Read advice and insights from shared workspace experts, owners and consultants from some of the most cutting-edge companies in the industry.
Our goal is to help the modern coworking space owner to improve operations, efficiency and profitability. Get updated when we feature new experts or become one:
What happens when three accomplished women from the advertising industry form a coworking community? They raise $315,000 in five month. Find out how they crowdfunded their space and what marketing practices you can apply to your own concept.
“We started by planning. Which I think a lot of folks don’t think about when they jump into a crowdfunding platform. But if no one has a way to find it then you’re not going to raise any money.”
Coworking presents unique digital, intellectual and physical safety concerns for space owners. We suggest some ways you can keep your members safe and productive. Here we suggest a proactive approach and implementation of the best security practices.
“Whether or not your place operates 24/7, installing an integrated alarm system and monitoring access is a smart decision.”
We spoke with Condi about her typical strategy when working with new or existing coworking owners and she broke down the consulting phases for the majority of projects into three stages. While many shared workspace and coworking operators lease space from a landlord, those operators who both own the building and the business generally see two to three times the normal yield on their real estate investment compared to a traditional office lease tenant.
“We believe in scale. We see a lot of small spaces, under 10,000 square feet, opening. This is not something we typically recommend, because it’s harder to enjoy profitability on a small space—we believe you really need to scale to make it.”
Mike McDougal, the founder of McDougal Coworking, shares his journey of converting a 38,000 square-foot corporate headquarters into a successful coworking space that’s ready to scale. Here are three takeaways on his journey from corporate to coworking.
“Individual spaces (i.e. the private offices) are leased at rates 60-70% higher (per square foot) than other office spaces in the market. After taking into account the common areas and additional overhead, our space nets a 25% premium over similar office buildings."
Ed Blunderfield, a strategist at Optix, shares how to plan and implement effective key performance indicators (KPIs) for your coworking business.
“Make sure you’ve assigned an owner to each KPI to ensure nothing is missed and to help create a sense of ownership and engagement around the entire process. This will often lead to opportunities for improvement, as each team member begins working more closely with their respective indicators and begins to uncover challenges and opportunities to tweak or re-frame the approach.”
Chief Digital Officer at Talent Garden shares with us how to use technology to improve user experience, automation and tips to scale your coworking space to 20+ locations.
“Scalability is a challenge. We are not strong enough, nowadays, to consistently manage every location. Sometimes we have to retrofit installations in order to align them with our new standards. We have reached a good level of standardization when it comes to basic services that we are able to replicate fast in every new campus.”
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