business plan of coworking space

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Business Plan Checklist for Your Coworking Space

The coworking industry is becoming a lucrative worldwide phenomenon , and now is the perfect time to break into the business. And as COVID-19 induced lockdowns and social distancing hopefully become a thing of the past, remote workers will be looking to find ways to connect with like-minded individuals now more than ever. A coworking space is a perfect place to do that!

Below, we've put together a step-by-step checklist to help you envision, assemble, and scale your own unique space. Whether you're brand new to the industry or you already know the ropes, you can use these tips to improve efficiency, define your brand and strengthen your space's community.

Looking for our full coworking space business plan?

We offer a comprehensive guide to operating a coworking space. Download it free here .

1. Define Your Vision

Why do you want to open the new space? To make a living? To cross-finance your own startup? To create a national coworking chain? To help your local community?

All are valid answers, but this important first step will help define your entire strategy. You will have to adapt your strategy over time, but your vision should stay intact to make sure your brand is consistent and your members feel valued. Take WeWork for example. Their initial vision — to create spaces for people to come together and innovate — still hasn't changed, even as their business has scaled up .

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2. Solve a Specific Problem

There needs to be a niche for your new coworking business, and thankfully there are plenty of options available. Maybe your area has a high demand for coworking spaces beyond coffee shops and libraries. Maybe the existing spaces in your area are too focused on one type of worker. On the other hand, maybe the other spaces around you are too broadly focused.

You're now in the business of problem-solving, so starting with a focus and expanding from there should be your main goal. For example, Google started out as a simple search engine that used links to determine the importance of individual pages on the internet. Today, they still dominate their niche, but they also offer dozens of services on top of that: Think products and services include mail, calendars, maps, and even phones. To create something bigger, you need to begin with one small thing. Start by analyzing your competitors and conducting a competitive analysis .

3. Define Your Space

Envision your target market's dream coworking environment . Is your space a premium facility for companies or an affordable solution for freelancers? Is your primary audience big business or small teams? Will your facility integrate with your city's business environment through events and partnerships, or will it be an independent space open to anyone?

Answering these questions will help you more easily plan out your membership pricing, amenities, marketing, and location. Being generic doesn’t cut it in the coworking market. Think deeply about how to stand out against the rest and add value to your new space.

4. List Your Business Goals

This is the tough work that will help you the most in the long run. If your space is fully leased, plan out the number of desks you can offer and monetize. Shoot for using 30 to 40 percent of your total space as desk space. Then, use this figure to calculate how much revenue your space can generate, including comparing the number of hot desks against the number of permanent desks.

Start to formulate a financial plan for your vision. Use our very own free financial ramp-up calculator to get started. The next step is to think about goals further down the line. When will you break even? How much revenue will you generate? How much turnover do you expect? Which amenities and cosmetic choices can you afford?

Now think about the investment you'll need. This includes set up costs, like furniture and internet service; opening costs, like a launch event; and ongoing operations, like maintenance and salaries. There are more costs than you might initially imagine, so research more with coworking guru Alex Hillman's online guide .

Additionally, you should define your value proposition, cost structure, revenue streams, customer segments, key channels, and marketing strategy. You'll need to know these answers inside and out.

5. Pick Your Team

Every great business starts with a great team . Consider every side of the plan: a technology expert, an operations manager, and a marketing person are essential, whether you hire them, do those jobs yourself, or outsource to freelancers.

Similarly, you’ll need to look into real estate partners, investors, and other day-to-day employees to round out your core group. A solid team will increase your space's value and pave the way for future growth.

6. Coworking Business Model

What is your unique selling point what value do you bring.

Do you offer lots of space for large teams to rent out, or individual desks to pay for by the hour? Do you offer bare-bones facilities like wifi and a seat at a desk, or cold brew on tap and gym access? You should always aim to offer the work necessities that aren’t available in free spaces like coffee shops: printers, reliable high-speed internet, writing utensils, scanners, and other office supplies. You may want to cater to a specific industry, like offering a space where entrepreneurs can network and bounce ideas off of each other. Are you geared towards providing networking opportunities, or a quiet space for optimal productivity? Or do you cater to bigger clients who want more private meeting spaces or long-term rentals? The answers to all of these questions will begin to define how you sell your space.

Who is your audience?

Are you catering to individuals, businesses, or both? How will you accommodate those who will stop in sporadically versus members who need a steady 9-5 workspace? Will you lease specific desks and offices or just grant people entry as needed? Are there entire floors that companies can rent out, or private meeting spaces for remote teams? Or maybe you don’t exist in a physical place but are more of a club? These parameters will help you think about what type of space you should occupy.

If you’re offering a space primarily for people to meet outside of the usual 9-5, maybe you operate out of a building that is in use only outside of normal business hours, like a restaurant or church. If you’re catering more to the 9-5 crowd, think about how you can utilize your space outside of business hours. Perhaps you’ll host nighttime events like book readings or networking cocktail hours. Maybe you’ll cater to parents by offering childcare or irregular hours.

What are your revenue streams?

Most revenue will come from membership fees, but those can take several forms. You can have members pay monthly or annually, or charge hourly for the use of workspace. You can offer both hot desks, which can be rented out for specific times, and dedicated desks, where a member can leave their things and return at their leisure. A mix of both will ensure you’re filled to maximum capacity. Also consider offering corporate memberships, which can be a great way to get tons of people in the door and allow companies to extend perks to remote teams.

You can also bring in revenue through amenities like a cafe, and build different levels of membership based on these smaller perks. For example, a higher-tier member might get unlimited coffee, free guests, or free access to events.

Another popular revenue stream for coworking space is something called a “virtual office,” in which startups or remote teams pay for a business address where they can send and receive packages, even while working from a different place, like their homes.

What are your marketing strategies?

A good marketing strategy is key to getting your coworking space off the ground. It’s also highly connected with who your audience is. You may run advertisements on local news or in niche magazines that cater to your audience. You should definitely have an attractive website and a strong social media presence. Many places find success in offering perks to existing members for referring friends.

Try and get creative! Can you work with influencers that your audience might follow? Should you have a booth at industry fairs, or offer freebies to those passing by at a local farmers market or on a busy street?

What partnerships can you form?

To get off the ground, many coworking spaces rely on investors. They provide an initial revenue stream and source of capital, plus they provide a networking tool that can be sold to members. If your coworking space hosts a number of entrepreneurs or start-ups, you may want to consider offering to connect them with your investor for a small fee.

Think about smaller-scale partnerships as well, such as different local businesses and entrepreneurs you can collaborate with. Perhaps a local coffee shop would be interested in opening a cafe in your space, or a local restaurant could offer customers special discounts. You could offer members discounts at a nearby gym, or host instructors for fitness classes right in your coworking space.

If you plan on hosting events, begin to compile a shortlist of people who would make a good fit. Are there local entrepreneurs who could give an inspiring talk, or authors who might draw a crowd? Perhaps artists would be interested in having their work on display, or a local library could sponsor a small lending library in your space.

7. Coworking Business Model Template

There are tons of helpful coworking business model canvases out there that are helpful to estimate your startup costs, brainstorm partnerships, cater towards your target audience, and build your business. You can save this checklist, as well, to help you start planning your space.

Target Audience : Who is your dream client? Who do you wish to attract?

Partners: Will you be looking for investors? Who will be your internet service provider? Will you partner with local businesses, or bring in local experts for events?

Added Value: What’s your selling point? A quiet space for remote workers to use instead of a home office? Networking opportunities? Speakers and events?

Key Resources: What do you need to be successful? An entire building or just an open floor? Wifi? Cold brew? Fax machines?

Advertising: How will you spread the word? Through local businesses, social media, billboards, or word of mouth?

Key Activities: What will your space be used for? Workspace for startups? Collaboration for entrepreneurs? Events open to the whole community?

Revenue Streams: Will membership fees be fixed or will there be different plans? Will you recruit investors? How many hot desks versus conference rooms? Will you charge a fee for events?

Customer Segments : What different customers do you hope to attract? Freelancers? Remote workers? Entire companies?

Download this Coworking Space Business Model Canvas today and start planning!

Remember: This is a broad overview. While these are some of the main questions you'll need to address when shaping your business plan, there will be plenty of other things to evaluate more in-depth. We've collected a more extensive overview of how to launch and run a coworking space in 2021 with our updated guide, which you can download for free .

And get excited! Coworking is showing signs of massive growth, and this is your chance to improve the world of business while setting yourself up for success.

Carlo Belloni

Carlo is the Project Manager and SEO Specialist at Kisi.

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Coworking Business Plan Template & PDF Example

• July 24, 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

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

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?

OR, Let Us Develop Your Plan For You

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.

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 Create a Coworking Space Business Plan

Blog > how to create a coworking space business plan, table of content, introduction:, i. understanding the rise and advantages of coworking spaces, ii. conducting market research and analysis, iii. defining your mission, vision, and value proposition, iv. developing your business model and revenue streams, v. selecting the perfect location and facilities, vi. crafting an effective marketing and sales strategy, vii. streamlining operations and management, viii. financial projections and funding, ix. navigating legal and regulatory requirements, x. mitigating risks and fostering sustainability, xi. building a vibrant coworking community, conclusion:, our other categories.

• Business Plan 101
• Company Valuation
• Pitch Deck Essentials
• Raising Capital
• Startup Guide

Reading Time : 20 Min

Uncategorized.

Are you considering venturing into the thriving world of coworking spaces? A well-crafted business plan is the foundation for success. Welcome to Stellar Business Plans , your trusted startup consultant service provider. In this comprehensive guide, we’ll walk you through the process of creating an effective business plan for your coworking space venture. Let’s explore the essential steps and strategies to ensure your coworking space stands out in the competitive market.

Coworking spaces have experienced exponential growth, with a 43% increase in the number of spaces worldwide in the last two years alone. As the modern workforce seeks flexible work arrangements, coworking spaces offer numerous advantages, such as:

Increased Productivity: Studies show that 68% of people experience improved focus in coworking environments. The collaborative atmosphere and the absence of traditional office distractions contribute to enhanced productivity levels.

Enhanced Networking Opportunities: 82% of coworkers report expanding their professional network since joining a coworking space. The diverse community of professionals allows for organic networking, collaborations, and potential business partnerships.

Cost-effectiveness: Coworking spaces can save businesses up to 25% on operational costs compared to traditional office spaces. Shared resources and flexible membership plans provide cost-efficient solutions for businesses of all sizes.

Before diving into your business plan, understanding your target market and competitors is crucial. Conduct thorough market research to:

Identify Your Ideal Members: Determine your target demographic, such as freelancers, startups, remote workers, or specific industries. Consider their unique needs and preferences to tailor your offerings.

Analyze the Demand for Coworking Spaces in Your Chosen Area: Evaluate the local market demand for coworking spaces. Consider factors such as the concentration of businesses, freelancers, remote workers, and the overall economic climate.

Evaluate Competitors’ Offerings and Pricing: Conduct a comprehensive analysis of existing coworking spaces in your target location. Assess their strengths, weaknesses, pricing models, amenities, and marketing strategies.

To differentiate your coworking space and attract members, craft a compelling mission, vision, and value proposition:

Mission Statement: Our mission at Stellar Coworking is to provide an inspiring and collaborative environment that empowers our members to thrive in their professional endeavors. Our passion for fostering innovation and creativity drives our commitment to excellence.

Vision Statement: Our vision is to build a diverse community of innovators, fostering creativity and driving growth in every industry we serve. We aspire to be the go-to destination for professionals seeking a supportive and inspiring coworking ecosystem.

Value Proposition: Stellar Coworking offers a modern and fully-equipped workspace with tailored services to meet the unique needs of our members, enabling them to focus on what truly matters – their success. Our community-driven approach, state-of-the-art facilities, and vibrant events create a dynamic space for collaboration and personal growth.

Choose the right business model and explore additional revenue streams beyond memberships:

Business Model: Opt for a membership-based model with flexible plans to cater to different needs and budgets. Consider offering part-time or virtual memberships to accommodate various work styles.

Revenue Streams: In addition to membership fees, explore other revenue streams to enhance your coworking space’s financial sustainability. These may include:

Event Space Rentals: Offer your space as a venue for corporate events, workshops, seminars, and networking functions.

Meeting Room Bookings: Provide well-equipped meeting rooms for rent on an hourly or daily basis.

Value-Added Services: Consider providing add-on services such as printing and copying facilities, mail handling, virtual office solutions, and administrative support.

Collaborative Partnerships: Form strategic alliances with local businesses, professional associations, and educational institutions to expand your network and generate additional revenue through mutual referrals and collaborative events.

The location and facilities can significantly impact your coworking space’s success:

Location: Choose a convenient and accessible location that aligns with your target market’s needs. Consider proximity to public transportation, major business districts, dining options, and other amenities that appeal to your potential members.

Facilities: Offer essential amenities that enhance productivity, comfort, and convenience for your members. Consider providing:

High-Speed Internet: A reliable and high-speed internet connection is a fundamental requirement for modern professionals.

Comfortable Seating and Workstations: Ergonomic furniture and spacious workstations contribute to a productive and comfortable work environment.

Private Offices: For businesses or individuals requiring more privacy and dedicated workspace, private offices are a valuable offering.

Meeting Rooms: Equipped meeting rooms with audiovisual capabilities are essential for hosting professional meetings and client presentations.

Kitchenette and Refreshment Area: A well-stocked kitchenette with complimentary coffee, tea, and snacks creates a welcoming atmosphere.

Common Areas: Create communal spaces where members can relax, collaborate, and socialize.

Design and Layout: Thoughtful interior design and layout play a significant role in enhancing the overall coworking experience. Consider incorporating vibrant colors, natural lighting, and flexible spaces that encourage interaction and creativity.

To attract potential members and convert leads, create a robust marketing and sales plan:

Marketing Plan: Utilize digital marketing channels, including social media platforms, SEO-optimized content, and email marketing campaigns, to reach your target audience effectively. Share engaging content that showcases your coworking space’s unique features, events, and member success stories.

Branding and Visual Identity: Develop a distinctive brand identity that reflects the ethos of your coworking space. Consistent branding across all marketing collaterals, including website, brochures, and signage, helps build brand recognition.

Website Optimization: Design a user-friendly and visually appealing website that provides essential information about your coworking space, membership plans, facilities, and upcoming events. Incorporate a seamless booking system to enable potential members to schedule tours or sign up for memberships easily.

Content Marketing: Leverage content marketing to establish your authority in the coworking industry. Publish informative blog posts, e-books, and video content that address common challenges faced by professionals and highlight the benefits of coworking.

Social Media Engagement: Engage with your audience through social media platforms. Respond promptly to comments, share member testimonials, and promote upcoming events and promotions.

Email Marketing Campaigns: Build an email list and nurture leads through targeted email campaigns. Send personalized invitations to events, exclusive membership offers, and newsletters with valuable insights.

Referral Programs: Implement a referral program that incentivizes current members to refer new members. Offer rewards such as discounted membership fees or exclusive access to premium amenities for successful referrals.

Collaborative Events: Organize industry-specific workshops, networking events, and webinars that align with your target market’s interests. Collaborate with local businesses or industry experts to host events that add value to your coworking community.

Local Partnerships: Forge partnerships with nearby businesses, co-working spaces, or local organizations to cross-promote services and expand your reach within the community.

Testimonials and Case Studies: Showcase success stories and testimonials from satisfied members. These authentic experiences can help build trust and credibility among potential members.

Efficient operations and management ensure a seamless coworking experience for members:

Organizational Structure: Establish a clear organizational structure, defining roles such as community manager, operations manager, and marketing manager. Each role should be dedicated to fostering member engagement, managing day-to-day operations, and promoting the coworking space.

Staffing and Training: Hire qualified staff and provide comprehensive training to ensure excellent member support. Encourage staff to be proactive in addressing member needs and inquiries promptly.

Member Onboarding Process: Design a streamlined onboarding process to welcome new members and familiarize them with the coworking space’s facilities, policies, and community events.

Membership Management Software: Implement an efficient membership management software system to automate billing, track membership data, and provide members with a self-service portal.

Health and Safety Measures: Prioritize the health and safety of members by adhering to relevant health guidelines and implementing safety protocols. Display health and safety measures prominently to instill confidence among members.

Feedback and Satisfaction Surveys: Regularly collect feedback from members to gauge satisfaction levels and identify areas for improvement. Implement feedback-driven changes to enhance the overall coworking experience.

Prepare realistic financial projections and explore funding options for your coworking space:

Startup Costs: Calculate startup expenses, including real estate, furniture, marketing, staff salaries, and operational costs. Research local market rates to estimate initial investments accurately.

Financial Projections: Create detailed financial projections for the first three to five years of operation. Forecast revenues, expenses, and profits based on membership growth, pricing strategies, and market trends.

Budget Allocation: Allocate financial resources strategically across various areas, such as marketing, facility maintenance, staff training, and community events.

Funding Sources: Consider various funding options to secure the necessary capital for your coworking space:

Personal Savings: Invest personal savings to kickstart your coworking space venture.

Bank Loans: Apply for business loans from banks or financial institutions with favorable terms and interest rates.

Angel Investors: Seek investment from angel investors who align with your vision and can offer expertise and mentorship.

Venture Capital: Approach venture capital firms that specialize in supporting coworking and real estate ventures.

Crowdfunding: Launch a crowdfunding campaign to raise funds from a large pool of potential investors.

Ensure compliance with legal and regulatory obligations:

Legal Entity: Register your coworking space as a legal entity, such as an LLC or corporation, to protect your business and personal assets. Consult legal experts to determine the most suitable legal structure for your venture.

Permits and Licenses: Obtain necessary permits, business licenses, and safety certifications required to operate a coworking space. Comply with zoning regulations and building codes to avoid legal complications.

Insurance Coverage: Secure comprehensive insurance coverage to protect your coworking space from unforeseen events, liability claims, and property damages.

Membership Agreements: Draft clear and comprehensive membership agreements that outline terms, policies, and member responsibilities. Seek legal advice to ensure that the agreements are legally binding and enforceable.

Data Protection and Privacy: Prioritize data protection and privacy by implementing secure data storage systems and adhering to relevant data protection regulations.

Identify and manage potential risks while fostering sustainability:

Risk Assessment: Analyze potential risks, such as market fluctuations, competition, member retention challenges, and economic downturns. Develop contingency plans to address these risks effectively.

Business Continuity Plan: Create a business continuity plan that outlines steps to manage crises and ensure the uninterrupted operation of your coworking space during emergencies.

Sustainability Initiatives: Implement eco-friendly practices to appeal to environmentally conscious members. Consider incorporating energy-efficient lighting, recycling programs, and eco-friendly office supplies.

Green Certifications: Pursue green certifications such as LEED (Leadership in Energy and Environmental Design) to demonstrate your commitment to sustainability and attract environmentally conscious businesses.

Nurturing a supportive community can enhance member satisfaction and retention:

Networking Events: Host regular networking events, workshops, and industry-specific sessions to encourage collaboration and knowledge-sharing among members. Invite industry experts and thought leaders to facilitate engaging discussions.

Social Activities: Organize team-building activities, social gatherings, and themed events to strengthen connections within the community. Celebrate milestones and member achievements to foster a sense of belonging.

Coworking Memberships: Offer various coworking membership options, such as dedicated desks, hot desks, private offices, and virtual memberships, to cater to diverse work preferences and budgets.

Flexible Working Hours: Accommodate members with flexible working hours by offering 24/7 access to your coworking space or extended operating hours.

Member Involvement: Encourage member involvement in shaping the coworking community. Consider establishing a member advisory board to gather feedback and ideas for enhancing the coworking experience.

Online Community Platform: Create an online platform, such as a member portal or a private social network, where members can interact, share insights, and collaborate virtually.

Creating a successful coworking space business plan requires meticulous planning, in-depth research, and a deep understanding of your target market. With Stellar Business Plans as your consultant service provider, you can craft a compelling business strategy that aligns with your vision and attracts a thriving coworking community. Embrace the dynamic coworking industry, and let your Stellar Coworking Space shine as a beacon of productivity, collaboration, and success.

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Updated On : August 11, 2023

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Opening a Coworking Space – The Complete Guide of How’s & Why’s

Opening a coworking space today is more than just a business venture: It’s a response to a growing demand for flexible work solutions fueled by the rise of remote work. And, as traditional office settings give way to more adaptable environments, coworking spaces have surged in popularity to offer dynamic alternatives for freelancers, startups and even established businesses. The global shift toward remote work has also highlighted the need for spaces that foster productivity, creativity and collaboration — without the rigidity of conventional office leases.

Of course, where there’s demand, supply usually follows. As such, the coworking industry across the U.S. has been on a constant rise in recent years with surges of up to 10% in inventory throughout the course of only one quarter.

In this article, we’ll explore the essential steps to successfully launch a coworking space by tapping into this high-demand market and creating a thriving community hub.

Opening A Coworking Space

At first glance, a coworking space might seem quite similar to a traditional office. But, there are many aspects that determine its unique makeup and distinct appeal.

In the era of remote work and flexibility, coworking spaces are highly sought-after due to their efficiency, design and productivity-inspiring environment, not to mention their tight-knit communities of like-minded professionals. So, when opening a coworking space, it’s crucial to keep all of these aspects in mind and appeal to the real needs of today’s workers.

Determine Your Vision and Your Goal

Behind every business initiative, there’s a vision or a goal that drives the entrepreneurs and business owners to work for it wholeheartedly, while also attracting and inspiring customers. Therefore, before opening your coworking space, you need to identify your vision and goal, as well as how you can leverage that to relate to coworkers.

A well-known mission shared by one of the largest coworking operators, WeWork, is “Create a world where people work to make a life and not a living.” This shows that they work toward enhancing their members’ lives — not only professionally, but also personally. Accordingly, they provide an ecosystem — an environment of sustainability and community networking —while also supporting the proverbial work/life balance .

Conversely, there are some coworking spaces that cater to a different type of goal: They want to eradicate the monotonous office culture and help members interact with like-minded people. There are even a few coworking spaces that have included childcare facilities within their workspace. For instance, Erin Richards of Happy Hubbub was challenged when working as a freelancer and simultaneously looking after her child. So, she solved the problem for herself and numerous other working parents by opening a childcare business with coworking facilities on-site.

Granted, there’s no denying that revenue is a core goal behind every business out there, so it’s important to budget appropriately and keep your head in the game. However, always consider that coworking is a highly personal business, and catering to your clients by building relationships and a sense of community are crucial to gaining and retaining loyal members in the long run.

Considerations Before Opening a Coworking Space

Different businesses have different target audiences, needs and goals. But, one aspect that they all have in common is the need to plan ahead and anticipate customers’ needs through a solid offering, competitive pricing and comfortable environment. Here are some of the most important characteristics to consider when setting up your coworking business, as well as the best options to apply them in a way that works for you and your customers alike:

Location: Searching for a location for a new coworking space is not easy. Because it’s a new business, you probably don’t want to spend too much on rent. So, renting a space in the premium region of the city is not always an option. Instead, target a location that’s easily accessible, even if it’s on the outskirts of town or in the suburbs, which will come at a lower cost. You may also find more affordable locations for rent outside of the central business district, which will still keep you close to relevant areas of interest.

At the same time, keep in mind that almost all commercial properties require a security deposit and two months’ advanced rent. In that case, your initial cost will be three times the monthly rent.

Your choice of location may also change if you’re catering to a niche coworking business model. As an example, a startup-centric coworking space should reside near a university or a popular college . Or, a coworking space for the legal community should operate in an area near the courts. Be thorough and strategic when deciding on the location of your coworking space, which is of the utmost importance.

The neighborhood also matters because your members look for conveniences in the surrounding areas. Apart from public transportation sources, they’ll also need to know whether there’s adequate parking.

Costs: Opening a coworking space involves significant initial costs that vary based on location, size and design preferences. Key expenses include leasing or purchasing property, which can be a substantial financial commitment, especially in prime areas. Likewise, renovation and interior design costs to create an appealing and functional workspace can also add up quickly due to expenditures for high-quality furniture; ergonomic office equipment; and aesthetic elements, like lighting and decor.

Additionally, initial operational costs — such as utilities, internet setup and marketing to attract members — must be factored in. For this reason, a well-planned budget is crucial to successfully launching a coworking space. Be extremely thorough when planning your budget and keep in mind that unexpected expenses can arise along the way, so be sure to be prepared for that, as well.

Community: Sure, your coworking space might have world-class amenities and top-notch seating arrangements. But, it all comes down to the type of community you’re working with. That’s because if people needed an environment that was akin to the everyday office, then there would be no reason to open a coworking space. Rather, a coworking space should be an energetic, efficient and collaborative community that attracts like-minded people.

To that end, host professional events and workshops so that people can learn about your space. You also have social media at your disposal, which can save on advertising costs. Also, remember that your members may have previously worked from home or a café, so what you offer them in terms of community and the overall environment will make a big difference.

Coworking Space To-Do’s

As with most businesses, opening a coworking space means you’ll need other people by your side to assist you. Although you might be able to run a “one-man-show” (which will undoubtedly save you money), that can also pose countless challenges and high stress, especially in the beginning.

The best method is to hire experienced people for specific roles. While this option will cost you a bit on a monthly basis, the results will likely be worth it, and having dedicated staff in certain roles will go a long way in helping you run your space as there will be a lot to manage, such as:

• Hosting events
• Managing accounts
• Building the community
• Establishing memberships
• Ensuring that members get access to all amenities
• Addressing member complaints
• Restocking snacks and coffee
• Cleaning the workspace
• Promoting the business
• Keeping records and managing expenses

These are only some of the activities to successfully run a coworking space. As you can see, once you’re set up and people start coming in, you’ll have a lot on your plate if you’re working alone. That’s why it’s beneficial to hire employees to help you run the space. To start, you’ll require a community manager, an operations manager and an administrative manager. Collectively, these three staff members will cost you around $5,000 per month.

Most Important Facilities and Services:

What you provide to the members in your coworking space also resonates with your mission and goal. For instance, a coworking space focused on assisting startups typically provides services and amenities that help them develop further. An example of this would be workshops spanning topics that allow the startups to address their issues.

There’s no end to the services and amenities that can apply to members in a coworking space. And, because it’s not just a workspace, you can also add a number of elements to make your coworking space attractive. That said, it all depends on your budget. On a tight budget, you should focus solely on the essentials and necessary amenities and services, such as:

• Furniture: Before opening a coworking space, determine the types of membership you will provide. There are two types of memberships that every coworking space should have — the dedicated desk and the hot desk. In a 2,000-square-foot area, you can accommodate around 50 members. This means that you’ll need at least 50 ergonomic chairs and a certain number of desks, depending on their usability. For the dedicated desks, you’ll need to provide storage space whereas, for others, you’ll need separate storage racks. If the budget allows, you can also spend some money on interior decorations, which will make the workspace more aesthetically pleasing. It’s only natural that when a person is working in a beautifully built workspace, the work seems more fun. Another option is to include standing desks in your coworking space, which might cost a bit more, but also offers extra benefits and comfort to your members.
• Utilities: The most important amenities are internet access and printing facilities. Without a fast and reliable internet connection, you cannot run your coworking space, let alone allow the members to get work done. Similarly, electrical outlets are also a must at every coworking station. Another important service is coffee, which is a perk that most coworking members have come to expect. Lastly, you’ll need to have enough bathrooms and water outlets within the coworking space design . The cumulative expense of building bathrooms and providing electrical outlets comes out to around $10,000. This is after including only the bare minimum of what is necessary for opening a coworking space.
• Temperature Control: The heating and cooling systems are also necessary to control the climate of the coworking space. For a 2,000-square-foot area, the dual HVAC system will cost you around $5,000. This is essential to allow members to work in a comfortable environment.

Services You Can Initially Exclude When Starting a Coworking Space:

Although the ultimate aim should be to provide as much convenience and comfort to the member as you can, in the initial stages of starting a coworking space business, you can set aside some services that will only add to your cost and won’t necessarily attract more customers. These services include a bike rack, shower facility, phone booths, lounge areas and a fully equipped kitchen. All of these (and many more similar services) will surely make a difference, but they will also add to your initial cost. And, when you’re opening a coworking space, you need to tread carefully and take baby steps going forward, just as in any business.

When your coworking space is up and running, it’s time to reach a wider market. There is tremendous scope for scaling up after just a few months of opening a coworking space. The trick is to first assess your progress and then move on to expansion. Then, increase the value of your business plan by adding features and services that will attract more members and accelerate your marketing efforts. These three steps will help you expand and widen your work area.

The coworking business has upended the commercial real estate scenario. In countries where this trend is an emerging concept, opening a coworking space will be fruitful. In others, you may need to differentiate your business as there are already a plethora of coworking spaces available.  Happy coworking!

Laura Pop-Badiu

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7 Steps Towards Building a Thriving Coworking Space

By dropdesk

Published: March 25, 2019

Did you know that the first coworking space , founded in Berlin in 1995, was a hackerspace?

Whilst coworking spaces have come a long way since 1995, the guiding principle remains unchanged; collaboration and a sense of community. Over the past 25 years, we’ve also seen major changes in the way people work. An increasing number of professionals are eschewing traditional forms of employment in favor of freelancing and contract work.

In fact, there are currently 56.7 million people who freelance in the U.S. It’s expected that by 2020, freelancers will comprise roughly 40 percent of the American workforce.

As the workforce becomes increasingly mobile and people enjoy the flexibility of choosing their own work schedule, many experience a real sense of isolation caused by working from home or from an anonymous cafe. Coworking spaces solve this problem by creating hubs where like-minded people can get together, share ideas, collaborate, and keep working independently on their own projects.

The Future of Coworking

The future of coworking spaces is bright. According to a survey conducted by Deskmag in 2017, 1.7 million people were estimated to be working in around 19,000 coworking spaces around the world by the end of 2018. If that weren’t enough, industry leaders predict that coworking spaces will have a role in every industry in the world over the coming years.

The mobile workforce has embraced coworking spaces because, aside from providing affordable office space and all the necessary amenities, they offer a community in which like-minded individuals can get together to create, share resources and network, whilst continuing to grow their own businesses.

If you’re thinking of starting your own coworking space, now’s a great time to do it. The interest in coworking spaces is strong and it only seems to be on the rise.

With this in mind, here are seven steps you could follow towards building a thriving coworking space.

1. Know Your Intent

What’s the reason you want to start a coworking space? Is it to make a profit, or to benefit from the bubbling creative environment? In the case of the latter (which is not uncommon), you will operate your space not with your eye on the bottom line, but on the benefits of bringing so many talented people together.

2. Gauge Your Appeal

Before you sign the lease or buy any furniture, you need to ascertain whether there’s actually demand for your coworking space. To scope and promote interest, you could create a group on social media and then host some events. As you do this, you’ll not only be doing some important groundwork, you’ll also be building an online community, which will serve as a marketing avenue for your coworking space when it’s up and running.

The value of good old-fashioned face to face conversation can’t be underestimated. Go to where your clientele normally works and gathers and talk to them, get involved and participate in their events and build rapport.

If, initially, there’s only a few people interested in your coworking space, keep it simple and find a suitable place to meet once a week. This way, you start where you’re at and grow as you gather momentum. Then, when you reach critical mass, you can delve into step three which is deciding on a viable business model for your coworking space.

3. Decide on Your Framework

Typically, a business model for a coworking space falls into one of these five categories, and you can pick the one that best suits your particular circumstances.

Coworking Space With Private Offices

If your space is big enough, renting out private offices within your coworking space is a good idea if you want to maximize your income. You could advertise these as having the added value of being right in the hub of a working environment that’s abuzz with creative and talented people.

Coworking Space Within Your Business

If you have a business with unused office space, then setting up a coworking space can offset some (or all) of your maintenance overheads and office set up costs. The advantage here is that the money you make from one business can offset the down times in the other. In addition, you’ll have access to a symbiotic relationship in which talented people can help with your projects and you can help them with theirs.

Coworking Space Within Private Spaces

You could partner with a cafe or property owner to get your coworking space off the ground. There are cafes, pubs, and restaurants that can open their doors as coworking spaces during closing hours, bringing the owner an additional income stream and your plans to fruition. Similarly, you may be able to strike a deal with someone who owns space that’s vacant or underused and secure a relatively inexpensive lease.

Coworking Space Within Public Spaces

Your local city council may prove to be an untapped goldmine of resources for your coworking space. Consider talking to them about your idea to see how it aligns with their funding and space opportunities.

Coworking Space With Events

Hosting events within your coworking space gives you a revenue stream whilst also providing you with another way of getting your coworking space in the public eye. For example, you could host meet-ups, film nights or talks. Are you looking for a way to get all of the benefits of starting a coworking business, with the flexibility of being able to choose between running your own brand or leveraging an existing brand name?

Click here to learn more about DropDesk’s partnership model

4. Money Matters

Sound financial planning is essential to the success of your coworking space, as are legal and insurance matters. They are however, beyond the scope of this post. Here, we’ll touch on ways to finance your coworking space, how to structure your fees schedule, and ways to make your coworking space more economically viable.

Decide how you’ll finance your coworking space. Will you use your own money or find investors? Local government bodies, people with a real estate portfolio, wealthy friends, family, or business contacts may prove to be good funding resources.

Price Structure

Base your price schedule on daily, weekly, monthly and yearly rates. Users who book for longer periods are rewarded with lower rates. Request that payment be made upon booking, that way you receive your money even if the person doesn’t show up.

Always have a few desks on standby in case you overbook and everyone turns up. Charge for conference and meeting rooms.

5. Making it More Economically Viable

If you’re looking to make a profit from your coworking space, there’s a myriad of ways you can make it more economically viable, limited only by your imagination and budget.

You could integrate as many services as possible to your coworking space so users spend more of their money inside than outside of it. For example, you could install a cafeteria, a lap pool, a sauna, and a gym. You could offer massage, yoga and meditation, dry-cleaning services, personal assistants, even sleeping cubicles like they do in Japan.

Another way to make your coworking space more economically viable is to attract corporate customers who require meeting spaces for their remote teams. You could rent out an entire floor in your coworking space to these types of customers, offered as package deals including accommodation and fun outside work activities. Since corporate customers are notoriously high-spending, you can charge premium rates for your services.

6. Get Dressed for Success

Setting up your coworking space where your clientele is, has traditionally meant being in the city. However, locations that are off the beaten track are becoming increasingly popular as coworking spaces because people are moving out of the cities in favour of more affordable living in the suburbs. Remote workers in this demographic are also in need of somewhere to work that isn’t necessarily their home. By serving this group, you are tapping into a market that has great potential for growth.

Provide high-speed broadband internet and VOIP. Set up Ethernet plugs for each private office and workstation.

Furniture and Fixtures

There are no hard and fast rules here. You can basically be as creative as you want. You can go really upscale designer, mid-range Ikea, boho, or a mix of all three. You can find some really cool stuff at flea markets, second hand stores, auctions, and second-hand office furniture dealers. You are only limited by your budget and imagination.

If you can’t provide a cafeteria, install a kitchen or kitchenette with coffee and tea making facilities, a fridge and an oven. Provide the tea, coffee, milk, and sugar and don’t skimp on quality! Your customers will love you for it.

This might sound obvious, but always keep bathrooms fully stocked with soap, hand towels and toilet paper. If you can afford it, hire someone to clean your coworking space once a week. Otherwise, make sure you never forget to do it.

Invest in making it pleasant. A recreation area with table soccer is always a winner and, if you can, provide a chill out area with comfy sofas and a bookshelf with interesting things to read.

Provide conference and meeting rooms; these will not only make the lives of your customers easier, they’ll also provide you with an additional source of income.

7. Shiny Happy People

Aside from providing great facilities, think about ways to bring your community together outside work hours. Organize celebrations, BBQs, trivia nights, happy hour, anything you can think of that gets people together in a social and fun way. These moments can foster bonding between people, loyalty towards your coworking space, and ultimately attract you more customers. Happy people will tell their friends.

Wrapping Up

Stefan runs a coworking space in his web design business. He has this to say about his experience as owner of a coworking space, “It’s great for socializing, it enriches my daily life because I can exchange ideas with other people, make new friends, stay up to date with the latest tends, sometimes even share work. Financially, it helps because I can share resources and offset internet and utility bills.”

Starting your own coworking space can be the greatest thing you’ve ever done. With its focus on community and shared values, you’ll always be meeting interesting and talented people with whom you can exchange ideas, collaborate, and make significant contributions to each other’s success.

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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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How To Open A Coworking Space: 9 Steps to a Successful Launch

Are you ready to dive into the dynamic world of coworking spaces? Whether you're a budding entrepreneur or a seasoned business owner looking to expand, starting a coworking space can be an exhilarating venture. In just 9 steps , you can transform your vision into reality—discover essential strategies, from identifying your target audience to crafting a compelling business plan. For an in-depth guide, explore our comprehensive business plan and unlock the potential of your coworking space today!

How Do I Open A Coworking Space Company With No Experience?

Opening a coworking space business like Nexus Hub without prior experience may seem daunting, but with the right approach, it is entirely feasible. The coworking industry has seen a remarkable growth rate of 24% annually, indicating a strong market demand for shared workspaces. Here are some essential steps to guide you through the process.

1. Conduct Market Research

• Identify your target audience, such as freelancers, startups, or remote workers.
• Analyze competitors in your area to understand their offerings and pricing.
• Utilize surveys and focus groups to gather insights on potential members' needs.

Understanding market trends and your audience will help you design a coworking space tailored to their preferences.

2. Develop a Unique Value Proposition

• Determine what sets your coworking space apart from others.
• Consider offering specialized amenities, such as wellness programs or networking events.
• Focus on community-driven features that foster collaboration.

A strong value proposition will attract members and create a loyal community within your space.

3. Create a Business Plan

• Outline your business model, including membership pricing and service offerings.
• Include a financial model with projected costs and revenue streams.
• Refer to resources like business plan templates for guidance.

A comprehensive business plan is crucial for securing funding and guiding your operations.

4. Find a Suitable Location

• Choose a location with high foot traffic and accessibility.
• Consider proximity to public transportation and parking options.
• Evaluate the space for flexibility in design and layout.

A well-located space can significantly impact your coworking space's success.

5. Design Your Space

• Incorporate flexible office space configurations to accommodate various working styles.
• Focus on creating an environment that encourages collaboration and innovation.
• Consider design elements that enhance productivity and comfort.

Effective design can turn your coworking space into a desirable destination for professionals.

6. Obtain Permits and Licenses

• Research local regulations and permitting requirements for coworking spaces.
• Ensure compliance with zoning laws and safety regulations.
• Consult with legal professionals if necessary to navigate the process.

Proper licensing is essential to operate your coworking space legally and avoid fines.

7. Set Up Technology Infrastructure

• Invest in reliable high-speed internet and essential tech amenities.
• Consider tools for member management and billing systems.
• Provide printing, scanning, and meeting room technologies to enhance productivity.

Modern technology is a key component of a successful coworking space.

8. Create a Marketing Strategy

• Utilize social media platforms to promote your coworking space.
• Host launch events or open houses to attract potential members.
• Implement targeted advertising based on your market research.

Effective marketing will help establish your brand and draw in members.

9. Launch and Gather Feedback

• Soft launch your coworking space to a select group of users for initial feedback.
• Use surveys and direct conversations to gather insights on their experience.
• Adjust your offerings based on feedback to improve member satisfaction.

Continuous improvement based on member input will help establish a thriving community within your coworking space.

How Do I Start A Coworking Space Company With No Money?

Starting a coworking space, like Nexus Hub , with limited funds can seem challenging, but it is entirely feasible. By strategically leveraging resources and community support, you can bring your vision to life without draining your bank account.

Here are some key strategies for initiating your coworking space business without a significant financial investment:

Utilize Shared Resources

• Partner with existing businesses to share space, reducing overhead costs.
• Consider subleasing a small area within a larger office to minimize rental expenses.

Collaboration is key in the coworking space business model. Forming alliances with local startups or freelancers can create a community-driven workspace that attracts members and costs less to launch.

Seek Crowdfunding and Grants

• Platforms like Kickstarter and Indiegogo can help raise initial funds.
• Research local grants aimed at small businesses or coworking startups.

In fact, many coworking space startups have successfully funded their first months through community contributions. This also fosters early community engagement.

Implement a Pre-Sale Model

• Offer discounted memberships for early sign-ups to generate cash flow upfront.
• Host pre-launch events to showcase the space and attract potential members.

Real-life examples show that coworking spaces with pre-sale models can gain up to 30% of their initial membership before launching. This approach reduces financial risks and helps gauge interest.

Additionally, consider incorporating flexible office space designs that allow for cost-effective transformations based on demand. By avoiding extensive upfront renovations, you can allocate funds for necessary operational costs.

Lastly, sound market research can guide you in identifying the right target audience, which is crucial when establishing your coworking space. Understanding the preferences and needs of your community will enable you to create a tailored value proposition that draws members without high marketing expenditures.

Ultimately, launching a successful coworking space on a budget is possible by being resourceful, engaging your community, and creatively funding your business. Consider exploring business plans that focus on efficient financial modeling to further optimize your approach.

Example Of Checklist For Opening A Coworking Space Company

Starting your own coworking space business like Nexus Hub can be an exciting venture, especially when backed by a well-structured checklist. Here’s a comprehensive coworking space checklist that outlines essential steps to ensure your journey is smooth and successful:

Conduct Market Research To Identify Target Audience

Understand your local market and identify your potential members. This includes determining the proportion of remote workers in your area, typically around 30% according to recent studies.

Develop A Unique Value Proposition For The Space

What makes your coworking space unique? Consider features like flexible office spaces , customizable work environments, or community-driven workspaces .

Create A Detailed Business Plan And Financial Model

Your business plan should outline your coworking space business model , expected operating expenses, and revenue forecasts. For example, include a breakdown of estimated costs such as utility bills, which can account for up to 15-20% of total expenses.

Find A Suitable Location With High Foot Traffic

Select a location that is accessible and visible. Locations close to public transport or city centers can attract more members, improving your space's viability.

Design A Flexible Space That Encourages Collaboration

Incorporate designs that facilitate easy interaction among members. Open floor plans or dedicated areas for brainstorming can enhance collaborative efforts.

Obtain Necessary Permits And Licenses For Operation

Check local regulations to ensure compliance with zoning laws and building codes. This can take anywhere from a few weeks to several months, depending on your location.

Set Up Technology Infrastructure And Amenities

Provide high-speed internet, conference rooms, and essential office supplies to enhance member experience. Investing in quality technology can yield a higher retention rate.

Create A Marketing Strategy To Attract Members

Use modern coworking space marketing strategies such as social media campaigns or introductory offers to draw in initial members. Consider targeting a demographic that has seen a 45% increase in remote working preferences.

Launch The Coworking Space And Gather Feedback

Upon launching, actively seek feedback from your first members. This will help you refine your offerings and address any shortcomings early on.

Additional Tips:

• Consider creating a business incubator space to attract startups and entrepreneurs.
• Monitor co-working industry trends to stay ahead of the competition.

How Long Does It Take To Start A Coworking Space Company?

The timeframe for launching a coworking space can vary significantly based on several factors, including location, budget, and the complexity of your business model. On average, starting a coworking space can take between 6 to 12 months . This timeline breaks down into specific phases critical for your success.

• Market Research and Planning: Approximately 1-2 months. This phase involves conducting comprehensive market research to identify your target audience and their needs.
• Business Plan Development: Around 1-2 months. Creating a robust coworking space business plan will help you outline your vision, financial projections, and operational strategies.
• Location and Lease Negotiation: 1-3 months. Finding a suitable location with high foot traffic is crucial, and negotiating the lease can be time-consuming.
• Design and Setup: 2-4 months. Designing your flexible office space and setting up necessary technology infrastructure and amenities can take time, especially if renovations are required.
• Permitting and Legal Requirements: 1-3 months. Obtaining necessary permits and licenses may require navigating bureaucratic processes.
• Marketing and Pre-launch Activities: 1-2 months. Implementing effective coworking space marketing strategies to attract initial members is essential before launching.

Tips to Expedite the Process

• Start with a Clear Vision: Have a clear concept and target market in mind to streamline decision-making.
• Utilize Online Tools: Use project management and scheduling tools to keep track of tasks and deadlines.
• Network with Local Businesses: Building relationships early can facilitate your setup process and enhance community engagement.

In some cases, with adequate funding and experience, you might even reduce this timeline. For example, having a clear vision can help you navigate the coworking space startup guide more efficiently. Additionally, co-working industry trends suggest that spaces focusing on community-driven workspaces tend to gain traction faster.

Investors typically want to see a well-structured plan that indicates a clear timeline for getting your business off the ground. It's crucial to demonstrate how long each phase will take and how you plan to tackle any potential roadblocks.

Ultimately, the time it takes to open a coworking space will depend on your specific circumstances. It's vital to remain adaptable and ready to tackle challenges as they arise during the process of launching your Nexus Hub .

How Can I Find Investors For Starting A Coworking Space Company?

Finding investors for your coworking space venture, such as Nexus Hub , requires strategic planning and effective communication of your business model. The co-working industry is booming, with the market projected to grow at a compound annual growth rate (CAGR) of 21% from 2021 to 2028 . This growth presents an attractive opportunity for potential investors.

Here are some strategies to secure funding for your coworking space business:

Network in Your Local Business Community

• Attend local startup events, business incubators, and networking meetups to connect with potential investors.
• Engage with local chambers of commerce and business development organizations that can introduce you to interested investors.

Utilizing platforms like AngelList allows you to showcase your coworking space business plan and connect with angel investors looking for innovative startups. Ensure your profile highlights the unique value proposition of Nexus Hub , emphasizing its community-driven workspaces and growth potential.

Utilize Crowdfunding Platforms

• Consider launching a campaign on platforms like Kickstarter or Indiegogo to appeal to the public for small investments, thereby generating community support and funds.
• Leverage social media to promote your crowdfunding campaign, showcasing the benefits and amenities offered by your coworking space.

Prepare a comprehensive and detailed business plan that includes financial projections, market research, and a clear vision for your coworking space. According to studies, 43% of startup founders cite a well-structured business plan as a critical factor for securing funding. Highlight your anticipated operational costs, revenue models, and how you plan to attract and retain members.

Engage with Commercial Real Estate Investors

• Identify local commercial real estate investors interested in flexible office space solutions, as they often seek income-generating properties.
• Showcase the demand for shared workspaces in your area by presenting market data that indicates the growing need for coworking spaces.

Finally, actively seek mentorship from industry veterans in the coworking space sector. They can provide insights, make introductions, and sometimes even invest in promising startups. As you build your network, maintaining strong relationships is essential, as 70% of investors prefer to fund businesses referred by trusted connections.

By employing these strategies, you can effectively find investors for your coworking space, ensuring your vision for Nexus Hub transforms from concept to reality.

How Do I Create A Successful Business Plan For A Coworking Space Company?

Creating a successful business plan for your coworking space, such as the Nexus Hub , is essential to ensure you effectively navigate the challenges of the co-working industry. A well-thought-out business plan will not only help you clarify your vision but also attract potential investors and guide your startup operations. Here are key components to include in your coworking space business plan :

• Executive Summary: This should concisely present your vision for Nexus Hub. Highlight your unique value proposition, such as customizable workspaces and community-driven initiatives, ensuring potential investors understand your goals right from the start.
• Market Analysis: Conduct extensive market research to assess the demand for shared workspaces in your area. As of 2023, the co-working industry has grown by over 20% , driven by the increasing trend of remote work. Identify your target audience and analyze competitor offerings.
• Business Model: Define your revenue streams, whether it’s through membership fees, event hosting, or additional services. Calculate the costs associated with operating your coworking space, including expenses for utilities, maintenance, and amenities.
• Marketing Strategies: Craft a solid marketing strategy that leverages both digital and traditional channels to attract members. Utilize social media platforms and local partnerships, ensuring your marketing aligns with the interests of your target audience.
• Financial Projections: Provide clear financial forecasts projecting your revenue, expenses, and profitability over the next 3-5 years . This should include break-even analysis and funding requirements, as investors will expect realistic estimations.

Tips for a Strong Business Plan

• Incorporate visuals and charts to present data clearly and attractively.
• Regularly update your business plan based on industry trends and feedback from initial members.

Additionally, ensure your business plan addresses the logistical and legal aspects required for opening a coworking space. Research the necessary permits and licenses for operation in your locality, as these can vary significantly from one region to another. This information is crucial for avoiding delays during your launch phase.

Lastly, consider utilizing resources like business plan templates specifically designed for coworking spaces, which can streamline the process and offer insightful metrics relevant to your business.

Checklist For Opening A Coworking Space Company

Starting a coworking space, like Nexus Hub , requires careful planning and execution. Below is a comprehensive checklist to guide you through the process:

Understanding your potential members is crucial. Look into market trends and demographics in your area. Research indicates that over 60% of freelancers prefer working in a coworking environment due to the community aspect.

What sets your coworking space apart from the competition? A clear value proposition can attract your ideal clients. Consider factors such as customizable workspaces and cutting-edge facilities .

A robust coworking space business plan will outline your vision, operational strategy, and financial projections. Aim for a 5 year financial model that details expected revenue and expenses.

Location is key in the coworking industry. Look for areas with a high concentration of freelancers, startups, and remote workers. The ideal space should have easy access to public transport and amenities.

Your office layout should promote interaction among members. Include both private offices and open shared areas to cater to different work styles. Utilize design ideas that reflect a community-driven workspace.

Navigating permitting requirements can be complex. Ensure you have the correct zoning and business licenses to operate a coworking space legally.

High-speed internet, AV equipment for meetings, and comfortable furniture are essential. Ensure your tech setup can handle a minimum of 50 simultaneous users without lag to enhance member experience.

Develop tailored coworking space marketing strategies that include digital marketing, social media campaigns, and networking events. Consider offering free trials or promotional discounts to encourage sign-ups.

Once your space is operational, collect feedback from your first members to continuously improve offerings. Utilize surveys to gauge satisfaction and make adjustments based on their input.

Helpful Tips:

• Leverage social media platforms to promote your space and engage with the community.
• Connect with local businesses and offer partnerships to drive traffic to your coworking space.

Starting a Business Steps

Starting a business can feel like a daunting endeavor, but breaking it down into manageable steps can help streamline the process. Below is a structured checklist specifically tailored for launching a coworking space business.

Opening a coworking space like Nexus Hub requires a thorough understanding of your potential clients and the broader landscape of the co-working industry. Conducting comprehensive market research is essential to identify your target audience effectively. Here’s how you can approach this vital step in your checklist for opening a coworking space business:

• Understand the local market: Analyze the demand for flexible office space in your target area. According to recent statistics, the coworking industry is expected to grow at a rate of 21% annually , which indicates a robust market opportunity.
• Identify your competitors: Evaluate existing coworking spaces in your vicinity. What are their strengths and weaknesses? This competitive analysis will help you identify gaps in the market that your coworking space can fill.
• Segment your audience: Determine the various groups that would utilize shared workspaces. Consider freelancers, remote workers, small businesses, and even startups looking for business incubator spaces.
• Conduct surveys and interviews: Engage potential members through surveys or interviews to gather insights on their needs and preferences. This feedback is crucial to developing a unique value proposition for your coworking business.
• Utilize social media and online platforms: Explore online communities and platforms related to the coworking industry. These can provide insights into industry trends and customer preferences.

Tips for Effective Market Research

• Leverage tools like Google Trends to assess the popularity of coworking space searches in your area.
• Engage with local business networks to understand the needs of entrepreneurs and small business owners.
• Analyze reviews of existing coworking spaces to learn what clients value most in a shared workspace.

To further support your market research, consider utilizing statistical benchmarks that reflect the changing dynamics of the co-working industry:

The data demonstrates a significant increase in the number of coworking spaces, with a remarkable growth trajectory pointing to the increasing demand for flexible office solutions. This trend underscores the necessity of conducting market research to identify your target audience effectively. By understanding the demographics, preferences, and needs of your potential members, you can tailor your offerings at Nexus Hub accordingly.

For a more detailed approach, consider creating a comprehensive coworking space business plan that incorporates your market research findings. A well-structured plan will set the foundation for a successful launch.

To assist you in formulating your business strategy, explore our resources for templates and guidance: Coworking Space Business Plan .

Creating a unique value proposition (UVP) is pivotal for the success of your coworking space business. A strong UVP differentiates your offering from other shared workspaces and addresses the specific needs of your target audience. For Nexus Hub, the UVP is centered around fostering an ecosystem where creativity, collaboration, and community thrive. This comprehensive approach positions Nexus Hub as a prime destination for modern professionals.

To effectively develop a UVP for your coworking space, consider these essential elements:

• Identify Your Target Audience: Understanding who your ideal clients are will guide you in tailoring services and amenities. For instance, freelancers may need different features compared to startups or larger corporations.
• Highlight Unique Features: Emphasize what sets your coworking space apart. This could range from customizable workspaces to state-of-the-art technology and innovative design elements.
• Address Pain Points: Focus on solving specific challenges your target market faces, such as isolation for remote workers or the lack of networking opportunities.
• Build a Community: Foster a sense of belonging through events, workshops, and networking opportunities that encourage collaboration among members.

Benchmark data shows that approximately 70% of coworking space members report improved productivity due to collaboration and community engagement. Furthermore, the coworking industry is projected to experience a 13% annual growth rate through the next several years, underscoring the demand for innovative and community-driven workspaces.

Tips for Crafting Your Unique Value Proposition

• Conduct thorough market research to identify trends and preferences within the coworking space sector.
• Engage with potential members through surveys or focus groups to gather insights that will inform your offerings.
• Analyze competitors to pinpoint gaps in their services that you can capitalize on.

When defining your UVP, you may also want to present it clearly through communication channels such as your website, social media, and marketing materials. For Nexus Hub, phrases like 'Where Innovation Meets Collaboration' encapsulate the essence of its offerings.

By developing a compelling unique value proposition, Nexus Hub can attract a diverse range of members and cultivate a vibrant coworking community. Just as important is aligning your UVP with your overall coworking space business plan , which can serve as a roadmap for your venture. For additional guidance, check out this coworking space business plan .

Creating a detailed business plan and financial model is crucial when you aim to start a coworking space business, like Nexus Hub . A well-structured business plan not only helps in defining your strategy but also attracts potential investors by illustrating the viability of your venture. It should include a thorough analysis of the coworking space industry, including current trends, target market, and competition.

Your business plan should cover the following essential components:

• Executive Summary: Summarize your vision for Nexus Hub, including its mission, the primary services offered, and the unique value proposition that sets it apart from existing alternatives.
• Market Analysis: Conduct in-depth market research for coworking spaces . Identify your target audience, such as freelancers, startups, and remote workers, and understand their needs. According to recent studies, 65% of millennials reported a preference for coworking spaces over traditional offices.
• Business Model: Define your coworking space business model . Will you offer memberships, day passes, or private offices? Consider diversifying revenue streams with services like events, workshops, or mentorship programs.
• Marketing Strategy: Include clear coworking space marketing strategies to attract and retain members. This may involve leveraging social media, creating partnerships with local businesses, or hosting community events.
• Financial Projections: Develop a comprehensive financial model that outlines projected revenue, expenses, and profit margins. This should cover startup costs, ongoing operational costs, and a sales forecast for the first 3-5 years.

A sample financial model might look like this:

When crafting your financial model, ensure you factor in industry benchmarks. For instance, the average occupancy rate for coworking spaces typically ranges between 70% to 90% , depending on location and amenities. Setting reasonable expectations will help in managing cash flow effectively.

Tips for Financial Planning

• Utilize online financial tools or templates to simplify your financial modeling process. Consider checking out this business plan template specifically designed for coworking spaces.
• Regularly update your financial projections based on actual performance metrics to stay on track and make informed adjustments.
• Seek guidance from financial advisors or join coworking space forums to learn from the experiences of other entrepreneurs.

By focusing on a comprehensive business plan and financial model, you set the groundwork for launching your coworking space . This strategic approach will not only help in attracting investors but also in navigating the challenges of the entrepreneurial journey effectively.

One of the most critical elements in how to open a coworking space business is selecting a strategic location. The success of your coworking space, such as Nexus Hub , greatly depends on its accessibility and visibility to potential members. A location with high foot traffic can significantly enhance your chances of attracting a consistent influx of customers.

When choosing a location for your coworking space, consider the following factors:

• Proximity to Public Transportation: Accessibility is key; being near bus stops or train stations will make it easier for clients to reach your coworking space.
• Surrounding Amenities: Look for areas that offer nearby cafes, restaurants, and retail stores. Such amenities can enhance the overall experience, making it more appealing for individuals to work there.
• Demographics: Understand the profiles of your potential members. A location near universities or tech hubs may attract students or startups, while a spot close to corporate offices may cater to professionals seeking flexible office space.
• Visibility and Branding Opportunities: High foot traffic can mean greater visibility for your brand. A location that is easy to spot and has good signage opportunities can help establish your coworking space as a community-driven workspace.

Recent studies indicate that locations with a foot traffic increase of 30% or more can lead to a significant rise in membership inquiries. In urban centers, coworking spaces situated in bustling districts often report occupancy rates of over 85% within the first year of operation.

Tips for Securing the Perfect Location

• Conduct a thorough market research to understand the coworking space business model in your area.
• Utilize coworking space marketing strategies to promote the benefits of your location once established.
• Consider partnering with local businesses or communities for shared memberships or advertising opportunities.

In summary, the right location can make all the difference when you start a coworking space. As you explore various options, ensure you keep a checklist for choosing a site that not only meets the practical requirements but also resonates with your target audience and brand identity. For a comprehensive guide on creating a winning business plan, visit this link .

Creating a coworking space like Nexus Hub revolves around the fundamental principle of fostering community and collaboration among its members. To successfully launch a coworking space , it is crucial to design an environment that is both flexible and conducive to interaction. Here are important considerations and design ideas to keep in mind.

• Multipurpose Areas: Implement zones that can be easily reconfigured based on demand. Designate areas for quiet work, collaborative projects, and social interaction. This flexibility allows members to choose the environment that suits their needs.
• Community-Driven Workspaces: Integrate communal tables, lounges, and open seating arrangements to promote spontaneous interactions. Research indicates that coworking spaces that encourage socialization can increase member satisfaction by 70% .
• Technology-Enabled Spaces: Provide modern technological amenities, such as high-speed internet, audio-visual equipment, and video conferencing tools, to facilitate collaboration among remote teams and freelancers.
• Comfortable and Inspirational Decor: Use colors, artwork, and plants that create an inviting and stimulating atmosphere. Studies show that a well-designed work environment can enhance creativity by 20% .

Furthermore, here are practical tips to enhance the design of your coworking space:

Tips for Designing a Collaborative Coworking Space

• Incorporate natural light to boost mood and productivity. Research suggests that exposure to natural light improves attention and productivity by 15% .
• Offer adjustable furniture to accommodate various work styles and preferences. Flexibility in workspace choice can lead to a 30% increase in member satisfaction.
• Regularly gather feedback from members to adjust the space according to their evolving needs. This can lead to a more tailored and effective environment.

To achieve an attractive and functional layout, consider the following benchmarks:

Ultimately, a focus on flexible design will not only enhance the physical environment of your coworking space but also significantly contribute to the overall business model. By efficiently integrating features that encourage collaboration, you can position Nexus Hub as a leader in the coworking industry.

For a comprehensive approach to developing your vision, consider utilizing a coworking space business plan that emphasizes these elements while ensuring sustainability and growth.

When planning to open a coworking space business , one of the critical steps is to ensure that you have all the necessary permits and licenses in place. Failure to comply with local regulations can lead to fines, delays, or even the closure of your coworking space. Below is a detailed checklist to guide you through this vital process.

• Research local zoning laws to determine if your chosen location is permitted for a coworking space.
• Obtain a business license specific to your city or county.
• Ensure your coworking space adheres to health and safety codes, which may include fire safety inspections.
• Apply for a Certificate of Occupancy (CO) to confirm that the building is safe and meets local regulations.
• Check if you need specific permits for signage, especially if you plan to brand your space prominently.
• Investigate any additional permits required for operating shared workspaces in your jurisdiction.

Here's a benchmark table outlining typical permitting requirements across various regions:

Understanding permitting requirements for coworking spaces can vary based on location and the size of the operation. If you're starting a coworking space with limited funds, investigating local regulations can help you uncover potential grants or low-cost permits available through local business development agencies.

Tips for Obtaining Permits

• Start the permitting process early in your planning phase to avoid delays in your launch schedule.
• Consult with a local attorney or business advisor familiar with the coworking space business model to ensure compliance.
• Network with other coworking space owners in your area to get insights on their permitting experiences.

Lastly, it’s critical to create a robust coworking space business plan that addresses all operational aspects, including compliance to avoid legal pitfalls. For a comprehensive guide to developing your plan, refer to this link: Coworking Space Business Plan .

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How to Design a Coworking Space [Floor Plan and Layout]

Co-working is the reigning norm when it comes to workspaces. An encouraging percentage of entrepreneurs, startups, independent contractors, employees, and freelancers now prefer to work from a co-working space. According to industry reports, the number of co-working spaces globally is expected to grow to almost 26,000 by 2022.

For an industry that had just 7,805 co-working spaces in 2015, that is indeed a massive improvement. According to experts, interaction with other workers has become one of the most critical aspects of the co-working trend. This is because co-working establishes a business model that brings people together.

Typical tenants of a co-working office are freelancers, entrepreneurs, and start-ups, for whom flexibility is essential. Co-working spaces allow them to work around the clock and book multiple rooms when business opportunities arise and work at a relaxed pace when working on personal projects.

Aside from flexibility, working in a co-working space helps to boost productivity and motivation. Note that when self-employed individuals work from home, they get plenty of distractions, and this affects their productivity. It also puts a setback on the day-to-day interaction with other professionals in the industry.

Note that co-working spaces are not limited to start-ups. In recent times, even bigger companies are doing away with traditional commercial property and are beginning to leverage co-working spaces. Owing to the pandemic of the last year, more and more businesses prefer flexible workspaces where they can grow or reduce the number of staff easily without having to commit to a fixed office lease for a long period.

Tips for Designing a Perfect Co-working Space Floor Plan and Layout

As a coworking space owner or manager, designing your workspace correctly is a key element of starting on the right foot. Note that you can set your space up for success if you offer a vast range of space and membership types. Nonetheless, here are tips to help you design a perfect co-working space floor plan and layout;

1. Get Your Workspace Dimensions Right

The first step towards designing a perfect co-working space floor plan and layout is to create appropriate workspace dimensions. Have it in mind that people will always gravitate to the type of space and membership plan that gives them the room they need to work.

Note that when you make available more types of space, you can attract more professionals. Here are guidelines to consider;

• Co-working station: 3-4 feet wide x 2 feet deep. The 2-foot dimension can be reduced down to 20-22 inches to leave more open space.
• Dedicated desk: 2 feet x 5 feet with locking storage. Dedicated desks most often include a small filing cabinet attached to the desk.
• Workstation: 6 feet x 6 feet: Workstations that feature locking storage and a hardwired connection. In addition, a file cabinet under the desk and maybe one cabinet overhead. They should also be able to have a phone connected.
• Offices: You can work with an 8’ x 10’ for a 1-2 person office and 10’ x 12’ for a 3-4 person office. Team rooms, for larger groups, are necessary as well.

Know Your Furniture Needs Before Shopping

It is very important to understand the furniture needs of your workspace before shopping or ordering. You have to know the dimensions you need for each type of workspace and the distribution of workstations in your co-working space.

It wouldn’t be nice to buy furniture just because it looks good or just because you like the design —you want to buy furniture that suits a peculiar need and purpose.

Creative Lighting

One of the key elements of any work environment is adequate lighting. In a co-working space, it is imperative to ensure that every area has adequate lighting. A unique lamp or fixture can make all the difference between a dark work environment and a bright, productive one that excites and inspires.

Wherever possible, ensure the flow of natural light into the interior of the space or office. If you want to increase the level of light in your co-working space and are up for a larger project, you can install skylights.

Freestanding Cubicles

These cubicles can be mounted where they are needed and adjusted to suit the need of the community and design. Freestanding cubicles can be arranged to make available larger spaces where workers can collaborate. Combining a glass freestanding partition with a more standard cubicle setup can offer workers a perfect mixture of both worlds. These cubicles can help with social distancing and also let people have their own space to work.

A Vast Range of Storage Options

Your workers might want to have storage facilities for things they don’t want to carry back and forth every day. These lockers can also be very beneficial as even your patrons might want their own lock or use one when they need it. Other options include individual workspaces that people can rent out on a monthly or weekly basis that includes private locking storage, or you can leverage an unconventional method with lockable file cabinets.

Create A Neighborhood Feel With Different Areas

There is no need to create massive spaces when you can inculcate ideas that can be very enticing to your patrons. You want people to feel like they’re in their neighborhoods. Consider creating areas with library rules and others where people can be noisier; create break areas and kitchen areas. Also remember to make spaces for your printer area, phone cubes, and mailboxes.

A Sanitization Station

In this era of a global pandemic and growing health crisis, providing hand sanitizer and disposable masks at the entrance, and in strategic places throughout the co-working space, can help people take advantage of the space while remaining as safe as possible.

If you want to be innovative, you can make reusable masks or even order some with your co-working space’s logo that people can keep. Little things like this will help people feel loved and cared for.

Standalone Breakout Space

When designing your co-working space floor plan and layout, you must create a standalone breakout space that gives people a private space where they won’t be disturbed (or disturb anyone else). One of the many benefits of creating a standalone breakout space is that it can be placed anywhere it is required. Also, consider using a glass partition system, you can use straight, angled, or even curved ones.

Provide Plenty Of Outlets

When designing your floor plan, remember you have to provide access to electricity everywhere. Your members won’t stay too long if they can’t guarantee that their computers and devices will stay charged. Library-style tables make this a lot easier. The power can be run down the table, and many people in open co-working areas prefer this kind of seating.

Shared Open-Air Spaces

Co-working spaces usually need well-designed open-air work areas. Whether it is just small tables and chairs or a giant shared table with benches, the concept is for members to sit in proximity with others, thus encouraging productivity and collaboration. Mixing up and networking is a crucial part of co-working culture, so make sure you design the space with that in mind.

10 Factors that Make a Good Co-working Space

A good number of factors go into making a co-working space successful. To be the best in the market, you must offer your clients a facility that considers different members and clients whilst identifying your brand. Nonetheless, here are key factors that make a good co-working space;

The most critical element of every successful co-working space is the Community. Creating a platform that enables collaboration between like-minded professionals is the foundation of every successful co-working space. Most often, the community even comes before the physical space. Establishing an innovative and vibrant co-working community is indeed the toughest aspect of making a great co-working space.

One of the key components of having a vibrant community is to create a safe environment where your clients feel they belong to something. When you walk into a co-working space and feel a positive and matured vibe, that is the community.

Spaces that are quite successful in this market understand that they are in the Real estate business too. This simply means that the quality of the space matters, as much as any other vital component of the business.

• Location: How will clients find and locate the workspace ? Does it have close-by public transport access? Adequate parking spots? Are there any popular close eatery or cafe?
• Layout: What’s the design of your workspace? How do you maximize the space you have? Is there any unused space left?
• Fitting & Design: Does the space tell your story? Is it relatable and nice? Does it have adequate light? Does it suit the needs of your community?

Have it in mind that successful spaces invest a lot to ensure they are getting the best out of their real estate and location. They do this by paying attention to the planning phase of their space to ensure the viability of the location.

Most successful spaces in this market understand the importance of keeping their overhead and expenses low…

• Rent: Everything starts with negotiating good terms for the facility
• Staff: Not having excessive staff, but enough employees to keep the business successful.
• Software and Utilities: Ensuring that thus cost and expense stays low too.
• Processing Fees: You can choose to use cheaper options such as direct debit (or ACH) or pass the fees to the members via payment providers such as PlacePay.

Hospitality

Hospitality is a very vital component of building successful co-working spaces. Successful coworking spaces understand it, embrace it, and capitalize on it. Have it in mind that the easiest way to offer your patrons good hospitality is by having a good team.

Well-to-do spaces only hire members who understand the ethics of hospitality. You must invest in hiring nice, friendly, and smart people with a sense of empathy.

Have it in mind that these workers will be the face of your space. When you walk into a co-working space and feel the connection and warmth of genuinely nice people that work in the space, it simply tells you everything you need to know about the space.

Revenue Channels

To be very successful in this market, you must have different revenue streams and a balance between risk and growth potential.

• Private space: This is, without doubt, the most reliable source of income and something you should consider in longer terms, to create more security.
• Desk memberships: Also note that these co-working memberships are a great revenue stream.
• Services and ancillary items: Amenities like storage lock, parking space, and dedicated internet can bring more revenue.
• Meeting and Event space: Short-term hires can also serve as a source of revenue.
• Virtual memberships: Another option to consider if you are looking to increase business revenue

Success will always be dictated by how efficiently you run your business with minimum involvement of staff.

• Automation : Successful spaces always try to automate as many processes as possible. Good co-working management software can certainly help automate administrative tasks like billing, meeting room bookings, membership management, and more.
• Payments & Security : Most successful businesses in this market consider charging 2 months in advance for private offices to reduce your risk.
• Maintenance : Successful co-working spaces also consider the maintenance of their facilities; building, renovating, or improving your space and ensuring durability.

Adequate funding is a necessity in this business and successful spaces tend to be good at raising funds and promoting the co-working idea to investors. A venture capitalist can be instrumental to the success of this business as it reduces the risk on the entrepreneur’s side and allows the space to be more aggressive with growth plans.

Successful spaces also know how to leverage and get the best out of their software, especially since it can help provide meaningful data that can be presented to investors.

More on Coworking Space

Coworking Business Plan

I’m working on a business plan in order to open a coworking space. Do you have any tips & tricks for me?

It would help me if you have a model business plan.

Hey Cristina,

Welcome to the group!

I have a free starter kit that includes a basic business model template here:

http://nwc.co

There’s also a more robust premium package here:

http://nwc.co/3/coworking-business-model-template/

Coworking has become incredibly diverse, so there are different ways of approaching the model based on the needs in your region and your own personal disposition. This can include:

• Just a casual club
• Coworking in under-utilized space (restaurants, cafes, etc)
• Coworking only
• Coworking + cafe
• Coworking + consultancy
• Coworking + private offices
• Coworking + events & educational programming
• Coworking at scale

And many more.

When I work with a new client to help them with their planning, one of the first things I’ll do is get a sense of which of the above models might be the best fit for their interests.

Often they already have an idea in mind, though it’s still good to go through the process of examining all of the possibilities—I frequently help people temper their expectations by recommending starting with something smaller, to help pave the way for a more ambitious undertaking.

Once you have a rough idea of the high-level approach you want to pursue, then you can start looking at numbers to get an idea of how a model might work.

What you may find, however, is that unless you happen to already have an existing community or related network and a space lined up, it may be a while before you can get too specific—building interest in the project and rallying stakeholders around the general idea will likely be necessary before you can plug in real-life numbers with a real-life space.

Once you have a particular space in your sights, you can plug in the actual square footage and cost per square foot (at least that’s how we do it with my templates) to get accurate projections and an estimate of what you’d have to charge to make it profitable.

I hope that helps!

Would you like to tell us a little more about your project?

Cheers, Tony Bacigalupo

On Mon, Oct 15, 2018 at 5:25 AM, Gadei Cristina [email protected] wrote:

– You received this message because you are subscribed to the Google Groups “Coworking” group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected] . For more options, visit https://groups.google.com/d/optout .

Hi Cristina,

I’ve compiled a list of useful financial resources for coworking spaces . You can dowload a spreadsheet with an example of a coworking business plan here . There’s also this file that can be helpful.

My best tip is to keep it simple and don’t add too many lines for every single thing. Try to bundle those that are related together. You can do a simple back of the envelope calculation to figure out if the space can be profitable or not and how many members you need to have to be profitable (I explained this in GCUC workshops and also in the finance chapter of The Coworking Handbook ).

If you are working on something that you want to present to banks, get a template file from your accountant and fill it up.

Don’t get carried away with spreadsheets: membership is easy to grow on paper, but you have to do something that seems plausible for you to do in real life.

I hope this helps you short things out.

On Tuesday, October 16, 2018 at 5:09:15 PM UTC+2, Gadei Cristina wrote:

This discussion is very important to me. We own our space (2 story office building–2800 sq ft, plus functional basement) – two tenants including us intend to keep some of the space. My concern is the viability of the location, need, and interest in doing a co-op space in our neighborhood.

How does someone actually do the research?

On Tuesday, October 16, 2018 at 10:09:15 AM UTC-5, Gadei Cristina wrote:

I worked with the Small Business Development Center at my Community College. They were a great resource for me.

• We looked at office space for rent in a 20-30 mile radius, what was included in the rent, what the office and surrounding neighborhood looked like.
• I also did research online for what other coworking spaces offered.
• I talked with people I knew who were remote workers or had started a company on their own to find out what they would look for in a coworking space.
• I visited local coffee shops/restaurants to see if there were a large number of people taking up tables with laptops.

Our building is in the middle of Main Street in a revitalizing downtown area. City Hall just relocated across the street and the Chamber of Commerce and the city Development Alliance is out my back door. Location matters. Getting to know local business people who are involved in the community matters. Getting involved in the community where you plan to open your space matters. My space can be used for special events as well. Before I had any coworking members I had hosted a few events in the space. It was good exposure.

My biggest challenge has been education. Letting people know that I was here wasn’t enough. They didn’t know what coworking was! I had to come up with a quick answer to “What is it you do here?” & “What is coworking?”. If they were really interested then I could explain further.

Best of Luck

Sent from Mail for Windows 10

From: AK Sent: Friday, October 26, 2018 10:40 AM To: Coworking Subject: [Coworking] Re: Coworking Business Plan

– You received this message because you are subscribed to the Google Groups “Coworking” group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected] . For more options, visit https://groups.google.com/d/optout .

I’ve been following this thread and have to say, you guys are awesome! Love this community.

Felisha Hatcher-Taylor Executive Director, Co.ology

586.842.2244 | [email protected]

[Co.ology : Work + Creative Space]( http://Co.ology : Work + Creative Space)

On Fri, Oct 26, 2018 at 12:30 PM Wendy [email protected] wrote:

We looked at office space for rent in a 20-30 mile radius, what was included in the rent, what the office and surrounding neighborhood looked like. I also did research online for what other coworking spaces offered. I talked with people I knew who were remote workers or had started a company on their own to find out what they would look for in a coworking space. I visited local coffee shops/restaurants to see if there were a large number of people taking up tables with laptops.

deskandeasel.com

I had to participate in two coworking projects. One of them is still working and continues to be a cosy place for freelancers. The most challenging thing to create was to make a budget plan. In other words, allocate funds for all creation and further maintenance expenses.

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Espace coworking : Modèle de business plan rédigé gratuit

vous disposez d’un local et vous souhaitez rédiger un business plan pour un espace coworking, société facile vous offre un exemple de business plan

Besoin d’aide pour faire votre business plan ou votre prévisionnel ?

Faites appel à un expert pour vous accompagner dans la réalisation de votre projet.

Business plan PRO  ,  Délais rapides  ,  Tarifs attractifs

Business plan espace coworking : Résumé opérationnel, executive summary

Aperçu de l'activité.

[Coworking space] a été créée il y a dix mois pour répondre à la demande croissante d’espaces de bureaux de coworking flexibles, confortables et fiables. Plusieurs entreprises de la région recherchent des espaces de coworking depuis plus d’un an, mais la plupart sont déjà utilisés. C’est dans cette optique que [Coworking space] a été créée par [Nom du fondateur] pour répondre à ces besoins spécifiques en matière d’espace de bureau.

[Nom du fondateur], courtiers en immobilier commercial agrée, a commencé à entendre les mêmes questions de la part de leurs entreprises clientes au cours de l’année écoulée : Devrions-nous prendre un bail de 5 ans pour un espace de bureau dans un bâtiment ? Devons-nous prendre le risque d’acheter un terrain et de construire nos bureaux ? Certains de nos employés ont-ils besoin d’un espace de travail isolé ? Des groupes ou des équipes collaboreront-ils fréquemment sur divers projets ? Les projets seront-ils analysés par des individus ou des équipes de recherche et développement ? Les réponses à ces questions ont mis en évidence le besoin crucial du plan et du programme de location que nous avons élaboré : un espace de coworking flexible, confortable et fiable pour tous.

La nature changeante de notre économie exige aujourd’hui que les entreprises considèrent l’utilisation des actifs de manière judicieuse lorsqu’elles déterminent le type d’immeuble de bureaux ou d’espace de travail qui répond le mieux à leurs besoins. L’un des frais généraux les plus importants est celui des espaces de bureaux, en particulier lorsqu’il faut acheter un terrain et élever un bâtiment. Nos clients reconnaissent que leurs actifs peuvent être mieux utilisés dans d’autres domaines, tels que l’innovation, la technologie et la croissance globale de l’entreprise. Grâce à cette prise de conscience, [Coworking space] s’est récemment imposée comme le nouveau leader des espaces de coworking qui fonctionnent réellement.

Au cours des cinq prochaines années, nous prévoyons de perfectionner et d’affiner notre modèle de travail, en ajoutant des équipements au fur et à mesure que nous sommes à l’écoute des besoins de nos clients. À ce moment-là, nos plans à long terme incluent la création d’une opportunité de franchise pour les acheteurs à travers le pays afin qu’ils adoptent le modèle commercial d’espace de coworking consommé que l’on trouve à [Coworking space].

Le service et les produits

Chez [Coworking space], notre processus commence par la recherche de l’emplacement idéal pour nos clients. Nous assurons ensuite la location ou supervisons l’achat de l’espace de travail. Les étapes suivantes sont les suivantes : enquête auprès des employés (pour déterminer leurs besoins et leurs souhaits), construction d’espaces pour maximiser le confort, attribution d’espaces communautaires pour la collaboration d’équipe, et construction d’installations, de mobilier et de tout autre équipement de bureau, comme une cuisine ou une salle d’exercice.

Dans une étude récente de l’université de la sorbonne, près de 84 % des personnes qui se trouvent dans des espaces de coworking se disent très satisfaites de leurs conditions de travail lorsque leur employeur a répondu à leurs besoins. C’est pourquoi [Coworking space] offre des espaces de travail qui sont propices à une productivité élevée et à un précieux degré de communauté, car nous répondons aux besoins des employés.

Clientèle visée

Les clients de [Coworking space] sont généralement des propriétaires d’entreprises, des investisseurs, des cadres commerciaux et des agents immobiliers à la recherche d’espaces de travail pour 10 à 50 personnes. Ils cherchent à placer leurs employés dans le meilleur environnement possible afin d’encourager la production d’équipes performantes.

Les clients de [Coworking space] reconnaissent également les désirs et les besoins de leurs employés, et peuvent donc rechercher des cuisines complètes et des salles d’entraînement en plus des espaces de coworking. [Coworking space] s’efforce de maximiser son investissement, que ce soit par l’achat ou la location, en veillant à ce que la production reste élevée et que l’enthousiasme de l’équipe corresponde à la production.

Les données démographiques des clients actuels et potentiels sont les suivantes :

Plus d’un million de propriétaires d’entreprises à la recherche d’espaces de coworking.

Près de 2 millions d’employés travaillent actuellement dans des espaces de coworking.

Plus de 58 000 investisseurs cherchent à investir dans des espaces de coworking

Équipe de direction

[Nom du fondateur] et [Nom du fondateur] travaillent ensemble dans le secteur de l’immobilier commercial depuis plus de dix ans.

[Nom du fondateur] et [Nom du fondateur] ont commencé à travailler ensemble en tant que courtiers en immobilier commercial il y a dix ans et [Nom du fondateur] a complété son cercle de réussite en tant qu’agent de séquestre spécialisé dans les bâtiments commerciaux et la location. Ce contexte de rôles compatibles a créé la base de la confiance de nos clients. Nous avons créé [Coworking space], une entreprise rentable, au cours des six derniers mois, ce qui prouve la validité de notre devise : “L’espace de coworking fonctionne”.

Facteurs de réussite

[Coworking space] peut se prévaloir de deux projets très réussis qui ont déjà été achevés de manière rentable au cours des six derniers mois :

Le projet Hillside, pour une entreprise de gestion des ressources humaines de vingt employés, est devenu la pierre angulaire de notre succès. [Coworking space] a réussi à fournir un espace de coworking et des cloisons insonorisées pour les employés, avec un coin cuisine ajouté comme bonus pour les employés.

[Coworking space] a développé un espace commun, le Broadstone Building, pour notre deuxième client, avec le même succès. Une équipe d’ingénieurs de dix personnes a été positionnée stratégiquement au sein d’un groupe de programmation de vingt personnes. La collaboration de l’équipe combinée a déjà produit d’excellents résultats pour notre client. En raison de ce succès, notre client a demandé à [Coworking space] de l’assister dans un autre grand projet d’espace de coworking.

Besoin en financement

À la lumière de notre succès précoce et rentable, [Coworking space] recherche actuellement 280 000 € pour répondre aux attentes de croissance. Plus précisément, ces fonds seront utilisés comme suit :

Fonds de roulement : 180 000 € pour 2 courtiers en immobilier commercial supplémentaires et 1 directeur administratif pour une période d’un an.

Imprimante 3D et programme de CAO pour la conception et les plans de développement : 100 000 €.

Agence immobilière

Centre d'appel

Business plan espace coworking : étude de marché.

L’évolution du concept d’espace de coworking a connu une croissance exponentielle au cours des dix dernières années. Au cours des cinq prochaines années, le taux de croissance annuel moyen de l’industrie des espaces de coworking sera de 17,5 %. Plusieurs facteurs contribueront à cette croissance, comme le suggèrent les rapports de l’industrie :

• Des coûts plus élevés associés à l’acquisition de terrains et à la construction
• Coûts plus élevés pour l’aménagement de bureaux individuels
• La hausse des coûts des matériaux de construction en général
• Une demande accrue d’espaces communautaires pour les équipes ou les groupes.
• Un objectif accru de durabilité des ressources
• Objectif accru de minimiser les dépenses dans tous les domaines

En même temps, comme l’a noté [Coworking space], l’espace de coworking devra innover en matière de conception et d’aménagement de l’espace pour les équipes ou les groupes qui ont besoin de collaboration. Le concept d’équipe ou de groupe domine aujourd’hui le monde des affaires et il est prévu qu’il continue à le faire pour de nombreuses années à venir

Business plan espace coworking : stratégie et mise en œuvre

[Coworking space] affiche une devise, “Le coworking qui marche”, qui exprime la stratégie de marque de l’entreprise. La plupart des espaces de coworking qui ont été construits n’offrent pas un environnement confortable et sans bruit ; [Coworking space] le fait.

Chaque plan personnalisé pour nos clients est conçu pour des cloisons confortables, fiables et réduisant le bruit. Chaque plan comprend des espaces communautaires pour la collaboration dans le confort, un autre point central de notre stratégie de marque globale.

Stratégie de promotion

[Coworking space] cible tous les courtiers en immobilier, les investisseurs, les dirigeants d’entreprise et les propriétaires dans un rayon de 160 km autour de notre site. L’utilisation de plusieurs médias est nécessaire en permanence car nos principaux segments de clientèle sont différents : certains sont traditionnels, d’autres sont branchés sur les médias sociaux, d’autres encore ne sont pas intéressés à moins qu’un courrier direct ne soit distribué. Pour ces raisons, [Coworking space] utilise toutes les ressources pour susciter l’intérêt et promouvoir l’entreprise :

• Médias sociaux

[Coworking space] achète actuellement des spots et des appels mensuels dans les médias ; au fur et à mesure que l’activité se développe, cet effort va s’intensifier. L’accent sera mis sur l’expérience des fondateurs, la nature unique des processus de l’entreprise, ainsi que la rapidité et la personnalisation pour les clients.

• Relations publiques

[Coworking space] fait appel aux services de Carmichael Public Relations pour publier des communiqués de presse trimestriels et obtenir des articles de blog et de presse pour les fondateurs. Le marketing des médias sociaux est inclus au cas par cas, en fonction du projet concerné.

Bien que la plupart des clients consultent [Coworking space] à partir des résultats de Google, cette entreprise dispose d’un site web interactif avec des vidéos qui démontrent nos capacités à concevoir, construire, meubler et personnaliser des espaces de coworking pour nos clients.

• Conférences nationales et internationales

Le National Board of Commercial Real Estate Brokers organise deux conférences par an. Les fondateurs de [Coworking space] cherchent à faire des interventions lors de ces deux conférences.

• Dîners d’investisseurs

[Coworking space] invite 10 à 12 investisseurs à participer à des dîners gastronomiques avec d’autres membres de la communauté et les fondateurs de notre entreprise, afin de mettre en avant notre souci de qualité et de personnalisation des espaces de coworking. Il en résulte des relations nouvelles et renforcées qui se traduisent par des investissements dans [Coworking space].

• Visites de propriétaires et de dirigeants d’entreprises

De temps en temps, à la demande des fondateurs, [Coworking space] organisera une visite d’espaces de coworking réputés pour leur qualité, leur design et leur beauté. Ces visites sont aux frais de [Coworking space], mais elles permettent de réaliser des ventes haut de gamme et de fidéliser nos principaux clients.

• Salons des espaces de coworking

[Coworking space] a participé à un salon professionnel majeur et participera à nouveau au prochain salon annuel. Cela place [Coworking space] sous les projecteurs du secteur et permet aux fondateurs de mettre en avant leurs succès et leurs modèles uniques de réussite. Au cours des prochaines années, des opportunités de franchise seront également proposées lors des salons professionnels.

Stratégie de tarification

[Coworking space] n’a pas été fondée pour être un facilitateur d’espace de coworking au rabais, mais une entreprise qui écoute et agit selon les directives de ses clients. Chaque projet est personnalisé et la rentabilité est assurée par le processus d’acquisition du terrain ou du bâtiment, le nombre d’employés, les besoins spatiaux, les critères d’environnement, les choix de décoration et d’ameublement. Les désirs de nos clients et leurs budgets sont établis avant le début de tout projet.

Business plan espace coworking : Prévisionnel financier et comptable

Pour créer un prévisionnel financier et comptable pour un espace de coworking, il est essentiel de prendre en compte plusieurs éléments afin de garantir une vision claire de la rentabilité et de la viabilité du projet. Voici une approche détaillée pour élaborer un prévisionnel financier :

1. Étude de Marché

Avant de plonger dans les prévisions financières, il est crucial d’analyser le marché :

• Analyse de la concurrence : Identifiez les autres espaces de coworking dans votre région, leurs tarifs, services et niveaux d’occupation.
• Demande locale : Évaluez la demande potentielle pour des espaces de coworking dans la zone géographique ciblée.
• Profil des clients : Déterminez les types d’entreprises et de professionnels qui pourraient être intéressés par votre espace.

2. Coûts de Démarrage

Identifiez et estimez les coûts initiaux :

• Location ou achat de locaux : Montant des loyers ou coûts d’acquisition.
• Rénovation et aménagement : Travaux de rénovation, mobilier, équipements (bureaux, chaises, imprimantes, etc.).
• Licences et permis : Frais liés aux autorisations nécessaires pour ouvrir et exploiter un espace de coworking.
• Frais de marketing et publicité : Lancement et promotion de votre espace de coworking.
• Autres coûts initiaux : Dépôts de garantie, assurance, etc.

3. Coûts Fixes

Ce sont les dépenses régulières nécessaires pour faire fonctionner l’espace :

• Loyer : Si vous louez l’espace.
• Salaires : Rémunération du personnel (accueil, gestion, nettoyage).
• Services publics : Électricité, eau, chauffage, Internet.
• Assurance : Assurance pour les locaux et les équipements.
• Abonnements et logiciels : Outils de gestion, systèmes de réservation.

4. Coûts Variables

Dépenses qui fluctuent en fonction de l’activité :

• Fournitures : Papier, encre, matériel de bureau.
• Marketing : Campagnes de publicité continues.
• Maintenance et réparations : Entretien des équipements et des locaux.

Estimez les sources de revenus potentielles :

• Abonnements mensuels : Tarifs pour les postes fixes, bureaux privés, salles de réunion.
• Services additionnels : Location de matériel, services de secrétariat, événements.
• Partenariats et sponsorings : Revenus générés par des partenariats commerciaux ou des événements sponsorisés.

6. Prévisions Financières

Créez des prévisions financières pour les 1 à 3 premières années :

• Compte de résultat prévisionnel : Estimation des revenus et des dépenses pour déterminer la rentabilité.
• Plan de trésorerie : Prévisions des flux de trésorerie mensuels pour éviter les problèmes de liquidité.
• Bilan prévisionnel : Estimation de l’actif, du passif et des capitaux propres à la fin de chaque période.

7. Analyse de Rentabilité

Effectuez des analyses pour évaluer la viabilité financière :

• Point mort : Calcul du seuil de rentabilité, c’est-à-dire le niveau de revenu nécessaire pour couvrir les coûts fixes et variables.
• Retour sur investissement (ROI) : Évaluez combien de temps il faudra pour récupérer l’investissement initial.

8. Plan de Financement

Déterminez comment financer le projet :

• Apports personnels : Fonds propres que vous êtes prêts à investir.
• Prêts bancaires : Montant et conditions des emprunts nécessaires.
• Investisseurs : Recherche de partenaires ou d’investisseurs potentiels.

9. Suivi et Ajustements

Préparez-vous à ajuster les prévisions en fonction des résultats réels :

• Suivi régulier : Comparaison des prévisions avec les résultats réels pour identifier les écarts.
• Révision des prévisions : Ajustements nécessaires en fonction des performances et des changements du marché.

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United States Seizes Aircraft Used by Nicolás Maduro Moros in Violation of U.S. Export Control and Sanctions Laws

The Justice Department today announced the seizure of a Dassault Falcon 900EX aircraft owned and operated for the benefit of Nicolás Maduro Moros and persons affiliated with him in Venezuela. The aircraft was seized in the Dominican Republic and transferred to the Southern District of Florida at the request of the United States based on violations of U.S. export control and sanctions laws.

“This morning, the Justice Department seized an aircraft we allege was illegally purchased for $13 million through a shell company and smuggled out of the United States for use by Nicolás Maduro and his cronies,” said Attorney General Merrick B. Garland. “The Department will continue to pursue those who violate our sanctions and export controls to prevent them from using American resources to undermine the national security of the United States.”

“Let this seizure send a clear message: aircraft illegally acquired from the United States for the benefit of sanctioned Venezuelan officials cannot just fly off into the sunset,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the Department of Commerce.  “It doesn’t matter how fancy the private jet or how powerful the officials – we will work relentlessly with our partners here and across the globe to identify and return any aircraft illegally smuggled outside of the United States.”

“The United States’ seizure of the Dassault Falcon 900EX aircraft illustrates our unrelenting commitment to enforcing U.S. export control laws and imposing U.S. sanctions for any violations,” said U.S. Attorney Markenzy Lapointe for the Southern District of Florida. “This successful seizure was the result of planning, coordination, and execution by the United States government, with invaluable assistance by the authorities in the Dominican Republic. Our office, along with our law enforcement partners, will continue to work to forfeit this plane and all other assets that circumvent the law.”

“The seizure of this aircraft is another significant action by Homeland Security Investigations working with our domestic and international partners against the illegal activities of the Maduro regime,” said Special Agent in Charge Anthony Salisbury of Homeland Security Investigations (HSI) Miami. “The efforts here highlight HSI’s global reach and our continued commitment to enforce US sanctions and stemming the flow of illicit proceeds being generated from high level foreign public corruption.”

In August 2019, the President issued Executive Order 13884, which prohibits U.S. persons from engaging in transactions with persons who have acted or purported to act directly or indirectly for or on behalf of, the Government of Venezuela, including as a member of the Maduro regime. To protect U.S. national security and foreign policy interests, the Department of Commerce has also imposed export controls for items intended, entirely or in part, for a Venezuelan military or military-intelligence end user. 

According to the U.S. investigation, in late 2022 and early 2023, persons affiliated with Maduro allegedly used a Caribbean-based shell company to conceal their involvement in the illegal purchase of the Dassault Falcon 900EX aircraft (which at the time was valued at approximately $13 million) from a company based in the Southern District of Florida.  The aircraft was then illegally exported from the United States to Venezuela through the Caribbean in April 2023. Since May 2023, the Dassault Falcon, bearing tail number T7-ESPRT, has flown almost exclusively to and from a military base in Venezuela and has been used for the benefit of Maduro and his representatives, including to transport Maduro on visits to other countries.   

The Department of Commerce Bureau of Industry and Security Miami Field Office is investigating the case, along with the Department of Homeland Security, Homeland Security Investigations (HSI) El Dorado Task Force Miami.

Assistant U.S. Attorneys Joshua Paster and Jorge Delgado for the Southern District of Florida and Trial Attorney Ahmed Almudallal of the National Security Division’s Counterintelligence and Export Control Section are handling the matter. Assistant U.S. Attorneys Jonathan D. Stratton and Ajay J. Alexander for the Southern District of Florida also provided assistance.

The Justice Department’s Office of International Affairs and HSI in Santo Domingo provided significant assistance in working with authorities in the Dominican Republic. The United States thanks the Dominican Republic for its assistance in this matter.

The burden to prove forfeitability in a forfeiture proceeding is upon the government.

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