Co-Working Space: A New and Thriving Industry

Posted on Mar 9 2018 - 4:36am by Business Day TV

people working in a shared officeOwning a space can present multiple opportunities. Depending on the size of the space, you can turn it into a store, a restaurant or even a rental space. But if you are looking for a business that is relatively new and booming, you might want to try running a co-working space.

For starters, franchising a co-working space from a Venture X business model is a very smart move. You would get all the knowledge and skills that you need to effectively run the business.

However, basic foundation is not the sole recipe for success. Here are other factors that you should keep in mind to make sure your venture will grow into a profitable, revenue-generating business.

Location

As in all businesses, finding a good location for your co-working space franchise is very important. Placing your business in an area that is accessible to many people will offer a better chance of finding loyal clients than having it tucked in a place where cars barely even pass.

Niche

Most co-working spaces target independent contractors and freelancers who do not really have a permanent office to work at but need a space and environment to do so. Focusing on one specific industry (e.g. writing, graphic design) can help you design your business model and your overall space based on its needs.

Utilities and style

Knowing your target niche would dictate the utilities that you would include in your co-working space. This will also influence the style of your area. Having cramped spaces with a target audience that rely on worktops would not really make your business thrive. Know what your clients need and work around it.

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Pricing and benefits

One of the most effective ways to keep your clients coming back is by rewarding them with loyalty benefits. Consider offering perks like point collection, as well as competitive pricing and flexible policies.

Venture into this relatively new but thriving industry and set yourself up for success by learning the basics.