I like to call myself a chronic DIY’er. This mindset has its place…that place is not in staining three decks with spindle railings…nor does it belong in creating a coworking business that could bankrupt you in mistakes made before you even open your doors.
Let’s talk about what can go well and what can derail us when we attempt to DIY a significant project.
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
In this episode, we talk about why WeWork failed (the simplified version) and why WeWork’s failure isn’t correlated to the ability of an independent operator to be profitable and successful.
We cover:
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The short version of the rise and fall of WeWork
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WeWork’s historical focus on growth over unit economics.
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How independent operators and asset owners can focus on unit economics, local market knowledge and sustainable growth to create and grow a profitable business
Resources Mentioned in this Episode:
How I Did This: Expanded to Multiple Locations
Lemonade stand plans on Pinterest
Our lemonade stand! We had to transport it to the park where we could access foot traffic :)
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
“And for us since day one, we realized that even though we have competitors in the sense of office space. We're really competing against people in their homes. If we can't bring people out of their houses and into a better experience at GP, then people aren't going to churn, right?”
Tim Hasse, the founder of General Provision, gives us the inside look into a space that identifies as a “work club,” not as an office or even a coworking space.
His intuition long before COVID was to create an experience that wasn’t just about work. “The mantra very early was that anybody could come in and outbuild us, but they'll never be able to outservice us. And that's the, the culture that still lives on, you know, nine years later.”
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