coworking space business plan pdf

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Coworking Business Plan Template & PDF Example

• September 4, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful coworking business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your coworking business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a coworking business plan but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the real estate industry, this guide, complete with a business plan example, lays the groundwork for turning your coworking business concept into reality. Let’s dive in!

Our coworking business plan is designed to encapsulate all key facets essential for a robust strategy. It includes detailed descriptions of the coworking space’s operations, marketing strategies, market context, competitors, leadership team, and financial expectations.

• Executive Summary : Summarizes the coworking space’s business idea, market evaluation, management organization, and financial plan.
• Facility & Location: Describes the physical layout, design, and strategic location of the coworking space.
• Services: Details the range of services offered, including various seating options, meeting rooms, and additional amenities.
• Key Stats: Delivers statistics on the coworking market size , growth rates, and industry benchmarks.
• Key Trends: Identifies emerging trends influencing the coworking sector.
• Key Competitors: Compares major competitors, analyzing their offerings against yours.
• Differentiation: Explains how your coworking space stands apart from competitors.
• SWOT Analysis : Evaluates strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Develops strategies for marketing and member engagement.
• Timeline : Charts significant milestones and targets from inception through the first operational year.
• Management: Details the coworking space’s management structure and the roles of key team members.
• Financial Plan: Forecasts the financial trajectory over five years, highlighting revenue streams, profit margins, and anticipated expenses.

Coworking Business Plan

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Executive Summary

The Executive Summary introduces your coworking space’s business plan, offering a concise overview of your coworking facility and the services it provides. It should outline your market positioning, the variety of workspace solutions and amenities you offer, its location, size, and a description of day-to-day operations. 

This section should also discuss how your coworking space will integrate into the local market, including an assessment of the number of direct competitors within the area, identifying who they are, along with your space’s unique selling points that differentiate it from these competitors.

Moreover, you should include information about the management and co-founding team, detailing their roles and contributions to the coworking space’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your coworking space’s financial plan.

Coworking Business Plan Executive Summary Example

Business Overview

The  business overview  should succinctly define the key aspects of CoWorkUSA, including its range of services, such as private offices, open spaces, and meeting rooms. Highlighting the unique aspects that set CoWorkUSA apart, like its community events, tech infrastructure, and eco-friendly design, is crucial for drawing interest and investment.

Example: CoWorkUSA, located in the heart of [City], offers a vibrant and innovative coworking environment. The space includes high-tech, eco-friendly designed private offices, open coworking areas, versatile meeting rooms, and event spaces. It also provides virtual services and fosters local partnerships, creating a dynamic and supportive community for its members.

Market Overview

This section should analyze the coworking market’s size, growth trends, and key industry developments. It positions CoWorkUSA within the industry and highlights its potential to meet the increasing demand for flexible workspaces.

Example: CoWorkUSA enters a US coworking market worth $4.6 billion, expected to grow at an 11% CAGR. With  market trends  favoring remote work and flexible office solutions, CoWorkUSA is well-positioned to cater to a growing segment of mobile professionals and businesses looking for adaptable workspace solutions.

Management Team

Detailing the management team’s background and roles is essential. This part of the summary should emphasize their experience in real estate, workspace design, and community building, underscoring their capability to lead CoWorkUSA to success.

Example: One co-founder of CoWorkUSA, an experienced entrepreneur with a background in real estate and community building, leads the strategic development of the space. The other co-founder, an expert in workspace design and technology, focuses on creating an innovative and efficient work environment.

Financial Plan

Clearly outlining the financial goals and projections is key. This section should include revenue targets and profit margins, offering insight into CoWorkUSA’s financial health and growth prospects.

Example: CoWorkUSA aims to achieve $1.8 million in yearly revenue by 2027. Supported by a strategic approach to space management, community engagement, and marketing, the coworking space is positioned for significant growth in the expanding coworking market.

For a coworking business, the Business Overview can be succinctly outlined as follows:

Facility & Location

Detail the coworking space’s design and atmosphere, emphasizing a productive and collaborative environment. Highlight the location’s accessibility and nearby amenities, underlining the strategic advantage in attracting freelancers, startups, and remote workers.

Services & Pricing

Explain the variety of workspace options, including hot desks, private offices, and meeting rooms, along with amenities like high-speed internet and communal spaces. Present the pricing strategy , emphasizing value and market alignment, and mention flexible membership plans to foster community and loyalty.

Industry Size & Growth

In the Market Overview of your coworking business plan, start by examining the size of the coworking space industry and its growth potential. This analysis is essential for understanding the market’s scope and pinpointing opportunities for expansion.

Key Market Trends

Continue by discussing recent market trends , such as the growing demand for flexible workspaces, the shift towards remote working, and the emphasis on community and networking opportunities within coworking spaces.Highlight the increasing preference for coworking spaces among freelancers, startups, and even large corporations looking for agility and innovation. Also, note the trend towards specialized coworking spaces catering to specific industries or professional needs, enhancing the value proposition for members.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your coworking business in the market and its key competitors; it’s also a fundamental component of your business plan.

This analysis helps in identifying your coworking business’s unique selling points, which are essential for differentiating your business in a  competitive  market.

In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Coworking Competitors

Begin by mapping out local and global coworking spaces. Identify direct competitors offering similar amenities and services, such as shared office spaces, meeting rooms, networking events, and specialized facilities like tech-equipped workstations or creative hubs.

Also, acknowledge indirect competitors such as traditional office spaces, home offices, or remote work setups, which might cater to your potential clientele. Leverage online platforms like Google Maps and coworking directories to gain insights into the geographical distribution and variety of coworking spaces.

Platforms like Coworker.com and Yelp not only provide listings but also offer valuable user reviews, highlighting the  strengths and weaknesses  of rival coworking spaces. For instance, positive reviews about the collaborative community and modern infrastructure at “Innovate Hub” signify a key strength of that particular competitor.

Coworking Competitors’ Strategies

Analyze the strategies employed by your competitors across various dimensions:

• Service Offerings:  Assess the range of services and amenities provided. If a rival coworking space, “Tech Nexus CoLab,” is gaining traction for its high-speed internet and dedicated tech support, it reflects a trend toward tech-focused work environments.
• Space Design and Specialization:  Consider the design ethos and specialization. A coworking space like “Creative Spark” might attract artists and designers with its vibrant, creatively themed interiors, while “Corporate Suites Inc.” might cater to professionals seeking a more corporate environment.
• Pricing Models:  Compare pricing structures and membership plans. Are your rates similar to the budget-friendly options at “Economy CoWorks” or more aligned with premium offerings like “Executive Business Quarters”?
• Marketing and Branding:  Study how competitors position and market themselves. Are they leveraging social media extensively, or do they rely on partnerships and industry events for brand exposure?
• Member Experience:  Evaluate the member experience, such as the community vibe or additional perks. “CollabConnect” might excel at fostering a sense of belonging through regular networking events and member-exclusive workshops.
• Operational Efficiency:  Observe if competitors are implementing innovative technologies for efficient space management, such as “SmartSpace Solutions” with its smart booking app and IoT-enabled workspace control.

What’s Your Coworking Service’s Value Proposition?

Define your  unique value proposition  within the coworking sphere. Perhaps your coworking space specializes in fostering niche communities like tech startups or social enterprises, or you might offer specialized facilities like podcasting studios or wellness areas that cater to specific professional needs.

Identify market gaps through member feedback and industry trends. For example, the rising demand for hybrid workspaces that blend physical and virtual experiences might represent an opportunity if competitors haven’t capitalized on this trend.

Consider your location and  target audience  preferences: A downtown coworking space might emphasize modern amenities and connectivity for professionals seeking convenience, whereas a suburban setting could focus on a serene environment and family-friendly workspace solutions.

First, conduct a SWOT analysis for the coworking business, highlighting Strengths (such as diverse workspace options and a strong community network), Weaknesses (including potential high overhead costs or market saturation), Opportunities (for example, the growing trend of remote work and the gig economy), and Threats (such as economic downturns that may reduce demand for office spaces).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain members through targeted advertising, flexible membership plans, a strong online presence, and networking events. Emphasize the importance of building a community and the value of added services and amenities to differentiate your coworking space from competitors.

Marketing Channels

Selecting the right marketing channels enables effective communication of your brand’s message and services to potential members, fostering brand awareness and engagement.

Digital Marketing

Establish a robust online presence:

• Social Media Platforms:  Utilize platforms like LinkedIn, Twitter, and Instagram to showcase your space, share member success stories, and promote community events. Engage with the audience through relevant content and interactive posts.
• Website and SEO : Expand on the components of your website, emphasizing ease of navigation, compelling visuals, detailed membership plans, and a blog section offering valuable industry insights or workspace productivity tips. Detail SEO strategies including keyword research, content optimization, and local SEO tactics to boost your space’s visibility in search engine results pages (SERPs).
• Content Marketing:  Create blog posts, e-books, or videos offering insights into workspace productivity, industry trends, or entrepreneurial tips, positioning your space as a knowledge hub.

Local Outreach

Forge connections within the local community:

• Networking Events:  Host or sponsor networking events, workshops, or seminars catering to local professionals or entrepreneurs. Establish your space as a go-to venue for such gatherings.
• Partnerships:  Collaborate with local businesses, startup incubators, or educational institutions for mutually beneficial partnerships or referral programs.

Physical Marketing

Utilize offline channels:

• Brochures and Flyers : Design eye-catching print materials to distribute in business districts, cafes, or industry-specific events.
• Local Advertising: Invest in local newspaper ads or radio spots to target a broader audience within your vicinity.

Promotional Activities

Entice potential members with compelling offers:

• Free Trial Days: O ffer a day or week of complimentary workspace access to allow prospective members to experience your facilities.
• Referral Programs:  Incentivize existing members to refer new members by offering discounts on membership fees or additional perks.
• Events and Workshops : Host events or workshops relevant to your target audience , showcasing your space’s amenities, and fostering networking opportunities.

Sales Channels

Efficient  sales channels  facilitate seamless membership acquisition and retention strategies.

Consultative Selling

Personalized approach to membership sales:

• Tailored Solutions: Understand the unique needs of potential members and tailor membership plans or services accordingly.
• Trial Memberships:  Elaborate on the structure and benefits of trial memberships offered by your coworking space. Detail the duration, access to amenities, and any additional perks during the trial period. Emphasize the objective of the trial memberships to give potential members a firsthand experience of the workspace, fostering trust and confidence in their decision to commit.

Online Booking and Sales

Streamline membership acquisition:

• User-Friendly Booking:  Implement an intuitive online booking system allowing prospective members to explore available plans, and amenities, and book tours or memberships seamlessly.
• E-Commerce Integration : Allow online membership purchases and upgrades, making the signup process convenient for interested parties.

Membership and Retention Programs

Encourage member loyalty and retention:

• Membership Tiers:  Create membership tiers with varying benefits, catering to different professional needs and budgets.
• Loyalty Rewards:  Develop a rewards program where members earn points for engagement or referrals, redeemable for discounts or exclusive services.
• Networking Opportunities : Facilitate networking sessions, mentorship programs, or industry-specific events to foster a strong community within the coworking space.

Strategy Timeline

Finally, create a detailed timeline that outlines critical milestones for the coworking space’s launch, marketing initiatives, member acquisition, and potential expansion plans, ensuring the business progresses with clear direction and purpose.

The Management section focuses on the coworking business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the coworking business toward its financial and operational goals.

For your coworking business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your coworking business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs , and capital expenditures.

For your coworking business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Coworking Space Business Plan Template

Written by Dave Lavinsky

Coworking Space Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their coworking space companies.

If you’re unfamiliar with creating a coworking space business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a coworking space business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Coworking Business Plan?

A business plan provides a snapshot of your coworking space business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.  

Why You Need a Business Plan for a Coworking Space

If you’re looking to start a coworking space business or grow your existing coworking space company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your coworking space business to improve your chances of success. Your coworking space business plan is a living document that should be updated annually as your company grows and changes.  

Sources of Funding for Coworking Space Businesses

With regards to funding, the main sources of funding for a coworking space business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for coworking space companies.

How to Write a Business Plan for a Coworking Space Business

If you want to start a coworking space business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your coworking space business plan.  

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of coworking space business you are running and the status. For example, are you a startup, do you have a coworking space business that you would like to grow, or are you operating a chain of coworking space businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the coworking space industry.
• Discuss the type of coworking space business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of coworking space business you are operating.

For example, you might specialize in one of the following types of coworking space businesses:

• Industry specialized coworking space: This type of coworking space caters to workers and entrepreneurs in a specific industry such as graphic designers, digital media professionals, or writers.
• Business incubator: This type of coworking space is specifically for startups and entrepreneurs to work on new business ventures in a supportive environment.
• Private coworking space: This type of coworking space is usually rented out by a single company.
• Open coworking space: This is the most common type of coworking space, where anyone can rent a desk or a room for a fee.

In addition to explaining the type of coworking space business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, the number of companies served, reaching $X amount in revenue, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the coworking space industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the coworking space industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your coworking space business plan:

• How big is the coworking space industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your coworking space business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your coworking space business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of coworking space business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.  

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other coworking space businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other places people gather to work, such as conference rooms, libraries, and coffee shops. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of coworking space business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for your clients to acquire your services?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a coworking space business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of coworking space company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide food and beverages, hot desks, conference rooms, or fitness rooms?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your coworking space company. Document where your company is situated and mention how the site will impact your success. For example, is your coworking space business located in a busy retail district, a business district, or a standalone office? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your coworking space marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your coworking space business, including answering calls, scheduling cleaning services for the coworking space, ordering office supplies, and collecting payments from clients, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your coworking space business to a new city.  

Management Team

To demonstrate your coworking space business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing coworking space businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a coworking space business or successfully running a small venture incubator.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will your coworking space have 20 desks, and will you charge $20 per day/per desk? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your coworking space business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a coworking space business:

• Cost of equipment and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or testimonials from happy customers.  

Writing a business plan for your coworking space is a worthwhile endeavor. If you follow the template above, by the time you are done, you will have an expert coworking space business plan; download it to PDF to show banks and investors. You will understand the coworking space industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful coworking space business.

Don’t you wish there was a faster, easier way to finish your Coworking Space business plan?

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

Click here to see how a Growthink business planning consultant can create your business plan for you.  

Other Helpful Business Plan Articles & Templates

Coworking Space Business Plan Template

Written by Dave Lavinsky

Coworking Space Business Plan

You’ve come to the right place to create your Coworking Space business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Coworking Space companies.

Below is a template to help you create each section of your Coworking Space business plan.

Executive Summary

Business overview.

Work Together is a new coworking space located in Las Vegas, Nevada. The space will provide a comfortable and clean setting for professionals of all industries to work in. Professionals who are interested in renting our offices can rent a private office, conference room, or a shared space depending on their needs. They can also rent offices by the day or at a monthly rate. No matter the type of office they rent or the length of their lease, all of our clients are guaranteed a clean, respectful, and professional setting for them to work in.

Work Together is led and founded by Dustin James. Dustin has been a commercial broker for ten years, and has seen an increasing demand in flexible coworking spaces. Since this is an increasing need in a world that is offering more remote and flexible working options, Dustin has decided to specialize in leasing coworking spaces to meet the working needs of the professionals and entrepreneurs of the Las Vegas area.

Product Offering

Work Together provides several offices for professionals to work in. Clients who are interested in renting our offices, can rent private offices, conference rooms, or shared spaces. They can also rent these spaces at a daily rate or monthly rate, depending on their needs.

Customer Focus

The clients of Work Together are typically business owners, investors, business executives, and realtors seeking flexible work spaces. Some clients will just need space for themselves, while others will need space for a small team of up to 15 people. Work Together will offer a variety of office space options to satisfy this diverse demographic.

Management Team

Work Together is led and founded by Dustin James. Dustin has been a commercial broker for ten years, and has seen an increasing demand in flexible coworking spaces. Since this is an increasing need in a world that is offering more remote and flexible working options, Dustin has decided to specialize in leasing coworking spaces to meet the working needs of the professionals and entrepreneurs of the Las Vegas area. His experience in the real estate industry and his connections to local leaders will ensure Work Together’s success.

Success Factors

Work Together will be able to achieve success by offering the following competitive advantages:

• Location: Work Together’s location is near the center of town and is convenient to access for all commuters and nearby residents. It’s visible from the street with many working professionals walking to and from work on a daily basis, giving passersby a direct look at our offices.
• Client-oriented service: Work Together will have a full-time assistant to primarily keep in contact with clients and answer their everyday questions.
• Management: Dustin has been extremely successful working in the real estate sector and will be able to use his previous experience to better assist his clients. His unique qualifications will serve customers in a much more sophisticated manner than Work Together’s competitors.
• Relationships: Having lived in the community for 25 years, Dustin knows many of the local leaders, newspapers and other influences. Furthermore, he will be able to draw from his ties to the community in order to build up a list of loyal and satisfied clients.

Financial Highlights

Work Together is currently seeking $500,000 to launch. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, and working capital. Specifically, these funds will be used as follows:

• Office Design/Build: $200,000
• Marketing and Advertising: $50,000
• Inventory and Supplies: $50,000
• Three Months Of Overhead Expenses (Rent, Salaries, Utilities): $100,000
• Working Capital: $100,000

The following graph outlines the pro forma financial projections for Work Together.

Company Overview

Who is work together.

  Work Together is led and founded by Dustin James. Dustin has been a commercial broker for ten years, and has seen an increasing demand in flexible coworking spaces. Since this is an increasing need in a world that is offering more remote and flexible working options, Dustin has decided to specialize in leasing coworking spaces to meet the working needs of the professionals and entrepreneurs of the Las Vegas area.

Work Together History

Dustin incorporated Work Together as an S-Corporation on May 1st, 2023. The company is currently being run out of Dustin’s home office but will move to a commercial location once the lease has been finalized. Dustin has also identified several office locations to lease and turn into coworking spaces.

Since incorporation, Work Together has achieved the following milestones:

• Found a location for the main office and signed a letter of intent to lease it.
• Developed the company’s branding image, social media, and website.
• Began recruiting key staff.

Work Together Services

Industry analysis.

The evolution of the coworking space concept has grown exponentially over the past ten years. According to Mordor Intelligence, over the next five years, the coworking space industry will grow at a CAGR of 11%. Several factors will contribute to this growth, as industry reports suggest:

• Higher costs associated with land acquisition and building
• Higher costs for individual office build-outs
• Higher costs for building materials overall
• Increased demand for “team or group community spaces”
• Increased purpose in resource “sustainability”
• Increased goal to minimize expenditures across the board

At the same time, as noted by Work Together, the coworking space will need to innovate more spatial designs and layouts for teams or groups that require collaboration. The team or group concept is now dominating the business world and it is anticipated that it will continue to do so for many years to come.

Customer Analysis

Demographic profile of target market.

The clients of Work Together are typically business owners, investors, business executives, and realtors seeking flexible work spaces in the Las Vegas area. Some clients will just need space for themselves, while others will need space for a small team of up to 15 people. Work Together will offer a variety of office space options to satisfy this diverse demographic.

The demographics of Las Vegas, Nevada are as follows:

Customer Segmentation

Work Together will primarily target the following customer profiles:

• Entrepreneurs
• Remote workers
• Small teams and companies

Competitive Analysis

Direct and indirect competitors.

Work Together will face competition from other companies with similar business profiles. A description of each competitor company is below.

King & Hartfield Group

King & Hartfield is a commercial broker that designs coworking spaces for small and large organizations. These rentals are on an annual basis, and they rarely allow for monthly or temporary leases. Since many professionals and teams need accommodations that are more flexible than this, we expect many local professionals to seek out our more flexible lease options.

Clarkson Coworking Connections

Clarkson provides temporary coworking offices for professionals who only need to rent offices for a few days or weeks at a time. They are specifically designed for entrepreneurs, artists, and others who only need a private space for temporary projects. Since Clarkson Coworking Connections does not offer more permanent services, many professionals and teams will seek out our offices for monthly or annual rentals.

Moss & Associates

This company has been in existence for five years and has created a short list of successful coworking space build outs. The company does not design or build out space for more than six people, working from the platform that too many people in community spaces are not beneficial to their clients. Given this limit, Work Together is positioned to succeed in the larger projects and teams that need coworking accommodations.

Competitive Advantage

Work Together offers several advantages over its competition. Those advantages are:

Marketing Plan

Brand & value proposition.

Work Together will offer the unique value proposition to its clientele:

• Quiet and clean office spaces
• Affordable daily and monthly rates
• Client-focused services, where the company’s interests are aligned with the customer
• Service built on long-term relationships and personal attention

Promotions Strategy

The promotions strategy for Work Together are as follows:

Social Media

Dustin James will create the company’s social media accounts and invest in ads on all social media platforms. The company will use targeted marketing to appeal to our target demographics.

Work Together will develop a professional website that showcases pictures of the office spaces we provide. It will also invest in SEO so that the company’s website will appear at the top of search engine results.

Billboard Advertising

We will drive attention toward Work Together by leasing a billboard alongside major highways. Advertising on heavily traveled commute routes is an opportunity to alert large numbers of individuals who are in need of flexible working options.

Publications

The company will also invest in advertising in selected local and national publications such as professional magazines, newspapers, and other publications to build brand awareness and draw in new customers.

Work Together will charge moderate rates for its coworking spaces so clients feel they are getting a great value when renting out our offices.

Operations Plan

The following will be the operations plan for Work Together. Operation Functions:

• Dustin James will be the President of Work Together. He will oversee the general operations of the organization, rent out offices to clients, and hire and train all staff. Over the next several months, Dustin will focus on hiring the following staff:
• A full time Administrative Assistant who will manage the company website and listings and assist clients with their questions and concerns.
• A Director of Marketing who will run and manage all marketing and advertising efforts.
• Janitorial staff to ensure that the offices are in clean and perfect condition every day.

Milestones:

Work Together aims to achieve the following goals in the next six months.

• 6/1/202X – Finalize lease agreement
• 7/1/202X – Design and Build Out Underway
• 8/1/202X – Design and Build Out Completed
• 9/1/202X – Hire and Train Staff
• 10/1/202X – Grand Opening
• 11/1/202X – Reach Break-Even

Financial Plan

Key revenue & costs.

The key revenues for Work Together will come from charging clients for the offices they rent from us.

The major cost drivers include labor expenses, cleaning expenses, rent, utilities, supplies, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following table outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the business loan.

• Number of clients per month:
• Year 5: 100
• Annual lease: $150,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Coworking Space Business Plan FAQs

What is a coworking space business plan.

A coworking space business plan is a plan to start and/or grow your coworking space business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Coworking Space business plan using our Coworking Space Business Plan Template here .

What are the Main Types of Coworking Space Businesses?

There are a number of different kinds of coworking space businesses , some examples include: Industry specialized coworking space, Business incubator, Private coworking space, and Open coworking space.

How Do You Get Funding for Your Coworking Space Business Plan?

Coworking Space businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Coworking Space Business?

Starting a coworking space business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Coworking Space Business Plan - The first step in starting a business is to create a detailed coworking space business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your coworking space business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your coworking space business is in compliance with local laws.

3. Register Your Coworking Space Business - Once you have chosen a legal structure, the next step is to register your coworking space business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your coworking space business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Coworking Space Equipment & Supplies - In order to start your coworking space business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your coworking space business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

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Here is a free business plan sample for a coworking space.

Are you considering launching a coworking space and seeking guidance on how to structure your business plan?

In the content that follows, we will present you with a comprehensive sample business plan tailored for a coworking space.

Creating a solid business plan is crucial for any aspiring entrepreneur. It serves as a roadmap, outlining your vision, objectives, and the strategies you'll employ to carve out your niche in the competitive world of shared workspaces.

To craft a compelling plan with ease and precision, you're invited to utilize our coworking space business plan template. Additionally, our team of experts is available to review and refine your plan at no extra cost.

How to draft a great business plan for your coworking space?

A good business plan for a coworking space must reflect the unique aspects of this type of business.

To start, it is crucial to provide a comprehensive overview of the coworking industry. This includes offering up-to-date statistics and pinpointing emerging trends in the coworking sector, as illustrated in our coworking space business plan template .

Then, you need to articulate your business concept effectively. This encompasses your vision, identifying your target market (such as freelancers, startups, remote workers, or small businesses), and the distinctive features of your coworking space (modern design, networking opportunities, niche focus, etc.).

The subsequent section should delve into market analysis. This requires a thorough understanding of local demand, the competitive landscape, and the preferences of potential members.

For a coworking space, particular emphasis should be placed on the services and amenities you plan to provide. Detail the variety of workspaces - open desks, private offices, meeting rooms - and explain how they cater to the needs and work styles of your target clientele.

The operational plan is equally important. It should outline the location of your coworking space, the layout of the work and communal areas, technology infrastructure, and the management of day-to-day operations.

For a coworking space, it is vital to highlight the quality of the work environment, the robustness of the IT infrastructure, and the community-building activities.

Next, tackle your marketing and sales strategy. How will you draw in and keep members? Consider promotional tactics, membership benefits, and additional services (like workshops, events, or consultancy).

Online strategies, such as a professional website or an active social media presence, are also crucial in the digital age.

The financial framework is another fundamental component. This includes the initial investment, revenue projections, operational expenses, and the point at which the business becomes profitable.

In a coworking space, revenue streams can be diverse, so it is essential to plan carefully and have a solid grasp of your financials. For assistance, you can refer to our financial forecast for a coworking space .

Compared to other business plans, a coworking space plan must pay special attention to aspects such as the real estate market, the flexibility of membership plans, and the creation of a strong community culture.

A well-crafted business plan will not only help the entrepreneur to define their vision and strategies but also to attract investors or secure loans.

Lenders and investors are looking for comprehensive market research, realistic financial projections, and a clear understanding of the daily operations of a coworking space.

By presenting a thorough and substantiated plan, you showcase your credibility and dedication to the success of your venture.

To achieve these goals while saving time, you can simply fill out our coworking space business plan template .

A free example of business plan for a coworking space

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a coworking space .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market data and figures.

The coworking space industry has seen a surge in popularity, particularly in the wake of changing work patterns.

Recent studies have valued the global coworking space market at approximately 26 billion dollars, with projections indicating continued growth as the gig economy expands and corporations adopt more flexible work arrangements.

In the United States alone, there are over 5,000 coworking spaces, contributing significantly to the economy by providing entrepreneurs, freelancers, and businesses with flexible workspaces.

These statistics underscore the integral role coworking spaces play in today's work environment and their growing economic impact.

The coworking industry is characterized by several key trends that reflect the evolving nature of work.

Hybrid work models are becoming the norm, with a blend of remote and in-office work that supports flexibility and work-life balance. This has led to an increased demand for coworking spaces that offer a professional environment close to home.

There is also a rise in niche coworking spaces catering to specific industries or communities, fostering networking and collaboration among like-minded professionals.

Technology integration is crucial, with high-speed internet and state-of-the-art office equipment becoming standard offerings in coworking spaces.

Additionally, there is a growing emphasis on creating spaces that promote well-being, with ergonomic furniture, natural lighting, and greenery.

Finally, the importance of community building through events, workshops, and social gatherings is a significant trend, as these activities add value to the coworking experience and help retain members.

Success Factors

Several factors contribute to the success of a coworking space.

Location is paramount, as spaces situated in accessible, vibrant neighborhoods are more attractive to potential members.

The design and functionality of the space are also critical, with a need for a variety of work areas, including private offices, open desks, meeting rooms, and lounge areas to cater to different work styles and preferences.

Community engagement is another key element, as fostering a sense of community can differentiate a coworking space and encourage member retention.

Offering flexible membership plans that cater to varying needs, from daily passes to long-term leases, can also be a decisive factor in attracting a diverse range of members.

Lastly, maintaining a high level of customer service and providing members with the resources and support they need to be productive are essential for the long-term success of a coworking space.

The Project

Project presentation.

Our coworking space project is designed to cater to the evolving needs of freelancers, entrepreneurs, and remote workers seeking a professional and collaborative work environment. Strategically located in an urban center with easy access to public transportation, our coworking space will offer a variety of workspaces, including private offices, open desks, meeting rooms, and lounge areas, all equipped with high-speed internet and modern office amenities.

The emphasis will be on creating a dynamic, inspiring, and community-driven atmosphere that fosters networking, productivity, and creativity among its members.

This coworking space aims to become a hub for innovation and collaboration, providing a flexible and cost-effective alternative to traditional office leasing, and supporting the growth and success of its diverse member base.

Value Proposition

The value proposition of our coworking space project is centered around offering a flexible, modern, and community-focused workspace solution. We provide a variety of membership options tailored to the unique needs of individuals and teams, ensuring that our members have access to the resources they need to thrive.

Our commitment to fostering a collaborative environment, coupled with our state-of-the-art facilities, offers a unique blend of productivity and networking opportunities, while also promoting a healthy work-life balance.

We are dedicated to building a diverse and vibrant community where members can connect, share ideas, and grow their businesses, and we aim to empower our members by hosting workshops, events, and mentorship programs.

Our coworking space aspires to be more than just a place to work; it aims to be a catalyst for professional development and a cornerstone of the entrepreneurial ecosystem in the area.

Project Owner

The project owner is an experienced entrepreneur with a passion for fostering business growth and community engagement.

With a background in business development and a keen understanding of the challenges faced by today's workforce, he is committed to creating a coworking space that stands out for its commitment to flexibility, innovation, and community.

Driven by a vision of creating a supportive environment for entrepreneurs and remote workers, he is determined to offer a space that not only meets the practical demands of modern professionals but also nurtures the spirit of collaboration and continuous learning.

His dedication to excellence and his entrepreneurial spirit make him the driving force behind this project, aiming to revolutionize the way people work and connect in a shared space.

The Market Study

Market segments.

The market segments for this coworking space are diverse and cater to various professional needs.

Firstly, there are freelancers and remote workers who seek a structured environment that fosters productivity away from home distractions.

Next, we have startups and small businesses that require flexible office solutions without the commitment and overhead of traditional office leases.

Additionally, the coworking space serves larger corporations looking for satellite offices or temporary project spaces for their teams.

Finally, entrepreneurs and professionals who travel frequently may use the coworking space as a base for their transient work needs.

SWOT Analysis

A SWOT analysis of the coworking space project highlights several key factors.

Strengths include a prime location, a variety of workspace options, state-of-the-art facilities, and a strong community network.

Weaknesses might involve the challenge of differentiating from other coworking spaces and the ongoing costs associated with maintaining cutting-edge amenities.

Opportunities can be found in the growing trend of remote work, the potential for hosting events and workshops, and the ability to offer additional services such as business consulting or networking opportunities.

Threats could encompass economic downturns affecting small businesses and freelancers, as well as the emergence of new competitors in the coworking industry.

Competitor Analysis

Competitor analysis in the coworking industry indicates a competitive landscape with a mix of local and international players.

Direct competitors include other coworking spaces, business incubators, and shared office providers.

These competitors strive to attract a diverse professional clientele by offering various amenities, community events, and membership perks.

Potential competitive advantages for our coworking space include a superior location, a strong emphasis on community building, flexible membership plans, and a robust support system for entrepreneurs and businesses.

Understanding the strengths and weaknesses of these competitors is crucial for carving out a unique position in the market and ensuring member loyalty.

Competitive Advantages

Our coworking space stands out due to its strategic location, flexible and innovative workspace solutions, and a vibrant professional community.

We offer a range of options from hot desks to private offices, catering to the varying needs of our members, all within a modern and inspiring environment.

Moreover, our commitment to fostering a collaborative community through networking events, workshops, and social gatherings creates a unique ecosystem that encourages growth and success for our members.

We pride ourselves on our adaptability to the evolving needs of the workforce and our dedication to providing top-tier services and amenities.

You can also read our articles about: - how to start a coworking space: a complete guide - the customer segments of a coworking space - the competition study for a coworking space

The Strategy

Development plan.

Our three-year development plan for the coworking space is designed to foster a community of innovation and collaboration.

In the first year, we will concentrate on building a strong member base by providing a versatile and inspiring work environment, coupled with networking events and professional development workshops.

The second year will focus on expanding our services, including private offices, dedicated desks, and virtual office packages, as well as enhancing our technological infrastructure to cater to the evolving needs of our members.

In the third year, we aim to establish additional locations in key business districts to create a network of coworking spaces, facilitating greater accessibility and convenience for our members.

Throughout this period, we will remain committed to creating a dynamic and supportive ecosystem for entrepreneurs, freelancers, and businesses, ensuring our coworking space is synonymous with productivity and professional growth.

Business Model Canvas

The Business Model Canvas for our coworking space targets freelancers, startups, and small to medium-sized enterprises seeking flexible and collaborative workspaces.

Our value proposition revolves around providing a professional work environment with high-speed internet, meeting rooms, and networking opportunities, all within a community-driven atmosphere.

We offer memberships through various plans, including hot desks, dedicated desks, and private offices, utilizing our key resources such as our well-designed spaces and community management team.

Key activities include space management, event organization, and community engagement.

Our revenue streams are generated from membership fees, event space rentals, and additional services such as printing and mail handling, while our costs are associated with leasing, space maintenance, and staff salaries.

Find a complete and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered on building a strong brand presence within the local business community.

We aim to attract members by showcasing the benefits of coworking spaces, such as flexibility, cost-efficiency, and the opportunity for collaboration. Our approach includes targeted digital marketing campaigns, hosting industry events, and offering trial memberships.

We will also establish partnerships with local businesses and entrepreneurial organizations to increase referrals and provide exclusive benefits to our members.

Additionally, we will leverage social media platforms and influencer partnerships to amplify our reach and engage with a wider audience, while emphasizing the unique features and community aspect of our coworking space.

Risk Policy

The risk policy for our coworking space is designed to mitigate risks associated with real estate, market fluctuations, and member retention.

We will adopt flexible lease agreements to adapt to changing market conditions and maintain a diversified member base to reduce dependency on any single industry or client.

Regular member feedback sessions and satisfaction surveys will help us to continuously improve our services and address any concerns promptly. Additionally, we will maintain a conservative financial strategy to manage operational costs effectively.

We will also carry comprehensive insurance to cover liabilities related to property and general business operations. Our priority is to provide a secure and reliable workspace while ensuring the satisfaction and safety of our members.

Why Our Project is Viable

We envision creating a network of coworking spaces that cater to the dynamic needs of modern professionals and businesses.

With our focus on flexibility, community, and professional growth, we are confident in our ability to thrive in the coworking industry.

We are excited about the opportunity to empower individuals and businesses by providing them with the resources and environment they need to succeed.

We are adaptable and ready to evolve with the market to achieve our objectives, and we look forward to the promising future of our coworking space initiative.

You can also read our articles about: - the Business Model Canvas of a coworking space - the marketing strategy for a coworking space

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a coworking space and our financial plan for a coworking space .

Initial expenses for our coworking space include leasing a suitable location, outfitting the space with modern office furniture, high-speed internet, and communication technology, creating comfortable and versatile work areas, investing in security systems, and costs related to brand creation and launching targeted marketing campaigns to attract freelancers, remote workers, and startups.

Our revenue assumptions are based on a thorough analysis of the local demand for flexible workspaces, considering the increasing trend of remote work and the entrepreneurial boom that requires such facilities.

We anticipate progressively increasing membership subscriptions, starting modestly and growing as the awareness and reputation of our coworking space develops.

The projected income statement indicates expected revenues from membership fees, event space rentals, and additional services offered, minus the operating costs (utilities, internet, maintenance), and operating expenses (rent, marketing, salaries, etc.).

This results in a forecasted net profit crucial for evaluating the profitability of our business over time.

The projected balance sheet reflects assets specific to our business, such as office equipment, technology investments, and liabilities including debts and anticipated expenses.

It shows the overall financial health of our coworking space at the end of each period.

Our projected cash flow budget details incoming and outgoing cash flows, allowing us to anticipate our cash needs at any given time. This will help us effectively manage our finances and avoid cash flow problems.

The projected financing plan lists the specific financing sources we plan to use to cover our startup expenses.

The working capital requirement for our coworking space will be closely monitored to ensure we have the necessary liquidity to finance our daily operations, including lease payments, utilities, and salary payments.

The break-even point specific to our project is the level of occupancy or membership needed to cover all our costs, including startup expenses, and start making a profit.

It will indicate when our business will be profitable.

Performance indicators we will track include the occupancy rate of our coworking space, the average revenue per member, the liquidity ratio to assess our ability to cover financial obligations, and the return on investment to measure the effectiveness of our capital invested in the project.

These indicators will help us evaluate the financial health and overall success of our coworking space.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a coworking space .

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Coworking Business Plan + 6 months strategy launching [PDF Download]

Business Plan for Your Coworking Space

Developing a business plan for a coworking centre can be a long and complex process, especially if you are inexperienced. However, you are an operator going for your second space. In that case, a business plan will help you improve your strategy and better define the actions to carry it out because it is a living document that needs to be updated every year as the business grows .

Whether you are opening your first or second coworking space, before investing in the project , you should first conduct a feasibility study to determine the project’s profitability and confirm that there is a business opportunity.

Once you have validated the project’s feasibility, the next step is to draw up your business plan. The feasibility study and the business plan are closely linked; the first one assures you that there is a business and sets the economic objectives , while the second one proposes the strategy and the actions to be implemented to achieve the goals.

At HWL, we have completed nearly 50 coworking projects worldwide and have the experience in Coworking Development , knowledge and resources to help you create your business plan. In this article, we explain how we can help you to make this process less complicated.

Why do you need a business plan for a coworking space?

Making a coworking business plan is essential because:

• It defines the strategy of your company and the actions to be implemented.
• It plans the growth of your business.
• It projects the financial profitability of the business over the years.
• It reduces risks.
• It improves your operations.
• In addition, it can help you obtain financing.

What are the components of a coworking business plan?

Divide the business plan into three blocks:

1. Business model validation.

2. Business development.

1. Business model validation

You elaborate on the feasibility study . This section is critical because it will help you decide whether your coworking project will work. 

Executive summary

It describes the company and provides critical conclusions once you finish the business plan. It includes:

• Overview of the company.
• Description of the partners, management team and key collaborators.
• Value proposition.
• Space allocation summary.
• Financial study summary.

Market research

A market study helps you to detect if there is a business opportunity for your coworking, who your demand is , what they need and how you can standby from your competition . It includes:

• Local environment analysis: Explore the location and detect surrounding services (bars, restaurants, gyms), nearby competitors, corporations, universities, coworking spaces, technology hubs, business centres, etcetera.
• Benchmarking of local and inspirational competitors: Compare data such as services offered, prices, size of space or number of workstations, common areas, value proposition and audience.
• Demand and needs exploration: Segment the audience and design your Buyer Persona (user type, generation, pains and needs, interests, habits, purchasing power).
• Value proposition: Identify the objectives and needs of your potential users and link them to the value proposition.

Property analysis

Hire an engineer to confirm the property is valid, comply  with the coworking activity regulations , and obtain all the necessary permits.

Space distribution

• Space allocation programme: Define your space’s different uses and needs according to your demand. With the architectural programme, you obtain the productive units to generate income in your financial plan.
• Preliminary architectural study: Preliminary design of the space distribution following the space allocation programme’s indications. An architect must dump the information from the programme into AutoCAD to validate the productive units obtained.

Business model

10-year economic and financial study under three different occupancy scenarios will project monthly revenues, operating expenses and cash flow. It also will include the Capex and critical financial profitability metrics for the space as a service business model. As a result, you will get a perfect financial picture of the business and set the financial targets to be achieved.

2. Business development

You create the strategy of your coworking business and plan all the actions to be carried out to achieve the objectives established in the financial study.

Marketing strategy

This serves to attract , engage and retain potential members of your coworking space. It includes:

• Products and services: Describe all plans, memberships, included services and additional services.
• Promotions and pricing: Document the prices you will offer and compare them with your competitors. Also include plan opening promotions, contract promotions, etc.
• Key alliances: Proposal of potential partners (associations, universities, influencers, perks).
• Sales channels: Identification of the different brokers and specific sales channels for coworking.
• Communication plan: Define the channels through which you will communicate (social networks, website, posters, events, etc).
• Community development plan: Stages and actions for the development of the community (creation, development and retention) including a programme of activities for each stage.
• User experience: Design and describe the coworker journey in all its stages, from lead generation, conversion, on-boarding, and retention to exit.
• Lead Generation Strategy (Facebook and Google ads).
• Media plan.
• Blog and SEO strategy.
• Newsletter strategy.

Technology strategy

Proposal of technological solutions for intelligent space and business management :

• Management software.
• Software integrations: electronic access, printing, platform, community, internet, etc.
• Business production tools: project manager, CRM, cloud workspace, etc.
• Description of the management team, their roles, responsibilities, tasks, remuneration and schedules for each position.
• Training plan for the team.

Operations manual

Describe how you are going to achieve the related objectives. It includes all the daily processes and tasks to be carried out by each department:

• Space or facility Manual.
• Team manual or employee handbook.
• Sales Manual (including the Coworking Agreement).
• Venue hire/ external events manual.
• Communication manual.
• Community manual (including the House Rules).

3. Strategy & timeline for the launch of your coworking business

Prepare to go to market three months before the opening and three months after .

We share with you a co-created launch strategy made by 20 coworking operators from different countries as a result of a workshop facilitated by Claire Carpenter from The Melting Pot and Vanessa Sans from HWL. You can download the launch plan with the leading strategies and action plans for setting up a coworking centre during the three months before and after its opening date.

As you can see, developing a business plan for your coworking is a worthwhile endeavour. Follow the structure we have proposed. You will become an expert capable of generating a marketing strategy, making an operational plan, and starting up and growing a thriving coworking centre. If you need help in the process, contact us .

If you enjoyed this article, you would like How to open a coworking space .

Featured picture courtesy of Aticco coworking .

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Coworking Space Business Plan Template

Establish your Coworking Space venture confidently with our detailed business plan template. Designed specifically for the coworking industry, this template provides specialized market analysis and financial projections to ensure your success in offering collaborative workspaces for professionals and entrepreneurs.

Download the template today!

Features of our coworking space business plan template:.

Market Analysis: Understand your target market's needs and preferences.

Business Model: Define unique services and identify target clientele.

Financial Projections : Predict revenue, expenses, and profitability.

Marketing Strategy: Develop effective plans to promote quality services.

Benefits of Using Our Template:

Time and Effort Saving: Utilize our pre-designed template to streamline planning.

Clarity and Guidance: Stay on track with essential aspects for optimal success.

Increased Success Opportunities: Improve chances of success with a comprehensive plan.

Coworking Space Business Plan Frequently Asked Questions

Q: why do i need a business plan for my coworking space.

A: A business plan for your coworking space is crucial for guiding your success in the industry. It helps analyze the market, set objectives, and devise strategic approaches. Additionally, a well-structured plan can attract potential clients, investors, or partners interested in supporting your venture.

Q: What are the key components of a coworking space business plan?

A: A comprehensive business plan for a coworking space should include vital elements such as market analysis, your space's business model, financial projections, marketing strategies, and operational plans tailored to coworking needs. These components are essential for understanding the market, managing finances, and outlining how you will provide quality coworking services.

Q: How can a coworking space business plan help in securing funding or partnerships?

A: A well-prepared business plan demonstrates to potential investors, lenders, or partners your understanding of the coworking industry, a strong business model, and a clear strategy for delivering quality coworking services while achieving financial sustainability. Financial projections play a vital role in showcasing the potential for a return on investment. Presenting a comprehensive business plan can significantly enhance your chances of obtaining the necessary capital to establish or expand your coworking space, highlighting your commitment to providing exceptional coworking services.

We Know a Good Business Plan When we See One

Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.

Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.

Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.

Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.

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Coworking Space Business Plan Essentials

Starting a coworking space can be an incredibly rewarding endeavor, but it’s not without its challenges. Before you take the plunge, it’s essential to have a solid business plan in place. This step-by-step checklist will help you get started.

Click here to download a free business plan template.

1. Define Your Business Model

Think about what kind of coworking space you want to create and what services you’ll offer. Ask yourself:

• What services are you offering? (e.g., hot desking, private offices, meeting rooms, event space)
• Who’s your target market? (e.g., freelancers, startups, remote workers, small businesses)
• What does your pricing model look like? (e.g., membership fees, hourly rates, monthly packages)

These are a few of the components that will make up the foundation of your coworking space business plan. As you learn more about the market and what works for your particular niche, you can revisit it and make updates as needed.

2. Do Your Research

Now that you’ve defined your business model, it’s time to do some research. This step is all about understanding the market for coworking spaces and getting a better sense of the competition. Since some spaces will have different demands in different markets, you need to make sure there is a market need for what you offer.

Additionally, you need to understand your target customers and what they’re looking for in a coworking space. Here are some specific research tasks you should consider.

Market Analysis

First, look at the bigger picture to help understand the overall trends in the coworking industry. Then you can overlay those trends on your local market to get a better sense of what’s happening in your area.

While local trends often follow national trends, there can be significant variation from one city to the next, especially if your city offers something unique that’s appealing to coworking space users.

Competitor Analysis

Once you understand the general trends in the coworking industry, it’s time to take a closer look at your local competition. This will help you know what’s already being offered in your area and where there might be gaps in the market that you can fill.

For example, maybe you’ve noticed that there are no coworking spaces specifically targeting freelancers, but there’s a large population of freelancers nearby. If that’s the case, you could consider catering your space toward that segment of the market.

Customer Analysis

In addition to understanding your competition, it’s also essential to understand your target customers, including their needs, wants, and pain points. One of the best ways to do this is to reach out directly to your target market and ask them about their coworking experiences.

You can do this through surveys, interviews, or focus groups geared toward:

• Needs : These are the basic requirements your target market has for a coworking space. For example, they might need a place to work outside of their home with reliable Wi-Fi and a comfortable chair.
• Wants : These are the things that would make your target market’s coworking experience even better. For example, they might wish for a space close to public transportation with a kitchen where they can make their own food.
• Pain points : These are the things that make your target market’s current coworking experience less than ideal. For example, they might be unhappy with the noise level or the lack of privacy.

By understanding your target market’s needs, wants, and pain points, you’ll be able to create a coworking space that’s tailored to them and meets their specific needs.

3. Assemble Your Team

No business can succeed without a great team in place, and your coworking space is no exception. As you start to put together your team, it’s important to keep your target market in mind. For example, if you’re targeting freelancers, you might want to hire a freelance accountant to help with the financial side of things.

You should also consider the skills and experience of your team members. As another example, if you’re planning to offer coworking memberships to small businesses, you might want to hire someone with experience in business development or sales.

These are all critical questions to answer as you assemble your team. By taking the time to find the right people and put together a strong team, you’ll be setting yourself up for success.

4. Create a Budget

Now that you understand the market and what your target customers are looking for, you can start putting together a budget . This will help you know the estimated costs of starting and running your coworking space. Some of the necessary expenses you should consider include:

• Rent or mortgage

5. Membership Fees

Once you’ve calculated all of your costs, you can decide how much you’ll charge for your space. You’ll need to ensure your prices are high enough to cover your expenses and leave you with a profit, but not so high that people are deterred from joining.

There are different ways you can approach this. You might want to offer different membership levels, such as a basic membership that gives access to the space during business hours or a premium membership that includes access to the area 24/7.

You may also want to consider discounts for longer-term memberships or people who sign up for multiple memberships. For example, you could offer a 10% discount for six-month memberships and a 20% discount for 12-month or more memberships.

Keep in mind that as you add more tiers, you will have more billing and invoices to keep track of. Therefore, you will need a management software that can handle billing and payments seamlessly. No matter how complex your pricing model is, a software like CoWello automates payment collection for you.

6. Marketing

You’ll need to market your coworking space to attract customers and grow your business. The cost will vary depending on the type of marketing and how much you spend. For example, if you plan to do a significant amount of online marketing, you might want to invest in a website and pay for online advertising.

Your marketing efforts will also vary depending on who your target audience is. Start by identifying your ideal customer and then craft your marketing message accordingly. For example, maybe you’ve realized there is a market for coworking spaces that offers services like childcare or pet-sitting. In that case, you want to make sure your marketing and messaging reflect that.

7. Use Technology to Make Your Life Easier

There are a lot of different software programs and apps that can help you run your coworking space more efficiently. For example, you might use an app to manage membership fees and bookings or help with marketing and promotion.

You can also use technology to make it easier for people to find and book your space. For example, you might use coworking space management software like Cowello to help manage bookings and payments.

You might also want to invest in some security cameras and access control systems to help you keep an eye on your space and make sure only members have access.

Starting a coworking space can be a great way to bring people together and create a community. But it’s important to remember that it’s also a business, and you need to treat it as such.

Do your research, create a solid business plan, and price your membership fees correctly. If you do all of these things, you’ll be well on your way to running a successful coworking space.

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Coworking Space Business Plan

Are you ready to capitalize on the growing trend of flexible workspaces and start a coworking space business? In today’s dynamic work environment, the demand for collaborative and adaptable workspaces is on the rise. Coworking spaces offer a solution that blends flexibility, community, and innovation, catering to the diverse needs of modern professionals. Crafting a well-structured coworking space business plan is essential for launching and managing a successful coworking business. This guide will walk you through the crucial elements of a coworking space business plan and provide insights into creating a thriving coworking space.

What is a Coworking Space Business Plan?

A coworking business plan is not just a document; it’s a strategic blueprint that outlines how to establish and operate a coworking space. It serves as a roadmap for achieving business goals, securing financing, and guiding daily operations. Understanding the fundamentals of the coworking space business model is key to developing a successful plan coworking space.

Understanding the Coworking Space Business Model

The coworking business model centers around providing flexible, shared workspaces for individuals and companies. Unlike traditional office settings, coworking spaces offer a variety of membership options, such as hot desks, dedicated desks, and private offices. These spaces are designed to meet the needs of freelancers, startups, and established businesses seeking a collaborative environment. Whether you’re looking to start coworking space or seeking inspiration from places like WeWork or co space working, understanding this model is crucial.

Commercial Office Space Business Model Canvas

A commercial office space business model canvas is a visual framework that outlines the essential components of the coworking space business. This canvas includes elements such as customer segments, value propositions, revenue streams, and key resources. It helps in identifying the core aspects of the business and aligning them with market needs.

For those considering expanding their coworking space plans to include events, an event space business plan template or event venue business plan PDF can be invaluable resources. Moreover, leveraging [affordable hot desk office] and exploring strategic partnerships in cheap office space for startups can further enhance the success of your coworking business.

Whether you’re drafting a business plan template PDF download or working on a wework email format strategy, this comprehensive guide will help you navigate the complexities of how to start a coworking space business. For more detailed planning, consider utilizing a ramp up plan template or a budgetplan vorlage to ensure your coworking space is well-prepared for launch and sustainable growth.

Coworking Space Business Plan Sample

1.0 executive summary.

“The Work Nest” (herein also referred to as “Work Nest” and “the company”) was established in 2024 by a group of experienced entrepreneurs. The company is focused on creating a flexible and collaborative workspace in downtown Toronto, designed to cater to the needs of freelancers, startups, and small to medium-sized enterprises. Work Nest offers a wide array of services, including shared workspaces, private offices, meeting rooms, and event spaces, all within a vibrant and community-oriented environment.

Work Nest’s business model is thoughtfully designed to meet the growing demand for adaptable work environments. By offering diverse membership options and a variety of professional services, the company is able to attract a broad clientele, ranging from solo entrepreneurs to expanding teams. The model emphasizes not just workspace availability but also the value of networking and professional development, fostering a sense of community among members. This strategy ensures a stable and growing revenue stream while building a strong brand presence in the market.

To support its expansion plans, Work Nest is seeking a $150,000 investment. The funds will be used to enhance the existing facilities, including the acquisition of advanced technology tools, as well as to expand marketing initiatives aimed at increasing brand recognition and membership growth. Additionally, the investment will allow the company to introduce new services, such as virtual office packages and specialized business workshops, further solidifying its market position.

Under the strategic leadership of its founders, Work Nest has quickly become a key player in Toronto’s coworking industry. The founders’ combined expertise in entrepreneurship and business development has been instrumental in shaping the company’s success. With a focus on delivering high-quality services and fostering a supportive community, Work Nest is poised for continued growth in the dynamic coworking market.

2.0 Business Overview

The Work Nest operates a comprehensive coworking business model designed to meet the evolving needs of freelancers, startups, and small to medium-sized enterprises. The company provides a dynamic workspace solution in downtown Toronto, offering a variety of services, including shared workspaces, private offices, meeting rooms, and event spaces. The target market consists of professionals and businesses seeking a flexible and collaborative environment to enhance productivity and innovation.

Work Nest’s offerings are tailored to cater to a diverse clientele, providing a seamless blend of professional resources and community-oriented support. The company’s facilities are equipped with state-of-the-art technology and amenities that facilitate a productive work environment. Work Nest also places a strong emphasis on fostering a sense of community among members, encouraging networking, collaboration, and professional development through various events and programs.

To further diversify revenue streams and enhance member experience, The Work Nest offers additional services such as virtual office packages, specialized business workshops, and concierge services. These services are designed to provide members with the tools and support needed to grow their businesses, positioning Work Nest as a central hub for entrepreneurial success in Toronto.

2.1 Mission Statement  

The mission of Work Nest is to provide a vibrant, flexible, and supportive workspace that empowers professionals and businesses to thrive. The company is dedicated to fostering a collaborative environment where creativity, productivity, and innovation can flourish.

2.2 Vision Statement

Work Nest aims to become the leading coworking space provider in Toronto, recognized for its exceptional service, innovative workspace solutions, and commitment to building a strong community of professionals and entrepreneurs.

2.3 Core Values

The Work Nest’s culture is rooted in core values that guide all business activities and interactions with members, partners, and the community. These values are integral to the company’s success and growth.

• Innovation: The Work Nest is committed to continuously evolving its workspace offerings to meet the changing needs of modern professionals. The company embraces creativity and innovation in all aspects of its operations.
• Community: Building a strong, supportive community is at the heart of Work Nest’s mission. The company believes in fostering connections and collaboration among members to create a thriving ecosystem.
• Quality: Work Nest is dedicated to maintaining the highest standards of quality in its facilities, services, and member experience. Every detail is carefully managed to ensure an optimal workspace environment.
• Integrity: The company conducts all business activities with transparency, honesty, and ethical practices. Work Nest values the trust of its members and partners and works diligently to maintain it.
• Customer Focus: The needs and satisfaction of members are the primary focus of Work Nest. The company listens to member feedback, anticipates requirements, and strives to exceed expectations in all services offered.

2.4 Goals and Objectives

3.0 Market Analysis

The coworking space industry has seen rapid growth in recent years, driven by a shift in the traditional work environment. Increasing numbers of freelancers, startups, and even established companies are seeking flexible workspace solutions that foster collaboration and innovation. This trend has been accelerated by the rise of remote work, especially post-pandemic, as businesses look to reduce overhead costs while providing employees with dynamic workspaces.

Vancouver, in particular, has emerged as a key market for coworking spaces due to its vibrant startup ecosystem, diverse business community, and high concentration of creative professionals. The demand for flexible office spaces in the city is expected to continue growing as more businesses embrace hybrid work models.

3.1 Market Trends

Several key trends are shaping the coworking space market:

• Hybrid Work Models: As businesses adopt hybrid work models, the demand for flexible and adaptable office spaces is increasing. Coworking spaces provide the perfect solution for companies looking to offer employees the flexibility of remote work combined with the benefits of a collaborative office environment.
• Niche Coworking Spaces: There is a growing trend towards niche coworking spaces that cater to specific industries or communities, such as tech startups, creative professionals, or women-led businesses. These spaces offer tailored amenities and networking opportunities that align with the needs of their target audience.
• Sustainability Focus: Many coworking spaces are incorporating sustainable practices into their operations, such as using eco-friendly materials, promoting energy efficiency, and offering green certifications. This trend aligns with the increasing demand for environmentally responsible business practices.
• Technology Integration: Advanced technology is becoming a critical component of coworking spaces. High-speed internet, smart office solutions, and integrated communication tools are now essential features that attract businesses to coworking environments.

3.2 Government Regulations

The coworking space industry is subject to a range of government regulations, particularly in terms of zoning laws, building codes, and health and safety standards.

• Zoning and Land Use: Local zoning regulations determine where coworking spaces can be established. In Vancouver, commercial zoning laws typically govern the location of coworking spaces, ensuring they are situated in areas designated for business use.
• Building Codes: Coworking spaces must comply with local building codes, which set standards for construction, occupancy, fire safety, accessibility, and other structural requirements. These regulations are enforced to ensure the safety and well-being of occupants.
• Health and Safety Regulations: Given the ongoing impact of the COVID-19 pandemic, coworking spaces must adhere to stringent health and safety guidelines, including social distancing protocols, sanitation measures, and air quality standards.
• Licensing and Permits: Operators of coworking spaces must obtain the necessary business licenses and permits from local authorities. This includes ensuring compliance with tax obligations and registering the business with relevant government bodies.

3.3 Competitive Analysis

The coworking space market in Vancouver is highly competitive, with several established players offering a range of services to meet the diverse needs of businesses. Below is an analysis of three key competitors:

4.0 Products and Services

Work Nest offers a range of flexible workspace solutions designed to meet the diverse needs of modern professionals and businesses. The key products and services include:

• Hot Desks: Designed for freelancers and remote workers who need a flexible and cost-effective workspace, hot desks provide access to a shared desk in an open-plan environment. Users can choose any available desk, fostering a dynamic and collaborative atmosphere.
• Dedicated Desks: For professionals who require a consistent workspace, dedicated desks offer a reserved spot in a shared area. This option is ideal for individuals who need a stable workspace with the added benefit of community interaction.
• Private Offices: Catering to small teams and businesses seeking privacy, Work Nest offers fully furnished private offices. These spaces come equipped with all necessary amenities, including high-speed internet, ergonomic furniture, and access to communal facilities.
• Meeting Rooms: Work Nest provides well-appointed meeting rooms that can be booked by the hour or day. These rooms are equipped with advanced audiovisual technology, allowing clients to conduct presentations, workshops, or client meetings in a professional setting.
• Virtual Office Services: For businesses that do not require physical office space, Work Nest offers virtual office packages, including mail handling, phone answering services, and access to meeting rooms when needed.
• Event Spaces: Work Nest also offers event spaces that can be rented for corporate events, workshops, and networking sessions. These spaces are designed to accommodate various group sizes and come with customizable seating arrangements and technical support.
• Community and Networking Opportunities: As part of the Work Nest membership, clients gain access to a thriving professional community. Regular events, workshops, and networking opportunities are organized to help members connect, collaborate, and grow their businesses.

5.0 Sales and Marketing Plan

Work Nest aims to establish itself as a premier coworking space provider in Vancouver by implementing a targeted sales and marketing strategy. This strategy focuses on identifying the right market segments, employing effective marketing channels, and leveraging the company’s unique value propositions.

5.1 Target Market

Work Nest’s target market includes:

• Freelancers and Remote Workers: Individuals seeking flexible workspaces that offer a professional environment without the commitment of a traditional office lease.
• Startups and Small Businesses: Emerging companies that require affordable office space with opportunities for networking, collaboration, and scaling their operations.
• Corporate Teams: Large companies that are adopting hybrid work models and need satellite offices or temporary workspaces for their employees.
• Creative Professionals: Designers, artists, and media professionals who value inspiring and well-equipped environments tailored to their specific needs.
• Event Organizers: Businesses and individuals seeking a versatile and professional venue for hosting corporate events, workshops, and networking sessions.

5.2 Marketing Strategies

Work Nest will implement a multi-faceted marketing approach to reach its target market and build brand recognition:

• Digital Marketing: Utilize SEO-optimized content, targeted social media advertising, and Google Ads to attract potential clients searching for coworking spaces in Vancouver. Regular blog posts and email newsletters will be used to engage with the community and provide value-added content.
• Local Partnerships: Establish partnerships with local businesses, tech hubs, and startup incubators to drive referrals and build a network of collaborators. Work Nest will also participate in local business events and expos to increase visibility within the community.
• Content Marketing: Develop a robust content marketing strategy that includes thought leadership articles, case studies, and video testimonials showcasing the benefits of coworking at Work Nest. This content will be shared across the company’s website, social media platforms, and industry forums.
• Referral Program: Implement a referral program that incentivizes existing members to refer new clients to Work Nest. Rewards such as discounts on membership fees or free meeting room hours will be offered to those who successfully refer others.
• Public Relations: Engage with local media outlets to secure coverage in business journals, newspapers, and online publications. Work Nest will also host press events and tours to introduce journalists and influencers to the space and its offerings.

5.3 SWOT Analysis

6.0 Operational Plan

The operational plan for Work Nest outlines the essential actions required to ensure that the coworking space operates smoothly and effectively. This section provides a detailed overview of daily activities, including hours of operation, location, procurement strategies, and compliance with relevant regulations.

6.1 Hours of Operation

6.2 Location

Work Nest operates at 1200 Main Street in the heart of the city, providing a strategic location that is easily accessible to professionals, entrepreneurs, and freelancers. The space is situated within a vibrant business district, surrounded by cafes, restaurants, and public transportation, making it a convenient choice for members.

The facility features modern workspaces, meeting rooms, and communal areas, all designed to foster collaboration and productivity. Additionally, there is ample parking available, ensuring that members and visitors can easily access the premises.

6.3 Procurement Plan

To maintain a high standard of service and continually improve the coworking experience, Work Nest has developed a strategic procurement plan. The plan includes acquiring state-of-the-art office furniture, high-speed internet infrastructure, and advanced security systems to ensure a comfortable and secure environment for all members.

Additionally, the plan prioritizes the regular upgrading of technology and amenities, such as printers, projectors, and kitchen equipment, to meet the evolving needs of members. Work Nest will also establish partnerships with local suppliers to source sustainable and ergonomic office furniture, enhancing both the functionality and aesthetic appeal of the space.

6.4 Risk Analysis

7.0 Organizational Plan

The organizational plan for Work Nest outlines the company’s approach to managing human capital, ensuring effective leadership, and maintaining operational efficiency. This plan is designed to be flexible and will be periodically reviewed to ensure that Work Nest remains adaptive and responsive to emerging opportunities and challenges in the coworking industry.

Organizational Structure

Work Nest has implemented a structured organizational hierarchy to ensure smooth operations, clear communication, and effective management. This structure promotes collaboration among teams and establishes clear lines of authority to facilitate decision-making and operational efficiency.

Personnel Plan

The personnel plan for Work Nest defines the roles, duties, and responsibilities of each key position within the company. This plan ensures efficient management and accountability, contributing to the overall success and growth of the coworking space.

Chief Executive Officer (CEO)

• Oversees the overall operations, strategy, and vision of Work Nest.
• Makes high-level decisions and manages the leadership team.
• Represents Work Nest to stakeholders, partners, and the broader community.

Operations Manager

• Manages the day-to-day operations of the coworking space, ensuring a seamless experience for members.
• Ensures compliance with safety regulations and maintains the facility.
• Coordinates with vendors and oversees procurement and inventory management.

Community Manager

• Focuses on building and maintaining a vibrant community within Work Nest.
• Organizes events, networking opportunities, and community-building activities.
• Manages member relations and ensures a positive coworking experience.

Financial Manager

• Manages budgeting, financial planning, and financial reporting for Work Nest.
• Oversees accounts payable and receivable, and ensures financial health.
• Provides financial analysis to support strategic decision-making.

Administrative Assistant

• Provides administrative support to the CEO and other team members.
• Manages scheduling, correspondence, and overall office organization.
• Assists with record-keeping, document management, and member inquiries.

Sales Manager

• Drives membership growth through sales strategies and outreach efforts.
• Manages the member acquisition process and works to retain existing members.
• Develops and executes sales campaigns to meet growth targets.

Marketing Specialist

• Develops and implements marketing strategies to promote Work Nest and attract new members.
• Manages social media channels, email marketing, and promotional activities.
• Analyzes marketing performance and adjusts tactics to enhance brand visibility.

IT Specialist

• Manages and maintains Work Nest’s IT systems and technology infrastructure.
• Supports the integration of new software and technology solutions.
• Ensures the effective operation of coworking technology, including Wi-Fi, booking systems, and security systems.

8.0 Financial Plan

The following financial projections have been carefully crafted by the management team of the company. All projections are forward-looking and are dependent on securing the required financing. It is the audience’s responsibility to conduct all necessary due diligence.

8.1 Pro Forma Income Statement

8.2 Pro Forma Cash Flow Statement

8.3 Pro Forma Balance Sheet

A well-developed coworking space business plan is essential for successfully launching and managing a coworking space. By addressing key components such as market analysis, products and services, and financial planning, entrepreneurs can create a solid foundation for their business. Whether starting a coworking space business or refining an existing plan, staying informed about industry trends and adapting to market demands will be crucial for long-term success.

For expert assistance in developing a comprehensive coworking space plan, consider consulting with professional business plan writers. By following these guidelines and utilizing available resources, including coworking business plan templates and sample business plans, entrepreneurs can confidently navigate the coworking space landscape and achieve their business goals.

At BSBCON , professional business plan writers are available to help craft tailored business plans that drive success. For more information, contact us to get started on developing a robust business plan for your coworking space.

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Coworking Space Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » B2B Industry » Coworking Space

Are you about starting a coworking space business ? If YES, here is a detailed sample co-working space business plan template & feasibility report you can use for FREE .

Entrepreneurs always wish to cut overhead cost as low as they can and still maintain professionalism in their businesses. One of the easiest ways of cutting overhead cost is by renting a coworking space. With the increase in demand for co-working spaces, any investor that decides to start his or her own coworking space business is sure going to make good returns on his or her investment.

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A Sample CoWorking Space Business Plan Template

1. industry overview.

Co-working space business falls under the serviced office leasing (SOL) industry and operators in this industry rent or lease fully furnished office space to businesses on a part-time or as-needed basis.

The serviced office leasing (SOL) industry also provides virtual office and conference room leasing options to their clients. It is important to state that firms that provide conventional commercial leasing options are not part of the serviced office leasing (SOL) industry.

For $49.99 a month, anyone can work on Wall Street. The rising trend of the virtual office, which effectively functions as a high-cost PO box, is one of the services offered by the $2.4-billion Serviced Office Leasing (SOL) industry.

If you a close observer of the Serviced office leasing (SOL) industry, you will agree that the industry struggled during the recession when corporate profit declined and businesses closed shops . On the other hand, as the economy recovered, the industry experienced an upsurge in demand for its services.

Going forward, the revenue generated by players in this industry will continue to grow as the number of telecommuters in the workforce increases.

The Serviced office leasing (SOL) industry is indeed a growing industry and pretty much active countries like the united states, Japan, Singapore, Switzerland, United Kingdom and United Arab Emirates. Statistics has it that in the United States of America alone, there are about 781 licensed and registered companies in this industry, employing about 3,358, and the industry rakes in $2bn annually.

The industry is projected to continue to grow at 12.7 percent rate going forward. Regus PLC has the dominant market share in this industry. A recent publication released by IBISWorld shows that the Serviced office leasing (SOL) industry is in the growth stage of its life cycle.

The report projected that industry value added, which measure’s the industry’s contribution to the economy will raise at an estimated average annual rate of 7.5 percent from 2011 to 2022. The report further stated that GDP will grow at an annualized rate of 2.2 percent during the same period, indicating that the industry is growing faster than the economy as a whole.

Businesses are increasingly turning to industry companies to rent or lease workspaces, including fully furnished offices, virtual offices and conference rooms. Renting or leasing office space is a cost-effective alternative to buying commercial property.

One of the major reasons why people subscribe to co-working spaces is because they want to maintain a business address in a high – profile business district at the lowest possible cost.

So, if your intention is to start a coworking space business and also to maximize profits, then you must ensure that your lease office facility in a high – profile business district. It will make it easier for you to market and attract clients. It is expensive to lease office facility in such areas, but you stand the chance of recouping your investment and also making profits.

From all available statistics, it is safer to say the Serviced office leasing (SOL) industry is growing steadily despite the competitive nature of the industry. One thing is certain, if the offices you offer for rent are well positioned, you have the required business skills, and business networks, you are likely not going to struggle to compete in the Serviced office leasing (SOL) industry.

The serviced office leasing (SOL) industry is still open to any aspiring entrepreneur who has the startup capital to start his or her own co-working space business. As a matter of fact, it was projected that over the next five years, new technology will continue to emerge that will make it easier for more players to come into the industry hence increasing the competition in the industry.

2. Executive Summary

Monica Donavan® Co-Working Space Rentals, Inc. is a registered real estate business. We have been able to secure a standard and well – positioned facility in a central and busy district in Brooklyn Park – Minnesota.

We are a co – working space company that is set to compete in the fast – growing shared office rental industry not only in Brooklyn Park – Minnesota, but also throughout the United States market because we intend opening our co – working facilities in key cities across the United States.

Monica Donavan® Co-Working Space Rentals, Inc. will offer co-working space facilities to entrepreneurs and investors who may not want to shoulder the responsibilities of owning a standard office facility. Our business goal is to become one of the leading co-working space rental operators in the United States and we will make sure that we do all we can to compete favorably in the industry.

Our workers are going to be selected from a pool of certified, creative and highly experienced workers in and around Brooklyn Park – Minnesota. We will make sure that we take our workforce through the required trainings that will position them to meet the expectations of the company and to compete with leading co-working space operators in the United States.

At Monica Donavan® Co-Working Space Rentals, Inc., our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Monica Donavan® Co-Working Space Rentals, Inc. is owned by Monica Donavan and other investors (shareholders).

3. Our Products and Services

Monica Donavan® Co-Working Space Rentals, Inc. was established with the aim of maximizing profits in the serviced office leasing (SOL) industry as a co – working space operator. We want to compete favorably with the leading co – working space operators in the United States which is why we have a competent team that will ensure that our facility meets and even surpass our customers’ expectations.

We will work hard to ensure that Monica Donavan® Co-Working Space Rentals, Inc. is not just accepted in Brooklyn Park – Minnesota, but also in other cities in the United States of America where we intend opening our chains of co – working  facilities. Our facility and services are listed below;

• Lease or rent fully furnished workspaces
• Lease or rent virtual offices
• Lease or rent conference and meeting rooms
• Provide telecommunication services to leases
• Provide other business services to leases

4. Our Mission and Vision Statement

• Our vision is to be the standard bearer wherever we have our co – working space facility throughout the United States of America.
• Our mission is to provide a standard co-working space that can attract some of the leading entrepreneurs who may not want to own their personal office facility.
• We want to build a co-working space business that can favorably compete with other leading brands in the serviced office leasing (SOL) industry in the United States.

Our Business Structure

Monica Donavan® Co-Working Space Rentals, Inc. is a co-working space company that intend starting small in Brooklyn Park – Minnesota, but hopes to grow big in order to compete favorably in the industry in the United States. We are aware of the importance of building a solid business structure that can support the kind of world class business we want to own.

At Monica Donavan® Co-Working Space Rentals, Inc., we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer
• General Manager

Human Resources and Admin Manager

• Sales and Marketing Executive

Facility Manager

Client Service Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

General Manager:

• Serve as project manager of the organization; works directly with employees
• Develops strategic plan by studying the trends in the serviced office leasing (SOL) industry and financial opportunities; presenting assumptions; recommending objectives.
• Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements
• Maintains quality service by establishing and enforcing organization standards.
• Coordinate employee efforts, and facilitate communications between management and the workforce
• Ensures that the organization works in line with international best practices.
• Model demographic information and analyze the volumes of transactional data generated by customer
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects
• Responsible for handling business research, market surveys and feasibility studies
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets

Sales and Marketing Manager

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization
• Responsible for making sure that our co-working space meet the needs of the people that work in them
• Overseeing services including security, parking, cleaning, catering, technology and so on
• Supervising multi-disciplinary staff including cleaning, maintenance, grounds and security
• Ensuring that basic facilities such as water and heating, are well-maintained
• Ensuring that facilities meet government regulations and environmental, health and security standards
• Overseeing building projects, renovations or refurbishments
• Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Consistently stays abreast of any new information on the organizations promotional campaigns to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

Monica Donavan® Co-Working Space Rentals, Inc. engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured co-working space business that can favorably compete in the serviced office leasing (SOL) industry in the United States.

Here is a summary from the result of the SWOT analysis that was conducted on behalf of Monica Donavan® Co-Working Space Rentals, Inc.;

Our world – class facility is indeed a plus to the business. Another positive that we have is the fact that we have a well – balanced team running the business.

Part of what may likely hinder us from optimizing our potentials in this business is that we may not be able to raise capital to acquire choice properties that can attract high – paying clients for our co – working space.

• Opportunities:

In this age and time where entrepreneurs are looking for means to cut down startup expenses, a business such as co-working space facility comes in handy. The rising popularity of shared office spaces is driving industry growth and influencing workplace transformations. The fact that more people are embracing entrepreneurship means that there are great opportunities for us.

A major threat to our business is the rise of the concept of virtual office. Aside from the fact that it is cheaper, most virtual office rental businesses tend to provide communication and physical address services without bearing the financial burden to maintain the office facility.

7. MARKET ANALYSIS

• Market Trends

A major trend shows that workplace transformations use tech and design to maximize office space and increase productivity, providing for cost-savings from a bottom-up perspective. Co-working spaces are designed to reduce the square footage a company needs per employee.

A recent trend shows that some operators in the industry are scaling the co-working model to fit the operational and cultural needs of service-based industries.

The incentives of workplace transformations are twofold. The first is cost-effectiveness while the second, less tangible yet arguably more impactful incentive is the commoditization of modern workplace culture as characterized by Silicon Valley startups.

Even though cost-savings have long-been the most obvious incentive of co-working spaces, the perk of enabling large corporations to rebrand themselves in a piecemeal way is turning heads among Fortune 500 companies operating in the most traditional of industries.

Lastly, long term, the cost-efficiency of workplace transformations will likely remain the primary incentive. Reducing square footage per employee while maintaining or even boosting employee satisfaction is a win-win, no matter the industry.

However, the cultural incentives of workplace transformations will continue to expand and evolve with the business environment itself.

8. Our Target Market

Before starting our co – working space rental business in Brooklyn Park – Minnesota, we conducted a thorough market survey and feasibility studies and we are certain that there are loads of budding entrepreneurs who need small office spaces to run their business.

In view of that, we have created strategies that will enable us reach out to various groups of people who we know will need our facilities especially service – based business.

Our competitive advantage

Because of the grow competition in this line of business, there is an increasing degree of related business activities, with big players dominating the market.

Our competitive advantage is anchored on the state of the art office facility that we have. So also, we have a team of certified, creative and highly trained workers. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by international best practices in the industry.

Another strength that counts for us is the location of our co-working space; they are located in one of the highly suitable areas for such business in Brooklyn Park – Minnesota.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Monica Donavan® Co-Working Space Rentals, Inc. is established with the aim of maximizing profits in the serviced office leasing (SOL) industry and we are going to ensure that we do all it takes to meet and surpass the expectations of our clients.

Monica Donavan® Co-Working Space Rentals, Inc. will generate income by offering the following facility and services;

10. Sales Forecast

One thing is certain, there would always be entrepreneurs who need to cut cost of starting the business hence the need to rent a small office space in a shared office facility.

We are well positioned to take on the available market in the industry and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our business to enviable heights.

We have been able to examine the shared office leasing (SOL) market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Monica Donavan® Co-Working Space Rentals, Inc. It is based on the location of our facility and of course our target market;

• First Fiscal Year:  $550,000
• Second Fiscal Year:  $950,000
• Third Fiscal Year:  $2 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any competitor offering same facility as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.

Our unique selling proposition is that we are well positioned, we offer a state of the art facility and people can easily access our facility. Monica Donavan® Co-Working Space Rentals, Inc. is set to make use of the following marketing and sales strategies to attract clients;

• Advertise our co-working space business on national dailies, local TV and radio station
• Promote our co-working space facilities online via our official website and all available social media platforms
• Introduce our business by sending introductory letters alongside our brochure to budding entrepreneurs, established entrepreneurs and key stake holders in Brooklyn Park – Minnesota
• Print out fliers and business cards and strategically drop them in offices, sport facilities, libraries, public facilities and train stations et al.
• Position our signage / flexi banners at strategic places in and around Brooklyn Park – Minnesota

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to become the number one choice for entrepreneurs and business people in the whole of Brooklyn Park – Minnesota and other cities in the United States of America where we intend opening our shared office facilities which is why we have made provisions for effective publicity and advertisement of our business.

Below are the platforms we intend to leverage on to promote Monica Donavan® Co-Working Space Rentals, Inc.;

• Place adverts on both print (newspapers and real estate magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our  business
• Install our billboards in strategic locations all around Brooklyn Park – Minnesota
• Distribute our fliers and handbills in target areas
• List our co – working space business in local directories / yellow pages
• Advertise our coworking space facility in our official website and employ strategies that will help us pull traffic to the site.

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more and we don’t intend to charge less than what our competitors are charging their clients in Brooklyn Park – Minnesota.

• Payment Options

The payment policy adopted by Monica Donavan® Co-Working Space Rentals, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Monica Donavan® Co-Working Space Rentals, Inc. will make available to her clients;

• Payment via bank transfer
• Payment via Point of Sale Machine (POS)
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for renting our co – working office facility without any stress on their part.

13. Startup Expenditure (Budget)

When it comes to calculating the cost of starting a coworking space facility business, there are some key factors that should serve as a guide.

The number of facilities needed to kick start the business and the size and location of the facility determines the total cost of setting up the business. Below are some of the basic areas we will spend our startup capital in setting up our co-working space rental business;

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits – $15,500.
• Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
• The total cost for hiring Business Consultant – $5,000.
• The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
• The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
• The total cost for leasing facility for the business – $450,000
• The total cost for facility remodeling to fit into the type of co – working space facility – $150,000
• Phone and utility deposits – $3,500
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $140,000
• The cost of launching a Website – $600
• Miscellaneous – $5,000

Going by the report from the market research and feasibility studies conducted, we will need about nine hundred and fifty thousand ($950,000) U.S. dollars to successfully set up a medium scale co-working space facility rental business in the United States of America.

Generating Funds/Startup Capital for Monica Donavan® Co-Working Space Rentals, Inc.

Monica Donavan® Co-Working Space Rentals, Inc. is a private business that is solely owned and financed by Ms. Monica Donavan and her partner. They do not intend to welcome any external business partner which is why she has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $350,000 (Personal savings $200,000 and soft loan from family members $100,000) and we are at the final stages of obtaining a loan facility of $600,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all these factors are missing from a business (company), then it won’t be too long before the business closes shop.

One of our major goals of starting Monica Donavan® Co-Working Space Rentals, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to lease / rent our co – working space facility a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Monica Donavan® Co-Working Space Rentals, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner.

We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID : In Progress
• Securing a standard facility and reconstructing the facility to fit into the kind of facility we want to manage: Completed
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founders: Completed
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of Logo for the business: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed furniture, office equipment, software applications, electronic appliances and facility facelift : In progress
• Creating official website for the business : In Progress
• Creating Awareness for the business: In Progress
• Health and Safety and Fire Safety Arrangement : In Progress

How to Write a Winning Coworking Business Plan

Here’s a mistake we see far too often: aspiring coworking owners and operators starting their business without a clear plan for how their space is going to make money.

This is where a business plan comes in. 

A well-crafted business plan for your coworking space can help you make decisions and give you the confidence you need to succeed. 

It’s the best way to map out your business strategy and how you intend on making money.

And truthfully, writing a coworking business plan is a lot easier than you think.

What is a coworking business plan?

A coworking business plan is a document that outlines exactly how you will start your coworking space and reach profitability. If you are applying for a loan or looking to receive funding, then a business plan is not just a formality, it’s a necessity. 

For those who aren’t looking for funding, a business plan is still an excellent way of making sure you have a viable business before opening your doors.

The benefits of a well-crafted business plan for your coworking space

Having a business plan for your coworking space (or any business for that matter) gives you a greater chance of overall success. It can also:

• Support you in receiving a loan or funding
• Help guide long-term strategy and planning
• Be useful when making important business decisions

Here is another way of looking at it. Let’s say Steve wants to start a coworking space. He finds a property to rent in his area and starts building out the space. He looks at some of the other coworking spaces in the area and uses it to inform what he offers and how he prices it. 

But when he finally opens his door…crickets.

Because Steve didn’t have a business plan in place, he did not consider:

• Who he is targeting
• Whether this location is a good fit for his market
• If the products he is offering are interesting to his target audience
• How he will acquire his first members
• If the cost of his services are be enough to be profitable on a monthly, quarterly, or annual basis

You don’t just need a plan when starting a business however. You’ll also want to consider creating a business plan when you are looking to grow or expand your coworking business , as your business needs may change slightly from when you first opened your space.

The 9 components of a coworking space business plan

Business plans are pretty standard, regardless of the industry. The typical components of the best coworking business plan are:

• Executive Summary: summary of the document in its entirety
• Company Description: description of your company including the mission statement and objectives
• Market Analysis: write-up of the market, both local and more broadly
• Competitive Analysis: deep dive into your competitors, both local and more broadly
• Description of Management and Organization: outline your team and how the organization will operate together
• Breakdown of your Products and Services: description of what you will be selling
• Marketing and Sales Strategy: how you plan to market your space and acquire customers
• Financial Projections: a breakdown of your finances and your path to profitability
• Fundraising Strategy/Sources: how you will fund your business

Each section should be roughly 1-3 pages long (remember, more does not necessarily equal better). Optimize for clarity and completeness, while still being concise. This article from Harvard Business Review is an excellent guide to creating a general business plan that can be applied to many different industries.

How to write the BEST coworking business plan

Let’s look at each section and break down how to write the very best business plan for the coworking industry.

1. Executive Summary

The executive summary is a one-page overview that summarizes your entire business plan at a high level. It should cover: 

• Who you are
• The business you’ll be creating
• How you’ll make money

Our best tip is to write your executive summary last. Much like an introductory paragraph of an essay, it will be easier if you wait to write it until everything else is complete.

2. Company Description

Think of your company description as the “About” page of your business plan. Here, you’ll describe three important components of your business.

• Mission Statement

Why are you starting your coworking space? What do you hope your space will be able to achieve in the broader community? Consider your purpose for creating the space and weave it into your mission statement.

For Optix client Jason Jet, Founder at Grindhaus Studios , his mission is to give artists the tools and access they need to be able to scale what they do in an economical way. This guides how he makes all major decisions for his business. 

If you’re a brand new space, the history of your company may cover your personal resume and the skills you’ve acquired that will help you be successful in your role as a coworking space owner and operator. 

If you’re expanding your business, then the history will cover the history of your business up to that point, including all major milestones and successes.

Consider this section an opportunity to build the confidence needed to be successful in your business.

The biggest difference between your mission statement and your objectives is: your mission statement maps out why you do what you do, and the objectives map out what you hope to accomplish on a more tactical level.

Let’s take Jason as an example. If his mission statement is to give artists the tools they need to be successful, then his objective would be to create the number one coworking space for musical artists in the United States.

Learn more about Jason and how he’s powering his coworking + recording studio with Optix.

Overall, keep your company description clear and concise, and don’t get too bogged down in the details. The mission statement could be two or three lines, and the history and objectives can easily be addressed through bullet points or brief paragraphs.

3. Market Analysis

Your market analysis will outline key facts and findings about the coworking market you’ll be playing in. This includes the local market and the coworking sector more broadly. 

This is a very important step in creating your coworking business strategy. It’s something you’ll want to do even if you’re writing a formal business plan. 

Here’s our best advice for a successful market analysis:

• Look for reports from reputable sources in the industry, such as the Deskmag annual Global Coworking survey , to get important facts and figures related to the industry
• Find communities online, like the We Run Flex community , where operators are discussing coworking trends and challenges
• Talk to local operators and gauge their experience and perspective on the industry

Some important elements to talk about are the growth of the market, current overall trends, and your target customer and how you came to that conclusion.

For example, based on your market analysis, you found that remote workers are making up 20% of coworking space occupants with that number expected to increase. Therefore, you intend to target your coworking space towards remote workers in your area.

Another tip for this section (and your business plan overall) – support all facts and findings with credible sources. If ever a question on where a number comes from pops up, be sure you are able to back it up.

4. Competitive Analysis

The competitive analysis of your business plan breaks down the competitors in your market. You’ll want to focus specifically on coworking spaces and flexible workspaces in the area where your business will be located, as well as broader competitors that may be a potential threat.

Let’s say Georgia is opening a coworking space in her home town of Vancouver. In her competitive analysis, she’ll want to mention all of the coworking spaces in Vancouver and how she will differentiate herself, as well as large coworking brands that are expected to move into Vancouver in the near future.

Your competitive analysis is ultimately about mapping out exactly how you will win when pitted against other spaces. 

A quick mention…

Many coworking space owners and operators don’t like to think of themselves as having “competitors”. Collaboration can (and does) exist in the coworking sector, and many operators enjoy sharing their knowledge with others. However, understanding the other coworking spaces in your area is critical to understanding the viability of your business and should not be overlooked.

5. Description of Management and Organization

The description of management and organization section is an opportunity to describe the team of people you will have working with you, with a focus on their credibility and why they will help you be successful.

Many of our clients start as a team of one or two. If this is the case for you, highlight how you will ensure success in the absence of a larger team.

This could be a good opportunity to mention the coworking technology you will use to help you streamline operations and automate your space. Coworking automation software like Optix takes care of many of the day-to-day operations so that you can be successful with a leaner team.

Automating as many aspects of the day-to-day operations as possible can help reduce the need for more bodies in your space. This section is a great opportunity to expand into these details.

6. Breakdown of Your Products and Services

In your products and services breakdown, you’ll want to describe what you’re selling. For coworking businesses, this may look like:

• The core products you’ll offer ( hot desking , drop-ins, private offices, virtual offices)
• Other additional services (childcare, marketplace, etc.)
• Amenities and add-ons
• Opportunity for after-hour event rentals or events in your coworking space

Finding the right mix of products to drive profitability can be a challenge for new operators. We always recommend approaching it from a point of experimentation –  start with something and iterate quickly.

We also have a comprehensive guide to coworking membership plans if you’re looking for inspiration on what kinds of plans to offer and how to price them. All of this will be helpful in determining the breakdown of your products and services in your business plan.

7. Marketing and Sales Plan

Your marketing and sales plan should give a high-level overview of your overall customer acquisition strategy .

Marketing your space is a beast in and of itself, with a lot of pieces to figure out. To help you out, we wrote a comprehensive guide to marketing your coworking space that includes 23 marketing ideas for you to refer to that you can use as a starting point.

The best advice we’ve heard is that your marketing strategy should be centered around your customer – who they are, what messaging will resonate with them, and where you can reach them online and in-person. 

Don’t know who your customer is? We wrote a guide to finding your coworking ICP , too.

8. Financial Projections

Create a clear and accurate picture as to how much revenue you think you will be able to generate in your first years of business. Investors want to see opportunities for growth, so make sure your numbers are increasing, while remaining realistic.

Revenue projections is an imperfect science, but there are good places to start. The Coworking Growth Calculator by Coworking Resources can help you in creating some realistic financial projections, while giving you a better idea as to how much you can expect to make from your space.

9. Fundraising Strategy/Sources

Finally, the last section of your business plan is dedicated to how you will fund your coworking space. 

If you have received any funding up to this point, you’ll need to disclose the information for transparency. If you are seeking funding, use this section as an opportunity to outline your strategy including how much you are seeking.

A business plan can be a powerful tool in growing a successful coworking space. However, they will only get you so far. This article does a great job at outlining the pros and cons of business plans if you’re curious on what your plan can (and can’t) do for you. 

Remember, the success of your business will ultimately come down to the execution and implementation of your plan. Don’t treat your business plan like an end-all be-all. We’ve seen a wide variety of clients succeed after changing their plan significantly. Execution is the name of the game when it comes to growing a successful business, and it’s best not to lose sight of this.

5 more tips for writing a business plan for a coworking space

Ready to get started with crafting the perfect business plan? Here are five more tips to help you create a cohesive plan for your coworking space – from start to finish.

1. Always start with your research

The research you do around the market and your competitors should be the basis of your entire business strategy. You can’t know where to open and who to target without understanding the market first.

Here’s a few questions you should be able to answer after doing your research:

• What is the size of the market?
• What is the growth trajectory?
• What are trends in the industry?
• What is the primary demographic that it serves?
• Who are your direct competitors?
• How big are they (number of members, locations and revenue)?
• Who do they serve?
• What is their messaging and positioning?
• How do they differentiate themselves?

Coworking Resources has a great comprehensive guide on how to conduct a competitive analysis specifically in the coworking industry that’s a great reference if you’re looking for a framework to start off with. 

2. Crowdsource knowledge from the community

The wonderful thing about the coworking community is how willing people are to share their knowledge with one another.

If you’re feeling lost on where to start with your business plan, consider reaching out to a coworking operator who has opened a successful space in the past. 

You can also look at other successful coworking businesses and take inspiration from them as to their:

• Business model
• Marketing tactics
• Products and services

Every space is different, but gathering insight from other coworking spaces that have been successful can be a great place to start.

3. Think about who is receiving the business plan and what is important to them

As you go through the process of creating a business plan, you may find yourself becoming unfocused. How can I include so much information in so little words?

Put yourself in the shoes of who is going to be receiving your plan. 

Who are they? What do they care about? What information are they hoping to receive from your document?

Use this to help tailor your coworking business plan to fit their specific needs.

Pay special attention to the things that are going to drive business results including:

• Market research (is there room in the market to be successful)
• Competitor research (how saturated is the space and how will you differentiate yourself)
• Products and services (what is your business model and how will it generate revenue)
• Financial projections (is your business able to grow and scale over time)

Read your entire business plan from start to finish through the eyes of who it is intended for before submitting it.

4. Be conservative with your numbers

It’s easy to get excited with your numbers. You need to show that your business is going to succeed and you want the numbers to back it up.

The problem with overestimating projections is that it can set you up for a tremendous amount of stress later on if your business fails to meet expectations.

It’s best practice when creating a business plan to always be conservative with your numbers and remain realistic in your expectations. This includes:

• Financial forecasts
• Market size

This article outlines ten common mistakes people make when creating a business plan…including being unrealistic with numbers and forecasts.

It’s always better to underpromise and overdeliver.

5. Set measurable objectives

Throughout your business plan, you will want to make sure you are creating clear KPIs and objectives to drive your business forward.

One way of creating measurable objectives is by following the SMART goal framework. SMART goals are goals that are:

• Specific (narrow enough to be achieved)
• Measurable (quantitative)
• Attainable (realistic in the given time frame)
• Relevant (furthers your overall business goals)
• Time-based (can be measured in an amount of time)

Here’s how to apply the SMART goal framework to your coworking business plan.

Marketing Objective: Acquire 50 new hot desk users in the first 6 months

Management Objective: Hire a part time community manager in the first 60 days of opening

Measurable goals can help move your business forward and ensure you’re staying on track to achieve them.

Plan for success in your coworking business

At the end of the day, a plan will only get you so far. Focus on executing on the plan and remaining flexible in order to ensure you’re giving yourself the greatest opportunity to succeed.

Looking to start a coworking business and want to choose the best coworking software for your business? Learn more about Optix and how it can help you grow a successful coworking business by connecting with a member of our team today.

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Home » Real Estate » Coworking Space

Coworking Space Business Plan [Sample Template]

In these modern times, freelancers, consultants, remote employees, or professionals without an office can all benefit from a space where they are surrounded by like-minded individuals who motivate them with their interaction and works.

Working alone from home comes with a range of disadvantages since it’s directly linked to the many dangers of workplace isolation.

Co-working spaces now serve as a primary catalyst for human approach designs, which help to enhance collaboration, innovation, and productivity. Today, there is a lot of reasons to start your own co-working space, but ‘wanting’ and ‘actually starting’ are two different things. Bringing the vision to life warrants that you pen down a detailed and organized business plan.

Steps on How to Write a Coworking Space Business Plan

1. executive summary.

At Wok Zone, we plan to create an entirely new marketplace that fills the gap that employers are leaving behind. Our objective is not to recreate the same quality of working life that employers have been providing for more than a century now, but to create a better quality of working life that will help carry the torch of Oakland startups into the future.

Company Profile

A. our services.

As the Silicon Valley tech scene expands beyond San Francisco, Oakland’s lower living costs and robust transit systems are becoming more and more appealing to prospective startups, and these consumers are searching for places to work, a computer, a pension, healthcare, someone to calculate and pay their taxes, food and drink and everything else employers used to provide on their behalf.

b. Nature of the Business

At Wok Zone, our business model differs from co-working: workspace isn’t the product that we intend to sell; instead, it is the market floor for selling everything else. We plan to design a better quality workspace than what exists currently in the market and bring it in public where people can walk in and out of it freely.

c. The Industry

Wok Zone will flourish and take up market shares in the co-working space industry that is massively growing by leaps and bounds.

d. Mission Statement

Our mission at Wok Zone is to create a new infrastructure that takes the place of employers.

e. Vision Statement

Our vision is to become a renowned leader in the co-working space business in the whole of California by revolutionizing the industry and expanding our services to cover the needs of our clients. We believe that the more we help people flourish in the work they are doing, the happier they are!

f. Tagline or Slogan

Wok Zone – Investing in the Future of Work

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Wok Zone will be established and registered in the state of California as a Limited Liability Partnership. The partners/management team consists of Windy Grace, Felix Wilder, Martins Jones, and Bob Castle. This team has a vast range of knowledge that shall help build the business.

h. Organizational Structure

• Floor Manager
• Sales and Marketing Executive
• Client Service Executive

i. Ownership/Shareholder Structure and Board Members

Wok Zone will be jointly and equally owned by Windy Grace, Felix Wilder, Martins Jones, and Bob Castle. Owing to their wide array of knowledge and expertise, they will also jointly manage Wok Zone.

 3. SWOT Analysis

A. strength.

• An affordable, professional place to work and meet
• New technologies
• A collaborative environment
• Experience and knowledge of our team

b. Weakness

• Number of members in a co-working space
• Age of our space and the maturity of our community
• No other well-defined sources of income

c. Opportunities

• A viable location
• The rising popularity of shared office spaces
• More people embracing entrepreneurship

i. How Big is the Industry?

According to industry reports, the co-working space industry is growing by leaps and bounds. The massive demand for a remote workforce and the growth of the gig economy are propelling the need for workspaces. Globally, the co-working market was valued at $26 billion in 2019.

ii. Is the Industry Growing or Declining?

The co-working industry is growing massively. Co-working growth is evident in nearly every relevant metric, including the number of new leases, number of seats, dedicated square footage, and growth rate.

iii. What are the Future Trends in the Industry

According to reports, from cannabis co-working spaces to health and wellness-focused office space, it’s becoming clear that the entire flexible workspace industry has become increasingly targeted to cater to the specific needs of its customers.

Note that as the freelance and remote worker becomes a bigger percentage of the general workforce, businesses in this industry will have to be more accommodating and differentiating than ever before.

iv. Are There Existing Niches in the Industry?

• A Co-Working Space Tailored to the Legal Profession
• A Community-Based Space for Female Entrepreneurs
• A Co-Working Space Geared to the Outdoor Industry
• Musician-Focused Spaces
• Wellness-Oriented Spaces
• LGBTQ Spaces
• Construction-Focused Spaces
• A Co-working Space for Emerging Cannabis Startups
• Band Rehearsal Space
• A Co-working Space for Sustainability/Environmental Startups & Entrepreneurs
• A Co-working Space for Fintech Startups
• A Co-working Space for Foodtech Startups

v. Can You Sell a Franchise of your Business in the Future?

At Wok Zone, we do not have plans to sell a franchise in the future. As our customer base scales, we will start building new locations. At Wok Zone, we won’t exclusively sell our products and services; it will be an open marketplace that encourages others to become solutions that our advisors recommend and sell.

• Rivalry among Competitors
• Availability of Substitutes
• The threat of New Entrants
• Bargaining Power of Suppliers
• Bargaining Power of Buyers

i. Who are the Major Competitors?

• Industrious

ii. Is There a Franchise for Co-working Space Business?

• Regus: $549,000-$998,000
• Office Evolution: $373,950-$1,557,000
• Venture X: $911,690-$3,602,710
• Rent 24: Available upon inquiry.
• Serendipity Labs: $331,200 – $1,559,100

iii. Are There Policies, Regulations, or Zoning Laws Affecting Co-working Space Business?

Yes, numerous code issues come into existence once you are trying to densify a floor for co-working, especially in older, smaller buildings.

Owing to that, it is always advisable to review the building’s Certificate of Occupancy (CofO), the permitted uses within the building’s zoning district, the live load of the floor, and the maximum number of persons per floor before settling for a location.

It is also necessary to study the egress of the floor to ensure a change is feasible and also carefully evaluate the fixture counts, live load, accessibility, and various other elements. Co-working spaces that inculcate restaurants will also have stricter regulations to face because offices and restaurants have different occupancy requirements.

Marketing Plan

A. who is your target audience.

i. Age range

• Gen Z (18-22 years old): 40%
• Millennial (23-38 years old): 20%
• Gen X (39-54 years old): 30%
• Baby Boomers (55+ years old): 10%

ii. Level of Educational

• High school graduate or less: 2%
• Some college or Associate degree: 28%
• Bachelor’s degree: 32%
• Postgraduate 38%

iii. Income Level

Our target audience at Wok Zone will earn $100,000 to $149,000 a year.

iv. Ethnicity

• White: 75.0%
• Hispanic or Latino: 10.3%
• Asian: 8.3%
• Black or African American: 3.3%
• Unknown: 2.6%
• American Indian and Alaska Native: 0.5%

v. Language

There are no language barriers or restrictions at Wok Zone.

vi. Geographical Location

Once a major destination on the transcontinental railroad; Oakland has long grown into a center for bold ideas and innovative thinking, boasting of a growing multitude of freelancers and startup owners.

vii. Lifestyle

Although some clients at Wok Zone will simply need any available desk, others may have additional space considerations, like a conference room or flexible office for client meetings or collaborations.

b. Advertising and Promotion Strategies

• Begin with a quality website
• Leverage social media to our advantage
• Utilize content marketing
• Advertise near transport hubs
• Host engaging events
• Gift memberships strategically
• Create a timeline for marketing .

i. Traditional Marketing Strategies

• Offer Membership Perks
• Create a Health Insurance Program
• Offer Daycare Services
• Help our Members Succeed
• Advertise to Current Members.
• Host Events at Your Co-working Space
• Partner with Local Businesses
• Advertise Toward Commuting Workers

ii. Digital Marketing Strategies

• Advertise our Co-working Space Using PPC Advertising (Pay-Per-Click)
• Content Marketing For our Co-working Space
• Social Proof & Reputation Management
• Create a Website
• Co-working Space SEO (Search Engine Optimization)
• Co-working Listing Websites
• Ask Members & Partners for Backlinks

iii. Social Media Marketing Plan

• Facebook ads, Twitter & LinkedIn followers
• Ask question platforms (Quora, Reddit)
• Email list (Newsletter)
• In-app notifications (social media sharing buttons, newsletter subscription)
• Promotion in relevant communities
• Re-purpose content for different media (videos, podcasts, etc.)

c. Pricing Strategy

At Wok Zone, our reservations will be priced at $2.50 per half hour. This is cheap enough for people to reserve for even the longest work sessions ($10 for the 235-minute session) but expensive enough to discourage them from blocking out the table all day ($60 for 24 hours)

Sales and Distribution Plan

A. sales channels.

Ensuring a better quality work-life is the idea our marketing plan at Wok Zone will buttress and our workspace will be the medium for conveying it. We realize that people rarely dream about pensions. Instead, they want a better quality work-life.

Our space at Wok Zone will be a local mass-market medium. We will ensure it is in a prime real estate in San Francisco. All other media channels we use will help people to see it, especially those who aren’t standing right in front of it.

b. Inventory Strategy

In terms of inventory strategy and management, we will get co-working software solutions that will help us cover the needs of our workspace that will enable members book a meeting room online, manage their membership plan, provide IoT devices, and enabling card payments.We believe all these will contribute to the usability of our co-working space.

c. Payment Options for Customers

Below are the payment options we intend to make available to our clients;

• Payment via bank transfer
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer

d. Return Policy, Incentives, and Guarantees

At Wok Zone will operate a no refund policy. This entails that we will not provide compensation for services rendered at our workspace.

e. Customer Support Strategy

At Wok Zone, we understand that our long-term success depends on our ability to establish a community of clients. Owing to that, we intend to publish a newsletter, create photo boards and also host regular events to help everyone get to know each other and benefit from the group’s cumulative knowledge.

Operational Plan

The most successful brands are known to influence the way people feel in their spaces, by carefully controlling all the variables in the environment.

After extensive research, we realized that a handful of workspaces have applied a few of the principles, but nobody has made it a core of their design. We at Wok Zone do not intend to make these mistakes, as we have analyzed and inculcated environmental psychology into the design of our workspaces, and also into the products and services we offer.

 a. What Happens During a Typical Day at a Co-working Space Business?

The essential work of the business is to make sure the lights are on. Clients are known to use co-working spaces as offices, and they expect the lights to be functioning, the roof to not be leaking and internet access to be fully functional. Should any utility develop any form of issue, resources are expected to be immediately channeled to resolve the problem as quickly as possible.

Aside from those possible crises noted above, managing a co-working space daily involves keeping the area clean, socializing with clients, and meeting potential clients. Also note that there are bills to pay and administrative matters to consider.

b. Production Process 

The only production process at Wok Zone is the production of drinks sold at our space. We intend to source raw ingredients and make them ourselves.

c. Service Procedure

At Wok Zone, we understand that we need a small team of employees from the outset. Our space will remain open round the clock, therefore we will employ a client service executive to be available to attend to our clients and also be called for emergencies.

d. The Supply Chain

At Wok Zone, we believe that the more we help people with the work they love doing, the more people will see our co-working space as a big deal.

e. Sources of Income

• Private office rental
• Desk rental
• Combined membership plan
• Conference room services
• Virtual office services
• Food and drinks

Financial Plan

A. amount needed to start your coworking space business.

Owing to our extensive research, we will require $900,000 to launch Wok Zone and an additional $220,000 to cover the first-year salary of our core team.

b. What are the Costs Involved?

• Security deposit: $75,000
• Environmental equipment (air quality, sound, etc): $79,220
• Food & drink equipment: $56,270
• Other equipment (fire, security, etc.): $17,205
• Technology: $48,000
• Furniture: $153,600
• Renovation: $850,000
• First month’s rent: $25,000
• Estate agent fees: $3,750
• Utilities: $700
• Inventory (2 months): $41,729
• Recruitment, training, uniforms: $7,420
• Miscellaneous: $100,000

c. Do You Need to Build a Facility?

Our plan at Wok Zone is to start our business from a rented luxury office space in the city hub of San Francisco . Initial investments will be made to set up an office, website, and management software to schedule, manage and welcome our clients. Additions to space will be made as the company expands operation.

d. What are the Ongoing Expenses for Running a Co-working Space Business?

• Security & after-hours
• Member’s benefits
• Training, development, uniforms, etc.
• Occupancy costs
• Repairs & maintenance
• Waste & recycling
• Payment processing
• Environment (air quality, landscaping, etc)

e. What is the Average Salary of your Staff?

• President: $0
• Floor Managers: $56,720/Year
• Advisors: $0
• Sales and Marketing Executive: $51,980/Year
• Accountant: $46,711/Year
• Food Technician:$43,562/Year
• Baristas: $41,000/Year
• Client Service Executive: $38,900/Year

f. How Do You Get Funding to Start a Coworking Space Business

Wok Zone will be started, managed, and fully funded by its four founding members. They won’t seek outside funding, instead will generate the startup capital to have full ownership of the business.

Financial Projection

A. how much should you charge for your product/service.

Since we will be offering flexible office solutions, we will have multiple subscription options. For example, our clients can pay by the day, week, or month. The cost for our monthly membership will be $220. We will charge more for a dedicated desk, an office, or a locker. We will also charge clients to use our meeting room and every other amenity.

b. Sales Forecast?

• First Fiscal Year (FY1): $420,000
• Second Fiscal Year (FY2): $790,000
• Third Fiscal Year (FY3): $1.332 million

c. Estimated Profit You Will Make a Year?

At Wok Zone, we expect to make;

• First Fiscal Year (FY1): $189,000 (45% of revenue generated)
• Second Fiscal Year (FY2): $186,000 (60% of revenue generated)
• Third Fiscal Year (FY3): $732,900 (55% of revenue generated)

d. Profit Margin of a Coworking Space Business

Profit margins in this business tend to fluctuate, especially since businesses in the industry are not in for the money, but primarily to sustain their space and grow their community. In addition, there are many variable and fixed costs in the business . Even when the business expands, there will be additional expenses and factors that will further affect the potential profit.

Growth Plan

A. how do you intend to grow and expand .

At Wok Zone, we do not have plans to sell a franchise in the future. As our customer base scales up, we will start building new co-working spaces.

b. Where do you intend to expand to and why?

• San Francisco

We at Wok Zone have chosen to expand to these areas because the Bay Area tech industry raked in $45.9 billion in funding in 2019 — a full 44 percent of the nation’s tech investments — and the city still hosts the world’s deepest tech and freelance talent pool.

And although some of its larger technology companies continue to draw skepticism from lawmakers, these areas boast of a ton of alternative employment options for smaller, mission-driven startups.

At Wok Zone, we strongly believe that acquisition and mergers will suit our business interests. Since we won’t exclusively sell our products and services; we believe that acquisition and mergers will lead us more into the open marketplace and encourage others to become solutions that our advisors recommend and sell.

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How to Create a Business Plan for Your Coworking Space

In this article you will find:

This article is part of the school of coworking course through Archie. Make sure to check out the other articles to learn more about how to start a coworking space business.

1. What is a Business Plan?

Chances are, you have probably heard of a business plan before but in case you’re unfamiliar with what a business plan is, it is a written document that helps a business define who they are and how it will be profitable. 

This management tool is widely recognized as one of the first and most crucial steps in starting a business, especially when seeking investors and financing for your project. 

These documents can quickly become quite hefty due to the sheer amount of information included in them. For the same reason, it can also be rather difficult and even confusing to draft up one of your own from scratch. 

This article will review and explain the key points to include in your coworking space business plan as well as provide templates to help you get started.

Key Components of the Coworking Business Model

• Membership Tiers : Most coworking spaces offer different membership levels, such as hot desks (shared spaces), dedicated desks, and private offices. Pricing varies based on the amenities and exclusivity of these options.
• Event Space Rentals : Many coworking spaces have conference rooms and event spaces that can be rented out for workshops, meetings, or events.

Ancillary Services : Additional revenue streams might include printing services, mail handling, storage solutions, and even in-house cafes or snack bars

2. Why do you need a Business Plan?

Whether you are planning on sharing your business plan with potential investors or if you are writing it for internal purposes, this document is one of the foundational tools for kickstarting your business idea. 

Above all, you can expect to be asked to hand in your business plan anytime you are looking to raise funds for your project. If you don’t have one, raising capital will be nearly impossible as your investors won’t be able to assess the viability of your project and are unlikely to invest in a business without a promise of return on investment. 

A well-written business plan will help you clearly identify your strategy, potential roadblocks and required resources to name a few. Remember that each segment of your coworking space business plan is interdependent on the next and will serve as building blocks for one another.

3. What Goes in a Business Plan?

While there is no official set structure or length for business plans, there are some elements that should always be included. Your plan should provide as much detailed information about your business but you should be careful to keep it concise to avoid confusing or even boring your reader. Your business plan should demonstrate your expertise and dedication to the project. 

Below is an example of a coworking space business plan table of contents: 

Business Plan Table of Contents (Sample)

• Executive Summary 
• Company Description 
• Market Analysis Team and Management 
• Products and Services 
• Marketing Strategy 
• Operations Strategy 
• Financial Plan 

It is important to take note that the information below serves as a guideline for your coworking space business plan and that there is no set length for any given section. Your business plan should reflect your company’s uniqueness and lucrative potential.

4. Your Coworking Space Business Model

The following section of the article will review each point found in the sample table of contents above in detail so let’s jump right into it!

4.1 Executive Summary

This is a high-level overview of your plan. The purpose of including this summary at the beginning of your business plan is to highlight the keys points found in it for your potential investors. This summary should be persuading the reviewers to continue reading further. 

This summary will be the first section of your business plan and shouldn’t go much longer than one page. Additionally, it should be the last section you write since you won’t know what the key points to summarize are before you have written the bulk of your business plan. 

Your executive summary should include: 

• Company overview . What is the company’s mission, goals and vision? 
• The team . Who is involved in the project, and what are their roles? 
• Product and services . What is the company selling and who are you selling to? 
• Marketing strategy . A brief overview of your strategy for reaching your target audience. 
• Financial plan . What is the revenue or revenue projection, how much are investing or looking to fund?

4.2 Company Description

This next section of your coworking business plan is the basis for your entire project. Your company description should clearly inform the reviewers of who you are and what you plan to do. 

This portion of your business plan should provide clear, persuasive answers on what sets you apart from the competition. Identify the uniqueness of your product and services; is your business model solving issues in its industry? What are the strengths of your business? What advantages does it hold? 

The goal of this portion is to convince your potential investors that your business model is a good investment and should include the following points: 

• Business structure : this refers to the type of legal entity your coworking space will fall under. There are different types of structures such as sole proprietorship or partnership, each with their respective benefits. It is extremely important that you are careful with your choice since different structures are subject to different laws on personal liability, taxation, funding, etc. 
• Your industry : you will need to identify which industry your business will be a part of. For example, your coworking business is an industry of its own but if you were drafting up a business plan for a new women’s boutique then the industry would be retail. Mission statement: is a concise explanation of the reason your company exists. In other words, in a sentence, you should be able to provide the “why” behind what your company does. 

WeWork’s  Mission Statement : “Empowering tomorrow’s world at work.” 

• Vision : here you should paint a picture of the impact your company is foreseen to have on the world once it is fully realized. Ultimately, your vision should clarify what your company will bring to the industry. 

WeWork’s Vision : “WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work…” 

• Goals : naturally, you also want to provide an overview of what you hope to achieve. You will want to include both short-term and long-term goals. Your short-term goals should be realizable within a year’s time and your long-term goals projections should be attainable within 1 to 5 years.

4.3 Market Analysis

Your business plan will require market research and analysis as well as a competitive analysis. 

The goal of this section is to provide an overview of your industry and target market and define your potential market. 

You will want to collect relevant data on your industry trends and trajectory and your target audience. Your analysis should also reveal your market size and total addressable market . 

You will need to establish a perimeter for your market and research the competition within this perimeter. For example, you could set a 10 miles radius from your location as your perimeter and conduct your market and competitor analysis within this radius. 

A good analysis should provide answers to questions such as: 

• How will your company impact those habits? 
• Why is the selected target market the right choice? 
• How is your company helping them meet their needs? 
• What are the projected future changes in your market? 
• How will you meet the projected changes? 

For the competitive analysis portion, you will want to look at what competitors are doing and why it is working or not. Consider how your competition is approaching the market and identify their strengths and weaknesses to help you visualize how you can do it better. After conducting a competitive analysis, your company’s unique offering should be well-defined. 

Below are some examples of criteria for a coworking space competitor analysis: 

• Design of their space 
• Services offered 
• Price point 

During this time, you will likely want to perform a S.W.O.T. analysis to help you clearly identify the strengths, weaknesses, opportunities, and threats of your company. 

That being said, while a S.W.O.T. analysis is an excellent exercise to conduct you should avoid including it “as is” in your business plan. Instead, try to summarize the main findings of your analysis and incorporate them in your market analysis section.

4.4 Team and Management

This part of your coworking space business plan should include details on who is running the company. 

With an organizational chart, present the internal structure of your company with the respective roles and responsibilities clearly listed. 

This section should effectively communicate how each key management role is contributing to your company’s success. 

You will also have to reiterate the legal structure of your company which you established with your business structure. Is your company a C or an S corporation? Is it a form of a limited partnership, or are you a sole proprietor or limited liability company (LLC)?

4.5 Product and Services

This section is meant to provide a clear outline of the key details of your product or service offerings. You will want to describe each selling point, whether it is a specific product or a general service provided at your company and demonstrate how it benefits the consumer. 

Consider the life cycle of your product or services and future product and services your company will offer and describe how you plan on implementing them.

4.6 Marketing Plan

The overarching goal of your marketing plan is to detail your strategy for attracting and retaining customers. A marketing strategy is ever-evolving and unique to each business. This section of your business plan should reflect this and should include both your current and future approach for marketing your company. 

Things to consider for this section: 

• How is your strategy fitting for the needs of your target market? 
• Will you be using a particular channel more than another to promote your business and why? 
• How much does your product or services cost? 
• What is the reasoning behind the price? 
• How will you put your offerings in front of the desired audience? 
• Where will you be selling your product or services? 
• What is the cost of acquisition and lifetime value of a client? 

Your value proposition is another key element of this section. This summarized statement of why the consumer should buy your product or services refers to the promised value a company vouches to deliver if a consumer chooses to buy what they are selling. 

This statement should provide some insights on the company’s intent, what it stands for, how it operates and why it deserves the consumer’s business. 

Another goal here is to put down on paper how sales will take place in practice. You will use what you’ve learned about marketing and sales again in later sections so it’s important that you thoroughly describe your strategies and include as many tactical details as possible without overcrowding the overall marketing plan.

4.7 Operations Strategy

Operations and logistics refer to the workflow strategies you plan on implementing at your company in order to make your business come to life. This section should assess your company’s needs in regards to the premises and capital goods in order to provide an in-detail plan of your operations including structures related to suppliers and production, the facilities and required equipment, etc.

4.8 Financial Plan

The financial health of your company should be your top priority. Naturally, without financial health, your business will not succeed. Your financial plan should present how you expect your business to thrive financially. 

This section should include financial projections for the upcoming years presented in the form of a financial model. 

5. Coworking Space Business Plan Templates

If you’re looking to dive into the specifics, there are several resources that can help:

• Coworking Space Business Model Canvas : A visual tool that provides an overview of your business strategy, value proposition, and customer segments.
• Coworking Space Business Model PDF : A complete guide into the intricacies of running a coworking space.

Excel Templates : F or those who prefer a hands-on approach, “coworking space business model template excel” resources can help you map out your financial projections and business strategy.

It is also a good idea to use a business model canvas to map out all of your ideas before you start. This will give you an overview of everything you need to include in your business plan.

6. Conclusion

Your coworking space business plan should remain clear and succinct. Keep in mind your audience when writing out your plan. 

If you are looking for funding, you will want to pay extra attention to the financial and marketing aspects of your business plan and include a clear exit strategy with maximum profits for your potential investors. If you are writing a business plan for internal purposes you may want to add a more in-depth description of the marketing strategy and operations. 

You’re now readily equipped to draft a comprehensive and effective business plan for your coworking space 

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The Ultimate Guide to Crafting a Winning Business Plan for Your Coworking Space

Table of contents:.

Business plans are cornerstone documents for any company, as they contain essential details about:

• The target market.
• The main competitors.
• Revenue and cost projections .
• Products, services, marketing strategies, and more.

This means writing down a detailed business plan is vital for both your team and outside investors looking to finance your coworking space. In this article, we’ll go over the essential topics your coworking business plan must cover and give you an outline for structuring the document in a logical way.

First, let’s start with a quick overview of business plans.

Business Plans 101 (High-Level Outline Template)

A business plan is a document describing how you plan to start, grow, and manage a business.

You can think of it as a high-level road map that shows where your business is today, where it will go, and how you plan to get it there.

There are tons of useful resources online on how to write a business plan, so we won’t reinvent the wheel here. You can check out QuickBooks’ guide to writing business plans , which proposes a 10-step structure:

• Executive summary , which is a one-page overview of the business. 
• Company description , which includes things like history, objectives, and mission statement.  
• Market research and potential , which describes your target market, including things like names, demographic info, location, company size (for B2B), and so on. When it comes to naming your coworking space, check out this article on some creative coworking space name ideas .
• Competitive analysis , which identifies other businesses selling similar goods or services to your target market.
• Product or service description , which explains what you’re planning to sell, how it works, and its unique benefits.
• Marketing and sales strategy , which goes over how you plan to get your product or service to your target market and convince them to buy.
• Business financials , which can include a whole host of documents like income statements, balance sheets, cash flow statements, and so on.
• Organization and management , which lays out your organizational structure and key role inside your company.  
• Funding requests, which is an optional element for companies looking to raise funds.
• Appendix for official documents , which can be all sorts of documents useful to potential investors, like patents, certificates, deeds, licenses, and so on.

This outline can be a good starting point for any organization looking to build a business plan. In the next sections, we’ll cover 6 topics that are specific to coworking spaces and should be heavily featured in your business plan .

#1 Target Market and Differentiators

Your coworking business plan should answer two key questions near the start:

• Who’s your target market? For example, some coworking spaces focus on enterprise businesses looking for stable, long-term offices. Others target startups that need a small office and a meeting room but have the potential to expand rapidly. 
• What differentiators are going to attract customers from that market to your space? This typically starts with location . Are you going to be near the city center, with lots of amenities nearby, or in a more quiet and secluded suburban area? If you want more details, we have an entire guide on how to choose the right location for your space. Amenities and price can also be additional differentiators.

#2 Main Coworking Product Mix

Your coworking product mix is made up of the products you sell.

As we said in our article on creating a strong product mix , new coworking spaces should focus on three main products:

• Open spaces
• Private offices
• Meeting rooms

It’s important for your business plan to establish what percentage of the space will be allocated to each product . Additionally, it should also include information about how much you plan to charge for them and why.

For example, desks in open spaces may be available for rent on a pay-as-you-go basis, while private offices should be included in membership plans. Meeting rooms can also be included in membership plans or be available for rent by the hour.

#3 Extra Revenue Generators

The bulk of your revenue typically comes from your main product mix. However, there are also plenty of ways to add extra revenue streams.

For example, you can diversify your regular membership plans and charge more for them based on 24/7 access, for example. Or, you can create virtual memberships for businesses that want to establish a legal presence and get a reliable correspondence address.

You can also consider a host of value-added services to help you generate more revenue like:

• Secure lockers
• Half-day or day passes
• Mailroom services
• Office relocation services 
• Printing and copying services 
• Custom office design, and more

For more details on this topic, check out our article on generating more revenue for your coworking space .

#4 Marketing and Sales Plan

Once you’ve established your revenue generators, it’s time to get into the details of how you plan to get customers through the door. 

Here are some of the key questions you’ll need to answer here:

• Which marketing channels do you plan to use and why? This typically includes a mix of physical and digital touchpoints, like word of mouth, flyers, social media ads, and search engine optimization (SEO).
• How much will it cost for you to attract one customer (CAC)? CACs are highly dependent on the channel, so you’ll need to run a few initial tests before you can answer this one. 
• How much will you earn from one customer over their lifecycle with your brand (CLTV)? You can break this down by customer segments, e.g., freelancers, startups, and enterprise companies. Keeping a pulse on your CLTV will also help you refine your ideal target persona over time.
• How much will you spend on marketing and sales every month? This is usually a pretty straightforward calculation if you have a few months of experience under your belt.

If you’re just getting started and don’t have any experience with marketing and sales, check out our article on the 14 proven strategies for attracting more coworking space members .

#5 Expenses

For most coworking spaces, the biggest recurring expense is the monthly lease (except for operators using management agreements ). 

You also want to include other key costs here, such as:

• Space maintenance
• New purchases (desks, chairs, etc.)

#6 Revenue and Cost Projections

The goal of listing your revenue generators and expenses is to get a good idea of how much revenue you’ll need to cover your costs and turn a profit. 

For instance, say you have $5000 of regular expenses every month. Your projections should show how long it would take for revenue to reach and surpass that number. This is perhaps the most important part of any business plan, especially if you’re looking to attract outside investors.

In general, it’s better to be conservative than to set unrealistically high expectations and fall way below them . It’s also a good idea to factor in some unexpected expenses in your calculations.

For example, if your regular expenses are $5000, you want to reach $5500-6000 of monthly revenue before considering the space profitable on a monthly basis.

This coworking revenue calculator is a useful resource for projecting profits and losses, as well as building charts for investor decks.

Establish and Grow Your Coworking Space with OfficeRnD’s Flex Startup Program

Writing a business plan is only one step in building a successful coworking space. You also need to find the right location, promote your space, and before everything else, choose the right coworking management software . 

To help you out, we created the OfficeRnD Flex Startup program . It’s geared towards aspiring flex and coworking entrepreneurs and offers an attractive 20% annual discount on OfficeRnD Flex’s startup plan .

Apply for the Flex Startup program here.

Asen Stoyanchev

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Coworking Space Business Plan Essentials

By dropdesk

Published: July 11, 2019

Before we break down the various aspects that comprise your coworking space business plan, it’s crucial to understand the advantages of such an environment.

If you’re a freelancer, consultant, remote employee, or a professional without an office, you will benefit from a space consisting of like-minded individuals who will motivate you with their interaction.  Also, working alone from home comes with an array of disadvantages because it’s directly linked to the many pitfalls of workplace isolation .

Furthermore, coworking spaces are a primary catalyst for human approach designs, which foster collaboration, innovation, and productivity. There are seemingly an infinite number of reasons to start your own coworking community , but ‘wanting’ and ‘doing’ are entirely different things.  Bringing your vision to life necessitates producing a well-structured and insightful business plan.

Coworking Space Business Plan Check List

1. finding the right fit – literally.

We are not talking about the importance of finding the right culture fit for your community in this section – instead, we’re discussing how crucial it is to purchase an optimally sized space that comfortably fits all the members of your community and helps you flourish as an owner. 

A workplace between 1,000-3,000 square feet is likely too small and makes covering the cost of rent/mortgage, operations, and personnel completely unfeasible.  Conversely, anything over 5,000 square feet, with a reasonably high occupancy rate, usually generates larger profit margins. 

Small coworking spaces of 70-80 seats and more sizeable locations with a few hundred seats are ideal for earning back more than your operational costs.

2. Create A Vision That Scales

You need a definitive purpose for your coworking space. Otherwise, you will have a bunch of random people (if you’re lucky) showing up to work without any rhyme or reason. The best coworking spaces have a defined set of values that draws in each community member.

Whether you aim to cross-finance your own Startup, build your own community, or start a national chain of coworking spaces, knowing ‘why’ acts as a  guideline to your business strategy. As your coworking business grows, strategy amendments are a must, but a defined vision ensures those changes are done with a purpose, rather than pulling you in too many directions. 

In this particular vein, we suggest reading the story of WeWork’s pitch deck .  The read serves as a valuable anecdote for those looking to start their own coworking business .  Despite experiencing exponential growth, WeWork never lost sight of their original vision.

3. Location, Location, Location

You may become enticed by the low cost of rent for a given piece of real estate, but before signing the dotted line, ask yourself  – why is it such a steal? Where is the space located?  If it’s in an area that guarantees an inconvenient commute for your potential community members, then look elsewhere – despite its attractive asking price. 

Filling up desks in your coworking space is much more likely in a central location. The rest of your plan could be sound and logical enough to make Mark Cuban blush, but a poor choice of location will hamstring your coworking business before it starts.  You will need an 80%-plus occupancy rate to succeed, and that won’t happen if your building is in a remote area.

4. Research Industry Insights

Gain a thorough understanding of how much the coworking industry is growing in your region, city, country, state, or province. 

For instance, did you know that coworking spaces accounted for almost 10% of real estate leased in Manhattan in the first half of 2018?  Sure, that’s only valuable for coworking professionals in Manhattan, but try to extract similar statistics from the coworking landscape in your region.

Correspond with other nearby coworking space managers and see what kind of stats and insights they’ll provide.  Or, ask questions on Google and LinkedIn coworking group forums. Lastly, there are surveys with valuable data about coworking growth that are sure to provide invaluable nuggets of information. 

5. Knowing Your Intended Community

What kind of occupants/community members are you targeting, and what is their ideal coworking environment?  For example, many coworking facilities offer premium, affordable spaces for freelancers; others, cater to big businesses – while many communities focus on smaller teams. 

You must decide whether you can work harmoniously alongside your city’s business infrastructure through leveraged partnerships, or if you can operate an independent space open to all professionals. The more specific you are about your ideal community member, the easier it is to plan pricing, marketing, amenities, and location.

6. Your Coworking Financial Plan

A financial plan is one of the most integral aspects of establishing your coworking space. Here’s what you need to consider:

• Capital  needed to get to get started
• Areas your money will be spent
• Obtaining the remaining capital needed to get started
• The date you expect to become profitable
• Expected total monthly revenue
• Potential setbacks
• Exit strategy

Of course, deciphering these numbers isn’t an exact science – but base your plan on realistic estimations based on data and research. Provided you’re trying to entice investors, you will need a robust financial plan.

7. Finding Balance in Your Price Model

Charging too much per desk will lead to a barren community that lasts about as long as it takes Usain Bolt to run 100 meters.  Also, charging too little makes it extremely challenging to turn a profit, no matter how many members fill up your coworking space—and too low of a price also makes potential members think your offer is too good to be true.

Charge what your services are worth, within reason.  If you’re providing premiere services, community members won’t mind paying a premium, if they reap the benefits – such as earning more money and being more productive.

8. Build Your Dream Team

Sure, running a business means DIY as much as humanly possible and this approach mitigates operational costs. Most people aren’t expert in everything, so you may need a reliable, efficient team to turn your coworking space into a profit-turning machine. 

Generally, coworking spaces require coworking software experts, an operations manager, and a marketing person.  If you are an expert in either of these fields, do them on your own, but either assemble an in-house team or hire freelancers to fill-ins the rest of the gaps. 

Lastly, contemplate potential real estate partners, investors, and other staff members that will help increase your coworking space’s value and overall growth. 

9. Develop A Coworking Marketing Strategy

Your coworking space isn’t just an environment for highly driven professionals to execute, innovate, and thrive—it’s also a product.

And like any product, a nuanced coworking marketing strategy is crucial when selling your business to your target market.  Depending on your budget, you can run advertisements in the local news or niche magazines that are relevant to your audience.  In addition, since it’s 2019, a professionally designed website and savvy social media presence are both marketing and advertising necessities. 

Brand advocacy from existing community members is extremely effective as well since consumers tend to trust the words of ‘real’ people over traditional advertising.  So, offer incentives to members who refer peers to your coworking space. Since 49% of consumers depend on influencer recommendations, utilizing industry-specific influencers is another marketing method worth considering.

Consider hosting a booth at industry fairs, where you can provide a litany of marketing materials to passers-by. Remember, no matter what you do, it should highlight your main message , so there’s always a streamlined focus to every single one of your marketing tactics. 

10. Become Niche Focused

Without a niche, your coworking business is overly generic, making it entirely more challenging to figure out a quality business plan. Finding your niche requires a myriad of research to decide what will differentiate your coworking community from other businesses in the industry.

If your competitors cater too much on one type of worker, you should focus your services on the individuals they neglect. Assess what everyone else is doing and discover that profitable segment of the market other communities have yet to address with their services. 

Need some inspiration?  Google was initially just a search engine using links to rank the relevance of individual pages on the web.  In 2019, while the search engine is still the king of its niche, it’s grown into a worldwide superpower offering a smorgasbord of other services including mail, calendars, maps, and phones. Google only grew into the massive entity it is today because it tapped into a lucrative niche. 

Conclusion: Do You Want to Run a Coworking Space?  It’s Time to Start Planning

Your coworking space isn’t going to build itself.  It is time to start planning – equipping yourself with solutions that will transform your real estate into a living, breathing coworking space, such as Become A Host program.

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Coworking Space Business Plan

Written by Elma Steven | Updated on June, 2024

How Do I Write the Coworking Space Business Plan?

Coworking Space Business Plan is an outline of your overall coworking space business. The business plan should includes a 5 year financial projection, marketing plan, industry analysis, organizational overview, operational overview and finally an executive summary. Remember to write your executive summary at the end as it is considered as a snapshot of the overall business plan. You need to be careful while writing the plan as you need to consider various factors that can impact the business’s success.

Table of Contents

Executive summary.

Maria Gonzalez is responsible for creating a unique coworking facility in the center of Miami called Collaborative Canvas Coworking. Freelancers, startups and small enterprises may take use of our facility’s many amenities such as our private offices, conference rooms and event spaces. Maria who has been managing workspaces and cultivating communities for over fifteen years, infuses Collaborative Canvas with her enthusiasm and knowledge. Our state-of-the-art facilities, community-focused atmosphere and dedication to encouraging teamwork and fresh ideas among Miami’s varied business community are what set us apart from the competition.

Mission: To provide Miami’s working class a boost by way of a motivating, team-oriented workplace. Our goal is to create a community where members may learn from one another and flourish in an atmosphere of mutual support and creative freedom.

Vision: To be recognized as Miami’s premier coworking space, renowned for encouraging innovation and promoting professional growth. Our mission is to become universally recognized as the driving force behind Miami’s diversified talent landscape, innovation and community involvement.

Industry Overview:

At a CAGR of 22.4%, the market is expected to increase from its 2022 valuation of $13.1 billion to $50.15 billion in 2028. The expansion is fueled by the emergence of the gig economy, the growing expense of conventional office space, the demand for flexibility and the need for community.

Check out this guide on  how to write an executive summary?  If you don’t have the time to write on then you can use this  custom Executive Summary Writer  to save Hrs. of your precious time.

Financial Highlights:

Revenue & earnings.

Cost of Goods Sold & Expenses

Break- Even Analysis

Investments or Fund Usage Plan

Business Description

Business Name: Collaborative Canvas Coworking

Founders: Maria Gonzalez

Management Team:

Legal Structure: LLC

Location: Miami

Goals & Objectives:

✔️ Membership Growth: Increase membership by 20% annually, focusing on attracting a diverse mix of freelancers, startups and small businesses.

✔️ Community Engagement: Hold seminars and networking events once a month to help members make connections and advance their careers.

✔️ Brand Recognition : Establish a strong brand presence in Miami through targeted marketing campaigns, social media engagement and partnerships with local businesses and organizations.

✔️ Facility Expansion: Add more private offices and conference spaces to the building during the next three years in response to member input and demand.

✔️ Revenue Diversification: Introduce new revenue streams such as virtual office services, event space rentals and membership tier options.

Services: 

✔️ Meeting and Conference Facilities: For meetings, presentations and video chats the shared office has cutting-edge conference rooms and meeting rooms. These rooms are a flexible resource for a variety of business purposes since they may be reserved by both members and non-members and have state-of-the-art audio-visual equipment.

✔️ Virtual Office Services : The coworking space provides its members with a professional mailing address via its Virtual Office Services. These services provide a level of professionalism and ease for remote and mobile professionals by processing mail and shipments, answering phones and taking messages.

✔️ Event Spaces: Workshops, networking meetings and social gatherings would all be suitable for the space’s many multipurpose rooms. Members may use these facilities which both promotes community involvement and provides a convenient location for a variety of events.

✔️ High-Speed Internet and IT Support: Wi-Fi and wired internet connectivity both of which are available here are essential in any contemporary workplace. IT assistance on-site to help with any technological difficulties that may arise making for a more efficient and trouble-free work environment for everyone involved.

✔️Printing and Office Supplies : The area is also furnished with basic office supplies like paper, pencils and staplers ensuring that members have all they need for effective functioning.

Business Model

Check out  100 samples of business model canvas .

Check out the  100 SWOT samples  which will give you a better idea on SWOT writing process.

Marketing Plan

The marketing plan has five main sections. These sections are marketing budget, marketing channels, GTM or Go To Market Strategy and brand management. The marketing budget will explain how much you plan to spend on promotions and what will be the proportion of spending across the channels. The marketing channels section will talk about how you plan to use each of the promotional channels. The GTM strategy can be considered as the short term version of promotional channels section where you explain how you plan to penetrate the market using the channels at the beginning. Finally, brand management is the longer term version of the promotional channels section where you explain how you plan to enhance brand awareness, recognition and brand recalls amongst your target market.

Promotional Channels

Social Media Marketing – $15,000 (30%)

✔️ Platform Focus : Concentrate on networks like LinkedIn, Instagram and Facebook which are popular with professionals and companies. Showcase the shared office space with media including member testimonies and highlights from events.

✔️ Paid Ads : Use targeted ads to reach freelancers, startups, small businesses and remote workers. Utilize the platforms’ algorithms to target based on professional interests and behavior.

✔️ Content Strategy : Updates on the coworking space, its facilities and upcoming events. Weekly member profiles and productivity/work-life balance advice/articles

Website and SEO – $10,000 (20%)

✔️ Website Revamp : Make sure your website is polished and professional, highlighting the benefits of working out of your coworking space and the praise of those who have used it.

✔️ Blog Content : Publish articles on topics like entrepreneurship, remote working trends and productivity tips to drive organic traffic.

✔️ SEO : To rise in search engine results emphasize phrases like “Miami business scene” and “coworking space.”

Email Marketing – $5,000 (10%)

✔️ Newsletter : Produce a monthly newsletter informing members of the coworking space’s latest happenings, forthcoming events, member successes and any discounts or deals being offered.

✔️ Segmentation : Tailor emails for different segments such as entrepreneurs, freelancers and local businesses.

Local Partnerships – $7,000 (14%)

✔️ Business Events : Partner with local business events, workshops and seminars offering your space for hosting or as a networking venue.

✔️ Collaboration with Educational Institutions : Collaborate with educational institutions to provide student-run initiatives, internships and networking mixers.

Influencer and Community Collaborations – $6,000 (12%)

✔️ Collaborations : Partner with local business influencers, industry leaders or community figures for workspace sessions leveraging their audience for broader reach.

✔️ Sponsorship Deals : Provide the shared office for free to local organizations or businesses in return for promotion on social media and name recognition.

Direct Mail and Local Advertising – $4,000 (8%)

✔️ Direct Mail : Send out flyers or promotional materials to local businesses, educational institutions and professional organizations.

✔️ Local Media : Invest in local business magazines, radio stations and community event sponsorships to develop a strong local presence.

Referral Program – $3,000 (6%)

✔️ Referral Incentives : Create a referral scheme where existing members may earn perks for bringing in new clients to the coworking space.

Brand Management

Social Media Marketing

✔️ Brand Voice and Visual Identity: Create a tone for your coworking space’s brand that will appeal to freelancers, independent contractors and small business owners by highlighting its cutting-edge features, stimulating community and time-saving layout. Use a similar visual design across media showing your space’s interiors, events and community activities.

✔️ User-Generated Content: Encourage members to share their work experiences and tag your space. Repost these stories to build credibility and showcase the vibrant community in your space.

✔️ Live Sessions: Host live tours of your space, Q&A sessions with members and discussions on topics relevant to freelancers, startups and remote workers to engage your audience.

Search Engine Marketing (SEM) and Local SEO

✔️ Ad Copy: Focus on the unique aspects of your coworking space such as high-speed internet, networking events or flexible membership plans.

✔️ Website Optimization: Make sure that keywords like “coworking space,” “Miami office rental” and “professional networking” are used to optimize your website for search engines and that it highlights the qualities of your space and member testimonials.

✔️ Google My Business: Regularly update your listing with photos, available amenities and contact information to improve local search visibility.

Email Marketing

✔️ Newsletter: Share updates about new facilities, networking events, special offers and highlight success stories or achievements of current members.

✔️ Segmentation: Customize emails for different segments such as entrepreneurs, digital nomads, small businesses and local community groups.

Local Partnerships and Sponsorships:

✔️ Business and Networking Events: To get your name out among local company owners and executives, consider hosting or sponsoring local business events and seminars.

✔️ Collaboration with Educational Institutions: Partner with universities and training centers for student projects, career fairs and networking events.

Content Marketing

✔️ Educational Content: Create blog posts, videos and infographics about entrepreneurship, work-life balance and productivity tips.

✔️ Workspace Behind-the-Scenes: In order to convey a flavor of what it’s like to work in a coworking space, share some anecdotes and pictures from community events and the day-to-day routine.

Go To Market Strategy

Online Presence and Community Engagement

✔️ Professional Website: Create a website that describes the benefits of working at your coworking space. Add a gallery exhibiting the space and community events and a simple booking system.

✔️ Content Marketing: Regularly publish blog posts or articles on topics like entrepreneurship, work-life balance and productivity tips which can help boost search engine rankings.

✔️ Local Directory Listings: Ensure your space is featured in local business directories and coworking space aggregators to increase local search presence.

✔️ Partnerships: Collaborate with local companies, educational institutions and professional associations to give promotional incentives and create a strong network within the local community.

Space Launch Event and Promotional Offers

✔️ Grand Opening Event: Throw a party to introduce people to your shared office. Organize a tour and networking event for area sole proprietors, independent contractors and small company owners.

✔️ Introductory Discounts: Provide special rates for first-time members or bundle packages for different services to attract a diverse clientele.

Digital Marketing and Customer Relations

✔️ Social Media Campaigns: Showcase your space’s amenities, events and member feedback on social media sites like LinkedIn, Instagram and Facebook. Engage your audience by revealing some of the process.

✔️ Email Marketing: Regularly send newsletters with updates on new amenities, upcoming events and community highlights.

✔️ Loyalty Program: Create a program that rewards loyal members with perks such as discounts, additional access to meeting rooms or guest passes.

Brand Awareness and Public Relations

✔️ Local Media Outreach: Make connections with regional business publications, blogs and community channels to promote your coworking space via features, interviews and other means.

✔️ Community Involvement: Participate in local business events, workshops or sponsor local community programs to increase brand visibility.

✔️ Influencer Partnerships: Join forces with prominent businesses or thought leaders in your area to host events or produce content you can share on social media.

Performance Tracking

✔️ Analytics and Feedback: Gather frequent feedback from members and use tools like Google Analytics to track the success of your marketing and engagement efforts.

✔️ Adaptation: Stay flexible and ready to adjust your strategies based on performance metrics, member feedback and changing market trends.

Organizational Overview

It explains the organizational structure including the hierarchy of reporting relationships, ownership and responsibilities of key management personnel. This also explains how the founder’s past experiences and credentials can help make the business successful.

Maria Gonzalez is a creative entrepreneur with a love for community building and considerable expertise in company development and workspace management and behind Miami’s newest coworking endeavor. Her career started with a passion for encouraging others to work together and think creatively, which eventually led her into business and volunteering. Maria has the business administration degree and experience, as well as the specific training in workplace design and management, to plan and implement a productive shared office space.

Maria has spent her career participating in a wide range of team-based projects and workplace initiatives, honing her skills in the art of designing spaces that are not only practical but also inspiring and fruitful for their occupants’ work. She is well regarded among Miami’s business elite due to her expert knowledge of the unique challenges faced by sole proprietors, young companies and established SMEs.

In a city like Miami, coworking space is a reflection of her entrepreneurial spirit. She wants to do more than simply let out office space so she’s working to create a community of entrepreneurs that can help each other out. The power of collaboration, making connections and creates a space where both seasoned professionals and newbies may thrive.

At the center of her coworking space is a dedication to quality and innovation. The location is intended to be a center for networking and professional growth thanks to its cutting-edge facilities, adaptable workstations and thriving community vibe.

Positions and Responsibilities

Chief Executive Officer (CEO) – Maria Gonzalez

The major duty of managing the coworking space and determining its long-term direction. Her responsibilities include serving as the principal decision-maker, managing the space’s resources and representing the company at industry events and discussions. Another important part of her job is making sure the board and the operational teams are talking to one other.

Community Manager

The Community Manager is in charge of the general vibe and smooth functioning of the shared office. Essential for fostering member collaboration and productivity, responding to member questions and managing the community’s inbox.

Membership Coordinator

A Membership Coordinator’s main responsibilities are around members: new ones, current ones and the relationships between all of them. New members will have a pleasant onboarding experience and they will get continuing assistance. This function is vital in recognizing and serving the different demands of the coworking community.

Event and Workshop Organizer

This role requires the coordinator to organize and run a variety of workshops and seminars for employee training and networking. The purpose of the Event and Workshop Organizer is to improve the coworking experience and encourage community participation via the creation of interesting, engaging and relevant programming in collaboration with members and external partners.

Front Desk Staff: 

A coworking space’s receptionist is often the initial point of contact for members, guests and anybody else with questions about the space.

Operational Overview

Flexible Workspace Solutions:

✔️Perfect for today’s entrepreneurs, freelancers and remote workers, state-of-the-art coworking facilities provide ergonomic furniture and lightning-fast internet.

✔️Variety of options including hot desks, dedicated desks and private offices to suit different working styles and needs.

Meeting and Conference Facilities:

✔️Fully-equipped meeting and conference rooms with advanced audio-visual technology, ideal for team meetings, client presentations and video conferencing.

✔️Booking availability for both members and non-members with flexible scheduling options.

Virtual Office Services:

✔️Professional business address for mail and package handling.

✔️Having a professional sounding answering service and office staff may do wonders for a company’s reputation.

Event Spaces and Networking Opportunities:

✔️Versatile event spaces for hosting workshops, seminars and networking events fostering community engagement and professional development.

✔️Meet-ups, talks and other social activities are held often around the community.

Professional Development Programs:

✔️Workshops and seminars focused on skill development, entrepreneurship and business growth.

✔️Collaborations with industry experts and local businesses to provide valuable learning experiences.

Industry Analysis

With a CAGR of 22.4% between 2022 and 2028 the market is expected to rise from its estimated $13.1 billion in 2022 to $50.15 billion in 2028. Number of factors contributing to the expansion of this market including the popularity of the gig economy, the rising expense of conventional office space, the need of adaptability and the pursuit of social interaction.

Source: grandviewresearch

Several trends are shaping the coworking space industry in the USA:

✔️ Specialization : Tech startups, creative firms and social enterprises are just a few of the sorts of companies that certain coworking spaces cater to.

✔️ Technology integration: Coworking spaces are integrating new technologies to improve the experience for its members such as smart building technology, virtual reality and augmented reality.

✔️ Amenity expansion : Coworking spaces are providing a greater variety of services such as fitness centers, cafés and event spaces, to attract and maintain members.

✔️ Location expansion: Coworking spaces are expanding into new markets including suburban and rural areas, to meet the growing demand for flexible workspaces.

Industry Problems 

✔️ Limited Space or Overcrowding: When the coworking space is full it might be difficult for customers to concentrate or locate an open desk. During peak times or when many people are competing for few resources like conference rooms this may become a major issue.

✔️ Network and Connectivity Issues: Reliable internet is crucial for a coworking space. Customers may experience frustration with intermittent connectivity, slow speeds or technical glitches which can significantly hinder their productivity.

✔️ Noise Distractions: Noise is often a major disruption in open offices. This may include loud discussions, phone calls or simply the overall hum of a busy atmosphere making it difficult for certain individuals to focus on their task.

✔️ Privacy Concerns: Open floor plans might make customers feel like they have no personal space. Concerns may emerge around the privacy of one’s chats the content shown on one’s display or one’s possessions.

✔️Difficulty in Booking Resources: Members could find it tough to book meeting places or equipment owing to excessive demand or a cumbersome reservation procedure. Those who need them for client meetings or crucial work may find this frustrating.

Industry Opportunities

✔️Expanding or Optimizing Space: It may be necessary to either add square footage or reorganize the current setup in order to accommodate everyone. Space may be used more effectively via the use of hot desking or the inclusion of private rooms. Larger groups and companies may be interested in moving in because of this growth.

✔️Enhanced IT Infrastructure: You may position your shared office as a trustworthy location for in-demand IT work by investing in a strong IT infrastructure to address connection difficulties. Providing members with access to IT support services is another great perk.

✔️Quiet Zones and Soundproofing: Creating designated quiet zones or soundproof booths can address noise distractions. This initiative can attract professionals like podcasters, therapists or anyone needing a quiet environment diversifying your member base.

✔️Enhanced Privacy Solutions: You may make your area more appealing to members who deal with sensitive information by using privacy-focused solutions like privacy screens, safe storage and private phone booths.

✔️ Streamlined Booking System: Improving the booking process for available resources may lead to happier members. This may take the form of an intuitive app or website function that enables instantaneous scheduling and alerts.

Target Market Segmentation

Geographic Segmentation

✔️ Miami-Dade County Residents: Pay close attention to the local independent workers, sole proprietors and small businesses. This comprises both developing talents in many areas as well as experienced specialists in the field.

✔️ Miami Neighborhoods: Target specific neighborhoods like Brickell, Coral Gables or the Miami Design District known for their dynamic business scenes and entrepreneurial communities.

Demographic Segmentation

✔️ Age Groups: Consider the demands and preferences of a wide range of employees including recent graduates, mid-career professionals and seasoned businesspeople.

✔️ Income Levels: Offer a range of coworking solutions from cost-effective hot desks for budding entrepreneurs to premium private offices for high-income professionals.

✔️ Cultural Diversity: Embrace Miami’s multiethnic atmosphere by providing a workplace that is open and accepting of all people.

Psychographic Segmentation

✔️ Aspiring Entrepreneurs and Freelancers: Find people who are just starting out in business for themselves or as freelancers and provide them with a safe space to learn, develop and make connections.

✔️ Professional Consultants and Remote Workers: Cater to the needs of professionals who require a reliable, well-equipped space for their day-to-day operations.

✔️ Creatives Seeking Collaborative Environments: Create an environment that encourages creativity and interaction amongst professionals from different disciplines.

Behavioral Segmentation

✔️ Startups and Small Businesses: Focus on small teams and startups looking for a collaborative environment to grow their businesses.

✔️ Digital Nomads and Remote Workers: With the increase of remote work, targeting digital nomads and remote workers of bigger organizations may open up a new market area.

✔️ Event-Based Workspace Needs: Cater to clients who require meeting spaces for specific events, workshops or team off-sites.

Market Size

✔️ Total Addressable Market (TAM) for Coworking Space: The potential clientele for shared office spaces in the United States is included in your coworking space’s Total Addressable Market. Those who work from home those who own small enterprises and those who work for bigger companies that need adaptable workplace options. Given the rise of freelance labor and other forms of flexible employment as well as the general expansion of the job market TAM’s reach is impressive. The total addressable market (TAM) in 2023 is likely to be large due to factors such as technology development, shifting worker demographics and post-pandemic changes in work habits.

✔️ Serviceable Addressable Market (SAM) for Coworking Space: The SAM for your shared office space represents a subset of the total addressable market. It’s a measure of how much of the market your coworking space can really attract. Location in Miami where special amenities (such as high-speed internet, meeting rooms and event spaces) and the types of clients you want to attract (digital nomads, local startups or small business teams) are all factors that will affect your SAM. If your business model is geared toward tech startups or delivering high-end facilities to professional consultants your SAM will look different from one that caters to creative freelancers or places a priority on cost-effectiveness.

✔️ Serviceable Obtainable Market (SOM) for Coworking Space: Your coworking space might reasonably anticipate to take advantage of the Serviceable Obtainable Market part of the SAM. Because it indicates the share of the market that is within reach given your existing resources, market position and competitive environment this indicator is crucial. The success of your coworking space’s marketing and community-building efforts, the quality of your facilities and services, the efficacy of your operational management and the reputation and brand value of your place all factor into its SOM. The SOM gives you a realistic objective to shoot for in terms of client acquisition, revenue projections and market penetration helping you zero in on and dominate the most lucrative subsets of the coworking industry.

Industry Forces

Market Demand and Workplace Trends:

Changes in how people work have influenced the need for shared office spaces in cities like Miami. A rise in the number of freelancers and startups as well as the popularity of remote work have increased demand for adaptable office space. This has been boosted by developments in virtual collaboration technology. This may be capitalize by welcoming a wide range of customers such as mobile corporate teams, solo professionals and digital nomads.

Competition

Other local coworking spaces as well as regular office leases and home offices also provide competition in the coworking industry. Unique features, community-building events, outstanding service and a focus on certain demographics may help your establishment stand out from the competition. Emphasizing what makes your coworking space stand out from the competition is crucial if you want to build a loyal member base.

Technological Advances

Maintaining compatibility with cutting-edge software and hardware is essential for any contemporary coworking environment. It’s crucial to put money into fast internet, cutting-edge printing and scanning technology and user-friendly ergonomic workplaces. Improving member involvement and streamlining operations via the use of digital technologies including an intuitive website, online booking systems and customer relationship management software.

Regulatory Environment

Verify that all company operations, property laws and safety policies are in accordance with local rules. If you want to run your coworking space legally and effectively, you need also keep up with local zoning regulations and occupancy limits.

Economic Factors

The success of your coworking space may be affected by the economy particularly the state of finances among local firms and independent contractors. The demand for workspace and your capacity to provide it, may be affected by economic fluctuations experienced by your members. Pricing and membership plans that are flexible in response to economic changes can help you weather the storm.

Financial Statements

The financial model has all the important financial statements including Income Statement , Balance Sheet and Cash Flow Statement. In addition, the financial model includes 3 to 5 years of projections and can be edited using Microsoft Excel or Google Sheets.

Income Statement

Cash Flow Statement

Balance Sheet

Revenue Summary

Cost of Goods Sold

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Business Plan -SpaceDotWorks Coworking Space in Batangas - Appendix

SpaceDotWorks is a revolutionary business idea which will provide freelancers and entrepreneurs in the Batangas region an affordable, creative and a collaborative coworking space - that is a shared working environment where these individuals can work on individual projects yet collaborate with like-minded people inside the coworking facility. It is the first of its kind in the province.

Related Papers

SSRN Electronic Journal

Julian Waters-Lynch

Eurofound (2015), New forms of employment – Coworking, Spain, Case study 52: Policy analysis in New forms of employment, Publications Office of the European Union, Luxembourg.

Oscar Molina

Coworking has witnessed rapid growth in Spain, particularly in Madrid and Barcelona. The Barcelona city council runs a coworking centre alongside its business incubator facility, and sees the two concepts as complementary

Journal of Business and Technical Communication

Clay Spinuzzi

in the collective volume Creative Hubs in Question, eds Gill Rosalind, Virani Tarek and Pratt Andy

Eirini Iliopoulou , Vasilis Avdikos

The paper conceptually demarcates the entrepreneurial-led coworking spaces from the community-led ones that are bottom-up initiatives of creative professionals, and attempts to provide insights for some basic characteristics of the latter, such as the reasons that force creative professionals to choose that coworking format. Moreover, the paper sheds light upon the different layers of organization of coworking spaces with regard to the professional and social relationships that coworkers develop and concludes that community-led coworking spaces can be regarded as mutual survival platforms, where the degree of cooperation among the coworkers can range from simple co-location to work collectivization.

Marko Orel , Andrej Rus

The number of coworking spaces and the number of people who choose to work in them has exploded over the past few years, with numbers expected to double every year. What is fuelling this growth and where is the demand for coworking coming from? We tried to address this question by looking at the specific needs of the rising creative class, identifying their urgent need for uninhibited sharing of information, knowledge, ideas and also material resources. We argue that coworking spaces are favoured by the creative class, because they offer a community of work which facilitates the culture of sharing. To illustrate what it takes to establish such a community of work, we present a case study of the Creative Centre Poligon which suggests that community building is a multi-step process that needs careful management and plenty of time. We conclude that policy makers should not focus on building coworking spaces in order to combat youth unemployment but should rather support existing initiatives that have been built or are in the process of building up vibrant communities of work.

Zachary Klaas

When first exploring the idea of zwischennutzung the initial attraction was the idea of temporality, and the minimal investment required to transform a vacant space into a place where people spend their time. When describing the concept of Betahaus during an interview I was told, “It was really important to do it in Beta… it’s a tryout… that’s why its beta… if you have an idea today then you can try it tomorrow easy,” (Fahle, 2013). In a city with so much vacant space, full of creative minds who desire to try something new there was a need for strategies that would allow experimentation. The city is not a constant but is rather unpredictable at best, and a planner’s job is to organize this chaos into some semblance of order. In a time when change is occurring instantaneously we must adapt new strategies for both urbanism and architecture that can become more flexible and fluid in their nature. Zwischennutzung and coworking are both physical representations of these urban experiments that are allowing people to try new things, and allowing development to become more integrated with the pace at which we live today. We can no longer build cathedrals over the course of 20 or 200 years every time we want something new. Our cities are already established and with a large portion of our space being vacant or underutilized we do not always need to create new structures, but only to readapt and repurpose the spaces we already have around us. My NEURUS research analyzes the rapidly expanding phenomena of collaborative independent work spaces known as coworking communities, where exchanges of ideas, information, and inspiration transpire into projects and partnerships.

Environment & Planning A

Audrey Jamal, PhD

The 21st century economy is knowledge-intensive, creative and flourishing in larger urban centres. Less is known about how smaller urban centres are faring in this new economy. This research aims to fill that gap by exploring whether mid-sized cities, in a designated growth area in Ontario, Canada, can leverage the knowledge economy and foster local economic development to help revitalize their ailing downtowns. Through a case study approach, this research looks at the role that coworking, or shared workspaces, can play in the local economy of mid-sized cities in Ontario. Recognizing the role that community-based actors play in urban affairs, this paper uses a local economic development framework to explore the role of coworking spaces in the urban economic fabric of mid-sized city downtowns. Survey responses and interviews, coupled with insights from global surveys on coworking and a literature review, begin to tell the story of how economic change is playing out in mid-sized cities, illustrating the importance of an innovative, collaborative and inclusive approaches to city building and local economic development.

Ignasi Capdevila

Inter-organizational collaboration plays a crucial role in the innovative capacity and competitiveness of firms. This article discusses the collaboration practices in localized spaces of collaboration through a study of different coworking spaces in Barcelona, following an inductive and qualitative approach. Three types of collaboration approaches are identified: 1) cost-related collaboration, where agents are motivated in reducing their operational costs and the transaction costs related to collaboration; 2) resource-based collaboration, where agents collaborate to learn or complement their resources by integrating external resources and sources of knowledge; and 3) relational collaboration, where actors engage in intense synergistic collaborative practices. The results show that each coworking space tends to focus on one kind of collaboration type that is influenced in different ways by the coworking space managers, The article contributes to the research on inter-organizational collaboration by explaining how the physical environment and the action of the space and community managers can facilitate the implementation of different collaborative practices among colocated economic agents.

The rise of the coworking movement, and its support of the twenty first century knowledge-intensive economy, is becoming increasingly evident. As the number of coworking spaces (CWS) grows in cities around the world, there has been a parallel uptake in CWS in smaller urban centres. Through an examination of the role of CWS in Ontario’s midsized cities, this paper recommends strategies to support their non-traditional approach local economic development. The history of failed manufacturing and urban decline in Ontario’s midsized cities pose challenges to local economic developers. As the economy shifts toward knowledge-based industries, the tie between coworking and creative workers cannot be ignored. As such, this research offers the view that support for coworking spaces outside of larger urban centres can serve as a means to both attract, cultivate and retain the knowledge-based economy in mid-sized cities.

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