Entrepreneurs and investors are showing a growing interest in coworking spaces. This is a new option for people who work, as you can change your environment for just an hour or for a year.
In this article, you will find the main procedures to follow to set up a coworking space.
Start by studying the coworking market
Coworking is a growing industry, so it’s important to research the market before opening a new location. Consider the following factors to reach your goal:
- Considerations such as the attractiveness of the proposed location area and the strength of the competition.
- What these customers are looking for in terms of service;
- The pricing structures that will be used (customer spending limits, competing offers or free);
- Financing options available.
Develop an idea
If you want to start a business in an area already populated by your competitors, you will need to find ways to differentiate yourself if you want to attract employees. Therefore, it’s crucial to make the effort to solidify a notion and a following for your location.
If you want to work with artists, for example, it may be helpful to set up a room or building with the appropriate furniture and technology for artistic production.
Choosing the legal status option
After defining the scope of your project, you will need to decide on the type of company to create. There are several choices available to you.
The choice of a legal structure for your business is crucial because it will affect how your business is taxed, the benefits available to its managers and the liability of its partners in the event of insolvency.
Capital expenditure on coworking space infrastructure
The final step is to find the most appropriate business space, one that meets all of the requirements you’ve established. Finding a space that is both large enough and affordable is the main challenge.
Following these guidelines will help you better serve your potential customers:
- Ease of getting there;
- Proximity to the people you want to see at work;
- The comfort and safety of the office environment.
You should also consider how the space is laid out and decorated from the client’s perspective. Include a variety of amenities, including private offices, conference rooms, a lounge, cafeteria and restrooms. The furniture and equipment you choose should reflect the mood you want to convey to your clients.
Ultimately, creating a coworking space requires the same diligence as starting a business. Don’t forget about promotion and outreach after your project launches. It will serve as the first point of contact for your clientele.