How to start a coworking space

Coworking spaces were found in Berlin in 1995. It has come a long way since 1995. Over the past 25 years, major changes have been seen in the thought process of the people and their way of working. Most people nowadays have become mobile and want to enjoy the flexibility of choosing their work schedule. Nowadays working from home is a very tough task. Creating and working in a coworking space solves this problem for these people. Coworking spaces help like-minded people to get together and share ideas, collaborate, and keep working independently on their projects.

Choosing the right location is also important for this purpose, if you are looking for a coworking space in Delhi, it is the most feasible state with places available from a cost of just about Rs 3000.

Steps to follow while starting a coworking space

The interest in coworking spaces is strong and it seems to be on the rise nowadays. If you are thinking of starting a coworking space of your own, it’s now a great time to start. Here are a few steps you should follow while starting a coworking space. They are as follows:-

1. Know your purpose

While starting a coworking space, one should know the purpose of starting it. What is the reason you want to start a coworking space? Is it to make a profit or to get the benefit from making a creative environment? In the case of these two questions, you will operate your workspace by creating it with keeping in mind all the purposes of making it and getting benefits from putting so many talented people together in one place.

2. Display your appeal

Before buying the necessary items for your workspace like furniture and fixtures along with all amenities, you need to ascertain whether there is a demand for your coworking space in the market or not. To promote your coworking space, you could create a group or a page of your workspace on social media and host some events. By doing all this stuff you will build a community online, which will serve as a marketing avenue for your coworking space. You can also have a face-to-face conversation with your client and participate in the events there. This will help you to attract the people.

3. Decide a viable business model for your framework

A business model for coworking spaces is generally divided into 5 categories. They are as follows:-

• Coworking space with private offices

If your space is big and is good for renting it to a private office within your coworking space can be a very good way to maximize your income. You could advertise and add value to your space with creative and talented people. 

• Coworking space within your business

If you have an unused business office, then setting up a coworking space there will be very useful. It has the advantage that you can make money from the business and you will have a relationship with talented people, who can help you in your projects and you can help them in their projects.

• shared office space within private spaces

You could make a partnership with the restaurants or a property owner to get your coworking space in the market. There are pubs, restaurants, cafes that can be held there as shared office spaces. It will bring you an additional income stream and your plans will be fulfilled.

• Coworking space within public spaces

You can talk to your local city council about taking your coworking space for use. It is the goldmine of resources for your coworking spaces. Talk to them and convey your ideas and see how it works with the space opportunities and their funding. 

• Coworking space with events

Hosting events in your coworking space can give you revenue and provide you with another way to make known your coworking space to the public.

4. Money Matters

If you want your coworking space to be successful then you should have to make sound financial planning, as legal and insurance are necessary and matter the most. For making your coworking spaces economically viable you have to keep in mind the following two points.

• Financing

You should have to decide how you are going to finance your shared office space, will you use your own money or you will find investors? The contact you build for financing your coworking space has to be good funding resources. 

• Price structure 

You should have to maintain your price structure on a timely basis. As for daily, weekly, monthly, yearly rates should be different for all different forms of work according to the amenities provided. And requesting for the payment at the time for booking can decrease your bad debts.

5. Make it economically viable

For making your shared office space economically viable you should have to make channels and pages on YouTube and social media. And creating a website for your working space will help you to be viable online. To make it viable offline you should have to attract corporate customers, who require the meeting space for their remote teams. Corporate customers are good at high spending, you can even charge a premium on your services. 

6. Get dressed for success

Your shared office space should be at a good location in your city because people are moving out for more affordable spaces in other cities. You should provide all the necessary facilities for all the businesses. You can set up cool furniture and fixtures to improve the look of your workspace. You should provide all the necessary amenities. Invest money in making your workspace pleasant where you can provide all the comforts and entertainment. Provide conference and meeting rooms. This will make your customer life easier and they will provide you with an additional source of income.

Conclusion

Starting a shared office space of your own is the greatest thing done by you have ever. It always focuses on community and shared values, you will meet so many interesting and talented people with whom you can exchange your ideas and collaborate with them and make significant improvements in each other’s success by helping each other works.