Coworking may be a relatively new phenomenon, but the number of centers are increasing more than 50% per year, and the number of coworkers continues to double each year. But how many close each year, as well? The models for success are only just emerging, and yours can certainly be one of the successful ones if you pay attention to initial planning and management details. Your first questions need to be:
- Will I locate in a large city or a smaller community?
- Who is my target market? All knowledge workers? Just startups? Solopreneurs?
- What size center do I want? What are my startup costs? Lease costs? Personnel costs?
- What are my offerings? Will I operate 24/7 or working hours? Weekends?
- Does the project pencil out? Can I charge market rates and make a profit?
- How will I manage operations?
This document is a brief overview of critical actions and decisions for you as you create, manage and grow your Cowork Center. Please feel free to contact us to discuss more in depth information or specific details as they relate to your center.