There’s a “typical” model in Coworking that, when combined with a great location, design, product mix, and marketing that aligns with a clearly defined ideal member, is optimized for profit.
A lot of folks drawn to starting “Coworking spaces” are inspired by a shared workspace model centered around a thriving community….but they have a specific end-user in mind that is not your typical freelancer or remote user. They are serving a unique audience. Their offerings will be “different.” We see a LOT of those folks in our Coworking Startup School and Accelerator program.
There’s so much room for diversity of spaces and approaches in coworking. But there’s also a lot of room to end up with a model that isn’t financially sustainable.
In this episode, we talk about how to pursue a variation on the “typical” Coworking model and find success.
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
How much focus should you put on creating a “unique/different” Coworking space? While some differentiation can be helpful in attracting customers, it's not the factor that will drive success. A coworking space that differentiates itself with unique features or services may attract some customers, but if those features or services aren't aligned with the needs and preferences of the target market, the space may struggle to attract and retain customers.
On the other hand, a Coworking space that has a strong product market/fit, even if it doesn't differentiate itself much from other coworking spaces in the area, is more likely to be successful. By offering the amenities and services that its target market needs and wants, and by creating a sense of community and collaboration, the coworking space can build a loyal customer base and stand out from competitors in the eyes of its customers.
On this episode, we talk about why “different” doesn’t matter…what does matter is getting the model right.
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
David Andras is a serial entrepreneur who, like many of you, opened a Coworking space to solve a personal pain point. He opened it right next to a gym that he owns…and then he added a public-facing coffee kiosk that adds a service for members as well as a meaningful revenue stream on top of the typical Coworking sources of income.
David shares how he balances operating and innovating, running multiple businesses at once (and starting new ones!) and how he keeps his coworking spaces lean and profitable while providing a great member experience.
Resources Mentioned in this Episode:
The Coffee Kiosk Licensing Info
David’s Podcast - Scaling your Business
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
Alex Neil was early to Coworking…fuelled by his desire to work for an Indianapolis company…in Denver.
He worked on the operator side for about 7 years and then joined Proximity.
Alex spends his days talking with operators and finding solutions to their challenges through technology.
Alex shares his behind-the-scenes perspective on what Coworking trends are starting to bubble to the surface in 2023.
Resources Mentioned in this Episode:
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective