3 Fundamentals of running a coworking space. Get them right and the road would be easier.
Like any other business running a coworking space can have its highs and lows.
But having the fundamentals in place can ensure the highs can be higher and the lows wouldn't be so low.
Below are the 3 fundamentals you need to work on to run a successful coworking space.
1. Facility: Having a great location is usually the icing on the cake. But guess what, that’s what the people see first. That’s what your potential members see, your existing members see, and even your investors. It’s important to have your facility sorted before anything else.
You don’t want your space to be just pretty, you want it to be functional and practical too.
Have adequate event space, the cafeteria is a must among coworking spaces these days.
Also, designing the space as per the needs. Real estate is the key among coworking space. Make sure you make the best of it.
Maintaining all of this is equally important, we need to have enough work done.
2. Hospitality: The key element of providing good hospitality is your team. Hospitality is people’s business and the people are in the center of providing good service to others. The successful spaces (and any business) are great at hiring members of staff and keeping their company culture awesome.
Focus on hiring nice, friendly, and smart people with a sense of empathy. They will be the face of your coworking in front of members.
When you walk into a coworking space you should see and feel the smile and the warmth of genuinely nice people that work in the space. A smile can open many doors and this is absolutely valid for the coworking business.
3. Profit and Optimization: You need to generate good revenue to grow and survive the competitors. You need to have more revenue streams instead of just 2 and coworking provides you with that opportunity.
I know it is easier said than done. At the same time optimizing processes and spending wisely will indirectly contribute towards more revenue.
Key to have more revenue streams is providing more flexibility because that addresses different parts of your target market.
Having plans based on the audience and demands always works.
For eg: You have too many freelancers who don’t visit regularly would be interested in a 15-day plan instead of the monthly open area plan.
You also can read more about how to generate more revenue from meeting rooms here.