How to Boost Your Coworking Space with the Right Technology
Whether you’ve been open a few days or a decade, running a coworking space takes a lot of work. Your team has to manage payments, bookings, marketing and more – all while simultaneously handling day-to-day operations.
Luckily, there’s plenty of technology available to help you stay on top of your responsibilities. The difficulty lies in pinpointing which ones you need. As a result, it may be tempting to go with an all-in-one technology solution and be done with it. However, doing so isn’t always easier or more cost-effective. Solutions of this kind often have significant shortcomings, as well as costly features you don’t really need.
To help you choose the right tech for your space, this guide shares the types of solutions you should consider at each stage of growth to maximize time and create a seamless experience for members.
Starting Out Strong with the Right Coworking Tech
When first starting out, you don’t need all the technology bells and whistles. In fact, investing in everything at once often leads to overspending and a tech ecosystem that’s too cumbersome to scale with you as you grow. Instead, focus on implementing solutions that address your most time-consuming tasks.
Some key technology we see new coworking spaces investing in include:
Accounting is typically one of the most time-intensive responsibilities your team takes on. That’s why investing in accounting software is often a good place to start. Generally online and cloud-based, it automates many of your complex financial tasks like logging expenses, tracking cash flow and creating invoices.
There are lots of options out there, with all kinds of features. Some have real-time currency exchange, like Xero. Others, such as Quickbooks and Freshbooks, allow you to customize invoices. The key is to identify the functionality your space needs most and use that to narrow down your choices. Pickspace + integrates all of this software so you have it all in one place.
Nothing gets you paid faster than making your payments process easy. Having a payment gateway lets you accept both credit card and bank account payments. How? Simply put, it takes your member’s card or account details, facilitates their transaction and transfers the funds to your account.
Some of the best gateways on the market include Stripe, PayPal and Authorize.net. As you review options, there are some key differentiators to watch for. Does the gateway offer both Point-of-Sale and online payment collection? Can you customize it with developer tools? Does the gateway integrate with your coworking management software? This last feature is essential if you want to truly streamline your payment processes.
Member Management & Experience
The exceptional member experience is your ticket to strong, sustainable growth. One way to achieve this is by investing in good coworking management software. The right solution won’t just help you manage your members, it will help you improve their experience as well.
There are several features to look for from coworking management software such as a mobile app, the ability to report issues seamlessly, a community feed, and more. One feature you will most likely need from day one is booking management. You likely have a variety of spaces your members can reserve, from hot desks to conference and break-out rooms. Forcing members to manually book each one through you is not only time-consuming for your team, but it’s also a tiresome experience for members. As a result, automating this process significantly enhances your space.