Thanks for reading!
See you on the next one 😄