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How Do You Make a Coworking Space Profitable?

Rochelle Ceira
How Do You Make a Coworking Space Profitable?

Most owners of coworking spaces are aware of the many aspects that go into determining a space's worth. Since coworking spaces house real people, it's not just about making more money or spending less. The ambiance, culture, benefits, and resources at your disposal will all play a significant role in determining how beneficial your coworking space is. Step-by-step directions on how to maximize the value of your coworking space, keep your current members happy, and bring in new ones are provided in this overview.

Having Clear Objectives

Before making any changes or improvements to your coworking hub, you need first to determine what those changes and improvements will be. Given the complexity of the situation, it is wise to start small and gradually broaden your goals. A good way to approach this would be to break down your aims into the following classes:

1. Costs

The first place to look for savings is in your budget, whether that means raising the rent or bringing in additional customers. When you're just getting started, every penny counts. Many business owners of shared office spaces assume that they may put off spending money until later. Cost optimization from the beginning, even with only a few customers, can make scaling your coworking business much simpler.

2. Marketing & Branding

To the same extent, this is essential for coworking startups.. Branding and marketing will naturally remain intertwined with your business in whatever capacity. It's crucial to have a consistent brand identity and messaging for your target audience from the start.

3. Productivity Friendliness

People wanted to get more done in shared offices than they could at home or at a coffee shop, which led to the rise of the coworking trend. That's why it's important to provide them with high-quality productivity resources and restrict unnecessary interruptions so they can focus on getting work done and enjoy the many advantages of a shared office environment.

4. Flexibility

You should provide your members with a range of options to attract them to your coworking space. Users of coworking spaces are often self-employed professionals who want a flexible work schedule, and they expect the same from their coworking service. One of your priorities should be to increase adaptability by offering both unique pricing and varied membership packages.

Member’s Viewpoint

Coworking space manager talking to member

The best method to improve a coworking area is to see yourself as a potential new member. Think about the following questions and aspects that members most often bring up when selecting a coworking space:

  • Can I get a confirmation that the pricing is acceptable?
  • Have I been able to see myself working here?
  • Do I feel inspired to work here?
  • What do I think of this crowd?
  • How's the ambiance?
  • In other words, will I have all I need at my disposal?
  • Would I be able to easily cancel my subscription if I needed to?
  • Can you tell me about the networking events?

Users consider a plethora of other inquiries. It's also worth noting that your coworkers won't just choose any old office; they'll do their homework and evaluate locations based on the criteria listed above. That's why it's crucial that your coworking space stands out from the competition and provides superior value.

Optimize Customer Service and Hospitality

In the coworking space industry, like in any other, client service is crucial. Users need reassurance that they can always get assistance if they run into trouble. Although it may be an inconvenience to hire extra staff only for hospitality, doing so may have a huge impact in swaying the minds of hesitant customers to purchase your membership.

Make sure your users can get in touch with you whenever they need to, whether you employ a receptionist, a space manager, or provide just remote help. The people in charge of this area of the company's operations should be kind, helpful, and committed to making each customer feel like they belong. It is essential that all members feel completely satisfied and joyful after interacting with your customer service team.

Introduce Innovative Technology

One of the greatest advantages of modern office space is the prevalence of technological tools and coworking applications. Investing in state-of-the-art technological equipment may seem like an expensive venture at first, but it will pay huge dividends for the firm down the road.

Think like your members for a moment and notice the things they utilise most. Facilitate simple booking of conference rooms and provide around-the-clock access. It's preferable to have all ancillary technological equipment, such as headphones, microphones, sketchpads, and potentially projectors, at each workstation. Due to the diversity of the membership and the resulting wide range of technological requirements, it is crucial to anticipate and account for the demands of each individual.

You may feel free to install as much technology as you want in common areas and meeting rooms. VR headsets and gaming consoles, for instance, are a delightful way to bring cutting-edge technology into communal and recreational settings. All of these supplementary resources will significantly improve the profitability of your coworking enterprise.

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Host Networking Events

It was previously said that increased productivity is the main draw for many people to a shared office setting. Opportunities to expand one's professional network are, however, often just as crucial. It's easy to get bogged down in your job as a freelancer when you have the flexibility to work from anywhere, but it's also important to make time to build your network. There are many things you can do as a community hub to encourage people to mingle and make connections there.

Event at a coworking space

Listed below are a few amusing suggestions:

1. Host Talks

Amazing individuals, your members, who dared to go it alone and build a successful company. Talks are a great method to bring your members closer together since everyone has a unique professional background and is full of tips, tricks, and things to avoid. In this manner, everyone may learn from the experiences of others if they so choose.

2. Professional Speed Dating

No, we're not suggesting you try speed dating to locate a romantic partner; instead, you may utilise the same method to promote the professional endeavours of your members to one another. Within a little time frame (say, five minutes), members may sit across from each other and describe what they do. This is an excellent strategy for locating new vendors, business associates, or contractors.

3. Pecha Kucha Events

Pecha Kucha is a modern presentation format that will provide your group's members a chance to hone their public speaking abilities while simultaneously exchanging ideas quickly and effectively. The presenter selects 20 visuals (slides) and is allotted 20 seconds to narrate each one. Your members will be blown away by the energy of this setting.

Importance of Interior Design and User Experience

Value is directly related to the quality of your coworking space's layout. Today, it might be challenging to tune out the opinions of architects, interior designers, and office decorators, each of whom has their own vision for what constitutes an optimal work environment.

Some people believe open-office layouts are the way of the future for the workplace, while others find the lack of cubicles and the constant commotion distracting. The ideal solution to this problem is to partition off different areas of your office to accommodate various needs, from open plan areas to highly secure areas. Focus instead on how your area will make its users feel while they are there. In the end, the design is only a sprinkle on top of the purpose of your location, therefore it's important to observe how members utilise the area, the tools they use, and the aesthetics they like or despise.

Spending a day working in your coworking space is a quick and easy approach to test for any problems that could arise for your clients. You won't realise what needs modifying and upgrading unless you come face to face with all those little everyday actions. You may also learn from the best examples of coworking spaces from across the globe.

Use Feedback

Keeping an ear to the ground and hearing what your real users have to say is the best approach to finding out what works and what doesn't in your coworking space. Although you may have great sentimental value for the chic conference room you created, data gathered from members may indicate that it is seldom utilised and may be put to greater use elsewhere. Make sure you schedule time every month or quarter to listen to member feedback and encourage open dialogue.

Making even little aesthetic or operational adjustments may have a significant impact on the profitability of your coworking space. Keep in mind that growing pains are to be expected, but by being open to feedback and making adjustments as time goes on, you can meet the needs of all your members. The members of a coworking space are the priority, just as they would be in any other hospitality business. Always listen to what they have to say and do all you can to make the shared office a place where people like coming to work and where they can thrive creatively and productively.

The article was written by Rochelle Ceira, creative writer for dollar 6 essays. If you feel under a lot of pressure due to work and school, the resource can help you regain your professional and private life balance.

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