Imagine working in an open, barrier less office. It would be a fun, engaging, intuitive work system. This model of renting out office spaces i.e coworking space has risen tremendously and creates a learning ecosystem. It provides an enhanced experience of learning and coworking by sorting each others challenges.
Co-working Space Advantages:-
- Saves on costs
- Saves on spaces
- Provides holistic ecosystem
- Idea of a non-hierarchial pattern
- Interaction and communication enhancement
It is beneficial for startups and other seed companies where the trend of fixed professionalism is reducing and there is a thin line between work and a gathering.
It can be an effective business plan when properly executed with care. Also it fosters community building in an urban concrete jungle that most cities are like.
However it is important to consider certain pre-requisites while opting for it as a business plan. Businesses are driven by profits, longevity and ability to sustain. Coworking spaces is a rising plan but creating the ecosystem as a business model can be a challenge when not dealt with in the best way possible.
An Ideal Coworking Space Plan Should be:
Let us view the ideal business plan template across a few verticals:
- LOCATION: It is a space driven occupancy system, thus prime locations are pie. Good or ideal location can derive much more than a plush place in a laid back area. It pays to be in the midst of a happening hub and that’s what companies need for various reasons like credibility and
- COMMUNITY: Coworking is a created attachment of people which becomes a community. It is important to consider who and what kind of companies or entrepreneurs is your priority.
- PRICING: Fixing the best prices per desk value considering internet connection and other facilities is vital for the model. One has to have a clear cut definition for standard hours and also negotiations for bulk desks.
- INFLUENCING: Since the business is also a startup technically, one should gain maximum attention and generate interest through influencers.
- PRICING: Apart from providing the space and the associated costs of land or space, Coworking has other loops to fill. Electricity,office supplies, staff, PR etc. This escalates costs when not in check.
- COMPETITION: Every business faces competition and since coworking is a sunrise startup and is trending, competition is more. Definitely it is not extremely high as it is in nascent stages(esp India), but as a value driven concept it is bound to rise.
The smartest way is to offer better than available competitors, incentivize teams with discounted team packages, create a variety of packages to suit different member needs.
The plan is most attractive for small businesses and thus it is important to tap into their issues and provide what they want chalking best plans for both.
Transforming a space into a working and learning library where one can learn, create, invent, inspire and add sufficient value to a plan is the theme that creates a coworking space.