How to make a Makerspace Budget!

Makerspaces are excellent community and entrepreneur resources!

Supplies:

Step 1: What are the sources of revenue?

Sample revenue sources for a for-profit makerspace.

Step 2: Build a model for each major monthly revenue source

Sample Membership Revenue Model
Sample makerspace revenue model for monthly classes
Sample makerspace revenue model for fabrication services

Example Revenue Model: Membership

Let’s dig into the membership model in more detail!

Step 1: Outline the membership model.

Step 2: Create a table for the membership model.

Step 3: Add in the data for the membership model and calculate monthly income.

Calculating revenue for each member category
= C2*B2
Click the small square and drag down to propagate the monthly income equation

Step 4: Calculate the total monthly income from all memberships.

Calculate the total monthly revenue from all membership categories!
= sum(D2:D4)

Step 5: Play around with with the model!

Step 3: Identify sources of expenditure (aka all the expenses)

Sample monthly expenses for a typical for-profit makerspace.
  • Rent/Mortgage
  • Utilities
  • Internet
  • Insurance
  • Website hosting and other online data storage
  • Janitorial services
  • Full-time salaries (if any)
  • ..?
Sort expenses by amount to visualize the largest expenses
  • Materials/supplies
  • Contractor expenses (e.g. class instructor fees)
  • Catering/Food
  • Tool purchases
  • Tool and building maintenance
  • Marketing/Advertising
  • .. ?

Example Expense Model: Contractor Fees

Sample contractor expense model

Step 1: Identify each type, or category, of contractors.

Step 2: Create a table and column headings for each contractor category.

  • Contractor Role (e.g. “Maker Night host”)
  • Contractor fee (e.g. lump sum or hourly wage)
  • Fee units (e.g. number of classes, number of hours, etc.)
  • Total fee

Step 3: Fill in the data!

Step 4: Calculate each category of contractor fees.

Calculate total monthly fee for each type of contractor.
Add a subtotal for monthly expense at the bottom of each contractor category.

Step 5: Review and analyze contractor payments and use to drive makerspace decisions.

Using the Budget to make decisions

Sample monthly balance

Going Forward

Use the budget to plan for classes and other events!

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jen foxbot

Dabbled in dark matter, settled into engineering with a blend of inventing and education. Founder/CEO of an educational tech company: www.FoxBotIndustries.com