How much to charge?

[MiaMyaMaya]

Hi, I am new to this site. I've been working within the theatre industry for a decade and doing woodworking projects on the side for fun. Understandably the work is pretty thin on the ground at the moment so I would like to rent out my workshop for others to use to bring in some extra income. My question is what to charge? I haven't done this before or hired space and I have no idea where to start. Ive tried looking up other workshops and they are all pretty vague about pricing. The people I will rent to will be people I already know. So I don't want to overcharge them but equally I want it to be worth my while.

Should I do a daily rate or a weekly? What would you expect? Any help or guidance would be greatly appreciated.

I have 4500sq ft. That's not a miscalculation. Theatre stuff is built big.
I have a working woodwork shop. Table saw, Mitre saw, band saw, pillar drill belt sanders, hand tools etc All the stuff you'd expect. Also a paint wall, tables, prop shop, space to spread out and work and a photography box. A caravan we use as a kitchen and loos on site. Power and wear and tear needs to be included in the price.

Thank you in advance,

Lauren

 

[pcb1962]

Don't know about pricing, but make sure you have adequate third party liability insurance in case anyone injures themselves whilst working on your premises / using your machines.

 

[MiaMyaMaya]

Don't know about pricing, but make sure you have adequate third party liability insurance in case anyone injures themselves whilst working on your premises / using your machines.

Thats a good shout thank you!

 

[Argus]

Also, unless you own the joint outright, check the terms of your lease/rental agreement about sub-letting to third parties. I'll be surprised if it doesn't have a clause in there somewhere.
You may need a solicitor at some stage to be safe.

 

[topchippyles]

Says he owns it,commercial rent is normally per square foot £1

 

[Oddbod70]

That's a big space. Price is very dependent on demand and equipment. Without knowing the area or seeing it I’d guess trying mid 100’s per month for a bench (to include machines & services). You have room for a few benches in there, so you’ll soon figure out where to pitch it. Too high and the phone wont ring, too low and you’ll also find out soon enough.

I’m not sure you’ll get rich on it right now, but covering costs is a start.

Personally, I’d look for professional maker(s) on a monthly rental. Either way make darn sure they know what they are doing. If they don’t they can do a lot of damage to the kit, themselves, and quite possibly you.

(No spindle mentioned? That might be looked for)

Very sage advice from PCB and Argus too.

 

[clogs]

a close friend did the same as ur thinking .....
he supplied all the machines, compressor and heating.....everything was Wadkin and the like....
Spindle moulders, band saw had something like a 20" cut, everything was commercial grade machines...
they paid per day...1/2 a day was priced at one day....thier prob....the day started as they walked thru the door......and all payed CASH before putting the kettle on...........
the day started at 8am and finished at 6pm....there was give n take if a job overran....my mate was divorced and time was not a prob....
all hand tools plus drills and hand held planers etc etc must be supplied by the renter.....
ANY DAMAGE to machines thru neglect was paid for by the renter....
ie. putting wood thru the planner with a nail in it for example.....
only took a day or so to sort the idiots out and ban them....
the owner took no responsibility for anything left in the shop overnight.....
and ONLY the OWNER had the key's.....
everyone was responsible for cleaning up the shop but again may mate did most of it.....
1x Sat morning in three months or so, everyone was expected to turn up and clean everything down....
turned out to be a great thing as the burger van would call at lunch time......
all in all it was a great way to make a good working shop up....
work was passed around between the lads and they were very busy once word got out that there was 5 joiners in the shop....
there was always client looking for work to be taken on....
some preferred case work and others did other specialist jobs...
my mate made staircases and sash windows, Church work and mostly high end stuff, Oak and the like and the lads in the shop fitted them....that way everyone got paid from the job.....
it worked very well for everybody.....they even went down the pub at Christmas......
this lasted for over 12 years..the only reason it stopped working was the building was compulsory purchased by the council and the new place offered was very expensive to rent...
So my mate sold the machines and went to live in Spain.....
Another very skilled person leaves the sinking ship......

 

[Doug71]

Do all your machines comply with current regulations? I wouldn't be letting anybody else use them if they don't.

 

[topchippyles]

Do all your machines comply with current regulations? I wouldn't be letting anybody else use them if they don't.

Minefield is this,I am scared to let good tradesmen use my shop due to not having the correct insurance.

 

[topchippyles]

I have a bandsaw mill setup which will cut up to 760mm wide slabs and can you imagine someone untrained on that thing.