8/16/2018

Are you equipped to start a coworking business?

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

Before you get too far along in your quest to start a coworking business, you must start with a personal evaluation to confirm that this is the right business opportunity for you. You must look at your skills, your contacts, and how the success or failure of your endeavor will affect you. 

What Knowledge and Skills Do You Have that Will Help?

To start a coworking business, you will need a similar set of skills as you would with any other entrepreneurship opportunity. The most important skills include financial management, marketing and customer service, negotiation, communication, leadership, planning, time management and delegation, networking, and problem solving. You should also have the drive to succeed. It will be helpful if you also have knowledge of how to run another type of company or of how people use coworking spaces. 

Which Contacts Can Assist You?

Next, take the time to evaluate what contacts you already have that can assist you in creating your coworking space. Keep in mind that you will hopefully work on networking to bulk up these contacts. Start by thinking about those who have the general knowledge, such as friends, family members, and associates who have previously started their own business with success. Then, consider those with funding, whether they are investors you have connected with or someone you happen to know is looking for a unique opportunity. 

You will also want to consider the contacts you have in terms of industry insiders. Ideally, those looking to start a coworking business will know others who already run a coworking space but far enough away from your desired location, so you will not be in competition. If they do not see you as direct competition, they will be willing to share their insights and maybe even help you make inroads. At the very least, they can suggest your upcoming space to members of their coworking business who travel to your area in exchange for you returning the favor. In the best-case scenario, these industry insiders will warn you of pitfalls to avoid and provide general advice. 

Finding and Evaluating Risks and Opportunity Costs

You must take the time to find as well as evaluate the risks and opportunity costs associated with your coworking space. Most of these will overlap with any other type of new business, making it incredibly easy to find online resources outlining risks from reputable business-oriented websites. The financial risk will be a big one, both for you and your investors, but you should not overlook the risk of whether there is not even a spot in the market for your company to fill. 

Potential Consequences of Failure and If You Can Bear Them

Finally, take time to think about what will happen if your coworking space fails. Would you be able to bear explaining the failure to the investors who backed your idea, especially if you are close to them? Evaluate what else you will lose, such as reputation. Do not forget to determine if you are strong enough financially and emotionally to bear a potential failure. Many entrepreneurs fall into depression or anxiety following a business failure, so you need to make sure you have a support system in place to avoid this and other consequences. As with other factors, you can find numerous examples of what people experience following a business failure online; read some summaries to see if you could handle those situations. 

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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

Save your community manager 41 hours each week—learn how The Yard did it with cloud-based access control.

Read the Case Study

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