WeWork is an industry leader in Coworking today. Their valuation is at an equivalent of $550,000 per customer. In some locations, a floor leased to WeWork is more valuable than the building itself. As a local operator, there are several practices you can take to make your space competitive to your corporate neighbor. Some of these steps include embracing niche Coworking, having a more organic workspace community, and streamlining the services that you offer. For more information on this topic, you can read our new e-book,5 Tips For Local Operators to “Beat” WeWork as a Local Operator.
Niche Coworking and Becoming More Boutique
Coworking will never be a “one size fits all” solution for everybody. Because of this WeWork is trying to differentiate the way they design and operate their spaces to account for this. One way to leverage your space is to cater to niche groups such as artists, female professionals, or people of a certain industry that rely on similar amenities for working together. This also helps with developing an authentic connection amongst everyone. A niche group coworking such as one of lawyers or accountants can automatically cultivate a community the best way possible: organically.
Having a Better Community
The first step is by having a community that comes together organically, even outside of the workspace. This creates the impression of your workspace being inclusive, attracting many prospects along the way. At the end of the day community is something created by your members, and not bought. This can be done by hosting unique events and workshops, as well as finding ways to bridge different companies within the workspace together. Networking events that are fun and engaging will give your workspace a strategic advantage in that it makes your space more inviting than your corporate neighbor.
Another step in the right direction is to have a coworking management software that connects members together similar to the way the WeWork app allows members within the workspace to message each other and directly communicate. With strong community building software you can beat WeWork to the punch by having more ways for users to come together.
Streamline Your Services
The first measure to success in this category is to do a competitive analysis of your corporate neighbor. By finding what the place by you does not offer it’s members, you can take advantage and offer something that is truly unique for your members. For instance, does their space offer more for millennials or more professional and established businesses, if you know the answer to this you can take advantage.
By utilizing these tips, your space can thrive even with corporate competition nearby. If you find your niches and cater to them, organically build your community, and streamline your services you can deliver an experience to your members that is uniquely and organically yours. For more information on how to compete with WeWork as a local operator, 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.