Like any other business, setting up a coworking office franchise is not for the faint-hearted. You’ll be the go-to resource for business owners, small and large, looking to cut real estate costs while getting work done. Before you become this, you need to understand what a coworking space entails and how to establish a successful one. In the next part of this article, you’ll learn more about the steps involved in establishing a functioning and successful coworking business.
Have a business plan
A business plan is one of the most important resources you need going into the coworking space business. Irrespective of how small you plan to start, a solid plan will help you prevent common mistakes that can ruin your business. As part of your business plan, start by researching the important information about the coworking space industry.
Some important things to focus on include;
What startup and ongoing costs are required to establish and maintain your business? This cost will include purchasing furniture, networking equipment, insurance, decorations, utility bills, and miscellaneous.
Who are your target audiences? You should be able to define who your target audiences are clearly. Are you focusing on providing a research and study space for students, a networking hub for startups, a space for established corporations when in town, or a mix of all?
Pricing information. You also need to determine the right price to place on your services. You don’t want your coworking space to be ridiculously expensive and scare customers away. You also don’t want it too cheap that you’re unable to balance your finances.
Business name. You should also brainstorm the perfect business name for your coworking space. Ensure that you check online and offline directories to ensure the name hasn’t been picked and registered.
Building a business requires working with others to put your business at the forefront of the industry and target audience. There’s no better way to get your name on the lips of your target audience than to know where they are and meet them there.
Networking allows you to meet with your target audiences, online and offline, to spread the word about your business and the advantages it’ll offer them. It may also be the thing you need to gain investors, especially if you haven’t sorted the financial aspect.
By networking aggressively, you’re also likely to meet with more experienced business owners and experts who may guide you on the common pitfalls to avoid.
As part of your networking drive, research the ease of doing business in your community and what you need to obtain the permits and authorizations to start your coworking space.
Prepare your budget and investment plan
Your coworking space is a business that should be profit-oriented. Lenders and investors want to know what you plan to do differently and how you intend to put their money to good use.
You should be able to convince them to empty their coffers with your budget, business and investment plan. Start by researching why most similar businesses fail. You can also start small to test the waters and better understand the challenges.
You may also need to reach out to experienced asset managers, real estate investors, and local authorities to ensure that your business idea is on the right side of the law.
Make Wise Business Decisions
Once the backend of your business has been taken care of, proceed to make wise business decisions regarding your business location, furniture and fixtures, amenities, etc.
For your coworking space location, remember your target audience and what they want. You need a place in or close to the commercial areas if you’re targeting established businesses and startups. You also need to ensure that the location is easily accessible to your customers’ clients.
For the utilities and amenities, you’ll need to present something that makes it worthwhile for your target audience. Consider high-speed WiFi, printing and photocopying services, coffee and kitchenette, vending machines, etc. The more amenities you offer, the better their chances of picking you.
For furniture and fixtures, always remember the importance of comfort and functionality over aesthetics. Choosing comfortable furniture reduces back pain and fatigue while improving comfort. Make sure to get the right consult for these.
Now is the time to unleash your marketing genius, especially as your coworking space is fully set up and ready to operate. You can leverage the contacts you’ve made in the past through networking to get things started. You can also launch a promotional offer to reel in new customers.
With a proper marketing strategy and quality service delivery, you can expect your coworking space to be filled to capacity in no time.