Opening a coworking space is exciting and exhausting. Make sure you manage your expectations and improve your chance of success with these 5 tips. Using our proprietary analysis engine we can help you compare potential coworking spaces – it’s free!
Don’t expect to make a profit in your first 12months
Only about ¼ of newly opened coworking spaces are profitable after 12months. Keep your costs low in the first year, but don’t skimp on sales and marketing efforts to fill your space.
ABT — Always Be Touring
When opening a coworking space, you need to fill it quickly. Touring your coworking space to potential members is the best way to convert them to paying members. Knowing that people joining a coworking space look for a social and enjoyable atmosphere above all else time your tours to show this off. Future members also look for interaction with others and community. Seeable’s Coworking Tour Booking software is the best solution for this.
Don’t Open a Space in May or December
Joining a coworking space has an annual rhythm, new year / new businesses make January the best month to recruit new members. There’s a second peak later in the year during September and October — no surprise that December is the quietest month.
Only 20% of coworking space with 25 members make a profit. Profitability increases with the number of members, up to 50 members = 37% are profitable, 50–99 the number increases to 41%. If you’re planning on opening a bigger space do it in phases — don’t spend money fit out, furniture and even rent if you can do it later. Opening a space in phases means the space will look busy sooner.
Keep it Close
It’s best to open a coworking space within 1 mile (1.6km) of another coworking space to be profitable. Most unprofitable spaces are 2 miles (3km) or more apart.
Another article worth reading about opening a coworking space is here
Who Are Seeable?
We are building the next generation coworking management platform, take a look for yourself at seeable.us