Developing a Co-Working Space

So many people are getting more autonomy and freedom in the way they experience employment. One of the ways this is happening is through the ability to telecommute. For many people, the ability to work from home is ideal. For others, it’s very difficult to get anything done. Because there’s no set time to be in the office or report to a boss, it can be challenging to develop the discipline to get anything done. One of the most popular solutions to this issue is the co-working space. Organizations like We Work have provided co-working spaces all over the globe. Furthermore, there are tons of people who are developing their own co-working spaces within their communities. If you would like to be a part of the co-working movement, there’s a lot of opportunities to consider. As you develop your plans, consider the following components.

Developing a Co-Working Space

Location 

When you’re ready to spend money and invest in the perfect location, you’ll want to consider a ton of elements. If it’s in a location that’s inconveniently far from civilization, you might have a tough time filling up the space. You’ll also want to consider the businesses that are nearby. Do your research to find out if the area is projected to have more development in the future. If it’s an up and coming area, that building might be a great investment. You’ll also want to make sure that the building is inspected thoroughly.

Pricing 

Once you’ve purchased the building, always set your prices with plant operations in mind. Draft a plan to help you know how much it will cost to run the space on a daily basis. Don’t be afraid to make it exclusive and charge what the experience is truly worth. You’re not investing in this business as a form of charity. Yes, you want to be able to help local entrepreneurs and employees set up an office space away from home, it’s still a business. Plus, when you’re hosting different professionals within one space, they’ll be able to add value to one another. Knowing this, charge fair fees that are still competitive.

Competition 

If there aren’t any co-working spaces in your area, you’re setting yourself apart as your own competition. However, consider the closest co-working space. Think about where it is and how you can set yourself apart from it. Do not try to copy what you’ve seen. Instead, consider ways that you can make your co-working space innovating, interesting and efficient. Whether you choose to invest in energy-efficient appliances or serve Starbucks coffee in-house, find a variety of selling points that will easily persuade potential customers to burst through the doors.

Facility 

If you take a look at the WeWork’s Instagram page, you’ll quickly realize that people love a stunning space to work in. This is why it’s incredibly important to hire an interior designer who can create the ideal space. In addition to interior design, it’s a great idea to include natural elements like lots of natural light, indoor plants and water features. Within the budget, it’s wise to create space for employees like a barista and a plant manager. The co-working space needs to be clean at all times. If you’re serving food, this is a great way to attract bugs and rodents. If you’re not careful with food handling, things can get messy and unsanitary very quickly. If you have a barista who serves drinks as well as food, you’ll want to make sure to get a food handler’s license to cover the legalities. When you’re dealing with the maintenance of the building, always make sure to contact the right local professionals to make sure that the building is up to code. As you continue to draw up plans for your co-working space, be relentless in your research of what needs to be done for facility upkeep and maintenance.

Marketing 

In order to facilitate an effective marketing strategy, you’ll want to employ both online and offline marketing efforts. From an online perspective, it’s wise to develop a website, a strong social media presence and more. When you’re creating a co-working space, know that this concept is beloved by the Millennials. Most Millennials hang out on Instagram, Snapchat and Twitter. Knowing this, you’ll want to do the research to know the meaning of SnapChat emojis, how to go live on Instagram and how to connect with the right people with witty banter on Twitter. Your offline strategies might include billboards, newspaper advertisements and radio advertisements. As you become consistent with spreading the word about the co-working space, you might have to create a waiting list. Depending on your location, it’s good to know that so many people are looking for a great co-working space because they want an environment that inspires them. If you can make sure that this inspiration is communicated through marketing, it won’t be too hard to fill up the spaces.

 

 

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