5 Compelling Reasons to Open a Coworking Space
The concept of a ‘coworking space’ is nothing new. Places where individuals or small groups can work together in a collaborative environment, often with shared amenities and resources, have been around since the late 90s; however, it wasn’t until the mid-2000s that they really exploded in popularity. Companies like WeWork have led the way in the coworking revolution, drawing in thousands of members and attracting major interest from investors.
There are a lot of compelling reasons to open a coworking space, especially with the increasing demand for flexible remote and hybrid workspaces. Read on to discover the five biggest benefits of running one of your own!
1. Consistent Revenue Generation
One of the biggest benefits of running a coworking space is the ability to secure a consistent and reliable source of income. Unlike businesses that offer one-time products or services, the ongoing membership fees in a coworking space provide you with a steady stream of income from both new and existing members. You can boost your earnings even further by offering different membership levels (for example, charging different fees for hot desks, dedicated desks, and private offices).
2. Diverse Client Base
Coworking spaces are designed to suit a variety of working styles, which is why they attract freelancers, entrepreneurs, and corporations in all kinds of industries. This adaptability can help your business stay resilient in different economic landscapes. Even if one industry faces challenges and its businesses can’t use your space, you can still count on support from many others.
3. Flexible Lease Terms
You have the flexibility to adjust both the length and terms of your leases. This means you can easily respond to changes in the market and the demands of your members, giving you more room to manoeuvre and prevent any potential losses.
4. Scalability
Designing a coworking space does come with some upfront costs, but you don’t have to go all out right from the beginning. You can start small and develop your space as demand picks up, which not only makes it easier to handle the initial financial burden, but also impresses your current members with added amenities as you expand.
5. Location Flexibility
Coworking spaces aren’t limited to cities and urban areas; they can thrive in various places, including suburban centres and niche markets. Even if your location isn’t in a major business hub, you can still draw in members from local businesses or people travelling for work. In fact, this can actually be a big advantage, as you’ll have less competition to go up against!
Designing the Perfect Coworking Space
Success in the coworking industry hinges on careful planning, effective marketing, and – of course – providing a modern, fully equipped workspace environment to attract and retain members.
If you’re thinking about the possibility of starting your own coworking space, it’s crucial to make sure that the workplace you provide meets the high expectations of your members. The best way to achieve this? Investing in a complete fit-out!
At Jade Aden Interiors, we have over 20 years of experience designing and refurbishing workspaces throughout the South of England. We’ve worked on a diverse range of spaces over the decades, from small private offices to the workspaces of global brands like Sunseeker and Lush Cosmetics.
We offer a complete start-to-finish service. From setting up essential fixtures like lighting and plumbing to decorating the entirety of your new space, our dedicated team will take care of everything – no need for third-party contractors. Whatever the size or complexity of your building, you can count on us to provide the transformation it needs for your success.
Looking to learn more? Book a consultation online or call us on 01425 689199, and take the first step to creating the perfect coworking space today!