Many businesses are sitting on a possible gold mine; a new platform allows companies to monetise their space.
Empty Space for Sale
Last week marks the launch of Occupyd, a first-of-its-kind online marketplace connecting businesses and individuals searching for workspace with companies looking to monetise their extra capacity. The concept covers multiple sectors across the UK including hospitality, hairdressing and beauty salons, as well as workshops, photography studios, event spaces and much more.
The idea is that users can “split-shift” a space. That is, a cafe typically open until 3pm can advertise its space for businesses who cater to an evening-only market. This acts as an additional revenue stream for the owner as they are able to make money on an empty space. Additionally, it lifts the financial responsibility for the occupant who no longer needs to rent a space full time.
A question asked by many companies in the wake of the pandemic is the extent to which paying overheads is necessary. Many businesses have found that both the company and its employees are able to save exponentially by working from home. Thus, sharing a space may prove to be a far more cost-effective solution.
Making New Businesses More Affordable
Many small companies are afraid to enter the market, for fear of unaffordable property costs or rent. McPherson, the 29-year-old founder of Occupyd, aims to support these new businesses. He explains that “taking a five or 10 year lease on a building, paying a hefty deposit and having access to it 24 / 7 is not what most SMEs and microbusinesses want or can afford”. By providing affordable access to kitchens or other spaces, it is a foot in the door (literally) for new businesses to explore and expand.
Flexibility for Businesses
In a time where cash flow is low for many existing businesses, this new model provides an extra way to earn cash without working additional hours or needing to pay more employees. Additionally, it provides new opportunities for many businesses just starting out. McPherson describes it as a “hidden market” – something which already exists but which is not currently being capitalised. This new service allows businesses to support each other and help each other grow in a time where they need it most.