Opening your 2nd coworking space? Make sure you have all these things covered.
So you’ve managed to open up your 1st coworking space. Your occupancy is good, you got clients on a longer deal. Everything seems fine and it’s time to grow.
Growing by opening your 2nd coworking space. A lot of things come in factor, from rules across locations to streamlining what you stand for in the coworking industry. This is the location which should be much better as you wouldn’t want to make the same mistakes what your first location had so...
1. Make a list: Note down all the issues which you faced in your first location physically which you don’t want in the next one.
It could be something as small as the plugs were not on the table and under the table making it difficult every time you want to change something or something as big as too big of an open area in an area that is so corporate that everyone wanted cabins.
So make a list of all these learnings from your first location and then move onto the next one.
2. Location: This is the most important factor to consider before opening your 2nd location. As it’s the platform mentally and physically on which your next location would be based on.
The location should have the following
· Great Accessibility (from metro, train, buses)
· Less Traffic around
· Good Climate
· Decent Parking Space
3. Demographics and Trends in the area. : If the location is in a startup belt, you should go for more open areas and less dedicated desk. That’s because they prefer that since open area seats are cheaper. You want to have memberships as per the demand. So fewer cabins and more of an open area.
Likewise, if you have lots of corporates around, you need to have a mix of both but be more inclined towards cabins and dedicated seats as that’s what they want.
So give them what they want.
4. Demand is the command: Do an analysis of where there is no coworking space, opening up there will give you no competition.
Put it on your website, check with people where they would like you to open up your next coworking space.
Going as per demand will give you a good occupancy even before you launch your 2nd coworking space.
5. Multiple Location: When you have multiple locations, you need software that allows you to manage both.
CoworkingOps.com is one such software that allows you to manage your multiple locations. You can compare multiple locations. See the revenue across locations, expenses across locations, and much more.