We can’t ignore the fact that a coworking space industry grows rapidly. There are more and more coworking spaces opening across the world. A coworking space has already gained its popularity and has become a popular trend.
Nevertheless, a coworking space business model is not perfect yet. Lots of business owners who open the coworking spaces tend to make critical mistakes that lead their business to failure.
In this post, you will find out the top mistakes that you might make opening your own coworking space.
You Didn’t Start With Working on Interior Design for Your Future Coworking Space
If you believe that it would be enough to rent some facility, fill it up with the tables, chairs, computers and your coworking space is ready to take in members – you are wrong. You must think about its interior design carefully.
Here is what a project manager Mary Turner from Australianhelp thinks:
“Yes, there are the basics you need to cover, such as your coworking space being a pleasant and enjoyable place for people to be. Your clients need to want to go to your space, rather than it just being white-washed and possibly just looking like every other stock photo office space you can imagine.“
When it comes to creativity, it is always important to think out of the box in this direction. It could be reflected in a color choice of the walls, some extraordinary furniture, and additional elements of the entire design. Also, make sure your coworking space has lots of windows, it takes in natural light and fresh air. If it is possible, you can add more greenery to the rooms where people work.
You Don’t Think Like a Forward-Minded Businessman
Since a coworking space boom has spread around the world, you have less chances to attract new potential residents if your coworking space business model is outdated.
It means if you offer just space where people can rent an office and have their work done, you are doomed to fail.
People already know what coworking culture means. Thus, they are waiting for some fun and engagement. They don’t want to just keep on working all day long – it is boring.
You can host Friday events, where your coworking space residents would rest together and have fun. It could be different games, competitions, or a simple party. The main idea is to unite these people creating a healthy community.
Don’t hesitate to engage with the business companies (partners) outside your coworking space community. It will help your residents build new deals, find potential clients, and business partners.
Obviously, you will have a period of trial and error when you won’t be sure whether your ideas will be accepted by your residents. Anyway, you should switch on your imagination and try.
You Didn’t Take Care of Creating a Community
Community is the heart of your coworking space. If your coworking space doesn’t have a community, it might be reputed as a standard workspace. Nothing more.
Why do people prefer to work in a coworking space?
There are two main reasons for this – a social reason and a business one.
Let’s be honest, nobody likes working all day long having just a short launch time. Coworking has no limits in your breaks and communication with the other residents during your work. This type of working space allows you to feel yourself free and still do your job efficiently.
This freedom is achievable via building a healthy environment that is called community.
By building a community you must focus on hosting various events that would include business meetings and holiday parties. Keep in mind the more events you host, the happier coworking space residents would be. The level of engagement reflects how a community is effective and live.
You Don’t Network With Other Coworking Spaces
At first sight, it might seem quite counterproductive to network with other coworking spaces. Just because these coworking spaces are your competitors.
However, when you are opening a coworking space, you can get lots of benefits from this type of networking.
For example, you can explore a business model of a “neighbor” coworking space and apply some strategies by yourself. Moreover, you can build your cooperation based on win-win conditions.
Let’s say, your coworking space offers conference rooms that can contain up to 50 people. A partner coworking space doesn’t have a conference room but it has nice printing facilities for the residents. You can make a deal that allows a “neighbor” coworking space to rent a conference room within your coworking space, while your coworking residents can use a printing system for their needs.
This way of cooperation will help you build loyalty and a happy customer base.
You Run a Business Alone
Managing coworking space means loading yourself with all work that must be done. You will be responsible for everything starting from registrations of the residents, providing security, food, and other equipment that might be useful for the members.
If you like to carry on business solo, thus you will have to think carefully about the number of tasks you can cope with. Remember that it would be far better to manage a limited amount of duties than do redundant work. Otherwise, your business will suffer from this.
However, if you feel that your business is growing and prospering, you should think about getting some partners and employees. Let other professionals do their job instead of you.
This business arrangement will help your coworking space work efficiently and more lucratively.
To Sum Up
Any business considers making mistakes initially. There is nothing odd in this. The coworking space niche is not an exception as well.
Fortunately, if you are a smart businessman, you won’t make mistakes on your own. You will learn from other’s mistakes.
You have just found out five simple but yet critical mistakes you should stay away opening your coworking space.
Author’s bio: Sergey Aliokhin is a Marketing Manager at andcards. Apart from exploring different marketing and SEO things he likes reading, playing the bass, and studying martial arts.