Probably the most difficult part of a workation is at the same time usually the largest item in the budget. In this article
Now you have found a possible accommodation and you have thought about when the work should take place. You also know what the rough process of your work will look like.
Perfect, now it can go to the first calculation if everything works out. You shouldn’t book anything before. It might turn out that your accommodation is too expensive for your target group.
Who bears which costs?
Think about which costs everyone should bear themselves and which should be included in the ticket price.
This includes e.g.
depending on the activity, if every participant pays for it separately, because not everyone might feel like it.
Everyone responsible for themselves?
All-inclusive? Breakfast included?
Depending on location and target group, other options make sense.
How do you and the participants get to the place of work?
Do you travel yourself or do you organize the arrival or if necessary pick up at the airport?
Which additional procurements would you need if necessary? (car rental, electronics, etc.)
Now compile a list of all your expenses, i.e. location, transport, activities, shopping, etc. It is best to use our workationHUB Workation calculator to make sure you don’t forget any expenses.
Remember to still include a safety buffer if the prices on site have increased in the meantime (depending on how far you book in advance) or if you have to make purchases later that you didn’t consider in the first calculation.
And also create a list of all your income (donations, sponsorship and ticket money).
How many participants do you need at least?
What would be the ticket price to cover your costs or to make a profit with different numbers of participants? In other words, how many participants are you plus?
Based on the calculation you can now see which price you have to charge for a ticket. Now it’s time to decide: Is my target group willing to pay this ticket price? If you have proceeded thoroughly in steps 2 and 3, validated your idea and know your target group, it should be easy for you to assess.
As an example: People who have just graduated probably don’t pay several thousand Euros for a 1-week workation. However, if your target group are seasoned entrepreneurs who are interested in first-class workshops, this is realistic.
If you can answer the question with yes then go on to the next step. Otherwise, you might want to see if some costs are to be borne better by the participants or if you can find cheaper accommodation to keep the price lower.
It is advisable to offer early bird tickets, but these should cover your costs in any case. The normal price tickets will give you an additional buffer later on.
You can also call the tickets season after season, e.g. 9 months before the work you call the whole Super Early Bird, 6 months before the work it is called Early Bird and from 4 months before the work your normal price applies.