How to start a coworking space business ?

Coworking is the future of real estate. When it comes to building a community/network, shared office spaces are becoming increasingly popular for entrepreneurs, startups, freelancers and other small businesses. The free workspace is becoming an increasingly popular option for many entrepreneurs who want to be part of this revolution. Every day is a networking opportunity for someone who works in a coworking space. Because of the many collaboration and joint venture opportunities it offers, it is currently the hottest trend in the market.

Coworking spaces are on the minds of many business owners and founders. There are several things you can learn from this blog. Coworking spaces are exciting, but there are a number of factors to keep in mind before you sign on the dotted line. Before you take any of the following steps, make sure your vision and goal are clear and concise.

Creating a coworking space from scratch

1. Create a company

The first step is to incorporate a company for your coworking space and complete all legal formalities with the Luxembourg RCS.

2. Establish a budget for your coworking space

Determine the budget you will need for your business. How to raise funds, how to get them back from investors, the financial model of the business, etc.

3. Build an effective team

Build a team for your coworking space that includes employees who will conduct market research and other phases of the business creation process.

4. Location of the coworking space

To make your coworking space stand out from the rest, you need to find a prominent and convenient location. The majority of members and employees want to be in an easily accessible and convenient location to pursue their business goals.

A broker or agent can search for homes for you in the area after you have already decided on a location. Check to see if your finances allow you to purchase the property. Before you decide on a location, take several tours of properties and also coworking spaces. One of the most important elements of a coworking space is space, so don’t skimp on that.

5. Buying, leasing or franchising the property is another important step

Once you’ve chosen a property, move quickly into the legal and administrative procedures. You should consult a lawyer before signing anything. If you have a good relationship with the owner, you can buy or rent the property.

6. Architect, engineer and designer

Without a doubt, the most exciting part of the process is about to begin. To make sure the building or space is safe, have an engineer inspect it. Since coworking is your business, you need an architect or interior designer who can build the workplace according to the current market trends. When your employees enjoy their work environment, it is the most valuable asset you can have as a business owner. Provide basic amenities such as meeting spaces and storage/break areas in a fun and unique style. In today’s business climate, having fully furnished offices is a necessity.

7. Network 

Network inside and outside the community while you wait. Crowds are drawn when visuals are prepared for the presentation. Recognize the needs of the neighborhood and explain why your location is the best choice for them. Make sure a few people are on board before you make a big deal of it.

8. Hire your full team

In order to lay the groundwork for your project, you’ll need to assemble a diverse team of staff. Consider all of your options before appointing someone, whether they’re in finance, sales or hospitality! Centers should be equipped with WIFI and a firewall. Use your operations team to help you select a vendor that can meet all your workplace needs.

9. Begin the advertising process of your coworking space

Get the word out about your brand new business. You need to let your marketing team come up with a memorable name and establish your brand before launching your campaign: radio ads, prominent “Coming soon” banners on billboards, flyer distribution, event planning and, most importantly, digital marketing. These days, people practically live online, so there’s no better way to get their attention.

10. Test and launch the space 

Take a look at the property ahead of time, then throw a launch party with the celebrity brass.

For those looking to join the biggest coworking space trend of this century, keep these things in mind as you launch. Working in a coworking space means being able to choose how and where you do your work.

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