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Get your Coworking Space Business Up & Running!

by Tandava Krishna

HOW TO START A COWORKING OFFICE SPACE BUSINESS

The COVID-19 pandemic came as a nightmare for all of us but those who lost their businesses lost their livelihood. There were several disputes and court actions during this time about the lease and agreement of the rented place by many businesses and offices as they were not being used but still being charged for it. The cost of maintaining an office is huge. You have to take care of all the amenities and make sure the appliances and equipment are working well. You have to look after the cleanliness and hygiene too. This all sure sounds like a big hassle. But thanks to the innovative business ideas that keep solving our problem and one such is the Coworking Office Space. A coworking office as the name suggests is a co-working space where you share amenities and resources of the building but work independently of each other. A coworking space is a great idea as you meet new people and increase your business circle. These places are highly motivated, you do not have to sign a long run lease, you get out of the house which can often be redundant and a great place for networking. By the idea, we can already imagine that coworking space is the future and this is a great business venture to open after the pandemic is over as people will be looking for a new place to establish their businesses.

Here is a plan on how you can start an office space business:

Create a Plan 

Decide beforehand what kind of Cowork Space Business you want to open. Before planning and taking any initial steps, it is very important to educate yourself and understand how this setting would works. If you are starting a business, you also need to have good management skills. Opening a Cowork Space Business will require you to be extra vigilant with ongoing requirements and trends in the market and provide your client with facilities based on that. Have an understanding of hospitality and marketing as well. There are a lot of things to cover, so do your thorough research on this, learn what are the skills required, and be an expert! Look at the prerequisites given below to have a profitable Cowork Space Business.

Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and the Cowork Space Business needs investment and time

Take Permits and License

To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, get your GST registration, and all sorts of licenses and permits are done. There are certain guidelines to be followed for the building and restaurant of your hotel and require great attention to detail. Getting a hotel license is not easy. Make sure you are ready with all the paperwork and to take multiple rounds of government offices because opening the Cowork Space Business in India calls for this.

Choose the right Location

The location of your Cowork Space Business matters a lot. Your building and infrastructure should be at the premium location of the city only then businesses or offices will be interested to rent a place form you. You can open near other office buildings or complexes where there is a high footfall of people and is beneficial for your clients who would rent a place from you. 

Decide your services

Depending on the location of your business, decide the services that you will be providing and how you are going to arrange those resources. There are few basic amenities such as water, toilets, elevators, etc. Apart from that, you can also open a small café, a restroom, a business meeting room, which would interest more people. You also will need a help-staff for cleaning and maintenance. For décor and staff, find resources that are locally available to you. It will be easier for you to arrange and will cost you a lot less. Focus especially on the comfort and attention to detail of your facility.

Understand your customer

Any business needs you to be focused on their target audience. In the Cowork Space Business, your client’s comfort is very important. There should a cordial agreement between both the companies that are sharing the office and there should be right and equal allocation of the resources. Take notes of their requirements, what are the new facilities offered by other Cowork Space Businesses, and how you would like to inculcate them for your clients, etc. Take their reviews sincerely and focusing on the target audience is very important in this business so keep that in mind.

Customer Base

Before you think of setting up any business, you keep in mind your target audience. For the Cowork Space Business, your customers are more likely to be freelancers, small businesses, non-profit organizations, and young job professionals who have a low budget and small staff. Set up your advertisements and marketing focused on them. 

Generate funds and make the right investments

Building a coworking space from scratch is a huge investment as the building cost of the infrastructure will be high. If you already have the infrastructure available with you then all you need is to spend on facilities, décor, in-house staff, and marketing. You will have to look for the right location and build the facility according to your budget.
If you are refurbishing an old building for a coworking space, it will require a good deal of money and a lot of work. Work closely with builders and interior designers. Make sure you are satisfied with the changes you make and there are no problems regarding them in the future with your client.

Go online

Setting up any business requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your Cowork Space Business to attract potential customers. Market your facilities and show off your infrastructure. Use various models and tools which are available online to make your website catchier and more attractive. Give all the contact details and booking references on your website so it is easier for your potential customers to book you for services

Marketing 

Make use of social media as it is almost certain that at least one person in your locality must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your new Cowork Space Business. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one-to-one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.

Starting an Cowork Space Business takes a good amount of planning. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!

 

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