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Tag: coworking space for entrepreneurs

  • How to Start a Profitable Coworking Space in India (5 Step Business Plan)

    Before we begin to talk about coworking, why not brush up on some basics a bit? By the way, did you know that the first coworking space was founded way back in 1995? Well, that’s an interesting fact.

    There is no denying that these spaces have come a long way now. However, the guiding principles, collaborations, and sense of community remain unchanged. The world has seen a tremendous change in working trends in the past 25 years.

    An increasing number of the workforce now likes to get engaged in freelancing or contract work instead of sticking to the same organization. The world of freelancers has already grown and keeps on increasing every single day.

    Now that professional lives have become mobile and people have the flexibility of choosing their own workspace, no one likes to work in isolation or at home. That is when coworking spaces come in handy. They create community hubs for all like-minded people where they can get together, collaborate, share ideas, and keep working independently.

    So, if you want to capitalize on this growing and steady demand, consider starting a coworking space. While it is not an easy task, this guide aims to make the entire process easier and more organized. This guide covers everything you must know and should do to start a highly successful coworking space business.

    The Future of Coworking Spaces
    How to Start a Coworking Space (Complete Business Plan)

    The Future of Coworking Spaces

    There is no denying that the future of coworking is bright in today’s world. Numerous industry leaders and intellectuals have predicted the importance of coworking spaces in every industry during the current and upcoming times.

    Moreover, the mobile workforce embraces the coworking spaces like no other. That is because they offer more than just affordable office spaces and necessary amenities. These spaces offer a place for like-minded individuals to create their ideas, resources, and network. That also helps everyone grow their individual businesses.

    If you are a business or an enterprise thinking about starting a coworking space, now is the right time to do so. The interest in coworking spaces seems to be on the rise and so is the demand.

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    How to Start a Coworking Space (Complete Business Plan)

    Now that we know about coworking spaces and the future that waits for the same, let us investigate the necessary steps that you can follow towards starting a coworking space business.

    1. Knowing your intent

    Firstly, figure out what made you decide to start a coworking business. Once you get the answer, it will be easier for you to focus on the main goals. Moreover, you need to focus initially on the benefit instead of profit to keep running the space smoothly. The arena that you are going to create should aim at bringing all the talented people together.

    2. Study the demand for coworking space business

    You need to investigate whether your coworking space has any demand in the market before aiming for anything bigger. That decision should be taken before you buy any furniture or sign a lease for the space.

    You can also create a group on social media and host some events to promote interest in the same. That will not only help you do some necessary groundwork but also help in building a strong online community. That will serve as a marketing avenue for your coworking space.

    3. Deciding on your framework

    The business model for coworking space falls under different categories. You need to pick either of them depending on your circumstances.

    Private offices

    You can always rent out private offices within your coworking space to maximize your income. You can also put on an advertisement for the same while inviting all the creative and talented people to come under a single space.

    Business space

    If you are someone having a business with some unused office space, then you can surely set up a coworking space there. It will also help you prevent some of the maintenance costs and office setup expenses. The main advantage here is the extra amount of money that you will earn apart from the one coming from your already established business.

    Private space

    You can always partner with another person like a café or a property owner to start your coworking space. You can approach certain pubs, restaurants, or cafes that can act as coworking spaces during closing hours. That will not only bring the owner some extra income but also give the fruition of your labor.

    Public space

    Looking for an untapped goldmine within your city? Your local city council may prove to be one! You can discuss with the members about the space and funding opportunities and see if that aligns with your idea.

    Events

    You can always host events within your coworking space that can provide you with a revenue stream. That is also another way of making your space more visible to the public eye. You can always host meetups, film nights, and events of a similar sort to promote your brand further.

    4. Financial Model for Coworking Space

    It is essential for you to have sound financial planning ahead of starting your coworking space. Moreover, make sure that you are aware of all the legal registration and insurance matters related to the same. The most important things that you need to focus on are structuring your fee schedule, financing your coworking space, and tasks of a similar sort.

    Finance

    You need to first decide how to finance your coworking space before beginning with the work. You also must decide whether you will be investing your money or will approach investors. You will also find many other good funding sources like family members, friends, local government bodies, business contacts, and more.

    Price structure

    You must place your price structure based on time. It may be a daily, weekly, monthly, or even yearly rate. You can reward the users who book your space for longer periods. You should always request advance booking to avoid loss if the person doesn’t show up later.

    5.  Economically viable way

    It is always recommended to make your plan economically viable to make a profit in any business. The same applies to the coworking space business. You must try integrating as many services as possible into your coworking business. That will make the users spend more money on the same. For instance, you can either set up a cafeteria, a gym, or even a sauna within the area.

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    Start Marketing to Spread the Word

    Once everything is ready, you should now put your entire focus on attracting people. Start running paid ads on different social media platforms to let people know you’re open. You should design your marketing strategy after knowing where your target audience hangs out the most.

    Besides running ads for your coworking space on multiple platforms, you can also launch some excellent influencer marketing campaigns to spread the word faster. Hiring a performance marketer for this task would be a better option.

    But what if you don’t have enough marketing budget? Well, there is still a way out. One great way to market the coworking space at zero marketing cost is by cold pitching to your target audience on Facebook.

    Join Facebook startup groups that are for professionals working in your business location. After joining, track all the active members in the group who show interest and visit startup events, and pitch them to your workplace. It will require significant time and energy, but the returns will be worth it.

    It’s all about targeting the right people from online communities, striking a conversation, and making an appealing pitch. You can start by quickly striking up a conversation with them and later introduce your coworking space. It can appear like a tedious, long process, but it works.

    Conclusion

    Coworking is a great place for socializing. It can not only enrich your daily life but also help you exchange ideas with other people. Apart from that, you can stay up to date about the latest trends and share work at times. Financially, it is the most advantageous business that helps you share resources, pay bills, and meet interesting and talented people.

    FAQ

    How profitable are coworking spaces in India?

    If you build a concrete business plan it is likely that your coworking business will become profitable after two years in operation.

    How do coworking spaces work?

    Coworking spaces act as a shared workspace where the business offers office space for companies or freelancers who are looking for a budget-friendly alternative to a full-fledged office.

    What is the future of coworking spaces in India?

    The future of the coworking space industry in India is growing rapidly and is expected to reach $2.2 billion in 2022.

  • The Complete Office Setup Guide for Entrepreneurs

    “Don’t be afraid of the space between your dreams and reality. If you can dream it, you can make it so.” – Belva Davis.

    The words above laconically describe an entrepreneur’s ethos, entrepreneurship is all about turning even the most paradoxical dreams or ideas into practicality. But the space between these two things might appear to be infinite if you don’t step on the right road from the start. And if you do all of it right, voila you have a startup. Congratulations! But the work doesn’t end here, the road ahead has a lot of steps and the first one is to set up the right office.

    Startups usually begin with a small team so you don’t need to have a huge space, just a well-constructed area in an apt location would do. Let’s dig into some must-haves in a new working space. Let us see the complete report on the ultimate office setup guide for entrepreneurs.

    Who Is An Entrepreneur?
    The Structure Matters
    What All You Might Need?
    Let The Office Speak
    FAQ’s

    Who Is An Entrepreneur?

    Before moving on, let’s try to understand what is entrepreneurship? Who is an entrepreneur? How to become an entrepreneur?

    According to the Entrepreneur website, an entrepreneur is-

    Someone that creates something new, either an initiative, a business or a company. He or she is the beginning (and sometimes the end) of a venture, project or activity.

    The entrepreneur might not be the ideator, but he or she is definitely the one that decides to make that idea a reality. An entrepreneur is a driver, a starter is accountable and responsible.

    The video below clearly explains all these questions in brief. Have a look into it to understand entrepreneurs better.

    The Structure Matters

    Cool, open office spaces are now the new trend, the layout isn’t considered of that much importance. But, the fact of the matter is that structure matters a lot. The structure is the first and the foremost point which should be in the checklist of the ultimate office setup guide for entrepreneurs. You need to divide the space diligently. You got to maximize the utility even after realizing the limitations of space, budget or maintenance.

    Open space doesn’t mean interference. Every employee should get a proper working area where they can isolate themselves and think. Remember, the environment influences the quality of the work.

    Office Setup for Entrepreneurs
    Office Setup for Entrepreneurs

    You got to fade away noise. Whether it’s from your own office, or from somewhere around you. Lay carpets to dampen the excess noise. Use curtains, if you have employees who constantly need to be on the phone with the clients or give them a separate space.

    Proper partition of space is super crucial. You need a formal meeting room, you need a brainstorming area, you need an informal briefing area, the paperwork room, you need cabins for the founders, a small kitchen, washrooms and what not. You see, a small office has a million smaller rooms. If you don’t manage the space cautiously chaos is bound to be your first client.

    What All You Might Need?

    1) Reception Area

    The most important thing if you’re setting up an office as an entrepreneur is a welcome space i.e. The Reception Area. This is the first impression of your company, this sets the theme in your client’s mind, in your employees’ mind. You don’t need to overdo it, just add a fascinating backdrop, a classy desk, some pictures, figures on display, and your company’s name in a stylish, unique manner that stays in the client’s mind for long.

    2) Work Desks

    Rows of individual cubicles with desks and chairs, don’t make their hellholes. Choose the ones, which feel more open and connected to the whole space but also give you the room to function. Place ergonomic chairs and tables so that they will be comfortable while working for long hours.

    3) Board Meeting/Client Meeting Room

    This space where you’ll talk to your prospective clients, this is where you lay down the work, where you persuade them to go with your ideas. The room should be professional, of course, but should it be nerve whacking? No. Make the room formal but don’t lose touch. Make it comfortable. Add a plant or two in the corners. Let it have glass partitions. Remember you need a projector, a great conference table and comfortable chairs.

    4) Brainstorming Zone

    This might just be the most important space. Startups are made up of ideas. They feed on ideas, nurtures ideas, if not ideas then why even call it a startup? The brainstorming area is where dreams are born, this is where plans are made, this is where the foundation of the building called success begins. This is the place where your journey of becoming a successful entrepreneur begins in the first place. You need to focus on the energy in the room, it should be motivating, it should spark something. Add up a bookshelf, fill it up with amazing books relevant to inspirational content. Put up posters, which contain a spirit that resonates. Set the room up with whiteboards, beanbags, a small swing maybe.

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    5) Briefing Area

    This is the zone where communication happens. This might be the space where you design the outline for the day, set the targets, assign jobs or just talk. Talk about progress, loopholes, improvements anything at all. Space should be comforting and informal so that the employee feels free of any barriers to expression. Just add a few chairs arranged in a circle or something with a table in the middle for paperwork and you’re good to go.

    6) Kitchen and Coffee Area

    Startups usually don’t stick to the 9 to 5 regime. They have flexible working hours with some going on even the night. You need to fuel your employees so that they can deliver. Make a small kitchen with an induction stove, coffee maker, snacks, 2 minute noodles, energy bars. Keep a small fridge for some fruits or something. Keep it stocked. Let your employees contribute to the fridge.

    7) Play Area

    As much as it is about work, startups are also funky and friendly. Design a small relaxing area, where there’s music, a small tv, a foosball table, UNO, Jenga. If you have the budget, make the office pet-friendly, dogs are the best stress-busters, maybe all that the mind-blocked employees need is an escape for a while to make the productivity race. This will improve the overall vibe of the office, give it a playful impact.

    Let The Office Speak

    The company vision should echo in the space, the employees should feel the work that does, and the environment gives them that vibe.

    Casual is the key, but remember your office nurtures your work. The office should resonate with the motivation behind your startup. It should be a little version of the big mountain, that’s your inspiration. Put up motivational stickers, posters, add up the flavor with your company name. Anything that adds a personal touch. Keeping it bare would make it dull faster than quicksand.

    Organize team-building events, fun activities, co-curricular activities, surprise them with gifts that will allow your team members to interact with each other and will also keep them off from their work for a while.  

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    When you have a small space, it’s very easy to make it monotonous, because why take the effort. But, a few months into the work and the monotonicity will start suffocating. So, it’s better if you make every room different. For example, add colours. Choose the brighter ones for the brainstorming area, obviously the decent ones for your cliental meeting zone. Add wall decor, wall art to make it more classy. Green adds life to space, so remember to have indoor plants.

    Your office should be a combination of industrial and cozy. The office environment should allow people to socialize and communicate with each other, interact with their fellow colleagues to be more efficient and comfortable at their work. Falter here, and all you get is a boring space. Startups create magic, so let be unique, let it be flawed, what matters the most is that it should be personalized.

    FAQ’s

    Who is an Entrepreneur?

    The entrepreneur might not be the ideator, but he or she is definitely the one that decides to make that idea a reality. An entrepreneur is a driver, a starter is accountable and responsible.

    Where do entrepreneurs work?

    The workplace of an entrepreneur will be office-based, but it can vary.

    How big is the workplace for entrepreneurs?

    The size of the workplace will depend on the size of the venture and may start at home or in a small office and grow to a large corporation.

    What is the work environment of an entrepreneur?

    An entrepreneurial work environment is one in which people are not afraid to take calculated risks, and in which they can embrace the idea of learning something valuable from a failure.

    How many hours does an entrepreneur work?

    Lots of entrepreneurs work 60 to 80 hours a week.

    Why are coworking facilities attractive to entrepreneurs?

    Coworking can greatly ease the path to starting a new business and also provide flexibility when your business is growing. You can add team members at any time without the costs and commitment of commercial lease space.

    Feel free to reach us and share your feedback. We would love to hear from you. Do comment us in the comments section below. Happy Reading.