One of my Coworking Startup School students recently asked about choosing a niche group to serve with her coworking space. It's very common to get nervous when you start to consider designing specifically for a segment of the market and therefore potentially telling others "this space isn't really for you."
Sometimes you need to go small to go big.
I love examples from other industries that make me think about aspects of the coworking industry.
This case study is about a summer camp that charges $100 more a week than the other neighborhood camps and how they explain this on their website. It's about both tangible and intangible benefits. Food for thought!
Scroll all the way down on this page to see the example that I talk about in the podcast. https://avid4.com/day-camps/california/burlingame-skills/
In this short episode, I share a story of a Flight Group member who recently launched his space and found himself managing a long list of community norm challenges - the sensitive, sometimes awkward aspects of bringing together a bunch of professionals with different work styles that are only just beginning to build relationships.
Food for thought on how to manage these communications.
Not on the list yet for the Coworking Startup School? Get your email in now at www.coworkingstartupschool.com!
Kicking off a new "bonus episode" format that will allow me to share insights that apply to business but don't fit into my typical episode approach.
This one addresses mindset when $hit goes wrong and messes with your expected outcome.
Let me know what you think! Leave a note in the Everything Coworking Facebook Group: www.everythingcoworkingclub.com
Currently in Carlsbad, Long Beach, San Jose and Denver, CommonGrounds Workspace is on an aggressive growth plan to add 2 million square feet across 50 locations in the next two years. All of this is made possible by a $100M capital raise.
Jacob's perspective has been shaped by his previous life in corporate real estate - his resume includes Director of Global Real Estate and Workplace for Nike, Director of Global Real Estate for Cigna and Director of Global Workplace Solutions for CBRE.
Jacob shares his unique perspective on the needs of the corporate occupier of Workspace as a Service, the gaps in the marketplace today, how these offerings are evolving and where the CommonGrounds brand fits into the rapid growth of the industry.
On this episode, my guest is Jason Anderson, recently named President of Venture X, one of the fastest growing premium shared workspace concepts in the country.
Prior to joining the shared workspace community, Jason was the Chief Technology Officer and Director of Franchise Development for United Franchise Group.
Jason and I cover:
A personal perspective on this episode: Joining a franchise family can be a great approach to getting extensive, ongoing support for your business, a built-in community of operators supporting the same brand, and a higher chance of exit success and valuation.
Landlords also love a high-end build-out like that of Venture X. They're looking at the risk profile and saying 1) This operator, while new to coworking, has a massive support system behind him/her and 2) If something goes south for this operator, I'm left with a beautiful space that will easily attract a full-time tenant.
Have a listen!
This is a debrief and case study of my Enerspace Referesh Project with a focus on adding additional team spaces and a meeting room. I dive into details on the planning and install process for the modular wall system we used by Emagispace.
I worked with Mara Hauser's Workplace Studio to refresh my paint colors, lounge area, mood lighting, cafe seating, and more. Part of the ROI on the project was to add two additional private team spaces and a meeting room.
If you've discovered that private spaces should be a more prevalent part of your product mix, this is a must-listen.
This question came up recently in one of my Flight Group sessions. One of the FG members wanted to start encouraging ACH payments and wondered if she could pass fees to members and how that would be received.
I was hesitant because I know passing fees is illegal in CA for some types of businesses. We started googling and trying to figure out the rules and I finally said I’d take the topic as homework and get some answers. I thought this topic was worth sharing on the podcast vs. just taking back to the FG.
I enlisted Jack Richer with PlacePay to share his expertise on the topic. Have a listen to hear the details on how to legally pass credit card fees to your members.
Furniture: New, used, refurbished, contract...what does it all mean and what's right for my coworking space? What role does a furniture dealer play and how do I find one that "gets" coworking?
We cover it all in this episode with Mara Hauser, CEO of 25N Coworking, Principal of Workplace Design Studio and former contract furniture dealership owner!
Facebook Groups, Google Groups and Slack Groups are all great potential resources to answers to your coworking questions. That being said, ask a question like, "What CRM do you use?" and you'll get 20 different responses.
When you ask a group of relative strangers for advice, honor your business by getting some context on their brand values and who they serve before you decide if the advice they give aligns with your brand and who you serve.
More on how to do that in this episode!
In this episode, we talk through three keys to getting what you want out of 2019 (or anytime you're in goal-setting mode).
This is the process my business coach (Simone at Cultivate Advisors) uses with all of her clients. It forces discipline upon those of us that love to work at the idea-level but get a little worn out once we have to dive into the details.
There's no fluff in this process - it's about identifying three things you want to focus on in your business in 2019 and taking the action steps to achive those goals. If you're committed to results in 2019 (or anytime!), have a listen!
This week, Kevin Whelan has deep expertise in marketing that he is applying to Coworking Spaces. I have been working with Kevin on some strategic projects for the Global Workspace Association and Kevin is the outsourced CMO for IQ Office Suites, a coworking space with 5 locations in Toronto and Vancouver.
I've been really impressed with Kevin's deep marketing expertise and his application of them to the coworking industry and was thrilled when he agreed to share his advice on how to approach Google Ads.
This episode covers:
Get the full show notes at www.everythingcoworking.com/97
Michelle Bodick, Managing Director of Sales and Marketing for the Americas at Instant Offices shares their research which reports that 68% of the coworking market is run by independent operators.
Instant has a strong research group that frequently publishes industry data. As business owners, we all love data that helps us learn more about where we sit in the industry and where things are going to help us make better decisions.
The Instant Offices report is full of industry stats and perspective. If you're looking for stats for your investor deck, this is a great resource.
Sometimes we commit to something verbally but don't think about the workflow required to get there. What actions do we need to take? What behavior do we need to model? What language do we need to use to commit to that goal?
This episode dives into a personal experience I had recently that left me reflecting on what I commit to publicly and whether my actions are aligned to those goals.
In this episode, I talk with Ellen Kim, co-founder of Temescal Works in Oakland, California. Ellen is a member of my Flight Group program. She was in the pre-launch Flight Group program and then graduated into the “In Flight” Group program after she opened her space. She created a hyperlocal coworking space in a building that she bought with 11 of her neighbors. For any of you looking for success stories in creating a meaningful community and a successful space in a local market, this one’s for you.
One of the most challenging aspects of starting a business is dealing with administrative tasks like payroll and finding affordable access to healthcare for your team.
In this episode, I talk with Peter Zinn, whose role is “The Strategic Partner to the Coworking Industry" for TriNet about how to get access to HR benefits for your team as well as your members.
Peter knows this all too well as a recovering entrepreneur. He shares his story and details on how to learn more about working with TriNet through our very special GWA discount.
You've hosted your grand opening and you're live! You feel like there should be a light at the end of the tunnel but you're still feeling the overwhelm of giant to-do lists and feeling like you can take a breath and try to think straight.
That to-do list isn't going away but make sure you force yourself to take an hour or two to focus on these 6 buckets in your business. Prioritize the to-do-list beyond the urgent items such as "the lock system isn't synching with my space management platform yet."
A major success driver for small business owners is focusing on the 20% of the activities in your business that drive 80% of the value. In this episode, I walk through 6 things you should focus on after you launch your coworking space.
The Instant Group reports that 68% of the market is made up of operators outside the top 6 national companies. So 68% of the market is not WeWork or Knotel or Regus or Premier Business Centers. We are, however, seeing the market share by number of locations grow for the larger operators.
The estimated share for 2018 is 36% of the number of locations held by the top operators. But those operators are generally taking large spaces in central business districts. That leaves a lot of market opportunities for successful independent operators that want to make a local impact.
At the time of this recording, we're a few weeks out from the 2018 FlexOffice Conference. This week, I share my primary takeaways through my lens as a primary conference organizer and industry member.
In this episode, I go through a framework for implementing consistent team meetings as a part of your leadership system for running a successful coworking space.
You can have the right location, a gorgeous space and a great community and still have the wheels fall of of your business if you don’t have the right systems in place to ensure that the team is aligned with and accountable to your organizational goals.
Weekly meetings are a great way to ensure a regular check-in against KPIs and also to help develop a strong culture, recognize team wins and provide consistent feedback to enhance performance.
In this episode, I go through a framework for implementing consistent team meetings as part of your leadership system for running a successful coworking space.
You can have the right location, a gorgeous space, and a great community and still have the wheels fall off of your business if you don't have the right systems in place to ensure that the team is aligned with and accountable to your organizational goals.
Weekly meetings are a great way to ensure a regular check-in against KPIs and also to help develop a strong culture, recognize team wins and provide consistent feedback to enhance performance. See the full show notes here.
This week we're shifting from working on the "how" to working on the mindset challenges that often prevent us from making progress and living our best lives.
I am highly trained in the “how” department. So much so that my analytical rigor as an MBA grad from the top business school in the country might have squashed some of my intuitive side. I got to a point in my post-MBA career when I was really stuck and wasn't able to move on to the thing I could sense deep down was next for me.
Fortunately, I found Rita Hyland. Her website describes her coaching practice as "a place where leaders come to reclaim their purpose, clarify their vision, and reconnect with their true voice."
She did exactly that for me. Not just once, but twice :-) The first time I worked with her was the process that birthed Enerspace, my own coworking space. It was a life-changing process that gave me the awareness and the tools to work through mindset issues as they come up. And as entrepreneurs, we are all managing mindset issues on a daily basis.
Rita is an entrepreneur, coach, speaker, wife, and mother of three active children. In this episode, she talks with us about how to recognize common mindset barriers that keep us from pursuing our best lives.
See full post here.
In this episode, I do a problem-solving session with Anthony Vetesse of Synchronous Solutions Coworking in Detroit.
He reached out and asked for some help figuring out why he can sell his open space memberships all day long but struggles with his offices so I invited Anthony on to work through this in real-time and record it so we could share it with you.
We go through a review of the Detroit coworking market, his unique location and culture, the health of his community, his core member profile, his product mix, his pricing, his marketing tactics and where we think his sales funnel could be improved to help solve the problem.
See more here.
This is the final episode in a three-part series on the Coworking Sales Funnel. If you missed episode #84 and #85, make sure to go back and listen.
In this last episode of the three-part series I cover:
See the full blog post here.
This is the second episode in a three-part series on the Coworking Sales Funnel.
If you missed episode #84, make sure to go back and listen.
Make sure to tune in next week for episode #86 for the third and final episode of this series.
In this second episode of the three-part series I cover:
>Converting website visitors into tours.
>Leakage points in this section of the sales funnel - the most common reasons you're losing prospective members at this stage of the sales process and how you can plug those leaks.
>An illustration of sales funnel leaks with Anna from Atlanta.