According to the Coworking Resources latest survey, ‘every five days, a coworking space opens in London and every 7.5days, one opens in New York City’. This is definitely an exciting time to expand your coworking business. But how do you scale up without screwing up? Having determination is good, but is it enough to achieve a successful expansion?
Having successfully managed your first coworking space for quite a while now, you ́ve probably identify some pain points that could be avoided. You have optimism, determination and goodwill; but is that all it takes? The most important factor that will determine the success of your business and whether it is worth executing is a well-thought-out plan!
Membership types and competitive collaboration
Pleasing everyone is impossible, which is why mapping out your customer profile is an essential strategy for the growth of your new space. During the marketing workshop at GCUC UK in 2018, Steve Eveleigh, the CEO at Gripped, delivered a presentation that emphasised on the importance of developing customer persona: ‘your space might not appeal to everyone, the size, price and location may all be contributing factors that could influence your members, which is why you need to think carefully about who really does your space need’.
Ask yourself the following questions:
- What is my space and who is it for?
- What atmosphere or setting do I want my coworking space to reflect?
- Have I measured my members capacity to expand?
There is growth in collaboration! When you’ve decided on the type of customer you are going to reach with your expansion, the next step is to carry out competitor analysis. Try to understand who else is out there, what are they doing well and what is missing from their business model. Also, collaborating with other spaces could be more rewarding than you would imagine. After all, coworking is about collaborative work!
When it comes to design, there are plenty of inspiring workspaces out there. So, if you are looking to design a high-end luxurious space for professional members, you could take a look at SOHO WORKS They offer amazing perks such as 24/7 on-site technical support, phone booths for private calls, curated calendar of events and tailored facilities such as photo studios, screening rooms, workshops, 3D printing and a library.
MORTIMER HOUSE, on the other hand, is a space that offers a brilliant philosophy, which is centred around providing a holistic balance to their members. This coworking space is intended to satisfy the needs of both the head and the heart of their members, offering ‘intuitively designed’ team offices, meeting rooms, event spaces, living rooms, terrace, studios and so much more.
Or you could take a look at the ever so beautiful NeueHouse. They provide a plush, professional space, with a blend of residential and commercial designs, offering complimentary WiFi and refreshments. NeueHouse has been designed to fill the gap between a coworking space and serviced office.
NeueHouse, Hollywood Location
Or maybe THE CLUBHOUSE might embody more of what you are looking for. This coworking space is designed to be comfortable but also professional. CEO and Founder, Adam Blaskey defined it as ‘a home away from home, which features premium interior design, services and facilities to impress clients. It is designed to optimise productivity and meet the requirements of businesses of all shapes and sizes (startups, SME’s and global organisations), and help them to grow.’ This is a premium, professional, vibrant and energetic space.
FORA is another space with a distinctive style. Their focus on design, service and technology is definitely unique to the market. They have even gone as far as utilizing noise-cancelling technology out of MIT, combined with other technologies that spark productivity while simultaneously providing beautiful and luxurious designs to induce positive and creative thinking.
FORA, London Location
Equally, if you are looking to design a female-focused coworking space, there are a few really unique and remarkable spaces out there, such as HERA HUB. This is one of the first international female-focused coworking space and business accelerator. Their platform supports members through education, mentoring and collaboration, while the office environment gives their members access to professional and productive space where they can grow a prosperous business, built on the foundation of a powerful community.
Should I promote early or wait until my space is completed?
Preferably, before promoting the launch of your new space, it would be advisable to ensure that you’ve found your coworking niche, that you have built a strategic structure on how to develop your brand image. The goal is to be certain that all necessary objectives and planning are in place and most are executed before starting the promotion of your new space.
Utilising your current space to promote your new space is also a cost-effective and an efficient way to get the word out; never know who might be interested or know somebody who would like to be a member of your second coworking space. Additionally, you could offer referral codes to your current community for every referral made.
Approaching your second coworking space.
One of the things to consider is providing a consistent experience across your coworking spaces, your brand is what will make you exclusive and stand out from your competitors. Ensuring that you’ve covered all the essentials such as staff expansion, security and management software platform like Nexudus.
In conclusion, spreading your wings and expanding your business is never a bad idea and when done well and planned out strategically, it can be a rewarding and exciting experience. Nevertheless, we do hope that you’ve gained some insightful and helpful tips by reading this article.
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