What Coworking Spaces Need To Succeed

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Coworking spaces 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 consisting of freelancers and employees from small and big organizations. The success of coworking spaces rests heavily on three core values. These three core values are shared by all successful coworking space businesses around the world.

Belonging

Nurturing

Sense of community

Belonging

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Coworking spaces strive to create a sense of belonging among its members. This sense of belonging in people brings out the best in them.

Nurturing

coworking space helps in nurturing relation

Coworking spaces believe that nurturing talent, relationships and opportunities result in businesses and people grow.

Sense of community

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Coworking spaces instill in its members a sense of community. This sense of community brings members closer to each other and creates an ambiance that encourages the spirit of creating and sharing.

The ingredients needed to create a successful coworking space

 

Space

Hosting

Learning

Peer Support

Network

 

Space

This is probably the most obvious of all the ingredients. The space of a coworking space is the most important factor that decides whether a coworking space is going to succeed or not.   How big the coworking space is, coupled with how space is used goes a long way in deciding how well your coworking space works.   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 member’s businesses to flourish.

Hosting

Hosting is a very important factor that determines if a coworking space will succeed or not. 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-only drop in occasionally. Hosting and developing connections and relationships is the key to creating a community and a true sense of belonging.

Learning

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.

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Peer Support

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.

Network

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.

 

What do Coworking Spaces need to succeed?

The coworking space industry has been alive for many years now. It started off as a workspace 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 need to be relevant in order to succeed. Here’s a list of what you need to do for your coworking space to succeed:

Become corporate-friendly

Make use of real-estate deals.

Invest in the latest technology

Create spaces for niche groups

Focus on sustainability

Design your space well

 

Become corporate-friendly

Coworking spaces were originally built for freelancers, entrepreneurs, and startups. However, in the future, big organizations are shifting to 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. Google, 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 being seen by 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, 2020 is the perfect time to take advantage of these real-estate deals.

Invest in the latest technology

For your coworking space to succeed, you have to invest in the latest software and hardware being 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 more cost-effective!

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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 ceratin groups and professions. These groups may be women-only, LGBTQ-only or only for legal or medical practitioners. However, this strategy can be successful only if you succeed in providing the facilities and tools needed for your niche group.

Focus on sustainability

In an age of impending climate change, sustainability is the need of the hour. Coworking spaces are 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 are endless. These sustainable workspaces are not only economical in the long run, but they also make the coworkers feel good.

Design your space well

The main thing that differentiates coworking spaces from traditional office spaces is their designing. Nowadays, it’s not enough to throw in just a bean bag and table tennis into a coworking space. Coworking spaces need to promote social interaction among its members.