Among the essentials to opening a Coworking space there will be costs associated with every step that you take.
The most important ones to consider are the ones associating with opening a space, keeping the place in operation, and finding the ways to grow the space.
With all the steps in place for opening, staffing, and managing your space, the main question is always regarding costs so here’s a few pointers to look out for.
Opening a Coworking Space
To open a Coworking space you need to make tactical investments.
This is where feasibility goes a long way. It’s critical to find what trade-offs you’ll need to make to fit within the market.
That’s how you recognize the layout, location, and amenities. The most important factor is to gauge the demand so you can meet it when you come.
Make sure that you know the following:
- Options for creating a space
- Trade-offs to make
- Size needed to meet demand
- Demand for private offices and desk reservations
It’s also important to make sure you can find a broker who understands the Coworking industry.
According to our upcoming ebook, “A broker will have your back with an understanding of your particular market, rising trends in Commercial Real Estate as well as how it relates to Tenant Improvement.
They will also understand allowances, free rent periods, and other concepts.
They can also guide you through the process of qualifying for a lease and reaching out to a bank for a line of credit.
This will help with getting to know personal finance requirements, keeping an objective eye on the “lay of the land” as you work on the other factors with building your space.
Operating a Coworking Space
For operation you have to make sure that you have all your spaces covered.
This includes design and management.
When it comes to design according to our upcoming ebook, “the trick is to have a mix of open, private, and amenity space.
Usually the ratio is around 1 to 100 square feet per person, the trick is make your members not feel packed while also not feeling spaced out and isolated.”
Staffing your Coworking space doesn’t just limit itself to being cost-conscious.
If the goal is to stay lean the answer may not be the cheapest option. If you don’t have the proper procedures in place it can cost you:
Remember to keep in mind the opportunity costs to not meeting demands and keeping your team optimized.
You could most certainly be paying more with the money you’re not making. (Check out: Mistakes to avoid when opening a coworking center)
For more information we have a new series of ebooks with more in-depth insights on the best practices for opening and operating a Coworking space.
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