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According to Statista, the number of people using a coworking space has increased from just 21 thousand in 2010 to 3 million users in the year 2020. That is a whopping 14,185.71% increase in the number of people using a coworking space. These numbers might give you a brief idea as to why so many landlords are planning to convert their properties into a fully flexible co-working space. If you are one of them, then you have come to the right place.
In this blog, we are going to list out 7 things landlords need to do before starting a coworking space.
Do your Research
Knowledge is power, which is why the first thing you must do is before starting your coworking space is to do very thorough research.
Here are a few questions to ask yourself:
- What is the scope of coworking space in my area/locality?
- Who are my competitors?
- How are they providing their services?
- How can I make my service better than my competitors?
- Should I partner with an operator?
Decide on Your Framework
There are different models or frameworks of coworking space that you can choose between, and you can choose the one that fits with your particular circumstances.
- Coworking space within your business.
If you have a business with unused space, then you could convert your space into a fully flexible coworking space. That way, you can benefit from the profits of both the businesses and have access to cultivating a professional relationship with talented individuals.
- Coworking with events and education programme.
If you are a landlord with skills that you think other people can benefit from, then you could host programs in your coworking space. You could also partner with other content providers. You could charge for the events or find people who could sponsor them.
- Coworking + office space
If you have a large space, then you could reserve a third of it for private offices. That way, you can have clients from both ends of the spectrum.
Create a financial model for your Coworking Space
When beginning a coworking business, you should create a financial model. This will allow you to gauge whether you have sufficient funds to start the business and the amount of profit or loss to expect from running the business. To create your financial model, take a look at the various revenue streams and the costs associated with it.
Start building your community
One of the biggest mistakes you can make is assuming people will come to your space as soon as you open it. You need to start building your community and make a name for yourself long before you start your coworking space.
Design for your community, not for yourself
While designing a coworking layout, you must choose a design that appeals to your community rather than a design that fits the maximum number of people per square feet.
Plan to make it more economically viable
Do you plan to make big bucks from your coworking space? Plan to make your space more economically viable. To attract more clients, you could integrate as many services as possible in your coworking space so that users can spend more money inside than outside of it. For example, you could install a gym, a cafeteria or a sauna. You could offer services like spa, yoga or host events..
There are endless examples of making your coworking space more economically viable, limited only by your imagination and budget.
Hire a good Team
Lastly, if you want to run a successful coworking business, then you must do it with a great team. You need to make sure you hire people who understand this business as well as you do. You need to make sure they have all the necessary skills required and that they have a personality which matches with the community that you plan to create.
The steps you take are very crucial because they will decide the success or failure of your business. If you need any assistance in starting your coworking business, then, do consider reaching out to our team because here at Propques, we have a panel of experienced professions who can help simplify the process of starting your business and turn your business profitable.