What Do You Need to Start a Coworking Space Business?

Person holding a mouseFreelancers are growing by the numbers; in fact, a report from software company Intuit predicted that 40% of the population will enter the freelancing industry by 2020. That’s more than 60 million people who will, eventually, need a space to work in.

Enter your business.

Addressing the growing need, however, goes beyond opening up an empty space to seeking freelancers. To ensure the success of your coworking business, careful planning and enough resources are necessary. Otherwise, the competition will get the best of you.

So where is the best place to start? Know the basics first.

The Anatomy of a Coworking Space

Coworking spaces are membership organizations that offer shared spaces to individuals who wish to start or grow their businesses. Some spaces come with suites and offices available for rent, but most facilities have open floor plans with common desks and couches in one or more rooms. Some coworking spaces provide desktop computers, but most people prefer using their laptops to work independently.

Each coworking space is unique; that distinct vibe is what sets it apart from others. Businesses focused on attracting bigger groups offer larger spaces, while others house smaller teams.

Apart from size, what are the other considerations of a good coworking space?

Community First, Space Later

A “If you build it, they will come” mindset is not enough for this business; if you really want freelancers, do market research first and determine the demand for coworking spaces. The idea is still foreign to many people and the remaining few will need more convincing. Learn more about your potential clients: what do they want in a space? What amenities should you invest in?

Also, you may not need a massive demand to get your business off the ground. Continue the plan but on a smaller scale and see how careful planning does wonders for your business.

What is Your Function?

Coworking spaces are popular for their stylish, contemporary, and artisan spaces that encourage creative and energetic thinking. This, however, always comes with a cost. Before you lease out a space, consider what to charge.

You will need a better understanding of on-going expenses. Start by determining the function of your space: is it for purely profit or is there an intention to inspire entrepreneurs? Some coworking spaces operate for the purpose of meeting the break-even point; others wish to inspire others by offering resources and benefits.

On Considering Location

Convenience and safety—these are two factors to consider when scouting for a location. Some businesses choose to settle in older and underutilized buildings, which is a plus. It is easier to maximize spaces that are vacant or have been used to its capacity.

If you are fortunate enough, you may also land a good deal with a property manager or landlord in terms of rental fees.

Utilities and Furniture: Priorities

Before you go shopping for office furniture, think about utilities first. A pretty coworking space is useless if the Internet connection is faulty. Work with trusted utility companies and make special arrangements to ensure your clients will benefit from high-speed connections.

With furniture, choose pieces that encourage creativity; use color psychology to encourage productivity and creativity in the open workspace. You can also allow participants to add their own decorations for a more home-like feel.

More freelancers will seek a comfortable space to work; when they do, yours should be the first place to come to their minds. Apart from equipping your space with the right furniture or amenities, it pays to have the support and established system of a franchise provider. Why start from scratch when you can do more with a proven business model?

Venture X offers a franchise business model that sets the pace for your business. Get in touch with us now and open your own coworking space now.

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