What to consider when opening a coworking space?

Thinking of opening a coworking space? These spaces are typically independent of a single office or business and instead bring together entrepreneurs and professionals from many different industries, businesses and areas of expertise.

Basically, all you need is a space and a group of people with a common interest to get started. However, it’s a bit more complicated to turn it into a real space and even a business.

Below are 5 steps to help you successfully open a coworking space and create a community of engaged members.

1. Organize the activity of your coworking space and know your intentions

To start well in professional life, it is essential to have a clear plan. It will allow you to specify the characteristics of your business and to lift the veil on certain unknowns.

It is important to note the important topics to consider, for example: What is the reason why you want to create a coworking space? What are the costs associated with opening a coworking space? What name will you give to your business?…

2. Analyze and determine the local competition

Before you sign a lease or purchase furniture, you should check to see if there is a real demand for your coworking space to help you define your offerings and pricing, research and identify local competition to better understand your market.

You should also make a list of your direct and indirect competitors, noting their strengths and weaknesses to understand the unique value your space can bring and to help you refine what your coworking space will offer.

Finally, when you reach the ideal size, you can dive into the next step of choosing a space for your space.

Coworking Space

3. Search for an ideal location

You’ll want a space that is convenient, safe and easy to find. In general, co-working spaces work great in older, underutilized buildings.

The amount of money you spend on your building will be one of the most important factors in achieving profitability. You’ll need a location that suits your target customer base, and you’ll also need to stick to a budget that ensures the sustainability of the business.

Also, make sure you understand the insurance requirements for the space you want to lease or buy.

4. Choose the right equipment and furniture

Having a comfortable and creative work environment is important, but providing the right amenities, including high-speed internet and voice over IP, is even more important.

As for furniture, if you have a limited budget, consider taking donated items and even allowing your attendees to add decorations. You can go with a very high-end design, a mid-range design or a mix of both. There are no hard and fast rules in this area.

You can find great items at markets, thrift stores, auctions and used office furniture dealers. Here, you are limited only by your budget and your imagination.

5. Organize a launch party

Organizing a party is not only fun, this step may seem simple, but it is a great way to generate buzz within your community. Timing your opening is important, and you want to give your community an opportunity to celebrate the event while informing them more broadly about what coworking is all about.

You can also write a press release and send it to local media at least a week before the event. Consider announcing your event via email to your network, as well as on social media.

Organize a launch party

Opening your own coworking space can be the best thing you’ve ever done. By focusing on community and shared values, you’ll always find interesting and talented people to share ideas with, collaborate with, and contribute meaningfully to each other’s success.

Of course, the growth in the number of co-working spaces in Luxembourg is a good proof of the popularity and effectiveness of co-working spaces.

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