The co-working space business is proving to be a profitable venture, with co-working quickly becoming the new norm in the professional world. With great potential comes cutthroat competition, though.
And the only way starting entrepreneurs can break into the industry and get ahead of competitors is to know exactly what professionals and startups want in such spaces. Here’s what your co-working business should have for it to take off and achieve success:
Distraction-Free Work Environment
Freelancers and startups that don’t want to rent an office space flock to co-working spaces because their usual work environments have become too distracting. Think about it: Coffee shops are too loud and crowded and home offices are cramped and too cosy. When planning the design of your co-working space, the foremost priority is it should be distraction-free.
This means you have to consider the level of noise, thermal comfort, accessibility of technology, interior design colours, and furniture. Some aspiring entrepreneurs consider getting a coworking franchise, as this allows them to have a proven distraction-free environment model.
People may go to your co-working space for its high-quality facilities, but what makes them stay is its respectable and nurturing community. It’s important to build a culture of fellowship inside your co-working space.
You can do that in a lot of ways. One of which is to introduce accountability groups, where your members can share their struggles and wins in their line of work. This will help them be consistent in their projects and at the same time, give them a morale boost they need to follow through such.
Another way is to host events. Organise different seminars depending on the needs of your members. Go for more informal social gatherings too, like Happy Hour or game night.
No matter how good your interiors are or how supportive the members are of each of other, there won’t be any staying members if your co-working space isn’t in a convenient location. It’s a timeless entrepreneurial principle: Set up your business where people can reach you easily.
Go for a location that’s a walk away from key establishments, like coffee shops, restaurants, fitness centres, malls, and parks. A co-working space located in the central business district attracts would-be members, so aim for that.
The co-working space business is hugely profitable. That is if you satisfy what people want in co-working spaces. Remember these factors as you plan your business.