Guide to starting a co-working space business, Building Design Tips, Online Property Advice

A Guide to Starting a Co-Working Space Business

9 Jun 2021

COVID-19 has changed a huge amount over the last 18 months or so. One of the biggest changes has been the way in which people work with many businesses being forced to operate entirely remotely and this has now changed people’s ideas and habits when it comes to working. This could see a sharp rise in co-working spaces in the coming years and now could be a smart time to start this type of business.

A Guide to Starting a Co-Working Space Company

What are Co-Working Spaces?

Essentially, co-working spaces are shared workspaces where individuals can pay a small amount to come and work in an office setting with other remote workers. This helps people to escape the isolation of home offices as well as use facilities and services that they might not get at home.

With many companies now offering remote work or using a hybrid model, many remote workers might prefer to work in a co-working space occasionally to get out of the home, enjoy the social side of working in an office and work in a productive environment (many people struggle to work at home).

Industry Overview

Co-working spaces have been steadily on the rise for a few years with an increasing number of people working remotely, but the pandemic has now accelerated this and co-working locations are expected to double worldwide by 2024.

This will pique the attention of entrepreneurial-minded individuals and owning a co-working space could certainly be a lucrative business idea in the coming years. There are a number of ways to make money with this type of business, including membership fees, membership packages, guest passes and renting amenities and equipment. The key to success with this type of business will be finding a suitable location that is accessible and setting up a high-quality, comfortable and well-equipped office space where people can work, network and collaborate with others.

How to Start

Much like starting any new business, there will be a few key stages to go through when starting a co-working facility. You will need to carry out market research, create a business plan, register the business and secure funding as the early stages before finding a suitable commercial property.

Once you have found a facility, it is then a case of turning this into a functional and welcoming co-working space. You will need to invest in high-quality office furniture and equipment, which will involve ensuring that you have a dependable data connection with data and ethernet connectors.

It is then a case of creating a strong online presence for your new business and using marketing to start attracting clients.

Co-working spaces are sharply on the rise as a result of the mass switch to remote work and this could prove to be a lucrative business venture for those seeking a new business.

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