Do you know where millennials are heading in business?
An interesting observation is that most of today’s youth end up as freelancers. Though we aren’t saying that all freelance workers are millennials, most of them are. And by 2020, we’re expecting to see 50% of the working population in the US to be freelancers.
But where do freelancers go to work? Is their work solely home-based?
Some of them do work at home but there are office spaces open for freelancers now, too.
This type of office is a cowork space. It allows individuals to come in, access Wi-Fi and other amenities. It’s a lucrative business if you want to target today’s working demographic.
If you are looking to get into the coworking space industry, read on. We’ve got some tips for how you can start a coworking space.
1. Reasonable Research
Are you sure about getting into this industry at all? The beginning can get costly, especially if you’re building from the ground up. Significant research is necessary for you to be able to know what to expect.
Know your target market and the locations where you can get the most clients. Your goal is to get a full coworking space. Your location should be easy to find, convenient, and accessible.
How big is the demand for coworking space in your location? Are there enough small business owners or freelancers in the area? If you find it difficult to create opportunities for them, the local chambers of commerce can help you help them.
Location research will help you decide on the utilities in your communal workspace. This will be useful if you’re leasing an old, underused building. Are there enough outlets for the electronics your clients will bring in?
2. Flexible Functions
In essence, you are building an office that’s integrated with modern practices. Your space may look like a traditional office but once the members are in, the atmosphere is not of one at all. Key differences lie in your goals, members, amenities, and functions.
In this modern day, internet connection is already a basic human need. Great Wifi connectivity makes for an excellent coworking space. Before you open up, make sure your Wifi is accessible and strong in all areas of the space.
Creative working spaces also need inspired environments. These environments should relax and maintain mental stability. They must have low-stress factors.
Consult utility companies. They might have special arrangements for spaces for your clients. You can do it yourself or get a designer to do the ambiance design.
Do note that a contemporary design must be useful and comfortable. After all, what use is a stylish room if the noisy, bustling city sounds can penetrate its walls? Your members will leave if they can’t be efficient in your space.
3. Prompt Promotions
One way to gain customers is to market your space early. Start advertising your coworking business before you open. Promote on social media sites or business social networks.
This is how you can build rapport with your clients. Get them excited to build up interest in your business. Word-of-mouth referrals are also great for increased demand.
These promotions don’t only make up early marketing techniques but they should also include amenity promos. This is a way to keep your clients with you. Offer free snacks and coffee, or discounts on meals with restaurant partners.
A creative coworking space needs to give its members inspiration. You can do this with events that will be useful to them. You can invite recognized business owners to give talks or seminars.
For example, KettleSpace offers meet-up events with investors exclusive to its members. They also offer a free trial to anybody who is looking to make a possible partnership with them to let them experience the atmosphere in their coworking spaces. Interested partners can visit the site for more information.
4. Hire Helpful Hands
Some stressors from this business can give you bad migraines. If it gets too much, you’re allowed to get help. A growing business will need more staff.
You shouldn’t just focus on the space and connectivity but also on the service. High-quality service is a big factor in maintaining good business relations with your members. If you’re overworked, the quality of your service deteriorates.
Your staff should be models of friendliness and compassion. They should be inspirations for members to work with each other. From the start, you’ll need a community manager to welcome, orient, and look after members.
5. For a Cowork Space, Consider Software
Starting a coworking space isn’t as simple as getting a space and collecting lease. Without the right tools, sometimes it can get confusing. Here’s something that should help you even as you’re starting: management software.
Good workspace management software will have all the tools you need to run the business. You should be able to link it to your services, onboarding, billing, promos, and member portal. Many software platforms are available for you on the internet.
This software is best implemented before you open your coworking business. They take a while to configure. Once the processes are all good, the work will be smooth and seamless.
6. Create Communities
Sharing a workspace with other people can make great bonds. This is one more thing you offer your clients. You’re not only opening opportunities, but you’re also creating communities!
Getting people to join your community is not an easy task. If they don’t know you’re there, they won’t come. This is where your marketing skill comes in.
One way to do this is to make groups on social networks. Invite as many people as you can to an event you are hosting. Getting them to go won’t be enough, make them enjoy and understand the idea of a coworking space.
When you have your business started, this is also where high-quality service comes in. The better your relationship with your members, the more they’ll love your brand. At some point, they will refer it to their friends.
Another way to read this is to make a friendly environment. This is more the work of your clients than you. Still, you can help them bond and make more connections by hosting team-building events.
Build Up Your Business!
That is how you create a fun, comfortable cowork space!
Follow these steps and you can build an office people will talk about. Now, get out there and make a safe working space for freelancers, start-ups, and small business owners.
But you don’t have to stop earning here.
Ever thought of investing in stocks? Well, you don’t have to be rich to get into it. Check out our previous guides to learn how you get started in stock trading.