10 MISTAKES TO AVOID WHEN YOU LAUNCH A COWORKING SPACE
Mistake 1: A poor location
Look for a place you can financially afford: both in terms of investment and maintenance. The location of your center is crucial to its success. Check out if the area you want to settle in corresponds to the type of people you are aiming at. Wondering where you should establish your center?
Mistake 2: A bad business plan
Before even thinking about launching your coworking project, you should come up with a solid and coherent business plan. Beware to count in ALL costs. For example, if you intend to set up a coffee stand then maybe ask a bar tender’s advice. Also, do not neglect the costs generated by events, activities and training sessions you might organize for your coworkers. In the “income” box, try not to overestimate the occupation rate of your offices. Testimonies of coworking managers tend to show that the revenues coming from the renting of offices turn out to be not as high as those related to the hosting of events, the availability of the meeting room (this service is very popular among coworkers), the privatization of your coworking space, etc.
Mistake 3: Missing out on the interior layout
Your members pay to work in a comfortable and pleasant place. Your interior needs to be welcoming and designed to suit your members’ needs and expectations. In terms of office design, be creative and original! Your coworking center needs not to be similar to any other open space! You need to think about how you can favor interaction between coworkers… In terms of decorating and styling, fix no boundaries, but keep in mind the coworking center needs to be luminous, airy and relaxing. The presence of ornamental plants has a very positive effect on those who take care of them, so why not putting some in your coworking center?
Mistake 4: You did not set your deals properly
Be as specific as possible in what you intend to propose to your coworkers. Are you going to develop tools for meetups and conferences? Do you want a very active and dynamic community? What category are you aiming at? Work on the deals you are going to offer and adjust them to your audience.
Mistake 5: You are not planning on being part of a network of coworking centers
Entering partnerships with other coworking centers in France and abroad can be extremely profitable. Being part of a structure such as Visa Coworking enables coworkers to go everywhere on the planet while paying through a standardized system. Most of all, it will facilitate contacts with other managers (to share your experiences, ask questions, and collect ideas…).
Mistake 6: You have not thought about the development of the community
Your coworkers’ productivity and their capacity to find new ideas depend a lot on their affinities. If you are not developing the community of coworkers, you are losing the main interest of coworking. You will also drive away potential customers. Prior to the opening of your center, work on its development and put in place appropriate tools to do so. Prepare a list of events your coworkers will attend and where they will meet to talk about other things than their professional life. Want a dynamic community?
Mistake 7: You are managing your coworking center like any other renting office system
Coworking is way more than a common open space! It needs to be lively! Be creative, host tons of events and performances, and initiate entertaining activities such as Casual Fridays or Jellys (relaxed brainstorming)
Mistake 8: Giving up on a large audience… or the contrary.
Before going for it, target the categories you want to attract. If you want a specialized center (read our article): you should not aim at a very limited public (you risk to never fill your center up). Avoid doing the opposite, aka targeting too large and missing out on what your customers really need.
Mistake 9: Managing on your own
Do not overestimate your capacity to manage on your own a coworking center; it is more demanding than an Airbnb rental! If you still want to do this by yourself, then you should go for a small structure. Your project is more ambitious? Become partners with other coworking center managers to support a larger amount of work and handle it better.
Mistake 10: Trying to manage your center without Pickspace+
You cannot manage your coworking center without an effective tool. Pickspace+ provides you with the solution to follow live your center’s activity, visualize your occupation rate, bill performances, and host professional or festive events…