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.
Coworking Rates
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.