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Context
Propeller operated a for-profit subsidiary known as HUB NOLA LLC , a coworking and event space, which was joint real estate venture between Propeller: A Force for Social Innovation and real estate developer, Green Coast Enterprises. I was the sole full-time employee and functioned as the general manager of this venture. When I joined the team, the venture was in the red, and had broken revenue and revenue operational processes.
Challenge
How do grow revenues in a cash-strapped environment while making prudent cost-benefit tradeoffs, while ensuring high-quality experience for existing client base?
What I Did
- Led $1.4M real estate asset (10,000 sq.ft coworking space) and for-profit venture to cash flow positive —> profitability
- Took thorough accounting of income statement, balance sheet, and cash flows to understand current financial position
- Surveyed membership to understand optimal priorities for coworking space service delivery improvement; provided insights into areas to reduce expenses and areas to invest
- Negotiated vendor contract to balance cost effectiveness and quality across HVAC, telecom, janitorial, etc)
- Facilitated business development partnerships to increase marketing reach and generate inbound leads
Results
21% lease revenue increase | 30% event rental revenue increase | reached $400K+ in annual revenue |
What I Learned
The process of running the coworking space business was my mini-MBA before my actual MBA. I quickly had to learn what a chart of accounts was in Quickbooks, when to fire and hire vendors, and how to build a repeatable sales process for office and event revenue to enable a sustainable business venture aligned with our mission.