Ten Step Guide to the Perfect Coworking Space
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Transcript of Ten Step Guide to the Perfect Coworking Space
Ten Step Guide to the Perfect
Coworking Space
Introduc)on With almost 2,500 coworking spaces worldwide since DeskMag’s last coworking survey in February 2013, the quality of coworking spaces is impera)ve to fulfill their mission and ensure that they keep their doors open. This guide highlights key takeaways from Steve Glaveski’s Ten Step Guide to Perfect Coworking. Image: DeskMag
Step One – Iden)fy Your Market Who are you targe@ng? Your market dictates everything you do. Your name, logo, website, loca)on and fitout. Basically, everything that defines your brand.
Iden)fy Your Market (cont.) Pick a niche Choose your target market carefully based on the following factors. • Industry • Business maturity • Size of the business • Loca)on • Age • Culture • Values • Demand prospects “While it’s good to push some people’s boundaries, it’s also true that we have very individual ways of working and we should feel comfortable to gravitate to the community that suits us best” – Lauren Anderson, Collabora)ve Labs
Iden)fy Your Market (cont.) Open door policy? Decide on whether you will run an open door policy or review applica@ons. Businesses at the same stage of the business maturity lifecycle, for example, will be going through similar growing pains, and have a lot to gain through sharing insights with each other and helping each other along the way. The same cannot be said about businesses in vastly different stages.
Step Two – Loca)on, Loca)on Where are you seFng up shop?
As with buying a home, loca@on is king when it comes to coworking spaces. The hustle and bustle of the CBD or the edginess of the inner city suburbs? Whatever the case, ensure that the loca)on selected is the best fit for your market. Image: St Kilda Hub
Step Two – Loca)on, Loca)on (cont.) Surroundings count! Coworkers want more than just a place to work. • Public transport • Car parking • Cafes • Retail stores • Restaurants • Bars
Step Two – Loca)on, Loca)on (cont.) Read the fine print Ensure you have the right to alter the look and feel of the venue if taking out a lease Park, river or beach views are a bonus!
Step Three – Fitout Clothes maketh the…space. First impressions count, get the right look!
Step Three – Fitout (cont.) The look dictates the feel. A coworking space’s fitout should reflect the space’s principles and values. Fitout influences: • The work environment • Member aFtudes • Opportuni)es for conversa@on and collabora@on • Member aNrac@on and reten@on
Step Three – Fitout (cont.) Mix it up!
• Casual hotdesks • Permanent desks • Dedicated open plan team spaces • Private team spaces
• Quiet spaces • Mee)ng and/or conference
rooms • Breakout areas • Open collabora)ve areas
Most successful coworking spaces have a mix of the following:
Image: Moboff.co.jp
Step Three – Fitout (cont.) Coworking should inspire. Artwork is important – it can be funky, post-‐modern, conserva)ve…whatever. It all depends on your market. In all cases though, it should inspire and not distract.
Image: Startupvitamins.com
Step Three – Fitout (cont.) Avoid unnecessary noise Bad acous)cs can make a coworking space sound like a boiler room straight out of The Wolf Of Wall Street. Consider the following: • Sound deadening floor coverings • Ceiling treatments • Sound clouds • Wall panels • Individual work areas • Varying ceiling and wall surface angles
Step Four – Branding What’s in a name… Your name, logo, marke)ng materials and digital iden)ty say a lot about your coworking space and its members. Shakespeare taught us that a rose by any other name would smell just as sweet. While that may be true, you can’t smell the rose unless you venture into the garden, so a less than engaging name may have your target market searching elsewhere and never gedng close enough to smell the proverbial rose.
Step Four – Branding (cont.) Your online iden@ty • Your website is most prospec)ve members first contact with your coworking space • If it sends the wrong message you’ll lose them forever • On social media, if you’re using it (which you should) don’t just post, be sure to
engage!
Step Four – Branding (cont.) Adver@sing plaTorms There are many pure-‐play shared office space plaforms such as LiquidSpace in the United States, HotDesk in Australia and Seats2Meet in Europe, among others. While not absolutely cri)cal, having the plaform align with your brand is an advantage.
Step Five – Community and Culture Build a tribe! The difference between a coworking space and a shared office space is community. The key to airac)ng people may lie in branding, but the key to reten@on is in community.
Step Five – Community snd Culture (cont.) Tools of the trade
It’s all about inclusivity! • Photo boards comprised of space members • Regular newsleiers • Events and workshops • Special member only offers • Spotlights on members and their businesses • Engaging with members on social media • Friday night drinks and pizza • Beer fridges • The occasional lunch • Alterna)ve currencies
Step Five – Community snd Culture (cont.) Community management
If economically viable and if you don’t have the )me to build the community yourself, consider hiring a community manager. A great community manager will be worth their weight.
Step Six – Events and Educa)on Educate the tribe
Events are a great way to earn addi@onal revenue and market your space to outsiders.
Step Six – Events and Educa)on (cont.) Be strategic.
Align the nature of events with your brand and target market. For example, if your coworking space focuses on public prac)ce professional services such as accountany, law and company planning, hos)ng talks related to topics such as ‘how to maximise your tax return’ will only serve to build your brand further and solidify your reputa)on as the public prac)ce coworking space.
Step Six – Events and Educa)on (cont.) Member par@cipa@on
Let members aiend for free as a membership value-‐add and encourage them to organise their own events. The resident tax consultant will not only boost his public speaking creden)als by holding a workshop, but could also generate addi)onal leads and customers. Another value add.
Step Six – Events and Educa)on (cont.) Networking drinks
Whatever the event and whoever the organiser, a 30 to 60 minute block of networking drinks, generally aler the presenta)on, is a must.
Step Six – Events and Educa)on (cont.) Ongoing educa@on and insights
Educa)on also extends beyond workshops to sharing informa)ve blog posts on topics such as efficiency, collabora)on and remote working tools via your website, social media accounts and newsleiers. A library, whether digital or hardcopy, of books, journals and general value adding insights is also very useful.
Step Seven – Administra)on Boring but important!
In the digital age, you don’t want people to deal with hardcopy paperwork, manual payments, difficulty gedng in and out of the venue or issues connec)ng to the wireless internet.
Step Seven – Administra)on (cont.) Suppor@ng technologies
While technologies in this space are not mature yet, they do make life easier! From managing user registra)ons and access to coworking spaces and wifi services to facilita)ng mee)ng room bookings, invoice genera)on, direct debit of member payments and the subsequent provision of receipts, tools such as COBOT and Nexudus can help make your job easier. Plus, you’ll save some trees along the way!
Step Eight – Music Everyone’s a DJ
Introduce a Bluetooth ready speaker system, invite each member to contribute songs to a Spo)fy playlist and keep the volume to an appropriate level. Background music may not be suitable for every space so think about your members!
Step Nine – Ameni)es A home away from home
As alluded to in previous steps, coworkers will expect a minimum set of ameni)es at most spaces. • Ergonomic chairs and desks • Wireless internet, printer and copier access • Basic kitchen facili)es • Coffee machine • Showers • Lockers • Change rooms • Lavatories • Nerf guns op)onal
Step Ten – Pricing and Flexibility Don’t forget why you exist
Coworking is meant to be flexible...and affordable. Deskmag found that the most important factors for coworkers are convenience and affordability. Don’t lose sight of this fact and be sure to create a number of packages to suit different member needs. From casual drop-‐ins to 1, 3 and 5 day a week passes, be flexible.
Step Ten – Pricing and Flexibility (cont.) Compare the market
Assess what other spaces are charging, and based on your target market, loca)on, fitout, community and overall brand, determine a reasonable price point for member packages as well as short-‐term daily, weekly and monthly bookings. Offer 24-‐7 access where possible.
Step Ten – Pricing and Flexibility (cont.) Be crea@ve
Consider whether or not you will charge for mee)ng room use and whether this will form part of user packages. Find that the space is most quiet on Mondays and Fridays? Consider offering a cheap drop-‐in pass for those days.
About the Writer Steve Glaveski is the founder and managing director of HotDesk, a shared office space and coworking plaform focused on op)mising distressed office and improving cashflow for both landlords, lessees and users of space by developing collabora)ve and innova)ve coworking spaces. Feel free to contact Steve at any of the below. Steve Glaveski | Founder and Managing Director Hotdesk -‐ find a working space. T @steveglaveski E [email protected] W www.hotdesk.com.au