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Coworking spaces have taken off in the aftermath of the COVID-19 pandemic. With many workers slowly returning to their offices, the hybrid work trend has taken off. This is because more and more businesses are seeing the benefits of both office and remote work. However, finding a productive space outside of the office for remote work can be tough when you want a quiet place to be productive.

This is where coworking spaces come in. LinkedIn conducted a study stating about 44% of employees wanted to return to their office setting during the pandemic because they needed a “change of scenery” during the day. New surroundings and a change of pace is one reason why so many people are beginning to open and run these spaces themselves. Starting a coworking space is a great way to connect entrepreneurs and remote workers with their community while maximizing productivity.

What is a Coworking Space?

A coworking space is a shared location—often in an open-concept space—where people from different career paths network, collaborate, and/or quietly focus on their work. These are usually not in office buildings or on busy commercial properties; instead, they are often found in industrial or warehouse settings.

What is a Coworking Space?

Purchasing or leasing a location and then creating a coworking space design takes time and thought. Whether you work with a contractor or work alone, the following steps are good, general guidelines when making a coworking space business plan.

Create a Budget

Finances are always important to think about before starting on a big project. Working with a finance professional is a great way to go when making your coworking business plan. On top of the finances that come with leasing or buying, there is also furniture, electronics, decor, utilities, insurance, and elements like website design and marketing to think about. Reaching out to local resource centers or the Chamber of Commerce can be helpful tactics when figuring out finances. Coworking spaces benefit the hardworking people in a community and the community may see that and be willing to help.

Think About Location

You probably do not want your coworking space to be hidden in the middle of a busy office building. Since many coworking spaces work well in underutilized buildings, seeking out unique locations near popular coffee shops, stores, colleges, and other community hubs is a good start. It’s also smart to think long-term when selecting a location. Learn more about the local businesses as well as the kinds of people who visit nearby shops and buildings. A good way to connect with the community is to host free events or collaborate with nearby businesses. Getting the coworking space’s name out there in any way you can is a way to snag the attention of future visitors.

Know the Target Audience

Understanding the people you think your business will attract is critical when starting a coworking space. This doesn’t just help you become a name in the community, it is a crucial part of the branding process. When finding the niche you want your coworking business to fit into, you will want to include the kinds of visitors you plan to see come through your doors. From there, think about what would attract those people to become regulars at your coworking space. You want the mission of your business, the logo, the colors, and the online platforms to attract the people who will support your coworking space long-term.