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Coworking space is the most beneficial resource available to entrepreneurs these days. As remote work has gained popularity, so is the coworking space. It’s considered one of the fastest-growing businesses. Most people enjoy the flexibility of choosing their work schedule, but many experiences a sense of isolation caused by WFH (work from home) or any other place of their choice.
Coworking spaces help to get rid of all these issues as it helps to create a hub where like-minded people can gather, share ideas, keep working independently, and collaborate on various projects.
The global coworking market has experienced steady growth between 2020 and 2021; it has increased from $7.97 billion to $8.14 billion at a compound annual growth rate of 2.1%. The growth is measured because more companies are resuming their operation and opting for new norms to recover from COVID-19 loss.
The coworking market is projected to rise at a 12% CAGR and reach around $13.03 billion in 2025. If you are coming up with an innovative business idea, you can consider starting a coworking space business. There are a few crucial steps that you need to follow to start successfully in today’s competitive business world.
What is Coworking Space?
It is a shared work environment where individuals meet, network, share ideas, work, share ideas, and collaborate on projects. These spaces are independent of a single business or office.
Instead of bringing together business professionals and entrepreneurs from different industries, such space is excellent for independent contractors who travel frequently or are interested in searching for contemporary and creative places to work. They are becoming widely utilized and accepted globally as it has lots of benefits that any individual can’t miss.
Benefits of Having Coworking Space?
The increasing coworking space is undoubtedly a good sign, helping professionals to generate revenue. Many are choosing to work from a professional space but love to eliminate the overheads; they are likely to collaborate with enterprises and choose to work from agile coworking space as it provides business spaces that are cost-effective options compared to holding the actual office space.
Coworking space provides a place to work and also offers additional advantages which are exclusive for the members of that space. However, before renting space from a coworking environment, find out what you are looking for. Choosing the perfect setup will ease your journey and affect the business environment as well.
From meeting business experts to collaborating on independent projects, coworking space enables people to learn together and also from one another. Joining a coworking space provides new opportunities to participate in a community of business professionals. There are countless benefits, including:
- More networking opportunity
- Increased productivity
- Boost in Creativity
- Greater flexibility
- Collaboration opportunities
- Cost-efficiency
Coworking spaces enable you to get out of the bubble. By revealing yourself and your employees to new perspectives, you can develop a better business. An efficient and comfortable workspace is needed for business success. Choosing the perfect coworking space is challenging; it’s crucial to review the steps to understand how you can choose the right coworking space for your business. And cards follow five things to help you build a coworking space successfully.
Steps to Follow for Developing Your Successful Coworking Space
As corking spaces provide lots of perks, lots of businesses are turning to utilize such spaces. According to the Statista report, there will be approximately 41,975 coworking spaces worldwide by 2024. Coworking is an innovative open working environment that enables companies to share a space and work together.
The future of coworking space is undoubtedly bright. Leaders predict that coworking spaces have a role in each industry over the years. A mobile workforce has embraced this space as it provides affordable space and all essential amenities to the community in which like-minded individuals can get together to share resources, network, and work on the same project, resulting in business growth.
The hassle-free transaction of utilizing coworking space makes it a worthy investment for all sizes and types of brands. Such spaces have transformed the method modern workers interact with the business world. There are approximately 17,000 coworking spaces globally; this number is increasing as more brands understand the importance of having a coworking business. If you are also thinking of starting the same, then you can follow a few essential steps as follows.
Know Your Intent
First of all, get clear about the reason why you want to create a coworking space. A CNBC article shows that coworking spaces aren’t just for entrepreneurs; lots of brands are investing in them; big companies such as Microsoft, HSBC, Dell, and Microsoft are staffing their staff in the coworking space.
This reason is enough to explain the importance of coworking space; it enables individuals to increase their network, feel more motivated, and get more innovative at doing their job. If you have thought of developing your coworking space, then you have made the right decision, but make sure to know the intent.
Is it to make more money or profit from the bubbling environment? You can operate your coworking space with an eye on the bottom line, as well as the benefit of bringing many talented experts together.
Location Selection
Location is king when purchasing a home; the same is the case with coworking spaces. Once you identify the market and know the intent of developing the coworking space, it’s time to identify where to set up your space. It might be that your market is based on geography alone, so it makes sense to be located centrally.
Deskmag global coworking survey shows that 81% of spaces have snack bars and restaurants nearby, while two-thirds of coworkers expect to have a supermarket in the vicinity, so don’t only think that coworkers want a place to work.
Make sure to focus on the look and feel of the venue; look that it has plentiful windows and lighting as it helps to promote a positive mood and helps to boost productivity. A river or beach view can prove a more prominent booster.
Interior Design
The first thing individuals come across when they enter the coworking space is the interior design and furnishings. Interior design helps them make a mind about how they feel about the space without speaking to any member or working over there.
Therefore it’s crucial to reflect the space core principle and also target market value. It also plays a critical role in establishing a work environment, managing members’ moods, and more.
Delightful Music
Background music might be restricted in many spaces, but it’s the new norm in a lot of spaces. You can ask your community about the same to be sure about the same. Everybody might not enjoy the music being played, resulting in headphones being visible in the space, while many appreciate background music.
You can find the middle way of introducing a Bluetooth-ready system, invite every member to contribute songs to a Spotify like app playlist and keep the volume level to an appropriate level. You can decide the same with the community member as everyone’s musical taste is different, but coworkers have to be mature enough not to let it get in the way of getting work done.
Amenities
If you are unable to provide a cafeteria, you can choose to install a kitchen with tea and coffee-making facilities. Installing the fridge and oven is also a better option. Provide the milk, sugar, tea, and coffee; make sure not to compromise the quality. Your coworkers will definitely love this facility. Always keep the office bathroom fully stocked with toilet paper, soap, and hand towels. Hire someone who can clean the coworking space.
Coworking Space Has a Bright Future Ahead!
It’s true that more professionals are switching to working remotely following by COVID-19 pandemic, but professionals believe that the coworking space business will succeed in the post-pandemic economy. With lots of employees as well as workplaces going remote, large companies can afford to hold their headquarters and other branches.
For enterprises that don’t have the financial resources, continuing to have physical offices while their staff is working from home is not feasible at all. This is where a coworking space business can flourish.
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