₦airaland Forum

I recently embarked on a building project which I will complete in May but on second thought I should not have embarked on the project I only did it for my ego.

Now I am thinking of starting a internet co working space that can conveniently seat 50 people at once.

I am considering Lagos or Ibadan. My questions are

1. Will 75m-100m be enough for such a project? If 75m-100m won't be enough, how much do you think will be enough?

2. Is the business profitable?

3. What other business ideas can you suggest?

Thanks in advance

Though I don't have money to establish one myself. I will like to know too.

And what kind of Co-working Space? As in what Industry?

If you set up a co working space in central Lagos ( Surulere , Gbagada , Yaba etc) or Island maybe that will make sense but #75 M might not be enough . The average price for a co working space varies by location . In Lagos Mainland you will be looking at 2k / day ( X 50people = 100k /day ) .

VARIABLE EXPENSES
Stable and fast internet
Petrol or diesel
Electricity bill
Maintenance
Miscellaneous
Charge depreciation on fixed assets , include other cost too .

(Put an assumed figure for to this cost and you have the answer )

Note : selling the space at full capacity throughout the month or year is not feasible. A more realistic assumption is 1/3 .

Good luck

oliverwrites:
I recently embarked on a building project which I will complete in May but on second thought I should not have embarked on the project I only did it for my ego.

Now I am thinking of starting a internet co working space that can conveniently seat 50 people at once.

I am considering Lagos or Ibadan. My questions are

1. Will 75m-100m be enough for such a project? If 75m-100m won't be enough, how much do you think will be enough?

2. Is the business profitable?

3. What other business ideas can you suggest?

Thanks in advance

Currently,

Lagos
Ibadan
Abuja
And port are the main cities I see this working
But if you putting this within Lagos or Ibadan
The location becomes important
Meaning getting a good location will cost money
(I saw someone closed up a very nice place due to wrong location)
Lagos and Ibadan are still good ,but I doubt if this budget will be enough for a good location in Lagos

As for Ibadan,
There some areas that are worth going for
Are
Along challenge
Bodija
Then bashorun/akobo

Finally
Maybe you rent the place first...to be sure the location will work

I had interest in this ,hence my write-up here
So if you eventually settings it up
You got a free marketer on trial

pneumaticos:
Currently,

Lagos
Ibadan
Abuja
And port are the main cities I see this working
But if you putting this within Lagos or Ibadan
The location becomes important
Meaning getting a good location will cost money
(I saw someone closed up a very nice place due to wrong location)
Lagos and Ibadan are still good ,but I doubt if this budget will be enough for a good location in Lagos

As for Ibadan,
There some areas that are worth going for
Are
Along challenge
Bodija
Then bashorun/akobo

Finally
Maybe you rent the place first...to be sure the location will work

I had interest in this ,hence my write-up here
So if you eventually settings it up
You got a free marketer on trial

I think I am going ahead with this but will likely modify it. Like a shopping complex that has a co working space in it. I am willing to get it to 200m to make this work. And with a bit of GOD's blessing, I should be able to raise such an amount in 6 months.

oliverwrites:
I think I am going ahead with this but will likely modify it. Like a shopping complex that has a co working space in it. I am willing to get it to 200m to make this work. And with a bit of GOD's blessing, I should be able to raise such an amount in 6 months.

Respect in raising that under 6 months(sure you have it going)
I am looking for that amount too
For shortlets

pneumaticos:
Respect in raising that under 6 months(sure you have it going)
I am looking for that amount too
For shortlets

Do you think shortlets will be more lucrative? I am being pushed by 1. My health 2. The Exchange rate favouring me.

I am super determined to invest these amount in something that will continue to bring in good money for me while still living in a rented house. I have two ( both ongoing and not completed ) but zero intentions of living in any of them. Just for business hence I said it was a mistake.

harqinhola:
If you set up a co working space in central Lagos ( Surulere , Gbagada , Yaba etc) or Island maybe that will make sense but #75 M might not be enough . The average price for a co working space varies by location . In Lagos Mainland you will be looking at 2k / day ( X 50people = 100k /day ) .

VARIABLE EXPENSES
Stable and fast internet
Petrol or diesel
Electricity bill
Maintenance
Miscellaneous
Charge depreciation on fixed assets , include other cost too .

(Put an assumed figure for to this cost and you have the answer )

Note : selling the space at full capacity throughout the month or year is not feasible. A more realistic assumption is 1/3 .

Good luck

Thank you for this, I sincerely appreciate.

Bumping this for more opinions

oliverwrites:
Do you think shortlets will be more lucrative? I am being pushed by 1. My health 2. The Exchange rate favouring me.

I am super determined to invest these amount in something that will continue to bring in good money for me while still living in a rented house. I have two ( both ongoing and not completed ) but zero intentions of living in any of them. Just for business hence I said it was a mistake.

Shortlets is dependent on several factors and I don't see it that lucrative ( fast money)
But I wanted something in real estate
And I wanted a model that could deliver daily ( having a thousand of them wasn't bad)
And the funds for getting something Huge wasn't there

So I developed a model around real estate generally that could gaurantee daily return

I haven't implemented all of it to know how good this plans are
But we are currently in the developmental phase
Though the model were around existing models which I have seen to work

I

pneumaticos:
Shortlets is dependent on several factors and I don't see it that lucrative ( fast money)
But I wanted something in real estate
And I wanted a model that could deliver daily ( having a thousand of them wasn't bad)
And the funds for getting something Huge wasn't there

So I developed a model around real estate generally that could gaurantee daily return

I haven't implemented all of it to know how good this plans are
But we are currently in the developmental phase
Though the model were around existing models which I have seen to work

I

I wish you good luck in it. I am sure you will succeed if you do not give up.

Bumping this for more inputs.

it's a lucrative business, if you can get the location right...with less than 20m you're good to go.
i just finished a proposal/ market survey on it.

can you share

maxipharo:
it's a lucrative business, if you can get the location right...with less than 20m you're good to go.
i just finished a proposal/ market survey on it.

20 m no longer doing it

Maybe if you going for stolen or second hand furniture

Solar Alon could cost 10 million except the spaces is where two or three are gathered

I just spent over 15 on one...no wonder people are japaing
Investing in the country is a tough task when combined with lots of quacks and fakes in form of workers

oliverwrites:
Bumping this for more inputs.

Hello boss
Have you setup one
How did it turn out

pneumaticos:
Hello boss
Have you setup one
How did it turn out

Not yet. Decided to build a house, got scammed big time by a so called pastor or maybe the people he used but now I have a house of my own and finishing a second ( where I intend to leave ).

I decided to go oil and gas. Starting with a very standard cooking gas station. It will be extremely capital intensive as I need two plots but it is something my mind is made up on doing.

Next year is it for the gas station.

oliverwrites:
Not yet. Decided to build a house, got scammed big time by a so called pastor or maybe the people he used but now I have a house of my own and finishing a second ( where I intend to leave ).

I decided to go oil and gas. Starting with a very standard cooking gas station. It will be extremely capital intensive as I need two plots but it is something my mind is made up on doing.

Next year is it for the gas station.

Many should be called bastards in Nigeria
Even the most trusted source can turn scammy

You will want to build system and include them, but they end up thinking the best way to leave life is to scam
Help them ,and they still ask for more
Trust them..and they will begin to steal

pneumaticos:
Hello boss
Have you setup one
How did it turn out

Can you pls provide more details on what exactly a co-working space is?

Must you provide internet access, computers, etc?

werisetogether:
Can you pls provide more details on what exactly a co-working space is?

Must you provide internet access, computers, etc?

You don't need to provide them a computer

But what's makes a workspace in Nigeria in my own opinion is this

Good internet ( we used starlink)

Power( solar and generators)

Environment ( cussy enough to attract repeat usage..must include AC and well ventilated spaces

Some hotels on the island run this as I know

pneumaticos:
You don't need to provide them a computer

But what's makes a workspace in Nigeria in my own opinion is this

Good internet ( we used starlink)

Power( solar and generators)

Environment ( cussy enough to attract repeat usage..must include AC and well ventilated spaces

Some hotels on the island run this as I know

Thanks for your detailed response. Super-helpful

Looking at possible options to remodel space I own in Jos, Plateau State

Location is residential area and low traffic. Quiet and serene all through the day.

From your experience, who are your ideal clients for co-working spaces?

werisetogether:
Thanks for your detailed response. Super-helpful

Looking at possible options to remodel space I own in Jos, Plateau State

Location is residential area and low traffic. Quiet and serene all through the day.

From your experience, who are your ideal clients for co-working spaces?

First one
The business of co working space should be combined with other businesses if the area didn't have lots of traffic

The business provides you with a platform of reaching a community of creative people and not necessarily for profit for real

Online ads works

The main client are people doing digital business
Others come in occasionally

We are currently not in profit as a co working space

But we have other support businesses in the workspace

A co-working hub is a good business especially when combined as a small conference hall (for about 50 persons like you posited).

It could also serve as a library, small church, or meet & greet space.

You have to rent the space in a location that already has high foot traffic such as a shopping mall, plaza, or event center.

The biggest expense for this would be the installation of solar electricity.

pneumaticos:
First one
The business of co working space should be combined with other businesses if the area didn't have lots of traffic

The business provides you with a platform of reaching a community of creative people and not necessarily for profit for real

Online ads works

The main client are people doing digital business
Others come in occasionally

We are currently not in profit as a co working space

But we have other support businesses in the workspace

Thanks so much for your response

Just did a little market survey today and yes, you're right: the profit from the space may not be immediate

Currently planning on starting small, so will check out unlimited data options to work with.

Then with time, possibly may grow to the point of installing Starlink

Keep up the great work at your end...

pneumaticos:
First one
The business of co working space should be combined with other businesses if the area didn't have lots of traffic

The business provides you with a platform of reaching a community of creative people and not necessarily for profit for real

Online ads works

The main client are people doing digital business
Others come in occasionally

We are currently not in profit as a co working space

But we have other support businesses in the workspace

Apt and succinctly put.

I'm bookmarking to get more insights as more ideas are penned.