[Coworking] Coworking Business Plan

[Gadei Cristina]

Hello,

I'm working on a business plan in order to open a coworking space. Do you
have any tips & tricks for me?
It would help me if you have a model business plan.

Thank you!

[Tony Bacigalupo]

Hey Cristina,

Welcome to the group!

I have a free starter kit that includes a basic business model template
here:
http://nwc.co

There's also a more robust premium package here:
http://nwc.co/3/coworking-business-model-template/

Coworking has become incredibly diverse, so there are different ways of
approaching the model based on the needs in your region and your own
personal disposition. This can include:

1. Just a casual club
2. Coworking in under-utilized space (restaurants, cafes, etc)
3. Coworking only
4. Coworking + cafe
5. Coworking + consultancy
6. Coworking + private offices
7. Coworking + events & educational programming
8. Coworking at scale

And many more.

When I work with a new client to help them with their planning, one of the
first things I'll do is get a sense of which of the above models might be
the best fit for their interests.

Often they already have an idea in mind, though it's still good to go
through the process of examining all of the possibilities—I frequently help
people temper their expectations by recommending starting with something
smaller, to help pave the way for a more ambitious undertaking.

Once you have a rough idea of the high-level approach you want to pursue,
then you can start looking at numbers to get an idea of how a model might
work.

What you may find, however, is that unless you happen to already have an
existing community or related network and a space lined up, it may be a
while before you can get too specific—building interest in the project and
rallying stakeholders around the general idea will likely be necessary
before you can plug in real-life numbers with a real-life space.

Once you have a particular space in your sights, you can plug in the actual
square footage and cost per square foot (at least that's how we do it with
my templates) to get accurate projections and an estimate of what you'd
have to charge to make it profitable.

I hope that helps!

Would you like to tell us a little more about your project?

Cheers,
Tony Bacigalupo

*---*
New Work Cities <http://nwc.co/consulting> • Coworking.org

Post by Gadei Cristina
Hello,
I'm working on a business plan in order to open a coworking space. Do you
have any tips & tricks for me?
It would help me if you have a model business plan.
Thank you!
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[AK]

This discussion is very important to me. We own our space (2 story office
building--2800 sq ft, plus functional basement) -- two tenants including us
intend to keep some of the space. My concern is the viability of the
location, need, and interest in doing a co-op space in our neighborhood.

How does someone actually do the research?

Al

Post by Gadei Cristina
Hello,
I'm working on a business plan in order to open a coworking space. Do you
have any tips & tricks for me?
It would help me if you have a model business plan.
Thank you!

[Wendy]

I worked with the Small Business Development Center at my Community College. They were a great resource for me.
1. We looked at office space for rent in a 20-30 mile radius, what was included in the rent, what the office and surrounding neighborhood looked like.
2. I also did research online for what other coworking spaces offered.
3. I talked with people I knew who were remote workers or had started a company on their own to find out what they would look for in a coworking space.
4. I visited local coffee shops/restaurants to see if there were a large number of people taking up tables with laptops.

Our building is in the middle of Main Street in a revitalizing downtown area. City Hall just relocated across the street and the Chamber of Commerce and the city Development Alliance is out my back door. Location matters. Getting to know local business people who are involved in the community matters. Getting involved in the community where you plan to open your space matters. My space can be used for special events as well. Before I had any coworking members I had hosted a few events in the space. It was good exposure.

My biggest challenge has been education. Letting people know that I was here wasn’t enough. They didn’t know what coworking was! I had to come up with a quick answer to “What is it you do here?” & “What is coworking?”. If they were really interested then I could explain further.

Best of Luck
Wendy
deskandeasel.com


Sent from Mail for Windows 10

From: AK
Sent: Friday, October 26, 2018 10:40 AM
To: Coworking
Subject: [Coworking] Re: Coworking Business Plan

This discussion is very important to me. We own our space (2 story office building--2800 sq ft, plus functional basement) -- two tenants including us intend to keep some of the space. My concern is the viability of the location, need, and interest in doing a co-op space in our neighborhood.

How does someone actually do the research?

Al



On Tuesday, October 16, 2018 at 10:09:15 AM UTC-5, Gadei Cristina wrote:
Hello,

I'm working on a business plan in order to open a coworking space. Do you have any tips & tricks for me?
It would help me if you have a model business plan.

Thank you!

[Felisha Hatcher]

I've been following this thread and have to say, you guys are awesome! Love
this community.


[image: photo]
*Felisha Hatcher-Taylor*
Executive Director, Co.ology

586.842.2244 | ***@co-ology.com

Co.ology : Work + Creative Space
18940 E. 9 Mile , Eastpointe, MI 48021
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Post by Wendy
I worked with the Small Business Development Center at my Community
College. They were a great resource for me.
1. We looked at office space for rent in a 20-30 mile radius, what was
included in the rent, what the office and surrounding neighborhood looked
like.
2. I also did research online for what other coworking spaces offered.
3. I talked with people I knew who were remote workers or had started
a company on their own to find out what they would look for in a coworking
space.
4. I visited local coffee shops/restaurants to see if there were a
large number of people taking up tables with laptops.
Our building is in the middle of Main Street in a revitalizing downtown
area. City Hall just relocated across the street and the Chamber of
Commerce and the city Development Alliance is out my back door. Location
matters. Getting to know local business people who are involved in the
community matters. Getting involved in the community where you plan to
open your space matters. My space can be used for special events as well.
Before I had any coworking members I had hosted a few events in the space.
It was good exposure.
My biggest challenge has been education. Letting people know that I was
here wasn’t enough. They didn’t know what coworking was! I had to come up
with a quick answer to “What is it you do here?” & “What is coworking?”.
If they were really interested then I could explain further.
Best of Luck
Wendy
deskandeasel.com
Sent from Mail <https://go.microsoft.com/fwlink/?LinkId=550986> for
Windows 10
*Sent: *Friday, October 26, 2018 10:40 AM
*Subject: *[Coworking] Re: Coworking Business Plan
This discussion is very important to me. We own our space (2 story office
building--2800 sq ft, plus functional basement) -- two tenants including us
intend to keep some of the space. My concern is the viability of the
location, need, and interest in doing a co-op space in our neighborhood.
How does someone actually do the research?
Al
Hello,
I'm working on a business plan in order to open a coworking space. Do you
have any tips & tricks for me?
It would help me if you have a model business plan.
Thank you!
--
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"Coworking" group.
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