The world of work is changing rapidly and with it the way people work. Coworking spaces have become a popular option in recent years, offering flexibility, community and an inspiring work environment. If you're thinking of opening your own coworking space, there are some important aspects to consider.
In this blog post, we will look at the necessary requirements, business model, location selection, targeting, equipment, management and marketing for. This way, you'll be well prepared when you want to open your own coworking space.
I. Requirements for the foundation
Opening and operating a coworking space requires a solid financial foundation. There are various ways to secure funding, such as equity, bank loans, investors or crowdfunding. Detailed financial planning is crucial to cover the costs of rent, equipment, staff and marketing.
Before you open your coworking space, you need to learn about the legal aspects. This includes starting a business, complying with building codes, taking out insurance, and complying with labor and privacy regulations. It is advisable to seek legal advice in order to correctly complete all the necessary steps.
II. the target group
Identifying the target audience for your coworking space is an important step in targeting your marketing strategy and reaching out to potential customers.
Conduct a thorough market analysis to understand the potential and needs of your target audience. Investigate the local market, the existing coworking spaces in your area and the demand for flexible workspaces. Also analyze the industries and professions that are particularly present in your catchment area.
Needs and interests
Identify the needs and interests of your potential customers. Ask yourself questions like:
- What kind of work environment are they looking for?
- What equipment and services are important to them?
- Which flexible working models do they prefer?
By understanding the specific needs of your target audience, you can tailor your offering accordingly.
Demographic factors
Consider demographic factors such as age, gender, education level, and occupation. This information will help you more accurately define the characteristics of your target audience. For example, a coworking space that targets startups and young companies may have different requirements than one that targets freelancers or established businesses.
Working method and behavior
Consider the work style of your potential clients. Are they flexible and mobile professionals who travel frequently? Or are they looking for a permanent workspace in an inspiring environment? Some coworking spaces focus on collaborative work and networking, while others focus more on private offices and focused work. Understand the preferences and work styles of your target audience to provide the right solutions.
Pay attention to whether your target group values networking and collaboration. Some coworkers actively seek opportunities to share, collaborate and create synergies with other members. In this case, you should promote events and networking platforms in your coworking space. Others, however, prefer a quieter work environment and place less emphasis on social interactions.
Price behavior
Analyze the price consciousness of your potential customers. Are they willing to pay a higher price for additional services and high-quality equipment? Or are they looking for lower-cost options? This will help you adjust the pricing of your offices and services accordingly.
Keep the dialogue open with potential customers and use feedback and market research to gain further insight into the needs of your target audience. Conduct surveys, hold conversations, or host focus groups to better understand their opinions and preferences. Through open dialogue and ongoing market research, you can tailor your offerings and pricing to meet the needs of your potential customers and provide value that meets both their budget requirements and their desires for high-quality services and amenities.
III. the business model
To stand out from other coworking spaces, a unique concept is of great importance. What special services or added values can you offer to appeal to your target group? This can be, for example, the focus on certain industries, networking events or additional services such as fitness rooms or coffee lounges.
A detailed business plan is essential to record your ideas and goals. It should include the following points:
1. company description:
A detailed description of the coworking space, including its mission, vision, target audience and location.
2. market analysis:
A thorough investigation of the market for coworking spaces, including competitive analysis, target group needs and trends.
3. organizational structure:
An overview of the ownership structure, management team and employees of the coworking space.
4. services and offerings:
A description of the services and equipment offered, including workstations, conference rooms, common areas, technical infrastructure, etc.
5. marketing strategy:
A detailed outline of the marketing and sales activities planned to attract customers and promote your coworking space.
6. operating plan:
A description of daily operations, such as hours of operation, security measures, membership models, and contract terms.
7. risk analysis:
An assessment of the risks and challenges that could impact the success of the coworking space and a strategy to mitigate those risks.
8. milestones and timeline:
A list of planned steps to open the coworking space and a timeline outlining the development and implementation of the business plan.
9. financial plan:
A comprehensive statement of anticipated revenues and expenses, including costs for rent, personnel, marketing, operating supplies, and potential profits.
10. funding:
An outline of the financial needs of the coworking space and possible sources of raising capital, such as equity, loans or investors.
11. executive summary:
A summary of the entire business plan highlighting the most important aspects of the coworking space and its financial projections.
Please note that these are only general guidelines and depending on the specific coworking space project, there may be additional or more specific information that should be included in the business plan.
A well thought-out business plan is not only important for investors, but also helps you to drive the success of your coworking space. If you are unsure about a decision later on, you can compare it with the information you defined in the business plan and make a well-founded decision.
An important part of the business plan is financial planning. Accordingly, it is important to establish clear pricing structures for different office sizes and the services you plan to provide. Consider the cost of rent, staff, electricity, marketing, internet, cleaning and other services. Transparent pricing creates trust and makes it easier for potential customers to make a decision. Evaluating the booking behavior of your customers is therefore essential. Coworking management tools such as anny take care of this work for you.
IV. location and spatial planning
Choosing the right location is crucial to the success of your coworking space. Make sure that the location is easily accessible, has sufficient parking and offers an attractive environment. Analyze the local market and check if there are already other coworking spaces nearby to identify potential competition and collaboration opportunities. Note that the choice of location also affects other factors, such as pricing.
V. The equipment
A coworking space should offer a variety of equipment to meet the needs of its users. This includes ergonomic chairs and desks that promote a comfortable and healthy working position. In addition, users should have access to an external monitor that increases productivity and allows them to work on multiple screens. A high-quality keyboard and mouse provide a pleasant input experience. Good lighting is also essential and can be provided by sufficient daylight and well-placed lights. To be able to work undisturbed, in addition to offering individual workstations or silent areas, headphones for noise cancellation are a must, especially in large spaces. In coworking spaces, a "clean desk policy" is often introduced, whereby workstations must be tidied up after use, where the next person can start work immediately. In the best case, lockable compartments are available for the security of personal belongings. Last but not least, beverages in the form of coffee, tea and water should be provided to keep users hydrated while they work and ensure a pleasant working atmosphere.
To save costs and administrative effort, the efficient management of your coworking space's resources is of utmost importance. Booking software can play a crucial role in this. From the simple booking of workspaces to the management of conference rooms and events, software allows you to optimize the utilization of your resources. By integrating online payment methods and automated notifications, you can also simplify the booking process for your clients while increasing your operational efficiency. Acquiring such booking software is therefore an essential step in successfully establishing a coworking space. Schedule a free demo to learn how anny can help you efficiently manage your coworking space.
For many customers, it is pleasant to transfer the digital booking world into the analog world. For example, many customers feel that high-quality displays marking room bookings and digital information displays are indispensable in a modern coworking space. They enable members to find out about current events, meeting room availability or important announcements.
Smart locks and other digital locking systems provide secure and flexible access control for members of your coworking space. They allow visitors to book rooms and gain access without the need for physical keys.
VI. administration and communication
Effective governance and community management are critical to creating a positive and productive atmosphere in your coworking space. Make sure members feel comfortable by promoting events, networking opportunities, and shared resources such as common areas or shared services. Software solutions can also help facilitate communication and collaboration. Slack, Microsoft Teams and Google Workspace offer platforms for real-time communication and collaborative document creation. Through general channels on the respective platforms, coworkers have the opportunity to network or simply plan the next lunch break together. Of course, this also applies to social media such as LinkedIn or Facebook.
VII. CI & Marketing around your idea
In order to efficiently address potential customers, it is crucial to think about how you want to effectively communicate your elaborated ideas and concepts even before opening your coworking space. Corporate identity (CI) plays an important role here.
A consistent CI offers benefits such as recognition, trust-building and branding. By integrating the CI into digital marketing channels such as website, search engine optimization (SEO), social media marketing and digital ads, you can increase your visibility and emphasize the unique selling points of your space. The CI also allows for consistent communication and supports your marketing strategies. Ask yourself where you can reach your target group most efficiently and develop your marketing strategies on this basis.
Overall, a well-designed CI is an essential part of your marketing activities to attract potential customers and successfully position your brand. Emphasize the advantages and unique selling points of your coworking space with all your marketing activities and show potential customers why they should choose you.
Ready to open your coworking space?
Starting your own coworking space requires thorough planning and implementation. Consideration of the aforementioned aspects are crucial for success.
anny offers you a comprehensive tool that can support you in organizing, managing, billing and increasing the efficiency of your space. We are happy to support you in the realization of your coworking space project.
