Essential Steps for Opening a Coworking Location

Coworking locations are attracting not only small business owners and freelancers, but they are also drawing the attention of larger companies and corporations. As hybrid work models go, combining the advantages of a coworking location with a centralized office is the path many companies are taking to lower overheads, retain current employees through increased flexibility, continue a collaborative culture and encourage a new and talented workforce.

Coworking spaces offer professional advantages without compromising flexibility and independence for entrepreneurs and those escaping a distracting home office environment.

Deciding why you want to open a serviced coworking office space is a giant leap toward knowing the type and direction your location is going to go.

Opening a Coworking Space: First Steps

What clientele are you hoping to attract? Is your site conducive to attracting these clients? Once you have done your due diligence and are committed, there are several steps to follow for staying on track and achieving your goal of providing the most professional and comfortable space possible. Here are some critical strategies for opening your new coworking location.

Know Your Objective

Anyone opening a new business does so with profit in mind. However, some people have more far-reaching objectives. A coworking location can provide a creative and vibrant space within the community and is a big step over the local coffee shop for freelancers and remote employees. Knowing your objective will influence how you design and choose the amenities of your coworking location.

Choose a Fitting Location and Dress it Accordingly

Find a physical location that fits your vision and meets the local demand for services. Make sure it has room for expansion if needed and dress up your space to appeal to your target clientele. Coworking spaces can be elaborate in their furnishings and design or very simple and practical. Whichever you are striving for, at the very least, make your space clean, inviting, and comfortable.

Structure Your Services and Amenities

Decide what professional services you plan to offer, from management assistance to virtual offices and mentorship programs. Professional administrative services may cover everything from mail sorting to telephone answering and reception. You may decide to offer simplistic facilities or include more elaborate options like onsite cafes and gyms, wellness packages, and group insurance.

Some coworking spaces are basic, while others strive to create a social community, developing and encouraging networking opportunities through social programs and workshops. Regardless of who you are designing to attract, you’ll need to consider these basics:

  • Strong and reliable hi-speed internet
  • Professional staff to manage and provide support
  • Private offices and meeting rooms in addition to a common workspace
  • Reliable technical amenities and support
  • Common areas for relaxing and preparing light meals

Financial Structure

Planning the financial framework of your coworking location is essential to your success. Consulting with long-established experts in the field like Workspace Strategies will help you work out your service fee structure and other critical details. Poor planning and unrealistic rate levels can make or break your business. Ensure that your chosen location is conveniently able to access the required Wi-Fi and other conveniences such as free parking, transit, local restaurants, and banking.

Coworking spaces are the new global trend, focusing on shared values and resources while attracting professionals from all areas of the workforce. When opening a serviced coworking location, you are entering into a cutting-edge industry that fosters communities built of talented people with diverse backgrounds.