The business landscape is shifting from the baby boomers to the millennials making decisions. With this said the demand for technology has risen with this change in the demographic. Here are a few things that could make or break the rate of member retention within your Coworking and Shared Space. Given the rising interest of Coworking as an asset to Commercial Real Estate, here are three vastly overlooked aspects to opening a Coworking or shared space space. Within the next month or so we will be releasing an eBook with more in-depth explanations for what you need to look for when opening a new space.
The first step is finding out where there is a need for a Coworking space. Before you can even say you’re ready you should have a process in place to assess the feasibility of opening a new Coworking space. For the best results it’s best to go about the following steps:
- Consult with a Commercial Real Estate Expert with Shared Space Experience
- Conduct a Competitive Analysis.
- Analyze the needs of Small Businesses and Available Freelancers.
It’s also important to see if your location serves the needs of this demand, if these prospects can come to your space as if it were a grocery store or gym. Never overlook community.
Lease Negotiation and Finding Space
Space is not the issue. Space is available with very little shortage. The issue lies with creating a productive work environment that can attract businesses and entrepreneurs looking to incubate their big ideas. Make sure that your space is configured properly. The best step is create a floor plan analyzing which areas are used for private offices, shared desks, and common areas. This way you can make your model efficient before you open the doors.
When it comes to minimizing costs, make sure that you stay protected for an unpredictable market. This especially includes real estate taxes. If you’re an operator from out of state, not knowing these costs can bring your Coworking office to a close.
Amenities and Opportunities
One thing successful operators like to do during the feasibility process is map out the local restaurants, recreational venues, and other places nearby. Having knowledge of what the areas around your space offers not only delights your members and builds retention, but it lets you scope out opportunities for what your space can offer that neighboring places and other Coworking spaces cannot.
When looking to open a Coworking or shared space, solving for these three variables is a great place to start. Once you have these three elements down, you can find opportunities for growth before you even open the door. To learn more about WUN and how partnering with us in technology prior to opening your space, click the button below to schedule a demo.