Since a few years ago, coworking spaces have grown in popularity as more and more people explore for alternative workspaces that provide flexibility, cost, and community. There are a number of things you should be aware of if you’re thinking of operating a coworking space in order to succeed. You must first have a thorough understanding of your target audience and what they require from a coworking space. Are they startups, entrepreneurs, freelancers, or teleworkers? What are their preferences, needs, and spending limits? You can better target your services, amenities, and pricing by conducting market research and developing buyer personas.
The second step is to provide a welcoming and effective setting that encourages networking, creativity, and cooperation. This entails picking the ideal site, arranging the area to accommodate various working methods and preferences, offering high-speed internet, ergonomic furniture, meeting spaces, and other conveniences that improve the working environment. It also entails fostering a feeling of community through gatherings, workshops, and other social activities that unite people and promote knowledge-sharing and assistance among one another. Third, you must have a thorough business strategy that details your sources of income, costs, and profit margins. This involves choosing your membership techniques, price, payment options, and marketing and sales tactics. In order to increase your profits, you must also understand how to optimize your operational expenses, such as rent, utilities, maintenance, and employee compensation.
Finally, you need a committed and enthusiastic workforce that can perform administrative duties, provide exceptional customer service, and develop relationships with your members. This entails finding the best candidates with the necessary qualifications and attitude, giving them support and training, and building a culture of collaboration, communication, and creativity.
One of the most well-known suppliers of coworking spaces, WeWork, has based its success on these ideas. Since its founding in 2010, WeWork has rapidly grown to become an international brand with more than 800 facilities in more than 100 cities. In addition to a variety of flexible membership options, including hot desks and private offices, the business also provides a number of services and perks, including printing, mail handling, IT help, and networking events. WeWork rents space from various landlords in addition to owning some of its buildings.
WeWork has, however, had several difficulties recently, including a failed initial public offering (IPO), changes in leadership, and the effects of the COVID-19 pandemic on its economic model. WeWork had a peak valuation of $47 billion in 2019, however as of 2021, it is now worth about $9 billion. Despite this, the business is still regarded as a prominent participant in the coworking sector, and both its successes and failings can be used to teach new coworking space managers important lessons.
The management of a coworking space necessitates a blend of strategic planning, client attention, operational efficiency, and team management. You may design a coworking space that caters to the needs of your target market, develops a feeling of community, and produces long-term profitability and growth by paying attention to these suggestions and researching successful models like WeWork.