Rent Out: What You Need to Remember When Starting a Co-working Space Business

The business landscape has changed. The Internet enabled a lot of business ideas and helped many entrepreneurs to achieve their goals. The turn of the decade has seen a paradigm shift with the meteoric rise of startups.

Many years ago, startups are deemed to be the future of business — and it indeed is. There are no signs of stopping them. Among the most popular ones are already tech giants and are ingrained in the daily life of a person, and those include Google, Facebook, Twitter, and Uber. With the proliferation of startups come businesses that seek to serve them, and among them is the co-working space.

Co-working spaces allow startups with no permanent office address to have a temporary workplace. Rates depend on how long they stay or how many services they have. In recent years, co-working spaces have become the hubs of business consultants, entrepreneurs, and self-starters. In a nutshell, co-working spaces are a nice business idea.

Interested in venturing into this field? Here are some of the tips you need to keep in mind:

Choose the best location

Real estate will always be involved in this business since it is practically still an office. This is why you need to pick the best location that many of your target audience can easily access. The location may be expensive, but think about the return on investment (ROI).

Mind the design

Gone are the days when offices are just boxes that have chairs and tables. Nowadays, you should mind the design of your offices, not just in aesthetic terms. Foremost, see to it that the floor plan allows for zoning, which will help avoid the overlapping of space functions. You will also need to incorporate ergonomic designs into your furniture.

Decide on the services

modern open work space

You should not just offer space. Actually, you can offer additional services integral to the operations of your clients. For one, you can offer fast Internet services, which may also cover VOIP and conference calls. You can even stretch to equipment rentals, which may include printer, laptops, projectors, and even document shredders. If you think that your clients will bring in their clients and partners for meetings, you may consider setting up a cafeteria or a business catering service.

Consider franchising

Co-working spaces are pretty much a new business model, and it can be tricky to navigate. If you want to avoid certain problems and glitches at the early phase of your business, why not consider getting turnkey franchise opportunities? They have stable business models that you can use, which you may find ideal and less of a hassle.

Choose the right people

Create your business plans with the right people. The people you will be working with should share the same values are yours. Hire people based on your needs. Primarily, you will need to have a property or a building manager. For your Internet connection and tech aspects, IT people are needed. You may even hire a receptionist that will confirm bookings.

If you want to serve startups, it is time to start a co-working business. Start with a stable plan and work with the right people.


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