On Thursday, Minor Oak Coworking’s rates finally went live: they’re under the “About” tab above. To the people who have already made inquires about workshop space, events, mail boxes and memberships, I apologise for giving vague estimates and saying I wasn’t sure yet; I’ve been especially wishy-washy about non-member services.
The fact is, I needed to prioritise members’ needs while at the same time making Minor Oak available to other Sneinton Market tenants, Creative Quarter organisations, and Nottingham users in general.
I hope I’ve struck a good balance. I think the prices are reasonable, especially when you consider the resources that are going to be available to members: a meeting room, refreshments, small private rooms for phone calls and concentrated work, free out-of-hours time in the events and workshop space and half-price day passes for guests.
Memberships are based on business hours per month, and members who become key holders can work as many hours as they want outside of 9:00 to 5:00, even people with a one day per week membership.
Day passes will be £15 per day and memberships will start at £60 per month for 40 hours a month. What’s the advantage of getting the one-day-a-week membership rather than using day passes?
- With a membership, you can establish a routine, and that will help you stay focused and work consistantly.
- Members use the meeting room for free. Day pass holders pay £10/hour.
- Members can use the workshop/events space for free occasionally. Higher level memberships mean more free hours.
- Members’ guests get 1/2 off their day passes.
- Members can work any time they have access to the space: 24-7 with key holder status. Day pass holders can only work between 8:00am and 6:00pm.
- The 120 hour a month and unlimited memberships come with a free locker with a mail-slot, big enough to hold a laptop and a few books, binders, files, etc.
The second membership level is 80 hours a month, or approximately two days a week at £100/month, the third is 120 hours a month at £135 and unlimited membership is £175 a month.
The Average Cost of UK Coworking
A recent study looked at the average cost of coworking in the UK: it’s highest in London, at £357 per month, and Sheffield is the most affordable at £205. The study did not give an average for Nottingham.
Having worked out the costs associated with running a coworking space, I can see why those averages are what they are, but I’ve done everything I can to keep costs down. Minor Oak’s £175 per month unlimited membership is less the average cost of coworking in other small to medium-sized UK cities.
Keeping the Cost of Nottingham Coworking Reasonable
Why is Minor Oak so affordable compared to other, similar coworking spaces? Two major reasons: our Sneinton Market unit is bare bones and not too expensive, and Minor Oak is 100% hot-desking space. The fact that nobody will have a permanent desk means there’s no need for desks to sit empty when members are absent.
The decision to hot-desk Minor Oak wasn’t based solely on cost. Many of the business benefits of coworking depend on interacting with a variety of people — on what I think of as dynamic community. In a dynamic community, some people are regulars, some visit for a while and some come and go; there are always new connections to be made and new opportunities to discover.
The Sneinton market space that Minor Oak occupies is too beautiful and inspiring to be 75% empty. Keeping the cost of coworking affordable means giving more people the opportunity to enjoy the benefits. Give Minor Oak Coworking a try in September! All Nottingham-area residents will get a free day pass the first time they visit.