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01/29/2020

How Access Control is Driving Profitability for Coworking Spaces

With the coworking industry is growing at a rapid pace, the expectations of companies occupying flexible offices are higher than ever. With such fierce competition and savvy tenants, how can operators stay relevant and increase profitability at the same time? One of the keys to this is investing in technologies that help coworking owners to streamline operations, cut operating costs, save time and give their business greater potential to expand its product offerings. 

For example, are you still using traditional locks and keys for your office? Then maybe it’s time to  reevaluate your security system and consider cloud-based access control. Perhaps, the only security system advanced enough to fully support the coworking business model. 

Cloud-based access control vs. traditional security systems

When opening a coworking space, security is one of your top priorities. Sure, to begin with, a lock and a key seem sufficient. However, as your business grows, so do your security needs, and expenses. But, with the right approach, you can turn this to your advantage by using new technologies as a strategic asset that will save you time and money, and impress your competition and customers.

Old-fashioned locks and keys are easy and cheap to install, but they come with liability for your business and may not be the best long-term solution. Not only mechanical locks  are easy to break, but the keys they come with are easily lost and stolen, which leads to time and money-consuming replacements. It may also mean unauthorized access to your coworking space, which is bad news for high-traffic offices holding a lot of equipment, and their customers’ trust. 

Cloud-based access control systems, like Kisi, while more expensive to install, are easier to run and are more cost-effective in the long run. Once installed, this system means that members will be able to unlock any doors within the office using a mobile app that ensures cloud-based control of all entrances. All that your customers need is an app, or a Bluetooth and NFC technology connection. Not only this is a more secure solution for your company, but it gives you multiple opportunities to monetize your coworking business. 

Making your coworking space more profitable with access control:  

1. Eliminating unnecessary tasks 

Not having to deal with physical locks and keys means eliminating mundane tasks for your administrative staff. No more stressed out community managers, having to keep track of all the keys, replace the lost ones, give them out to new members, or chase down the others who fail to return theirs. Instead, administrators can grant remote access to the facility from anywhere in the world, create multiple admins to monitor the space, issue instant guest passes and check reports in real time on their dashboard. With cloud-based access control, it’s much easier for them to maintain and monitor access to your coworking space. Now, community managers will be able to focus on more important tasks, which is good for both, spirits and profits. There will also be no need for security guards or receptionists having to log all the comings and goings. This is a great start to cutting costs and improving productivity in the office. 

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2. Monetize valuable areas

Another way in which access control can help you increase profits is by monetizing areas of your coworking space that are valuable to members, and thus making more revenue without having to add more amenities. You can start by providing easier on-demand access to conference rooms and studio spaces, which members can now book and get access to immediately. 

Likewise, you can easily deny access to customers with outstanding balances and those who are not paying customers at all. People interested in a short-term membership will also have an opportunity to get hassle-free access to their temporary working space, by being authorized and equipped to enter the office as soon as their membership kicks in. They can be productive right away, without having to deal with receiving and giving back the keys and doing small talk with the manager. This means they’re much more likely to return. Everyone wins. 

3. Save money by avoiding physical keys

Another obvious way to monetize your access control is by not having to replace lost or stolen keys, or produce them in the first place. Rest assured, your customers are much less likely to lose their phones than their keys. This is not only good for saving time and money, but more environmentally-friendly, too.  

4. More flexibility for members

Mobile access control also means that your members can have more flexibility about their office space access, which is especially valuable for offices that operate 24/7. They can now safely come and go at any time, without having to worry about keys, receptionists, or their security. 

5. Innovative technology means happier members

It’s also important to mention that, with high competition and experienced members, there  are higher expectations of coworking spaces these days. Meant to be innovative, cutting-edge and forward-thinking, they have to stay trendy. Younger tech-savvy generations the industry caters to are attracted to sleek technology. Member experience is more important than ever, so you must look for ways to differentiate yourself from competition. Luckily, access control solutions are as cutting edge as it gets and will satisfy even the most demanding members, which is great for customer retention. 

Takeaway

With the market and the competition advancing, every coworking owner should look at technology they use as a tool to save time, make profits and improve member experience. Mobile access control does just that. Even though it comes with higher initial costs, in the long run it will save you both time and money by eliminating unnecessary administrative tasks and costs, while allowing for monetizing office spaces and making your business more appealing to customers. There are many things that are difficult about running a business. Your security system doesn’t have to be one of them. 

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