Coworking spaces are setting up more frequent than ever. For reasons including affordability, flexibility, more freedom within the workspace, the growth of the demand is consistent with the rise of new economic trends, new ideas in commercial real estate, and the increase of freelance workers. Opening a Coworking space includes various steps that go beyond the design, the business plan, as well as basic operating procedures. Here are 5 important tips for setting up a Coworking space.
Know Your Feasibility
One of the most overlooked steps is to make sure there’s a need for a Coworking space within your area. You can start by talking to small business owners as well as local freelancers to gauge this demand, but there is a better way. The best practice is to partner with a broker who understands how shared spaces operate, they’ll be able to gauge demand as well as do an analysis on your competitors. The next step to consider is joining the city’s local chamber of commerce as that is a great way to make connections. For more information relating to feasibility, check out our ebook Five Essentials to Opening a Coworking Space.
Controlling a Critical Cost
The first and most important part of controlling costs is finding the best possible lease for your space. Leases can literally put you out of business if you don’t have the correct approach. Learn the differences between percentage leases, net leases, double net leases, and triple net leases. You can learn more about this in our upcoming ebook, The Economics of Coworking. Getting the most out of your least will require the best financial discipline, but is a practice that works for the long run.
The internet is one of the most important determining factors to the quality of your workspace. If the internet is no good, neither will the experience be for your members. To best set this up, it’s best to follow these two practices. For Cable Internet, the best time to wire the walls of your workspace is before they’re even set up. If you’re going to hardwire sections of the workspace for private offices, do this as soon as possible. For Wi-Fi, its best to consult with a workspace technology expert who can optimize the access points for optimal strength throughout all regions of the workspace. For more information on connecting and setting up your Coworking space, check out our recent ebook, Connecting Your Coworking Space – Cable vs. WiFi.
You need to go beyond rent and basic services when it comes to growing your space. Workspaces are increasingly opening new opportunities by further meeting the demand for their members. This includes selling extra services and amenities whether it be membership packages for internet and conference rooms, extra supplies, or even food and drinks. This also includes offering virtual memberships and renting out your space for special events. Another way to create more opportunities is by offering 24/ keyless access to allow for your members to work around the clock, whenever on the clock. This is also easier for the staff to manage as well, saving you more time and money in the process.
Branding and Marketing
Creating an identity will go a long way with your workspace. Building your presence requires a comprehensive effort on various fronts that extend beyond your design and your community. Developing your brand and values comes first. From there you need to decide how much of a balance you want to strike between private and collaborative workspaces. The idea is to create a name, a look, and a philosophy that can be tied to offering quality services and amenities. By doing this, new prospects will invite themselves based on word of mouth. Once this is established you need to put this on every possible social media profile including your Google My Business page. This last method is most important for attracting clients who are from out of town or even out of the country to rent out a space to work. For more advice on making your workspace more visible, please check out our seminar How to Make Your Workspace More Visible Without Spending on Advertising.
Using these 5 steps will help you get a better outlook on the future of your space. It’s important to understand the demand from your potential members, being as clear as you can with your lease, having reliable internet, finding new ways to sell services, and marketing your space with the reputation you’re building. With these steps in place your foundation will flourish. For information on how WUN can help you set up your Coworking space, please click the button below.
Yardi Kube is a coworking management platform delivering all the tools needed to grow a smart and connected workspace. The Kube platform enables your technology to work intellligently together from managing leads and monthly billing, to accounting, and on-demand Internet and Voice services. With all the hardware, software, and essentials for building a thriving workspace, Yardi Kube helps you increase revenue, maximize productivity, and build community.