Coworking Space: Ultimate Tips in starting up a business
This article provides an overview of what needs to be considered when starting up a coworking space and the essentials in starting this type of business.
With the number of people getting vaccinated today, it is undeniable that the government’s security measure for covid protocol has somehow loosened and has gradually started its phase to come back to what we used to call the “normal life”. As this continues to prosper, the economy is slowly gaining its comeback, allowing more people to come out from their nest and interact face-to-face. Indeed, the virus is still there, but the fact that we’re helping each other to eliminate it makes life better for each of us. Thinking of how the future holds for most businesses, one could think of a business start-up. One of the most promising to start up with is a coworking space. In any part of the world, coworking space will benefit most business sectors that prioritise office spaces.
What are the main things to consider in starting up a Coworking Space?
First and foremost, it is vital in any start-up of a business to do research. Research allows you to see if what you have envisioned is feasible or not. It’s not just about the location you need to study but also the percentage of how much your business will prosper based on human or economic needs. You must ensure that you have a clear view of what’s coming ahead of you. It may be a promising start-up, but one must check the mass or audience that will be inclined to it. Like which sector are you targeting the most? Is it the entrepreneurs, the student, or both? What is it going to be? What function will you most likely cater to? Once you have an answer for all this and the equipment needed and the kinds of amenities you’ll be having, you’re all good to go.
Once you’re done with your research and fully convinced that you’re ready to venture into this type of investment, you need to consider your finances. You don’t need to start big and have it grand. You can always start from small, and later on, those profits of yours is a steppingstone for expansion. I’m not saying it is not wise to start big. If you have all the resources for your vision provided you did thorough research, then go for it. If your funds are limited, then starting from small is not bad either. It would help if you prioritised what your function will be mostly about. Is it more for events, meetings, or simply hotdesking? You may even combine both but then again, remember to base it on your research. What’s also important is that you can provide the equipment that is essential for collaboration.
3. Consult an expert
Let’s say you’ve done your research and already have the funds for it but still want to know more, then consulting a veteran is your next go-to. According to Peter Gasca in his article on Entrepreneur Asia Pacific titled 7 Tips for Creating Your Own Coworking Space,
“if you are still unsure how to proceed, consider contacting other co-working spaces in other cities that serve a similar target market and ask for advice”
There’s nothing wrong with seeking a piece of advice from a veteran, as they have already experienced the roundabouts of the business, which they could share with you. Learning from their experience will make you wise in handling the company and see what may lie ahead. It’s providing you more than a step forward; although there are instances when a problem arises, it may differ, but the solution may somehow be similar.
Essentials of a Coworking Space
Once done with your research, it’s about time to focus on the essentials of what comprises a coworking space. Listed below are my top 7 things that a coworking place should have.
It is ideal to set up a coworking space where it is accessible for commuters. It might be possible that most renters have their car though there are still percentages of the population where they would prefer to commute. Having an office located near subways, trains, or a place to eat is the ideal location for your intended workspace.
The internet nowadays is impossible not to have. It is already tagged as a necessity and not just a form of luxury. Ensure that you have fast internet, enough to accommodate your users and a backup just in case the other fails. Internet is not primarily just for surfing or emailing. You need to think of its bandwidth as most are into video calling and streaming. You would also need a good internet speed for VoIP. Apart from the internet, you would also need the Ethernet to connect things up for better collaboration.
Working in an office can sometimes be exhausting. Working on an eight-hour shift, nowhere to unwind for breaks and lunch, will create burnout out of it. In this type of business, it is best to make it equally balanced. A pantry or a kitchenette is common in any workplace. Try adding some lounge where they can relax and have coffee or a place to hang out to meet new people — amenities where they could relax such as a game room. You can set up table tennis with darts or space for wall climbing — a place where they can release tension.
It is essential to know what type of framework you would be doing for your business model. According to a blog titled “7 Steps Towards Building a Thriving Coworking Space” there are 5 categories that you can pick best for your coworking space.
a. Coworking space with private offices
If your coworking space is large enough, renting out private offices is an excellent way to increase your income.
b. Coworking space within your business
If your company has unused office space, setting up a coworking space might help offset maintenance and setup costs. The benefit is that the income from one operation can offset the losses from the other.
c. Coworking space within private spaces
You might start a coworking space with a cafe or a property owner. Coworking spaces can be found at cafes, pubs, and restaurants that are willing to open their doors to you after hours. Similarly, you may be able to negotiate a low-cost lease with someone who owns unoccupied or underutilised space.
d. Coworking space within public spaces
The city council may be an underused resource for your coworking space. Talk to them about your idea to determine whether it fits their financing and space needs.
e. Coworking space with events
Hosting events in your coworking space generates cash while also promoting your coworking space. You may host meet-ups, movie evenings, or discussions.
It is best to invest in equipment that will help in collaborating with other people. This may include a photocopying machine, Wi-Fi, printers, projectors. Primarily the basics when setting up for a conference room.
6. Interior Design
It’s also important to think of the design — something ergonomic to keep the efficiency and productivity of a person. When you see something appealing, it boosts creativity and stimulates your ideas. It’s not just about the arts you put in it, but lighting also provides this vibrant mood to become productive.
In everything, security and safety is the paramount concern. People who work in your coworking space must feel that they are secure. So you could add a surveillance camera apart from having security personnel. This also goes not just in humans but also in terms of belonging.
The Parting Shot
Now that you have done the preliminary job, your next step is locating and creating the need. Based on the article “Starting a coworking space?” It is important to publicise it.
“From before day 1, establish a solid brand that stands out from the competition in services, community and staff. Implement a referral program for your members to bring trusted friends and colleagues, and don’t underestimate the value of a outdoor signage to bring in street traffic.”
Once you have accomplished all of it, a study done by the second Global coworking survey shows that 72% of all coworking space becomes profitable after more than two years in operation. Thus this may vary from the scale of coworking space you have availed. It is tested that the more members you have, the more profit it will bring. Remember, one of your objectives is to allow people to be linked together despite their profession. To create a soulful atmosphere to be more productive. Taking into consideration that the hybrid work model is the preference of this new era.
wanderer + inquisitive || always overcome uncertainty with resilience. ||