By the time you read this, my business will be dead. Well, perhaps not as far as the Secretary of State is concerned but, Maven Space, my coworking and event space, will have heard the last champagne flute clink, the last laptop power down, and my quick bitter-sweet whispers of goodbye.
While I’d like to tell you I’m on a beach somewhere basking in early retirement, I’m likely at my computer pouring into my other business, reimagining where it’s headed, and hopefully preventing a similar fate. It happened abruptly, the decision to close and I’ve already started to share some of that story. As I reflect on its ending, here’s what I wish I’d known when I started at the beginning. You don’t have to be in the coworking or event industry to take away the lessons I’ve learned and I hope you find them useful in your own business.
1. You might have to educate your market.
When I created the business plan for my coworking space, I assumed (incorrectly) that most people knew what a coworking space was. It was 2021 and as a result of the COVID-19 pandemic there had been a lot of talk about traditional workplace alternatives, the documentary on WeWork had been released, and The Wing had been making headlines—for better and worse—for a while at that point. A handful of coworking spaces existed in Indy. It turns out, this was all information in my newsfeed, not necessarily everyone else’s in the greater Indianapolis area. I was surprised by the number of people who weren’t even aware the concept existed. Which leads me to…
2. Ask the right questions.
I researched my market. I reviewed a plethora of demographic information about women in Indiana and performed a competitor analysis and a SWOT analysis. I created a small advisory board and conducted surveys with my existing audience via my media platform, Indy Maven. But through none of that did I ever ask point blank, “Do you know what coworking is?” I would have likely unveiled sooner that I wasn’t just introducing the new concept of a female-forward space but coworking in general. When doing your research, make sure you’re considering all angles and assume you’re starting at ground zero.
3. Find the right experts.
Oh, how I wish I’d met Jamie Russo before I wrote my first business plan or signed my first lease. An expert in the coworking industry and the founder of Everything Coworking, Jamie has been my rock, guide, and guru throughout the experience of owning and operating a space—I couldn’t have gotten as far as I did without her. Find your Jamie. She has all the answers and will save you a lot of money and heartache.
4. Become proficient at proformas.
If there’s one thing I could take away from working with Jamie that I will take with me through every business I run, it’s getting comfortable with and understanding the power of a solid proforma. I’m guessing the Google sheet containing my proforma was easily the most clicked-on link in my browser history, fighting for first place with my P&L. I’d grown accustomed to using a P&L thanks to my other business but had never used a proforma before and let me just tell you it’s life—errr…business-changing.
5. Consider the parking.
Switching gears for a minute, let’s talk about parking (Get it? Gears?). If you operate a brick-and-mortar business in a city that does not primarily use public transportation in a location where people are not accustomed to paying for parking, lean in close. I cannot express the battle that was parking when it came to Maven Space. Having lived and worked in downtown Indianapolis for years, I was accustomed to paying for parking. Did I love it? No, but when traveling to other cities I always felt lucky that our parking was affordable by comparison. But it felt like it was always an issue. One I’ll be very happy to hopefully never have to talk about again.
6. Expect a lot of “free” requests.
I understand the annoyance of paying for parking. I do. What I cannot for the life of me wrap my head around were the requests we received to give away, for free, the things that our entire business existed on by selling for money. While it never hurts to ask, what threw me for a loop was when I explained that giving away our offerings hurts our business and costs us money. In response, people would double down and explain how another [fill in the blank] local business, like say our landlord Salesforce, would do it. Disappointing news, friends. My budget looked nothing like Salesforce’s and what other businesses do is none of mine.
7. Don’t try to be everything to everyone.
I can think of very few times when my team and I changed our policies, pricing, or other standard operating procedures to suit others and it worked out well. Usually, we’d look back and say, “And THIS is why we do/don’t do XYZ.” If you receive the same requests repeatedly, that’s your sign to investigate making a change. But doing it on a case-by-case basis will almost always be more trouble than it’s worth in the long run.
8. Sell what you know.
A few months ago I had the pleasure of speaking on a panel at the GWA Immersive in New York. I’ve always known Maven Space did things a little differently than other spaces by offering customized packages wherein we’re able to offer brands marketing opportunities that combine our physical location with our media membership community. For example, PNC Bank sponsored our Event Space Meeting Room along with content marketing, email marketing, in-person events, and more, creating a robust and engaging ongoing campaign for their brand. There was a lot of interest at the conference as it’s pretty unique to the industry but was something I’d been doing with Indy Maven for years. I sold what I know.
9. People WILL notice the small details.
I didn’t want to put just any period products in our restrooms. I wanted a brand that spoke to our audience and our mission (as pads and tampons can) and Aunt Flow was the perfect product. I love it when a guest notices them, looks into the company, and appreciates our selection. People will always notice when you take the time to thoughtfully consider their personal needs from a white noise machine in a Mother’s Room to drown out the sound of a pump, to stocking their favorite oat milk in the community fridge. If you’re looking for more inspiration on customer experience, read “Unreasonable Hospitality” by Will Guidara ASAP.
10. Also…no one cares.
As a small business owner, you will lose sleep over the big things, little things, and everything in between. I highly recommend “not sweating the small stuff.” We often agonize over small mistakes, worried it’s going to be the thing that takes us down. No one cares if you made a typo in the monthly newsletter or had to close an hour early for a family emergency. And if they do, who wants them around anyway? No business is a sure thing but if you have a useful product or service, a commitment to your customers, and a passion to create something amazing, you’re off to a great start. Keep it up!
Leslie Bailey is the founder of Indy Maven and closed Maven Space on March 31, 2025. She thought about taking some time off but is knee-deep in another business idea involving vending machines and as always, is available to consult about your business. Book your Power Hour session here.
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