There is a lot of work and time that goes into creating a co-working space, but it isn’t as difficult as you think to start. Here are a few of the basics to help you get on the path to starting a successful and profitable co-working space.
Who is Your Target?
The first thing you need to do is identify your target. Do you want to attract young professionals, small business owners, freelancers, or someone needing an interim workspace?
This will determine everything from the furniture you need, whether you need small office coffee machines or somewhere to make and prepare food. Once you have your target market, it becomes easier to design your space.
Type of Co-Working Space
There are different types of workspaces you can create. A minimalist design, for example, consists of some desks, chairs, internet, and a few basic additions; this is perfect for those just needing a quiet area to do a few hours of work.
While that is one specific example, co-working spaces can be split into two main groups: a generic space, or a niche space, with each having its own pros and cons.
Generic
A generic space is one that can cater to the traveling freelancer, or a regular business person who needs a space to work for a few days. It will have desks, high-speed internet, a couple of sofas, a meeting room or two, and a kitchen area for making food and drinks.
As the name suggests, this type of workspace caters to the average person whose needs are fairly simple. It is also the type of space you are most likely to come across when looking for one.
Niche
On the other hand, a niche space is one that is curated to the needs of a specific group. For example, a space that has large crafting tables, machinery, or something similar, would be perfect for those who make jewelry.
This type of space can be exceptionally popular if it is in the right area and serves your clients well. Using the previous example, many small jewelry makers don’t have all their own tools and machinery. Therefore, they will spend a lot of time in your space.
Permanent vs. Temporary Workspace
Another business decision you would need to make is if your space will be used for medium to long-term tenants, or will it be a temporary space that clients use a couple of times a week or month.
A permanent space would guarantee a stream of income every month, but it will need to be outfitted like a regular office space. On the other hand, if you market it as a temporary space, you can keep it more simple and modest, and you will have fewer costs, but you can’t guarantee constant occupancy.
Choose the Right Location
The location you choose is critical, and it can easily be the make-or-break decision of your venture. There are two main factors to consider: firstly, the cost of renting or buying the space compared to the monthly potential profits.
Secondly, you need to consider the location in relation to your potential clients. If your target is those in business, having the workspace in the central business area, or close to it, is best.
Layout
Layout has been touched on already, but it is an important factor that needs to be a priority. At minimum, you need an area that has several desks, and, if possible, a separate area that can be used as a private meeting room.
If the space is large enough, adding a few tables for people to eat at, as well as some couches for a seating alternative is also a brilliant idea. As mentioned, these features should be the minimum, and you can add to this foundation as and when you need to.
Utilities & Amenities
To increase your profits and to encourage more people to use your workspace, you should have a few added utilities and amenities. Beyond bathrooms and high-speed internet, you can offer coffee stations, a small cafe, or something similar.
Selling food is one of the best ways to make extra money as it will be a constant need. You can also have some vending machines, membership discounts, a juice bar, etc.
Secondary Opportunites
Finally, consider the secondary opportunities your workspace could offer. For example, you could use it as an event space for companies or individuals looking to host a party, or it can be used as a space to hold networking events or industry meetings and talks.
While this will depend on the size of your space, making it versatile with the layout and design will make it ideal for secondary opportunities, especially during weeks or months when memberships are low.
Market
Finally, the last thing you need to do is to market your space. No one will know this space is available unless you market yourself. You can do this across social media, freelancing job sites, business websites, etc.
Marketing and word-of-mouth will be the way you gain members, and therefore, it is a crucial step that cannot be skipped.