10/25/2018

The Milestones of Starting A Coworking Business

This is the fourth installment of ‘Starting A Coworking Business’—we have four in total! Click here for parts one, two, and three.

As with any other type of business you start, you will aim to achieve numerous goals or milestones as you open and then grow your coworking company. Every situation is different with slightly different milestones, but there are some general ones that most coworking companies will come across. 

coworking business milestones
Your coworking business’s milestones will be slightly different than another coworking company’s. Source

Milestones

The very first milestone you must reach as a coworking company is the same as any other new enterprise: establishing a profitable business model. You will achieve this relatively early on, hopefully before your space even opens. After all, creating a business model that can work is essential before you begin investing time and money into your business. You want to know it has the potential for success. 

There are also other milestones related to strategy, such as when you create a marketing strategy that gets out your brand and is both scalable and realistic. Other milestones will be specific landmarks in your business that indicate you are on the path to success, such as when you get the first person to sign up for a long-term membership or their monthly membership. You can choose additional similar milestones, such as having 10 repeat memberships. Choose the specifics based on what seems realistic for your space. A related milestone can be the first day that all seats in the coworking space are filled. 

coworking business milestones
You may set a coworking goal of filling up a certain percentage of the desks in your space. Source

You will also have other long-term milestones to work toward, such as when the demand for your coworking space is greater than the available room and when you either expand your current space or open another location. You can also set specific sales milestones, such as reaching a certain profit in a given week or month. 

Evaluating Milestones

The steps to evaluate whether a particular milestone will pose a challenge vary based on the goal in question. As a rule, you can get an idea of how hard it will be to achieve the milestones based on your business plan, your calculations for expected profits, and the market in the area. You will find it much more challenging to reach a goal if there is not enough demand for coworking spaces in your area or you do not offer the amenities people want in one of these spaces. 

Solving Milestone Challenges

coworking business milestones
Don’t be afraid to adjust your milestones in the future if they seem unrealistic. Source

As you come across a challenge toward achieving a milestone, take the time to reevaluate the milestone in question and your path. Then, adjust your strategy or the milestone if necessary. For example, you may realize that you set your milestones related to profits too high and need to bring them down to reasonable levels. You should also be willing to get additional support from outside resources when necessary to achieve a milestone. For example, you are unlikely to be able to formulate a scalable and effective marketing strategy alone, particularly without experience. So, you should consider hiring a marketing agency to assist with this. A small investment in services like this may pay off, provided you select the right company. 

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3. Benefits of Tagging Others

Social data also describes the interaction between social media users. While comments, likes, and shares are the most obvious forms of interaction on social media, tags are another form of communication between social media users. 

Tagging is one of the most effective tips for coworking on social media. When it comes to promoting your coworking space, tags do an amazing job at increasing your visibility. On Facebook, for instance, your post will have more reaches if you tag others:

Image credit: CENTRL Office

If you often organize events at your coworking space, you can tag the participants. If you have some special offers, tag someone who helps you promote them. Any tag conveys social data, as it transfers information from one user to another. It’s a great way to become more visible online and attract potential clients. 

In Conclusion

Like any other big data, social data has limitations, as not every social media user shares information. Nevertheless, social data is still very effective for marketing purposes, as it can help your coworking space become more recognizable. 

Using the above-mentioned social data techniques together will help you increase visibility, as they will help others find your coworking space more easily. In general, these techniques are aimed at targeting large numbers of people and help them easily navigate the space of social media to find the best coworking spaces. 

Platform

Location

Croissant

International

Included.co

International

Hubble

London

Coworker

International

Instant Offices

International

Pickspace

International

Share Desk

International

Happy Desk

International

DesksNear.me

International

DeskTime

International

Coworking London

London

Desk Pass

International

Copass

International

Coworking Wiki

International

Desk Surfing

International

Near Desk

US

Liquid Space

International

GoCoWo

International

Find Workspaces

US

Sneed

India

Ofixu

International

Meetings Booker

International

Qdesq

India

eWorky

International

Share your office

US

Spacelist

US and Canada

42 Floors

US

Office List

US and Canada

Coffices

International

Breather

US, Canada, Europe

Setting

Berlin

Key to Office

International

Peerspace

US and Europe

Bizly

US

Spacewhiz

India

Beewake

US and Europe

Awfis

India

Allofficecenters

Germany

Splacer

US

Lexc

International

Desk Camping

International

Worksnug

International

Seats 2 Meet

US

Coworking.Coffee

International

Commercial Cafe

US

Preferred Office Network

US

Heydesk

International

Office Freedom

International

Flexas

International

The Yard Coworking

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