Co-Op Studio Space

Does anyone have any experience with co-op studio space? I've found perfect space but it's a bit out of my budget range. I was thinking of a co-op to, share themexpenses. Besides the obvious of people paying on time and all that is be interested in Pros andCons.

I would be worried about people joining and then a few months later they find they can't sustain their business and then you're still on the hook for the whole rent. If you do it I wouldn't get something that you couldn't afford to pay in full when something happens randomly. Yes if they sign an agreement they're obligated to pay, but when they don't the landlord isn't going to care that you're suing someone to try to get his money.

Also scheduling could be an issue as well, some people can't be bothered to follow the rules so regardless of your scheduling agreement don't be surprised to go in during your scheduled time only to find someone using the space despite not being scheduled.

Unless you know and trust the people you're planning to share the space with it sounds like more trouble than it's worth - find something you can afford and save yourself the potential headaches.

-Joe

Everything Joe said above!

Don’t walk into a situation where you have to depend on others to meet your obligations as you will spend more
time managing others than you will advancing your craft. Headaches are the last thing you need.

I modeled this a few years ago and it looked like the best approach would be to have membership levels, some with private offices and various levels of access. Founders would put up initial investment. Shares could be sold. A nice space provides a spot for events as well. Have classes and give discounts to members.

I share a space with a couple friends, have done for a number of years. In fact we just had to relocate it (external factors, city required modifications to building that weren't compatible with our continued use of our old space).

It's worked well for us, but we've had some headaches in the past with other studio partners we've had briefly. When it's just the 3 of us it's been fine.

We share a google calendar to coordinate who is using it when, never had any major issues.