How To Start A Co-Working Space?

Co-working or shared working spaces have come a big way in India. Entrepreneurs, startups, freelancers etc., are going for shared workspaces. Co-working spaces provide state of the art infrastructure and facilities with various flexible hourly, monthly and yearly plans - making it a suitable option for professionals across payscale.

#1 Figure out a suitable real estate

You need a property to start a co-working facility. The location of your property is very important. If your property is located in a residential area that does not allow commercial activity, then you cannot open a coworking space in it.

Your property should be located in a spot where businesses would find it feasible to have their offices.

Also Read: How to Make a Profitable Co-working Business Plan

#2 Figure out your target clients

Do a thorough market survey of the kind of people who are looking for a coworking setup. What are their requirements, budgets and concerns? Co-working spaces are no more restricted to metropolitans. Cities like Jaipur, Bhopal, Dehradun etc are also coming up with co-working spaces.

Today, most of the co-working spaces are swanky, hi-tech offices. But if you customize your co-working space according to the requirements of your target audience, you can get things done in a comparably cheaper cost.

Some co-working spaces cater to a specific set of people. For example, women entrepreneurs or tech startups etc. So figure out these things beforehand.

Also Read: 6 Benefits of Coworking With Strangers

#3 Buy amenities

You need to buy utilities like computers, furniture, broadband connection, etc., according to the available space. Don't forget to build a conference hall, cafeteria, washrooms in your co-working setup.

#4 Start Promotion and Partnerships

Even before your co-working space is operational, you should start spreading information about it and pre-booking the space. This way, you will reduce the time of getting clients on board. You should partner with investors, incubators and accelerators etc. It will be another reason for people to choose your co-working space, as one of the reason for many freelancers, small businesses and startups to opt for coworking is for networking.

Also Read: Why Coworking Isn't Just a Rented Desk

#5 Have Flexible Plans for Your Clients

Opt for hourly, daily, monthly and yearly plans. This way you will have something to offer everyone.

#6 Have a strong feedback system in place

After your co-working space is operational - take regular feedbacks from your clients. Try to resolve all their queries. Client satisfaction is very important. If they are happy, it helps in customer retention and also in the spread of good word of mouth.