Quick read: Starting your co-working space.
Co-working spaces are now the talk of the town as the idea of open office culture is flourishing in today’s office culture. According to a report published by CBRE group the co-working space segment in India is expected to touch 10 million sqft by 2020. Companies like WeWork, Cowrks, Awfis co-working spaces are expanding their presence in different cities of India, seeing huge growth opportunity as today’s entrepreneurs and SMEs are taking this trend hand in hand. To start your own co-working space first you need to understand the market and have to keep in mind following basic things before diving into the business:
- Market analysis.
Understand the market where you’re planning to start you co-working space. Co-working spaces are successful where there are a large number of budding entrepreneurs and freelancers. Hence, before you finalise the decision of starting your own, understand the demand and supply in your area. You may take help from facebook or other social media groups to analyse the demand.
Accessibility is the major factor to be considered while finalizing your property. Ideally, your property should be in an area which is easily accessible through public transport, has parking space and is near basic amenities. Having food joints near your facility is definitely a plus.
- Design consideration.
Interior design is a decisive factor that will drive the traffic to your co-working space. While designing one should consider occupant behaviour, ergonomics, safety, comfort and aesthetics (obviously).
Focusing only on the number of seating and less on the overall functionality can adversely affect your revenue as co-work spaces are known for their stylish interiors and open work culture. Obviously, it’s not a social work but you need to assess how much should you cost for the service and paying capacity of the occupants.
Co-working spaces are more than what we all perceive as a happening place with vibrant and uber-cool interiors. It is an open work culture which is needed for networking and professional development.
Need any help with your office or co-working space? Feel free to reach out.