Let’s set the scene.
Having spent months on end working from home during the pandemic, you decide that a return to the office isn’t really for you.
You like working around people but find it difficult to concentrate with your current colleagues. You’d rather work in more of a flexible, freelance-based role – somewhere that you can relax, focus when you need to, and meet other like-minded people in similar situations.
It is this motivation that makes you decide to source and set up your own coworking space, providing both you and your fellow hybrid/remote workers with a place to work freely, and a dedicated desk space that can help improve the work-life balance.
However, you aren’t sure how to get started and decide to head to Google for answers, sourcing out this article to find the solutions you need.
Well, we have some good news – we’re here to help.
Coworking spaces have grown hugely popular over the years, with a 450% increase in the number of them around the globe.
What’s more, since 2009, the number of Google searches related to coworking spaces has risen drastically, effectively meaning that your decision to open up one of your own could potentially be very fruitful.
However, as with setting up any kind of new business venture, there are a number of caveats and considerations you need to make in advance to ensure your efforts are actually rewarded.
So, with this in mind, we thought we’d compile a brief yet detailed guide on everything you need to know and think about when starting your own coworking space, highlighting some of the main questions you’ll need to ask along the way.
How big do you want your coworking space to be?
One of the first considerations you will need to make when setting up a coworking space is how big you want it to be.
While a lot of this will depend on the budget you have available, it’s important to think about how many members you’ll realistically be able to house in order to turn a profit. This will vary according to the total rent being charged for the space, so make sure you only ever spend what you can actually afford.
Moreover, the location of the coworking space you set up will also play a key role in how appealing it is to other potential workers. Ask yourself, for example, is it important for it to be near a train station? Does it need to have parking? Would it be better in or out of the city center?
Knowing the answers to these questions will then provide you with a better indication of how successful a venture you will have in each potential location. This will then later allow you to draw up a floor plan survey that best utilizes both the available space and overall level of interest.
What help and assistance will you need?
Starting a coworking space is the same as running a business. While your passion and budget will get you so far, you will need the help and assistance of others to ensure it all works out successfully.
Therefore, have a think about who you will need by your side during the initial stages – whether that be on the marketing, event management, or actual construction.
It can be all too easy to immerse yourself in your own vision and plans when starting out, after all. While it may cost a little bit more in the first instance, sourcing the help of others could actually save you more money over the long run, providing you with an extra pair of ears to bounce ideas off of and utilizing the skillsets of people who are experts in their field.
Generally speaking, you will require a community manager, an operations manager, and an administrative manager to begin with. Then, once the initial setup has been completed, you will have free rein to hire who you want – from reception staff to café workers to marketers.
What facilities will you need?
While you may initially think of a coworking space as nothing more than a few desks and chairs, depending on the kind of work environment you’re looking to establish, they can be so much more.
Listed below are a few of the key facilities and services to think about implementing within your coworking setup:
- Biometric door access. This will provide access to only the people you want it to.
- CCTV surveillance. This will help keep you, your data, and your assets protected.
- Chillout zones. These will provide workers with a place to take breaks without interrupting others.
- Café/food van. This will give people a chance to get a bite to eat.
- Meeting rooms. These will allow any coworkers to attend meetings in peace.
- Reception support. This will provide coworkers with someone to address any questions or queries towards.
- Reliable internet. This will ensure your coworking space has the bandwidth required to supply each member with a sufficient internet connection.
What are your motivations?
Another key consideration to never lose sight of when opening a coworking space is your motivations – your reasons for setting the place up in the first place.
Whether it be a result of wishing to relieve the monotony of a 9am – 5pm job, believing it will work out as a shrewd investment opportunity, or simply because you wanted to create your own ideal working environment.
Whatever your reasoning may be, it’s vital to know why deciding to open a coworking space is the right move for you.
Passion should be your main inspiration and driving force, so it’s important to utilize this spirit as much as possible when starting your new coworking business adventure.