There’s no shortage of coworking spaces nowadays. Since the COVID-19 pandemic invaded our lives, companies have changed the way their employees get to work.
Even though vaccines are out and people are getting back to their “normal” lives, the way people get to work has changed forever. Many small and large companies today are letting their employees work from home due to the benefits it provides.
However, when workers can’t find enough resources at home to get things done effectively, they turn to co-working spaces.
If you’re one of such individuals actively looking for a coworking space to get to work, you may have a hard time finding one that fits your needs.
There are tons of options to choose from. For instance, there are dozens and hundreds of coworking spaces alone. However, the majority of them are of lower quality and may not suffice for your needs.
If that’s the case, you may want to set up your own coworking space — yes, that’s possible. And I’m going to help you do that, right now.
Let’s dive in.
- Build up the demand
First and foremost, you want to figure out whether building a coworking space would be a viable financial decision for you. You don’t want to invest in a large co-working space just to find out no one’s coming to join it.
The best way to go about it is to build a community beforehand. Arrange small events and gatherings with your friends and family where you communicate your ideas and ask them whether they’d join you.
If a large number of them say yes, you can go ahead with the idea. If there are not enough people joining, you might want to build a comparatively smaller space.
- Find out what you want from your space
You need to figure out whether you want to run your space as a business, i.e., a solid income source for you, or just a place where some incredible people come together and work together. Even if you go with the second idea, you don’t want to spend money from your pockets to run the space. The space should generate enough income to support its expenses, plus make some passive income for you too.
Based on whether you want your space to be a business or not, you’d have to make different kinds of investments to it to attract more people. For instance, if you want it to be a business, you’d need to invest in fast internet connectivity, powerful computers, interpreting booths for translation, and other similar features to attract workers.
- Find a convenient location
You have to choose a location convenient for all the workers willing to join you. Pick a place that’s easily accessible; not too far away from the majority of the members. No one would like to travel the same distance to get to a coworking space that they have to travel to get to their office.
Furthermore, you have to make sure the area of the coworking space is safe and secure. The last thing you want is to build your space in a socially insecure neighborhood.
- Prefer utilities over bells and whistles
You should focus more of your budget on getting utilities rather than investing in bells and whistles. For example, if you have already invested in PCs, internet, and furniture, but you still have some budget to spare, spend it on more utilities rather than bells and whistles.
In this case, I’d recommend upgrading your computers and internet connectivity since they’re crucial. Investing in bigger and better furniture is not the right way to spend extra money. But at the same time, think about essential installation, such as HVAC equipment for air filtration.
- Plan big
Even if you want your coworking space to be just a hub for friends and family to get together and work, it doesn’t hurt to try to expand it when you get the chance.
If your space does well, make sure you at least give it a shot and try to expand it to other areas and cities.
Key takeaways
There are tons of coworking spaces spread across the country nowadays. However, the majority of them are substandard.
If you can’t find a space that fits well with your needs, consider building your own using the strategies and tips mentioned above.
