April 12, 2018 | By Luis Estrada
The Cost of Starting a Coworking Space
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January 12, 2018
As we’ve talked about before, Coworking is more than just a growing trend, it’s become part of the way millions of people work worldwide. And per the results of last year’s Global Coworking Survey, most, if not all, the relevant data shows upward shifts from year to year. This year’s survey (you can take it here) should show more of the same.
But, as with anything, there are pros and cons of Coworking from both an operator and a member perspective. Let’s take a look at some of the most relevant ones.
The biggest benefit of Coworking is the flexibility it affords its members. And that term is used in several ways.
It provides flexibility when it comes to how often you need to be at the office. If your hours aren’t “standard business hours”, that’s okay, and most startups or small businesses don’t run on traditional 9-5 schedules.
Coworking provides financial and space flexibility by offering choices of hot desk, permanent desk, private offices, and more, for every type of budget and need. Also, without needing a long-term commitment, you’re free to search for better, more cost-efficient options as you please.
Networking is imperative to startups and established businesses alike. In a shared space, you’ll have networking options at your disposal every day with the diverse and ever-expanding market that’s involved in the industry.
This is a very familiar term in the Coworking world. Coworking spaces host many events for their members to assist in networking, to create friendships, and to encourage a comfort level that is often not found in traditional offices.
It’s up to you as the operator to create events and encourage members to attend happy hours, guest speaker presentations, workout sessions, lunch outings, etc. Coworking is built on the sense of community its members feel and that’s what keeps it growing.
As an operator, you who can create an aesthetically pleasing environment to your liking. The décor, lighting, furniture, and anything else within your space is customizable and will help in attracting the member demographic you may be targeting.
There are some people who enjoy working from home. Many people however, encounter tons of distractions such as tv, kids, pets, and errands. Working out of a shared space can create the happy medium between home and the bland cubicle office world.
I close the pros with eliminating home distractions specifically to segue into one of the more common “cons” of shared spaces.
How can this be in both categories? Because Coworking can create a social atmosphere. If you have countless tasks to accomplish, you cannot control whether the other members in the office are having a lighter day. It’s not a library, meaning there’s no noise policy. There could be an office lunch, or a group doing some team building exercises, for example.
Coworking affords members the freedom to not work in a structured environment. That could, at times, work as a negative for some.
Big cities have bad traffic. Its an unfortunate fact we all deal with daily. Unless of course, you’re used to working in a coffee shop, library, or even at home.
If the best Coworking space for you just so happens to be in a downtown or heavily populated area (which many are), the commute to and from work could be a downside for those considering the change.
As much as this can be a pro for the operator it can be a con for the member. Members want to feel at home and comfortable. If a space doesn’t provide that, its normal to look elsewhere to a space that does, or actually being at home.
Coworking may not be affordable for some. From the investor perspective, not everyone can afford to create a space, no matter how profitable it may become in the long run. And from a member perspective, libraries, homes and coffee shops are free alternatives, no matter how many cons those may also provide.
At the end of the day, is Coworking a viable option for everyone? No. But it most definitely is a fast-growing industry that is adapting to the needs of everyone involved, top to bottom. And it is eliminating more of the cons consistently. It also helps to have the right management software in the space. Kube by WUN will remove more cons from any space by streamlining countless facets of operation. See how it can help you by clicking the link below.
WUN Systems is a provider of a Workspace Management Platform delivering you all the tools needed to grow a smart and connected workspace. The WUN Platform enables your technology to work intellligently together from managing leads and monthly billing to on-demand Internet and Voice services. With all the hardware, software, and essentials for building a thriving workspace, WUN’s platform helps you increase revenue, maximize productivity, and build community. WUN’s mission is to provide the blueprint for growth and efficiency in your workspace.
The #1 Workspace Management Platform for Coworking and Shared Space. From managing leads and monthly billing to on-demand Internet and voice services.
April 12, 2018 | By Luis Estrada
April 3, 2018 | By Luis Estrada