Independents Hall Philadelphia

Mo’ Money, Mo’ Problems

Filed under: Ex Libris Den Mother 4.0

Having people come up to visit Indy Hall for the first time is awesome. I say the word “awesome” too much, maybe. But, oh my god, it’s awesome to show-off something awesome to some potentially awesome people and have them leave thinking that you’re an awesome person who works in an awesome environment.

/awesome

That being said, during every tour that I give to someone brand new to our space, our active philosophies, I almost always arrive at an incredibly shitty juncture, prompted by this question:

-”How much?”

Hey, don’t harsh my buzz, man. Don’t get me wrong – it’s very obviously a perfectly valid, practically-minded inquiry. THERE IS NOTHING WRONG WITH THIS QUESTION. The issue is entirely on my behalf, and it comes from my reminder that Indy Hall isn’t some totally-not-for-profit oasis of zero obligation and need for financial sustenance. It reminds me that money has to be involved, at some point. It reminds me that I can’t just invite this positively wonderful visitor into our happy family without at least subtly initiating a transaction.

It’s at that point where I wonder where the balance is between Indy Hall’s ability to sustain its obligatory (financial) operations and its almost free-love ethos (the coworking mantra). That “line”, and there is one, is so finely vague – intentionally, too: too much of the operation b.s. and we’re diluting the essence of what it is to “cowork”. Too little of it, and we’re dead in the water – we won’t have amenities to boast of (not that we have ever or will ever brag on behalf of our desk real estate). I just…feel weird bringing it into the conversation, as though it spoils our soon-to-be wonderful friendship.

I found a significant likeness to my Indy Hall “finance vs. fun” trouble during a poker game that I had no business buying into. See, before that game, I didn’t know how to play poker. The $20 buy-in, however, was a risk that resulted in understanding that I wasn’t paying money to just to lose it (as I initially anticipated), but to join friends and meet new ones over an easy card game. Hell, I learned how to play Poker after I put my money on the table, and I’ve been laughing about conversations with the other guys at the table since we played. An ignorant and cynical self saw nothing but loss in that game, but an enlightened and happy self knows only how much I gained. I gained everything, that night.

And, look, I’m not saying that Indy Hall is a risk or a gamble. I recognize the inherent issues with comparing our lovely coworking environment with a scandalous game of betting and bluffing. What I’m getting at, ultimately, is the game of Texas Hold ‘Em opened my eyes to a new worth of currency, and that’s how I feel about Indy Hall. I’ll state it, bluntly: no one is coming here for a desk. Nobody is paying for our printer. You’re coming here for something intangible, but lasting: a platform for relationships we might not find elsewhere. If there is a risk, I promise you that it’s worth one. If we must talk money, I’d prefer that we discuss how very much you will gain from putting up a few bucks to keep this good thing rolling.

By the way, the buy-in is $25 – coffee is on us, though.

I don’t think you’ll regret sitting at our table.

Here Comes A New Contributor!

Filed under: Announcements, Independents Hall

I am historically awful at introducing myself, particularly in blog format. I get nervous and awkward and accidentally hit caps-lock while typing. You’ve been warned.

HEY, I’M ADAM, and I’m the new Office Manager here at Indy Hall. “Office Manager”, by the way, is a terrible title for what I do, here. It sounds so uptight and formal, when really I can just as easily say that my job requirements involve hanging out with extremely talented independent workers, learning from insanely ambitious free-lancers, and tossing back a pint at National Mechanics with said talented and ambitious dudes and ladies.

It’s awesome.

I have so many things that I could drone on about – why I chose to be involved here, how I plan on carrying the coworking torch into and beyond 2012, my humble stance on being the fourth in a prestigious legacy of Indy Hall Den Mothers, etc. Tons of great material. What I will (briefly) say is this:

What consistently surprises the hell out of me, the one thing that always leaves me in awe of this community and concept, is our absolute lack of competitors. We have no rivals, here. No enemies, no detractors. We harbor no secrets, no “corporate” ill will. Our competitive spirit extends into FIFA 2012 and Ping-Pong. Indy Hall, as far as I am concerned, is astonishingly pure – a lawful good paladin. I’m not just exaggerating that. We are karmic gold, with all the kindness and malleability that entails. We love what we do, we love where we live, and we love one another.

If you’re just getting back from throwing up, I understand. It’s weirdly ideal and hokey, but oh my god, I defy you to challenge those statements. Come and visit us, take a glimpse at what we’ve got going on.

I THINK YOU’Re going to like it.

*I Googled the phrase ‘new challenger’ to find a relevant image for this post. What I got is 200 pages of trucks. Didn’t even think of that.

Quick Business Stats

Filed under: Announcements, coworking, From the Business Side, Independents Hall

This week 4 years ago, Indy Hall was in it’s “public beta” before opening officially on September 1st, 2007. I assure you, it wasn’t always glamorous.

Enough sappy reminiscing. I spend plenty of time focusing on the important coworking soft skills on my personal blog that I wanted to share some quick business stats that we’ve produced as a result of operatin on those values:

• In 2011, our basic memberships ($25/month) have generated 20% more revenue than our lite memberships ($175/month)
• In 2011, our full time membership accounts for almost 50% of our total annual revenue
• Our AVERAGE monthly revenue across 2011 is >8x growth over our first revenue generating month in 2007.

Video of Ship It Society @ Indy Hall

Filed under: Community Support, Events

Thanks to Flying Kite media for this video and article covering the event.

Special thanks to Ship It Society organizers and participants, we’re looking forward to the next event!

Why do people love Indy Hall?
We asked. They told.

Filed under: coworkers, coworking, FAQs, Independents Hall, IndyHall U, Research

After nearly 4 years of working on making the best place in the world to work, we turned to our members to find out exactly what they thought about the experience. In their own words.

I can’t tell you how proud I am to be a part of this community.

IndyViews

Alternative link to PDF hosted on Google Docs

This draft includes the preliminary findings of our interviews. We will continue to synthesize our findings, add more interview sources, and in the near future publish our research framework to encourage other coworking spaces to conduct their own research as well.

Perhaps just as rewarding was hearing some responses from non-interviewed members. Things like:

It’s awesome to take a step back from the day-to-day mindset and take a moment to appreciate the big picture we are actually part of.

Not everyone is jammin’ some nice tunes whilst they work away on something they actually care about, let alone surrounded by people they like.

We get to do that.

This is a rare
and beautiful thing.

I would totally fit into this profile [...] I haven’t seen anything close to this. And I have read a ton of market research stuff and HR stuff as well. I cannot praise this report enough…

I get goosebumps reading some of the quotes in there cause I think exactly the same way.

A very, very big thank you goes to all of our interviewees. And a special thank you to Valerie Wilcox, the Indy Hall member who suggested and led this entire project.

For members, by members, about members. That’s how we do it at Indy Hall.

What does a week at Indy Hall look like?

Filed under: coworkers

The people who describe the experience at Indy Hall the best are the ones who actually experience it for themselves. Thanks Marcel

Sunday CoSeed Workshop and Noms

Filed under: Events, Uncategorized

Ever feel like you want a garden, but don’t have room in this city?

Fear not! This hands on workshop will teach you the art of container gardening.  We will be planting a garden for Indy Hall’s balcony while learning skills to take into our own homes.You’ll walk away with a worksheet to help get you growing and some other fun goodies we’re cooking-up.

Farmer Patrick from Emerald Street Urban Farms will be at Indy Hall to teach us which plants to plant when, the kinds of containers you can use, preparing the right environment for your garden, and worm box composting.

We will also be whipping up some Sunday brunch fingerfoods for everyone to enjoy, YUM!  Children are welcome if they’d like to participate in the workshop.

All the proceeds will be going towards materials for the Indy Hall garden and a donation to the Emerald Street Urban Farm and Little Berlin art garden.

RSVP and purchase in advance here:

http://coseed.eventbrite.com/

Time and Place:

10am – 12:30pm at Indy Hall

20 N 3rd Street Philadelphia PA 19147

Fees for the workshop:

$10- Indy Hall members

$15- Non Members

-this includes materials to build Indy Hall a garden, brunch and a donation to the Emerald Street Urban Farm and Little Berlin art garden.

$35- Fair Grounds Supporter

If you have any questions contact Dana! dana@punkave.com

This Sunday Sept 12th: Tea and Wellness @Indy Hall with Alexis Siemons and Jolene Hart

Filed under: Announcements, Events, Independents Hall

I wanted to share some news about a tea & wellness event that will be taking place at IndyHall on Sept 12th. For those of you that don’t know me, I am passionate about tea (you might have seen me steeping tea at Indy or convincing Parker to try a new blend that I created).

As we begin to embrace fall, I find myself falling deeper and deeper in love with tea as  the crisp air has me craving pots of warming teas. So, I wanted to share this love and passion by inviting you to Steeped in Beauty, a tea and wellness event that I am leading at IndyHall with my friend and colleague, Jolene Hart (natural beauty expert). On September 12th, you are welcome to indulge in an afternoon of tea and natural skin care through interactive cooking demos and workshop sessions that highlight the impact of tea and natural beauty on health and wellness. Learn how to cook with tea (white chai smoothie, earl grey cookies, lavender simple syrup) and how to make your own tea inspired beauty treatments.

Beyond the tea and healthy treats prepared during the interactive cooking demos, guests will sample treats provided by Sweet Freedom, Philadelphia’s first and only completely gluten-free, vegan, allergen-friendly bakery. The lovely flower shop, Poppy, will be sharing a few of their delicate arrangements with us (one will even be nestled in a tea pot! hooray!).

Gift bags with our recipes, natural beauty samples, Rishi’s white detox tea/green oolong tea and other goodies are included. All guests will be entered to win one of several raffle prizes, including a personal health and beauty coaching session with Jolene, a tea party consultation with me, a haiku teacup from teaspoons & petals, a pint of Nectarine-Lime jam from Marisa McClellan from Food In Jars, gift certificates to Tbar, a tea & tea documentary film package from The Meaning Of Tea, and a wellness vacation consultation session with professional travel planner, Maya Northen.

I hope you will join me in learning a bit more about how and why its so very special to have tea in our lives. Looking forward to seeing some friendly faces as we sip, cook and talk tea.

Many thanks to Alex and Parker for graciously allowing me to host the event at IndyHall. For those who can’t make it, we’ll try to save a few goodies for members to taste on monday. Although if our guests are extra hungry and thirsty, I’ll stop by the following week with some new tea to share (who knows, maybe I’ll be inspired to make an IndyHall tea blend?).

Steeped in Beauty: An Afternoon of Tea & Natural Skin Care

When: Sunday, September 12th, 1pm-3pm

Where: Independents Hall
20 North 3rd Street
Philadelphia, PA 19106

Admission:
Tickets are available online for $21 and $25 the day of the event at the door (gift bag not guaranteed if purchased at door).

Turning 3

Filed under: Announcements, Events, From the Business Side, Independents Hall

Today is September 1st. That means one thing (ok it means a few things):

Indy Hall has now been open for business for 3 years.

Congratulations to all of us for spending the last 3 years (or some subset thereof) making Philadelphia a better place to make a living doing what we love.

I have a lot to say and a lot on my mind and in my heart, but I’m going to keep it brief for a change and let each of you say your piece instead.

Feel free to use this post and it’s comments to share sentiments, experiences, visions, excitement, joy, friendship, memories, and whatever comes to mind when you realize that before 3 years ago today, Indy Hall was an idea shared by a community, and now it’s one of the greatest things Philadelphia has to offer.

WHERE IS THE PARTY!?!?

For the last 2 years, as well as the re-opening in May of 2007, we’ve thrown an epic party to commemorate our history of accomplishments.

This year, we’re keeping it low key. I invite everyone to head over to – where else – National Mechanics tonight after 6:30pm.

Why no epic shindig with lots of hype?

I think we’re a group noted for action. I want a NEW action to celebrate, rather than a memory of one.

Sooooo let’s plan a MASSIVE multi-product/business/group/whatever launch party to celebrate some of our NEWEST accomplishments a little later this fall. You’ll be hearing more about ways to get involved with that in the coming weeks.

That said – National Mechanics – 6:30pm – you know the drill.

Indy Hall – By the Numbers

Filed under: coworkers, coworking, FAQs, From the Business Side, Independents Hall

Today, a longtime friend and observer of Indy Hall Imran Ali had a research piece published on GigaOm Pro about coworking spaces “by the numbers”. He featured Indy Hall as well as Fly the Coop, a Co-op coworking initiative in Manchester, UK.

This new article is behind a paywall, sadly. At the risk of being asked to take them down, I am going to quote  a few select pieces of the article that Imran wrote that I thought were particularly salient. If you’re so inclined, a free 7 day trial of GigaOm Pro (credit card required). I don’t get any sort of kickbacks on subscriptions.

The foresight shown by the coworking movement’s founders — codified in values of collaboration, openness, community, accessibility — readily transposes onto crucial financial constructs, such as transparency, pricing and membership. You really have to live those values to make coworking viable in a fiscal sense.

Imran does a great job of identifying how we parlayed our community growth into business growth.

Both IndyHall and Fly The Coop were only able to build sustainable businesses because of the trust (and loans) that came from early-stage community building[...] It’s this very trust that separates coworking from the more prosaic serviced office.

And, perhaps most importantly, he puts the business viability into perspective for people who are simply in this for the money:

Just as individuals buy into a lifestyle, coworkers are buying into a workstyle; the financial stories of both IndyHall and Fly The Coop show that, though margins are tight, deep community bonds make all the difference, both financially and socially. It’s perhaps not a business for an investor looking to make a significant ROI, but eminently suitable for those who wish to participate as members who also modestly invest.

As promised, here are the RAW numbers that I gave to Imran to tell our story. We operate transparently, so any additional information we can provide about any piece of this data will only be based on the availability of more data points. It’s taken us a while to get good at measuring our growth, so there’s lots of data missing that we’d need to spend more time mining for.

Let me use some numbers to tell a story, from our founding fund-raising to our most recent move and financial stabilization

$0 – Pre-dedicated location costs for 9 months casual coworking/jelly, social gatherings, and other community-building exercises were done on a budget of time, not capital.

$4625 – our projected monthly revenue based on membership projections within 6 months.

———————————————————————————————

23 – our actual number of members on August 6, 2007 (lease signing day)

2 – our actual number of full time members on September 1st, 2007

4 - our actual number of lite members on September 1st, 2007

17 – our actual number of basic members on September 1st, 2007

———————————————————————————————

$1675 – monthly membership-only revenue committed on lease signing day.

———————————————————————————————

$2325 – additional member-driven startup capital, from members pre-paying for 2-6 months of their membership

———————————————————————————————

~$10,000 – money provided by founder for lease security deposit, furniture, supplies, and monthly rent cushion.

———————————————————————————————

$14,000 – total money raised from within membership/founders to sign a lease, furnish the space, and cushion rent until breakeven.

———————————————————————————————

1800 number of sq ft leased in Old City Philadelphia

———————————————————————————————

$2,450 – monthly budget for rent, utilities, and discretionary funds

———————————————————————————————

3 – Months to breakeven/cashflow positive

———————————————————————————————

39 – our actual number of members on June 1st, 2008 (10 months in)

9 – our actual number of full time members on June 1st, 2008

5 – our actual number of lite members on June 1st, 2008

25 – our actual number of basic members on June 1st, 2008

$3975 – Monthly Revenue from Memberships Only

———————————————————————————————

16 – months until partner loan payback ($10,000) completed

———————————————————————————————-

53 – our actual number of members on March 2009

14 – our actual number of full time members on March 2009

7 – our actual number of lite members on March 2009

32 – our actual number of basic members on March 2009

$5875 – Monthly Revenue from Memberships Only

———————————————————————————————–

$3,633.45 – actual monthly operating cost in March 2009

$2.02 – approximate monthly operating cost per square foot in March 2009

———————————————————————————————–

4400 number of sq ft rented in Old City Philadelphia for May 1st, 2009

———————————————————————————————–

67 – our actual number of members on May 1st, 2009

21 – our actual number of full time members on May 1st, 2009

7 – our actual number of lite members on May 1st, 2009

39 – our actual number of basic members on May 1st, 2009

$7975 – Monthly Revenue from Memberships Only

———————————————————————————————–

$8,700.53 – estimated monthly operating cost for May 2009

$1.98 – approximate monthly operating cost per square foot in March 2009

———————————————————————————————–

$30,000 – loan taken from one full-time member

———————————————————————————————–

~$14,000 – savings in May 2009

————————————————————————————————

$21,460 – budget for furniture, buildout materials.

————————————————————————————————

6 – Months to breakeven/cashflow positive

————————————————————————————————

83 – our actual number of members on October 2009 (breakeven)

26 – our actual number of full time members on October 2009

6 – our actual number of lite members on October 2009

51 – our actual number of basic members on October 2009

$9475 – Monthly Revenue from Memberships Only

————————————————————————————————-

9 – Months to begin payback of member loan (<24 month payback target)

————————————————————————————————–

The financials, as it were, are relatively uninteresting. You can see that we operate on relatively thin margins. It’s also worth pointing out that in 3 years, neither Geoff nor I have taken a draw from profit. Every penny made by Indy Hall is re-inves
ted in our members, our space, our events, etc.

The interesting numbers will take some more time to pull together…but they are the numbers that we believe are important. Things like

• Cities, states, and countries of origin of Indy Hall guests.
• Drop-in rates
• Drop-in conversions to memberships
• Events hosted and organized by Indy Hall and Indy Hall Members
• New teams/partnerships formed
• New businesses established
• New products (commercial and non-commercial) developed by Indy Hall Members
• Average revenue generated by an independent worker

And more. What numbers would YOU like to see?