Sometimes, working in the office or at home can be a drag, especially when you’ll be staring in the same dimly-lit screen all day while listening to the air conditioning unit hum from across the room. While most people are passionate about their work and will do anything to finish their workload on time, it’s going to be a challenge, especially when you’re bored. For a lot of individuals, getting bored can lead to becoming unmotivated, which can lead to laziness.
Of course, no one wants to become lazy when they’re working, right? Well, what you’ll need is a change of scenery. But we’re not talking about a vacation, but instead, we’re talking about a co-working space that can help boost your productivity.
Gone are the days that you’ll have to stare on large boxy computer screens with puffy eyes, and you won’t have to worry about toxic managers breathing down your back when you start slate again by working in a co-working space.
Maybe you want to set up a co-working space close to suburban houses near your area? Well, it’s possible, but you’ll need to think hard about different factors.
What Is a Co-Working Space, and Is It Profitable?
For most people, co-working space is considered a respite for freelancers, writers, and workers working remotely. As the name suggests, a co-working space offers the same time as a traditional office. Still, you won’t necessarily have to work with people associated with the equal company as you. The common denominator for these businesses is flexibility, as you can go there anytime.
In reality, there’s no one way of setting up a co-work space; most people will design it as if it were a professional office, while some business owners design it as a cafe.
But in terms of being a business model, co-working space has been skyrocketing in popularity ever since 2005. To make the long story short: co-working spaces are considered to be at the higher echelon in terms of successful businesses, with 72% being of these businesses becoming successful after two years.
Things to Consider
But before you do go ahead and set-up your own co-working space, there are still some factors that need to be weighed in. Most of these factors can significantly influence the success of your business.
Necessarily, you’ll need space, the right location, and employees with the same passion and commitment as you do to get started. However, what might seem right on paper can become a bit more complicated if placed into action. Here are some essential pointers that will get you started.
Planning Things Out
First and foremost, it’s best to start planning out your co-working space. Even before you have created your co-working space, getting the word out through marketing and advertisements can help build the hype towards your location.
Ask yourself these questions:
- What demographic do I cater to?
- What aspect do I focus on?
- What are the services and products that I want to convey to the target audience?
- What’s my budget like?
Focus on What You Can Give
But just like every marketing campaign out there, the first impression will always last. In this case, it’s essential to focus on functionality over aesthetics and profit. But of course, aesthetics and benefit should also be considered. After all, co-working spaces are known for their minimalist and modern interior design and style.
You might have to invest in some hip and newly-furnished items and furniture to coincide with your style. But trust me, it’s going to pay off when people are zooming in and out of your business in no time.
Next, the location will matter. Sometimes, it’s good to place your business on a busy street to give it a more comprehensive look. Other times, you might have to put it in a quiet corner if you’re planning on attracting a more specific audience. Ultimately, it’s all about giving your customers an easily-accessible and safe co-working space with a balance of both privacy and engagement.
Reach Out to Locals
Many co-working spaces have been adopting a more ‘local-friendly’ trend with their products and services being geared towards the local populace. Focus on an image that says that your co-working space is well-meaning and not a center for profits.
Working at home or can cause a dissociation between rest and work while working at the office can make most individuals unmotivated. Co-working space has been growing as a trend since most people are voluntarily work in these areas while also interacting with others.
With the rise of co-working spaces, businesses have been eyeing it as one fo the best models before the turn of the decade.