Guide to Opening A Coworking Office Space

Opening a coworking office space is a good business venture — provided you do your due diligence to understand the core of the pursuit. With that said, let’s dive into some steps you could use to give your coworking office space business an advantage.

Market research

Determining the demand for coworking office space will help you set shop in an area with need. The market research gives you insight on:

  • Potential clients, their traits, satisfaction, and loyalty
  • Clients’ research and consumerism habits
  • Target market size
  • Acceptable market pricing
  • Competition
  • Competition’s strengths and weaknesses
  • Industry trends and projected growth

use the following means to gather information when conducting proper market research:

  1. Create or join groups on social media and interact with its members. 
  2. Host in-person interviews
  3. Set up focus groups
  4. Visit a coworking office space and make observations
  5. Obtain data from public sources like government statistics
  6. Gather (paid) information from commercial sources 
  7. Liaise with other coworking office space to give you a snapshot into their data

Choose a Business Model

Apart from a stand-alone coworking office space, two other business models are popular:

 

Coworking space containing private offices

For maximum income, build coworking office spaces that charge a premium for private offices. 

 

In such a model, assist clients in understanding the value offered; for example, the environment in a private office is quiet. Nonetheless, upon opening the door from privacy, the client is surrounded by dozens of creatives and professionals.

 

Coworking space in a business

A business could convert the extra room to a coworking space to supplement the income and cover some business expenses.

 

A plus to this is, when it’s a low season on one side of the enterprise, the other supports the business as a whole.

Financial Planning

Figure out where you’ll get funding. Some funding ideas are:

  • Personal savings
  • Local government funding
  • Investors
  • Family and friends
  • Business contacts

 

Afterward, determine how you are going to charge clients in your coworking office space. As a customer retention strategy, it is advisable to offer benefits/discounts to clients who book for long periods.

 

Budget limitations aside, you could integrate countless services (for example, a gym, cafeteria, sauna, napping cubicles, yoga, and meditation) into your coworking office space to boost your income.

 

On the high side, pulling in corporate clients who require meeting rooms or even an entire floor supplements your income.

 

Conclusion

This guide offers a good start but, it’s by no means exhaustive. Take time to conduct research and combine the information obtained with this guide for an informed strategy generation.

 

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