Coworking spaces are by their very nature fast-paced, ever-changing spaces. It's essential to seek out and adapt to feedback, market shifts and new trends sooner rather than later.
Here's how to ensure your space is a success going forward.
Help Your Tenants Succeed
Your coworking tenants aren't necessarily going to stick around for the long run. Freelancers get hired or start their own studios and startups grow into small businesses that need their own space.
The trick is not to think about this as losing tenants. If you've created the right kind of coworking culture, these successes are something you've helped facilitate. Growth is good, so celebrate those wins. Interview "graduates" and use their stories as social proof. Actively connect your tenants and champion the new ideas, alliances and businesses that emerge as a result.
If you can help build the businesses of your tenants, you'll entice more tenants your way — it's a win-win.
Adapt to Your Tenants' Needs
A great coworking space is one that serves the needs of its tenants at every turn. The thing is that as your tenant base changes, so do their needs. Be vigilant about gathering feedback and adjusting what you provide accordingly. Perhaps it's faster internet, more meeting rooms or extra networking opportunities. Whatever the case, tenants will appreciate knowing that their needs matter and are being catered to.
Be Mindful of Your Demographics
The corollary to the above point is that the culture of your space can change as its demographics do. Be mindful of the types of companies and the specific personality types being represented in your space. You can maintain balance by actively encouraging certain business types and underrepresented demographics to visit or join your space.
Planning For Growth
Tenant turnover affects how you do business, but you can plan for growth, turnover or "graduation". Here's how:
- Keep an eye on your tenants and chat with them about how business is going. You'll be able to identify and work around to any upcoming changes.
- Longer-term or multi-employee tenants should have a lease with a clause that requires them to give you some notice before they move out.
- Ideally, you've set up your space to be flexible, and you can shift around tables and chairs as needed to accommodate new and changing businesses.
- If you do have empty desks, do something with them. Host a free hot-desking day or a bring-a-friend event. This will keep your space bustling while encouraging new leads.
- If a team outgrows your space, consider offering relocation services such as moving and space-finding. They'll appreciate having one less thing to do, and you'll have an additional revenue stream.
Expanding Your Services
As you become more established you'll start to see opportunities for growth and service provision. Tenant feedback, tenant growth patterns and general industry trends can help guide the additional services you might decide to add as a business.
These may include:
- Branding and marketing
- Business coaching
- Bookkeeping and accounting services
- Virtual assistant services
- Events and short courses
- Relocation services
- Team-building events
- Additional coworking spaces targeting different niches.
There you have it! Follow the above suggestions and you'll be on track to join the ranks of the world's coworking superstars.
Starting a coworking business and need help with your strategy? Get in touch!