Coworking is an industry that has been around for many years now.
The purpose of this industry is to create flexible workspaces that serve as communities for freelancers and professionals from both small and big organizations.
More and more entrepreneurs are entering the coworking industry due to it’s increasing popularity among working professionals and freelancers alike.
While the industry is set to grow at a slower pace in 2020, we expect growth to rebound and develop even more rapidly from 2021 onwards, with a yearly growth rate of 21.3%.
In a world where coworking is proving to be the next big thing in real estate, it is not enough to just set up a coworking space and earn profits. You know it’s not that simple.
Read more: Profitability of Coworking Spaces
People entering the industry need to understand the core values that the coworking industry rests on, the goals and aspirations of the people who work at coworking spaces and also the ingredients that ensure coworking success.
Coworking success rests heavily on three core values
Sense of Community
Coworking spaces strive to create a sense of belonging among its members.
This sense of belonging in people brings out the best in them.
This is most important of all the core values necessary for coworking success because, without a sense of belonging, a coworking space is just like any other office space.
Coworking spaces believe that nurturing talent, relationships and opportunities result in the growth of both businesses and people.
What are coworking spaces, if not places where people meet, work and grow?
The entire idea of coworking based on the value of nurturing.
At shared office spaces, coworkers help each other grow through the spirit of collaboration and cooperation. This is also a necessary core value for coworking success.
Sense of Community
Coworking spaces instil in its members a sense of community.
This sense of community brings members closer to each other and creates an ambience that encourages the spirit of creating and sharing.
A sense of community is an important factor in your quest for coworking success!
Now that you know the core values that are necessary for coworking success, it’s time you had an idea about the ingredients that make a coworking space successful.
Ingredients of a successful coworking space
This is probably the most obvious of all the ingredients.
The space of a coworking space is the most important factor that decides the coworking success of a space.
How big the coworking space is, coupled with how the space is used goes a long way in deciding how well your coworking space will perform.
The coworking space is where the community interacts with the hosts and gets their work done.
So it is critical for the space to be optimally designed for the members’ businesses to flourish.
Hosting is a very important factor that determines coworking success.
Hosting is a complicated process that comprises a range of important functions that involves the receptionist, security guard and a general fixer of things.
The cornerstone of hosting is to know who’s in your community.
It’s important to know which members are in the coworking space five days a week and which members drop in occasionally.
Hosting and developing connections and relationships is the key to creating a community and a true sense of belonging.
Coworking spaces are not just workspaces to work in.
Coworking spaces focus on creating a community where freelancers and employees can work in tandem with each other and grow.
Coworking spaces are platforms where people can grow.
For this to happen, coworking spaces need to provide a variety of opportunities for learning to build their members’ intellectual capital.
This will help members grow their businesses, their relationships and deepen their loyalty to their coworking space. If you want to ensure coworking success, you need to help your coworkers grow.
A coworking space needs to develop a great culture in the space and community. Building members’ social capital should be a priority.
Social capital is the capital that sparks the fire and makes things happen. Offering each other a cup of tea, being there for support when someone’s having a bad day or knowing who to ask for a solution to a particular problem are some of the examples of building social capital.
Coworking spaces should boost members’ opportunities to expand their networks.
Coworking spaces need to be an ‘earpiece’ and ‘loudspeaker’ in order to help develop the networks and profile of members.
When coworking spaces provide enough networking opportunities, it strengthens the bond the coworkers share with each other.
Due to networking at coworking spaces, coworkers get access to potential clients as well as potential partners for existing or future business assignments.
What do owners need to ensure Coworking Success?
The coworking space industry has been alive for many years now.
It started off as workspaces for freelancers and startups but as years passed by, bigger organizations started shifting to coworking spaces.
The two main reasons for this were cost-saving and access to a larger talent pool.
With the unprecedented growth rate of the coworking space industry, more and more organizations are setting up coworking spaces of their own. With competition fiercer than ever, it is important that coworking spaces to be relevant in order to succeed.
Here’s a list of what you need to do for your coworking space to succeed.
Coworking spaces were originally built for freelancers, entrepreneurs, and startups.
However, later, big organizations were seen at flexible workspaces.
The reason behind this shift to flexible workspaces is cost-savings as well as access to the talent pool at multiple geographic locations and improved innovation in its employees.
Facebook, Microsoft, and Starbucks have already shifted a major chunk of its workforce to coworking seats.
Thus, to succeed in the coworking space industry, your coworking space has to be corporate-friendly by offering office and meeting rooms, as well as open areas and lounges.
Make use of real-estate deals
The benefits of creating coworking spaces are becoming clearer to more and more real estate developers and landlords.
Some of them are creating their own coworking spaces, while others are partnering with those who already have existing coworking spaces.
Now that the real estate industry is catching up with the coworking space industry, it is the perfect time to take advantage of these real-estate deals.
And given the bright future of the coworking industry in the world, it’s a no-brainer really!
Invest in the latest technology
For your coworking space to succeed, you have to invest in the latest software and hardware that are being developed specifically for the coworking space industry.
Technology is becoming a bigger part of coworking space day by day as companies are starting to use access cards, space management software and booking and attendance systems.
What’s better is that they are cost-effective!
Create spaces for niche groups
Nowadays, there is a rising trend among coworking companies to set themselves apart from others by targeting and catering to certain groups, communities and professions.
These groups may be women-only, LGBTQ-only or legal or medical practitioners.
Niche coworking spaces are a great idea because it creates a sense of understanding and belonging for those working in the coworking space.
This strategy can prove to be successful only if you succeed in providing the facilities and tools needed by your niche group.
Focus on sustainability
In an age of impending climate change, sustainability is the need of the hour.
Coworking spaces are inherently an environment-friendly business model but even then, coworking spaces are striving to place even more importance on sustainability.
From LED lighting to bike-sharing programs, the possibilities of improving sustainability are endless.
These sustainable workspaces are not only economical in the long run, but they also make the coworkers feel good.
In a world where global warming is at our doorstep and natural resources are getting depleted at an alarming rate, coworking spaces are leading the fight for Earth.
Design your space well
One of the major factors that make coworking spaces much more appealing than traditional office spaces is their oh-so-good designing.
Nowadays, it’s not enough to throw in just a bean bag and table tennis board into a coworking space.
The facilities at coworking spaces are arranged in a way such that it enhances the work experience of whoever is working there.
High ceilings, grass and wooden flooring, chill zones, gaming areas are designing add-ons that elevate a person’s experience of working at a coworking space.
Coworking spaces should be designed to bring out the best in people.
If you want to know more about coworking spaces, coworking business model or other related topics, visit our blog.
Also, if you’re looking for a coworking space for you or your company, please visit our website (www.workstreet.in) or fill-up the form below and our community manager will get back to you.