Setting up a New Coworking Space: The Whys and Hows

Opening a new coworking space can be an exciting and daunting prospect. On the one hand, you have the opportunity to create a workspace that meets the specific needs of your community of freelancers, entrepreneurs, and small businesses. On the other hand, there are many things to consider when setting up a new coworking space, from choosing the right location to designing the perfect layout. In this article, we'll outline some of the most important factors to keep in mind when opening a new coworking space.

Practicalities of Starting a Coworking Space

1. Location

Location is one of the most important considerations when starting a coworking space. You want to choose a location that is easily accessible to your target market. For example, if you're targeting freelancers, you might want to choose a location near public transportation or with good parking options.

While often overlooked in the planning process, light poles are just as important to light up a parking lot as they illuminate a street. The need for light poles should be considered when selecting a site for your coworking space. You also want to make sure the space is suitable for coworking and has enough room for people to work comfortably.

2. Lease

Another important consideration is your lease agreement. When signing a lease for a traditional office, you often have to commit to a long-term contract (sometimes up to 10 years). This can be a big financial commitment, and it's not always easy to get out of a lease if your business needs to change. With a coworking space, you usually have the flexibility to sign shorter lease terms (often just 1-2 years). This can allow you to move to a different location or expand your space if your business grows.

3. Pricing

One of the big decisions you'll need to make when starting a coworking space is how to price your memberships. You'll need to consider the cost of rent, utilities, and any other expenses associated with running the space. You'll also want to consider what amenities you're offering and how much value they add for members. Once you have a good understanding of your costs, you can develop a pricing structure that meets the needs of your members. For example, you might offer different membership tiers that provide access to different amenities.

4. Marketing

Once you've found a suitable location and finalized your pricing, it's time to start marketing your space. You'll need to let people know about your new coworking space and what it has to offer. There are several ways to market a coworking space, including online directories, word-of-mouth advertising, and social media. You'll need to experiment with marketing channels to find what works best for you.

5. Operations

Finally, you'll need to put some thought into the day-to-day operations of your space. This includes setting up Wi-Fi, stocking the kitchen, and providing cleaning services. You'll also need to develop policies and procedures for guest access, noise levels, and acceptable use of common areas. It's important to clearly understand your expectations for members so that everyone is on the same page.

6. Community

A critical factor in the success of any coworking space is its community. It would help if you created a supportive and collaborative environment that meets the needs of your target market. This often starts with creating a clear vision and purpose for your space. You can develop programming and events that attract like-minded individuals and help them connect.

It's also essential to foster a sense of ownership among your members. This can be done by involving them in decision-making and giving them opportunities to contribute to the space. For example, you might have members vote on new furniture or paint colors.

7. Lighting

How your coworking space feels is also extremely important. Not enough light and everyone will start falling asleep. Too much lighting and everyone will not be able to stay focused as the brightness can start to be fatiguing. 

Look for a coworking space that has customisable lighting choices or even look into installing your own ceiling lights. This way you can control the atmosphere and make everyone happy as they work throughout their long day.

Reasons for Starting a Coworking Space

1. Increased Flexibility

One of the biggest advantages of coworking is the increased flexibility it offers. With a traditional office lease, you are locked into a long-term contract and often have to commit to paying for a certain amount of space, even if you don't need it all. On the other hand, coworking spaces usually have shorter lease terms and offer a pay-as-you-go model, so you only pay for the space and amenities you use. This can be a great option for businesses growing quickly and needing the flexibility to scale up or down as needed.

2. Collaboration

Another big benefit of coworking is the increased collaboration it fosters. In a traditional office environment, people are often siloed off into their cubicles or offices, making it difficult to bounce ideas off others or collaborate on projects. In a coworking space, people are more likely to be working in open areas where they can easily collaborate with others. This can lead to more creativity and innovation and more opportunities to network and build relationships.

3. Networking Opportunities

Coworking spaces offer great networking opportunities. Since people in coworking spaces are often working on similar projects or in the same industry, it's easy to make connections and build relationships. This can be a great way to find new clients, collaborators, or even just friends.

4. Cost Savings

Another big advantage of coworking is the cost savings it offers. When you have your own office, you must pay for rent, utilities, furniture, and other costs. With coworking, you can often get a lower rate on office space and share the cost of utilities and other expenses with other businesses. This can save you significant money, especially if you're starting.

5. Increased Productivity

Some people find they are more productive when working in a coworking space. This might be because of coworking spaces' increased flexibility, collaboration, and community. Or it might be because you have a dedicated space to work in and are less likely to be distracted by things like housework or errands. Whatever the reason, if you find that you're more productive in a coworking space, it can be a great option.

Starting a coworking space can be a great way to create a community and promote collaboration. However, there are several things to consider before taking the plunge. There's a lot to consider, from finding the right location to pricing your memberships. By following these tips, you can set up a successful coworking space that meets the needs of your target market. You can create a space that fosters collaboration, creativity, and community with a little planning and effort.


About the Author: Jonathan Rawlins

Jonathan's insights reveal the undeniable impact of salary inclusions in job adverts on their efficacy. Noting the rarity of salary details in certain job types, he is resolute in providing candidates with market benchmarks. This determines their worth and offers a solid foundation during salary negotiations.



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