With nearly 19,000 coworking spaces and more than 3 million coworkers globally in 2019, the shared workspace model is more popular than ever before. It's grown a lot, especially in recent years, and is showing no signs of slowing down. So what can we expect out of coworking spaces in the years to come? We have a few predictions.
The rise of the gig economy and our societal shift towards entrepreneurialism has proven big business for the coworking world. Just last year more than 1000 coworking spaces opened across the US, and those figures show no sign of petering out.
With more than 3.9 million Americans spending at least some time working from home, there's still a huge market opportunity for those interested in moving into the coworking space. As coworking consultants, we've helped plenty of such companies go to market and capitalize on the market.
At StellaPop we pride ourselves on being on the pulse of what's next. Which is why we've been following the coworking movement since the beginning. Since those early days, coworking has leaped from the niche to the mainstream, now spanning some 22,000 locations and 2.2 million coworking users worldwide. With 2019 growth estimated at a fifth on last year's levels, there's plenty of opportunity in the market.
That's why we decided it was time to pool our expertise and put together an ebook for enterprising business owners wanting to launch their own coworking space.
Strategic thinking involves looking at how today will inform tomorrow - and making decisions accordingly. Where conventional thinking is reactive, short-term and cautious, strategic thinking is all about looking for and anticipating new ideas, opportunities and plans.
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.
The culture of your coworking space isn't innate. It's set and cultivated by your leadership and your supporting team. One of your most crucial responsibilities is in helping create a culture that's empowering, positive and community-minded.
Everyone likes a party, and a launch event is a great way to get people into your space. Anybody who comes through your doors is a potential tenant, so the more the merrier - for both your guests and your bottom line.
Here's how to bring the crowds with a coworking launch worthy of the lifestyle pages.
A healthy subscriber base is crucial for the success of your coworking space. Ideally, you'll already have a solid roster of tenants signed up before you open. This will help reduce risk on the business side of things and will also create buzz for potential new tenants.
Here's how to market your offering so that you can launch with a splash.
Culture is your coworking space's main differentiator. And your staff are the ones who shape that culture. In a traditional office space, a single company dictates culture and brand. In coworking, it's you as the "host" who molds the culture. Welcoming clients, visitors, and prospects into your coworking space is a bit like welcoming people into your home. As the host, you set the tone and expectations around behavior and service.
You've signed your lease or purchased your building, and now it's time to start planning out the look and feel of your coworking space. Getting this right is critical — it will shape how your tenants can use your space, and what future growth will look like.
You've found the perfect spot for your coworking space, and now it's time to handle the financial side of things. Let's take a look at some of the leasing and financing options available to you and what to consider when negotiating the deal.
It's all about location, location, location.
You've researched the market and gauged the local competition. There's no doubt about it —freelancers, startups, and entrepreneurs are clamoring for coworking space. So how exactly do you go about selecting the space itself?
The most workable ideas are ones that have been validated by the market. And the best money (and time) you can spend on your coworking space is on market research. Before spending a dollar on tech, equipment or space, spend some time figuring out the local coworking landscape — and whether conditions are right for another coworking space.
Everything you ever wanted to know about opening and managing a coworking space
There are almost 29 million small businesses in the US, 22 million of which are sole proprietor organizations with no employees other than the owner. And when you consider that 52% of these small businesses are run from home, there's a clear and growing market opportunity.
The world of office space has seen a whirlwind of change over the past 15 years. I’ve been at the executive-level of the shared office space industry, so I’ve seen a thing or two — and learned a thing or two. One key lesson I’ve taken away is the importance of striking a balance between staying ahead of the curve and continuing to observe tried-and-true business practices.