How can the hotel industry maximise revenue through co-working culture?

Before we dive in, let’s begin by answering the most obvious question you might have:

What is a co-working culture?

Co-working refers to the act of working in the vicinity of individuals who might work for different companies, have different job profiles, or even be freelancers.

It’s 2022 and a lot has changed over the last two years. The definition of the conventional workplace has changed drastically over the past couple years. Yes, several offices have opened up and employees are now gradually returning, but many companies have also realized that they were saving a ton of money by having their employees work remotely.

Does Work From Home work for everybody? The answer is obviously “No.” If you are blessed with a quiet, spacious place to work you are one of the lucky ones. Most working professionals had a hard time adjusting to this new work culture, which is exactly why the alternative concept of co-working culture arose. People started visiting cafes like Starbucks just so that they could work in peace. However, prolonged visits to Starbucks are bound to get expensive real soon, which is why people started shifting to hotels.

How can the hotel industry endorse co-working culture for a better profitability?

Co-working culture has become popular with the millennial because they have realized the benefits of being digital nomads. Co-working allows them to maintain a professional atmosphere and also stick to their deadlines.

How do you make your property into the ideal co-working space?

To create an ideal co-working space, you need to allow flexible booking. None of your digital nomads are going to opt in for a night’s stay, unless they are looking for a workation. What you need to do is offer hourly bookings during the daytime. The guest should be able to choose exactly how many hours they want to book the workspace for.

This can seem daunting if you don’t have the correct Property Management System. Manual inventory management is a huge hassle, but with Stayflexi, offering hourly bookings becomes a piece of cake. The Auto-Inventory Management features makes sure that the inventory gets updated automatically when someone makes a reservation. And because of its Channer Manager feature, Stayflexi also arranges a 2-way sync between the hotel website and 100+ OTA channels. This basically means that you never have to be afraid of double bookings.

Something that is essential in coworking space is that you must allow easy extensions and cancellations. This, too, becomes incredibly easy with Stayflexi. The guest can simply request their extensions through their phone or QR code. They will be notified either way if the request was accepted or not.  Stayflexi manages the inventory, so if some shuffling around is needed, the automations can take care of it themselves.

A big bonus for a co-working space is if there is a restaurant on site. Stayflexi allows you to set up an online POS for the e-commerce facilities on your property. This means, your guests can choose anything from the hotel menu by scrolling through the menu on their phones. To place the order, they can also make instant digital payment without using their cards.

In Conclusion

The co-working culture is only going to bloom in the next few years. A recent Harvard Business Review study has proven that people who work in co-working spaces work more efficiently than people who work in conventional office spaces. This might mean that the definition of “conventional” office space is going to continue to change in the next few years.

If you are able to take advantage of the co-working trend, you will be able to bring in some nice additional revenue. Providing hourly bookings is a must and no one has more flexible bookings than Stayflexi.

If you have created co-working spaces in your hotel, we would love to hear about it! Leave a comment below!

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