In the world of entrepreneurship, rented office spaces are rapidly growing in popularity. The demand for creative, flexible workspaces doesn’t seem to know any limits. Where large office spaces available for lease used to be the only option available, we’re seeing a considerable increase in coworking spaces, or buildings where freelancers, remote workers, and small startups can create a makeshift office for the day, week, month, or even years at a time.
According to Coworking Resources, there is a growing trend in larger corporations taking advantage of these resources. But what would tech giants like IBM, Microsoft, and Verizon want with an intimate coworking space? In 2018, one of the largest coworking chains in the world reported that about 25% of their annual revenue came from companies with more than 1,000 employees. Larger companies were flocking to coworking spaces to interact one-on-one with innovative minds, like creators, startups, and freelancers who are looking to collaborate with bigger names.
These companies also recognized the fact that sending employees into new environments alongside fresh talent improved productivity and encouraged fresh ideas. Coworking spaces also offered new levels of flexibility and convenience for everyone involved. They give remote employees and freelancers more freedom of choice, allow the opportunity to travel while working, and put employees closer to home, family, activities, and errands.
How To Start A Profitable Coworking Space
Larger companies flock to coworking spaces for cost savings above all. Rather than having to rent, purchase, or build an office building, fill it with custom furniture, pay for utilities, hire an upkeep staff, provide amenities like a cafe, and perform costly routine maintenance, small businesses and large corporations alike can just pay a monthly fee to your coworking company. While some organizations like the ones we mentioned above certainly benefit the most from a coworking arrangement, practically anyone can fit coworking into their professional lives.
Businesses that could benefit from coworking office building include:
- Marketing professionals: boutique marketing agencies, in particular, are the ideal fit for coworking spaces. Copywriters, social media managers, public relations firms, graphic designers, and more would be right at home.
- Wedding Professionals: Need a professional setting to meet one-on-one with your clients? Wedding professionals don’t generally have a permanent office building because they work in the field more often than not. A coworking space is perfect for photographers, wedding planners, caterers, and more.
- Virtual Assistants: With the growing popularity of entrepreneurship and small business ownership comes a surge in need for professional assistants. These are especially popular for people with unconventional shops, like infopreneurs or YouTube creators. Virtual assistants may still like to work in a professional, inspiring setting that keeps them productive, rather than from their couch at home.
- Web developers: It can be tough to sit behind a screen all day long. The change of scenery is one thing, but having a professional place to relax and meet with clients about building out their website or app is another.
Other jobs that can benefit from coworking spaces include:
- Product photographers
- Real estate photographers
- App developers
- UX designers
- Course creators
- Instagram Influencers
- Tech startups
- Content creators
- Virtual HR professionals
- Lawyers looking to start their practice
- Life coaches
- Network marketers
What does a profitable coworking space need?
One of the most important aspects of any profitable coworking space is a convenient location. To attract businesses, freelancers, and remote employees who are willing to pay a membership fee, a coworking space should be in a convenient location. Workers with flexible schedules are likely to have families. Look for locations that are near schools, grocery stores, and shopping centers where they may need to run quick errands in their downtime.
When it comes time to design your facility, flexible interior design will help you determine the changing needs of your demographic. There may be seasons when your clientele requires larger meeting spaces, or others where they prefer small, private rooms for making phone calls. The flexible wall panels available in prefabricated metal buildings allow you to change the interior layout in a matter of minutes. In any event, comfortable, aesthetically pleasing interior design with seating that is just as comfortable as it is functional will be essential.
Today, most coworking spaces offer at least a single option for getting coffee, water, light snacks, and more. While plenty of remote employees and freelancers are used to working in public spaces like coffee shops, they’re choosing to pay for a private coworking space. Members will expect their workspace to be quiet, and to have at least a discount when they do decide to visit the cafe. Design your amenities to be separated by a partition or wall, or to be separate altogether from the main building, and be prepared to offer a discount to members.
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