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Business Plan Checklist for Your Coworking Space

The coworking industry is becoming a lucrative worldwide phenomenon , and now is the perfect time to break into the business. And as COVID-19 induced lockdowns and social distancing hopefully become a thing of the past, remote workers will be looking to find ways to connect with like-minded individuals now more than ever. A coworking space is a perfect place to do that!

Below, we've put together a step-by-step checklist to help you envision, assemble, and scale your own unique space. Whether you're brand new to the industry or you already know the ropes, you can use these tips to improve efficiency, define your brand and strengthen your space's community.

Looking for our full coworking space business plan?

We offer a comprehensive guide to operating a coworking space. Download it free here .

1. Define Your Vision

conference room with table

Why do you want to open the new space? To make a living? To cross-finance your own startup? To create a national coworking chain? To help your local community?

All are valid answers, but this important first step will help define your entire strategy. You will have to adapt your strategy over time, but your vision should stay intact to make sure your brand is consistent and your members feel valued. Take WeWork for example. Their initial vision — to create spaces for people to come together and innovate — still hasn't changed, even as their business has scaled up .

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2. Solve a Specific Problem

meeting room with sticky notes

There needs to be a niche for your new coworking business, and thankfully there are plenty of options available. Maybe your area has a high demand for coworking spaces beyond coffee shops and libraries. Maybe the existing spaces in your area are too focused on one type of worker. On the other hand, maybe the other spaces around you are too broadly focused.

You're now in the business of problem-solving, so starting with a focus and expanding from there should be your main goal. For example, Google started out as a simple search engine that used links to determine the importance of individual pages on the internet. Today, they still dominate their niche, but they also offer dozens of services on top of that: Think products and services include mail, calendars, maps, and even phones. To create something bigger, you need to begin with one small thing. Start by analyzing your competitors and conducting a competitive analysis .

3. Define Your Space

meeting in a coworking space

Envision your target market's dream coworking environment . Is your space a premium facility for companies or an affordable solution for freelancers? Is your primary audience big business or small teams? Will your facility integrate with your city's business environment through events and partnerships, or will it be an independent space open to anyone?

Answering these questions will help you more easily plan out your membership pricing, amenities, marketing, and location. Being generic doesn’t cut it in the coworking market. Think deeply about how to stand out against the rest and add value to your new space.

4. List Your Business Goals

Business Plan Coworking Space

This is the tough work that will help you the most in the long run. If your space is fully leased, plan out the number of desks you can offer and monetize. Shoot for using 30 to 40 percent of your total space as desk space. Then, use this figure to calculate how much revenue your space can generate, including comparing the number of hot desks against the number of permanent desks.

Start to formulate a financial plan for your vision. Use our very own free financial ramp-up calculator to get started. The next step is to think about goals further down the line. When will you break even? How much revenue will you generate? How much turnover do you expect? Which amenities and cosmetic choices can you afford?

Now think about the investment you'll need. This includes set up costs, like furniture and internet service; opening costs, like a launch event; and ongoing operations, like maintenance and salaries. There are more costs than you might initially imagine, so research more with coworking guru Alex Hillman's online guide .

Additionally, you should define your value proposition, cost structure, revenue streams, customer segments, key channels, and marketing strategy. You'll need to know these answers inside and out.

Preview of our coworking revenue forecast tool

5. Pick Your Team

Business Plan Coworking Space

Every great business starts with a great team . Consider every side of the plan: a technology expert, an operations manager, and a marketing person are essential, whether you hire them, do those jobs yourself, or outsource to freelancers.

Similarly, you’ll need to look into real estate partners, investors, and other day-to-day employees to round out your core group. A solid team will increase your space's value and pave the way for future growth.

6. Coworking Business Model

What is your unique selling point what value do you bring.

Do you offer lots of space for large teams to rent out, or individual desks to pay for by the hour? Do you offer bare-bones facilities like wifi and a seat at a desk, or cold brew on tap and gym access? You should always aim to offer the work necessities that aren’t available in free spaces like coffee shops: printers, reliable high-speed internet, writing utensils, scanners, and other office supplies. You may want to cater to a specific industry, like offering a space where entrepreneurs can network and bounce ideas off of each other. Are you geared towards providing networking opportunities, or a quiet space for optimal productivity? Or do you cater to bigger clients who want more private meeting spaces or long-term rentals? The answers to all of these questions will begin to define how you sell your space.

Who is your audience?

Are you catering to individuals, businesses, or both? How will you accommodate those who will stop in sporadically versus members who need a steady 9-5 workspace? Will you lease specific desks and offices or just grant people entry as needed? Are there entire floors that companies can rent out, or private meeting spaces for remote teams? Or maybe you don’t exist in a physical place but are more of a club? These parameters will help you think about what type of space you should occupy.

If you’re offering a space primarily for people to meet outside of the usual 9-5, maybe you operate out of a building that is in use only outside of normal business hours, like a restaurant or church. If you’re catering more to the 9-5 crowd, think about how you can utilize your space outside of business hours. Perhaps you’ll host nighttime events like book readings or networking cocktail hours. Maybe you’ll cater to parents by offering childcare or irregular hours.

What are your revenue streams?

Most revenue will come from membership fees, but those can take several forms. You can have members pay monthly or annually, or charge hourly for the use of workspace. You can offer both hot desks, which can be rented out for specific times, and dedicated desks, where a member can leave their things and return at their leisure. A mix of both will ensure you’re filled to maximum capacity. Also consider offering corporate memberships, which can be a great way to get tons of people in the door and allow companies to extend perks to remote teams.

You can also bring in revenue through amenities like a cafe, and build different levels of membership based on these smaller perks. For example, a higher-tier member might get unlimited coffee, free guests, or free access to events.

Another popular revenue stream for coworking space is something called a “virtual office,” in which startups or remote teams pay for a business address where they can send and receive packages, even while working from a different place, like their homes.

What are your marketing strategies?

A good marketing strategy is key to getting your coworking space off the ground. It’s also highly connected with who your audience is. You may run advertisements on local news or in niche magazines that cater to your audience. You should definitely have an attractive website and a strong social media presence. Many places find success in offering perks to existing members for referring friends.

Try and get creative! Can you work with influencers that your audience might follow? Should you have a booth at industry fairs, or offer freebies to those passing by at a local farmers market or on a busy street?

What partnerships can you form?

To get off the ground, many coworking spaces rely on investors. They provide an initial revenue stream and source of capital, plus they provide a networking tool that can be sold to members. If your coworking space hosts a number of entrepreneurs or start-ups, you may want to consider offering to connect them with your investor for a small fee.

Think about smaller-scale partnerships as well, such as different local businesses and entrepreneurs you can collaborate with. Perhaps a local coffee shop would be interested in opening a cafe in your space, or a local restaurant could offer customers special discounts. You could offer members discounts at a nearby gym, or host instructors for fitness classes right in your coworking space.

If you plan on hosting events, begin to compile a shortlist of people who would make a good fit. Are there local entrepreneurs who could give an inspiring talk, or authors who might draw a crowd? Perhaps artists would be interested in having their work on display, or a local library could sponsor a small lending library in your space.

7. Coworking Business Model Template

There are tons of helpful coworking business model canvases out there that are helpful to estimate your startup costs, brainstorm partnerships, cater towards your target audience, and build your business. You can save this checklist, as well, to help you start planning your space.

Target Audience : Who is your dream client? Who do you wish to attract?

Partners: Will you be looking for investors? Who will be your internet service provider? Will you partner with local businesses, or bring in local experts for events?

Added Value: What’s your selling point? A quiet space for remote workers to use instead of a home office? Networking opportunities? Speakers and events?

Key Resources: What do you need to be successful? An entire building or just an open floor? Wifi? Cold brew? Fax machines?

Advertising: How will you spread the word? Through local businesses, social media, billboards, or word of mouth?

Key Activities: What will your space be used for? Workspace for startups? Collaboration for entrepreneurs? Events open to the whole community?

Revenue Streams: Will membership fees be fixed or will there be different plans? Will you recruit investors? How many hot desks versus conference rooms? Will you charge a fee for events?

Customer Segments : What different customers do you hope to attract? Freelancers? Remote workers? Entire companies?

Download this Coworking Space Business Model Canvas today and start planning!

Business Plan Coworking Space

Remember: This is a broad overview. While these are some of the main questions you'll need to address when shaping your business plan, there will be plenty of other things to evaluate more in-depth. We've collected a more extensive overview of how to launch and run a coworking space in 2021 with our updated guide, which you can download for free .

And get excited! Coworking is showing signs of massive growth, and this is your chance to improve the world of business while setting yourself up for success.

Carlo

Carlo Belloni

Carlo is the Project Manager and SEO Specialist at Kisi.

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Coworking Space Business Plan Template

Written by Dave Lavinsky

Co-Working Space Business Plan

Coworking Space Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their coworking space companies.

If you’re unfamiliar with creating a coworking space business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a coworking space business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Coworking Business Plan?

A business plan provides a snapshot of your coworking space business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.  

Why You Need a Business Plan for a Coworking Space

If you’re looking to start a coworking space business or grow your existing coworking space company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your coworking space business to improve your chances of success. Your coworking space business plan is a living document that should be updated annually as your company grows and changes.  

Sources of Funding for Coworking Space Businesses

With regards to funding, the main sources of funding for a coworking space business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for coworking space companies.

How to Write a Business Plan for a Coworking Space Business

If you want to start a coworking space business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your coworking space business plan.  

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of coworking space business you are running and the status. For example, are you a startup, do you have a coworking space business that you would like to grow, or are you operating a chain of coworking space businesses?

Next, provide an overview of each of the subsequent sections of your plan.

  • Give a brief overview of the coworking space industry.
  • Discuss the type of coworking space business you are operating.
  • Detail your direct competitors. Give an overview of your target customers.
  • Provide a snapshot of your marketing strategy. Identify the key members of your team.
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of coworking space business you are operating.

For example, you might specialize in one of the following types of coworking space businesses:

  • Industry specialized coworking space: This type of coworking space caters to workers and entrepreneurs in a specific industry such as graphic designers, digital media professionals, or writers.
  • Business incubator: This type of coworking space is specifically for startups and entrepreneurs to work on new business ventures in a supportive environment.
  • Private coworking space: This type of coworking space is usually rented out by a single company.
  • Open coworking space: This is the most common type of coworking space, where anyone can rent a desk or a room for a fee.

In addition to explaining the type of coworking space business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of clients served, the number of companies served, reaching $X amount in revenue, etc.
  • Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the coworking space industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the coworking space industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your coworking space business plan:

  • How big is the coworking space industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential target market for your coworking space business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your coworking space business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of coworking space business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.  

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other coworking space businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other places people gather to work, such as conference rooms, libraries, and coffee shops. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

  • What types of customers do they serve?
  • What type of coworking space business are they?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you make it easier for your clients to acquire your services?
  • Will you offer products or services that your competition doesn’t?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a coworking space business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of coworking space company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide food and beverages, hot desks, conference rooms, or fitness rooms?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your coworking space company. Document where your company is situated and mention how the site will impact your success. For example, is your coworking space business located in a busy retail district, a business district, or a standalone office? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your coworking space marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Reach out to websites
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your coworking space business, including answering calls, scheduling cleaning services for the coworking space, ordering office supplies, and collecting payments from clients, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your coworking space business to a new city.  

Management Team

To demonstrate your coworking space business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing coworking space businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a coworking space business or successfully running a small venture incubator.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will your coworking space have 20 desks, and will you charge $20 per day/per desk? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your coworking space business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a coworking space business:

  • Cost of equipment and office supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or testimonials from happy customers.  

Writing a business plan for your coworking space is a worthwhile endeavor. If you follow the template above, by the time you are done, you will have an expert coworking space business plan; download it to PDF to show banks and investors. You will understand the coworking space industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful coworking space business.  

Coworking Space Business Plan FAQs

What is the easiest way to complete my coworking space business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your coworking space business plan.

How Do You Start a Coworking Space Business?

Starting a coworking space business is easy with these 14 steps:

  • Choose the Name for Your Coworking Space Business
  • Create Your Coworking Space Business Plan
  • Choose the Legal Structure for Your Coworking Space Business
  • Secure Startup Funding for Coworking Space Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Coworking Space Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Coworking Space Business
  • Buy or Lease the Right Coworking Space Business Equipment
  • Develop Your Coworking Space Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Coworking Space Business
  • Open for Business

Don’t you wish there was a faster, easier way to finish your Coworking Space business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

Click here to see how a Growthink business planning consultant can create your business plan for you.  

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Coworking Space Business Plan Template

Written by Dave Lavinsky

Coworking Space Business Plan

You’ve come to the right place to create your Coworking Space business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Coworking Space companies.

Below is a template to help you create each section of your Coworking Space business plan.

Executive Summary

Business overview.

Work Together is a new coworking space located in Las Vegas, Nevada. The space will provide a comfortable and clean setting for professionals of all industries to work in. Professionals who are interested in renting our offices can rent a private office, conference room, or a shared space depending on their needs. They can also rent offices by the day or at a monthly rate. No matter the type of office they rent or the length of their lease, all of our clients are guaranteed a clean, respectful, and professional setting for them to work in.

Work Together is led and founded by Dustin James. Dustin has been a commercial broker for ten years, and has seen an increasing demand in flexible coworking spaces. Since this is an increasing need in a world that is offering more remote and flexible working options, Dustin has decided to specialize in leasing coworking spaces to meet the working needs of the professionals and entrepreneurs of the Las Vegas area.

Product Offering

Work Together provides several offices for professionals to work in. Clients who are interested in renting our offices, can rent private offices, conference rooms, or shared spaces. They can also rent these spaces at a daily rate or monthly rate, depending on their needs.

Customer Focus

The clients of Work Together are typically business owners, investors, business executives, and realtors seeking flexible work spaces. Some clients will just need space for themselves, while others will need space for a small team of up to 15 people. Work Together will offer a variety of office space options to satisfy this diverse demographic.

Management Team

Work Together is led and founded by Dustin James. Dustin has been a commercial broker for ten years, and has seen an increasing demand in flexible coworking spaces. Since this is an increasing need in a world that is offering more remote and flexible working options, Dustin has decided to specialize in leasing coworking spaces to meet the working needs of the professionals and entrepreneurs of the Las Vegas area. His experience in the real estate industry and his connections to local leaders will ensure Work Together’s success.

Success Factors

Work Together will be able to achieve success by offering the following competitive advantages:

  • Location: Work Together’s location is near the center of town and is convenient to access for all commuters and nearby residents. It’s visible from the street with many working professionals walking to and from work on a daily basis, giving passersby a direct look at our offices.
  • Client-oriented service: Work Together will have a full-time assistant to primarily keep in contact with clients and answer their everyday questions.
  • Management: Dustin has been extremely successful working in the real estate sector and will be able to use his previous experience to better assist his clients. His unique qualifications will serve customers in a much more sophisticated manner than Work Together’s competitors.
  • Relationships: Having lived in the community for 25 years, Dustin knows many of the local leaders, newspapers and other influences. Furthermore, he will be able to draw from his ties to the community in order to build up a list of loyal and satisfied clients.

Financial Highlights

Work Together is currently seeking $500,000 to launch. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, and working capital. Specifically, these funds will be used as follows:

  • Office Design/Build: $200,000
  • Marketing and Advertising: $50,000
  • Inventory and Supplies: $50,000
  • Three Months Of Overhead Expenses (Rent, Salaries, Utilities): $100,000
  • Working Capital: $100,000

The following graph outlines the pro forma financial projections for Work Together.

Work Together Financial Projections

Company Overview

Who is work together.

  Work Together is led and founded by Dustin James. Dustin has been a commercial broker for ten years, and has seen an increasing demand in flexible coworking spaces. Since this is an increasing need in a world that is offering more remote and flexible working options, Dustin has decided to specialize in leasing coworking spaces to meet the working needs of the professionals and entrepreneurs of the Las Vegas area.

Work Together History

Dustin incorporated Work Together as an S-Corporation on May 1st, 2023. The company is currently being run out of Dustin’s home office but will move to a commercial location once the lease has been finalized. Dustin has also identified several office locations to lease and turn into coworking spaces.

Since incorporation, Work Together has achieved the following milestones:

  • Found a location for the main office and signed a letter of intent to lease it.
  • Developed the company’s branding image, social media, and website.
  • Began recruiting key staff.

Work Together Services

Industry analysis.

The evolution of the coworking space concept has grown exponentially over the past ten years. According to Mordor Intelligence, over the next five years, the coworking space industry will grow at a CAGR of 11%. Several factors will contribute to this growth, as industry reports suggest:

  • Higher costs associated with land acquisition and building
  • Higher costs for individual office build-outs
  • Higher costs for building materials overall
  • Increased demand for “team or group community spaces”
  • Increased purpose in resource “sustainability”
  • Increased goal to minimize expenditures across the board

At the same time, as noted by Work Together, the coworking space will need to innovate more spatial designs and layouts for teams or groups that require collaboration. The team or group concept is now dominating the business world and it is anticipated that it will continue to do so for many years to come.

Customer Analysis

Demographic profile of target market.

The clients of Work Together are typically business owners, investors, business executives, and realtors seeking flexible work spaces in the Las Vegas area. Some clients will just need space for themselves, while others will need space for a small team of up to 15 people. Work Together will offer a variety of office space options to satisfy this diverse demographic.

The demographics of Las Vegas, Nevada are as follows:

Customer Segmentation

Work Together will primarily target the following customer profiles:

  • Entrepreneurs
  • Remote workers
  • Small teams and companies

Competitive Analysis

Direct and indirect competitors.

Work Together will face competition from other companies with similar business profiles. A description of each competitor company is below.

King & Hartfield Group

King & Hartfield is a commercial broker that designs coworking spaces for small and large organizations. These rentals are on an annual basis, and they rarely allow for monthly or temporary leases. Since many professionals and teams need accommodations that are more flexible than this, we expect many local professionals to seek out our more flexible lease options.

Clarkson Coworking Connections

Clarkson provides temporary coworking offices for professionals who only need to rent offices for a few days or weeks at a time. They are specifically designed for entrepreneurs, artists, and others who only need a private space for temporary projects. Since Clarkson Coworking Connections does not offer more permanent services, many professionals and teams will seek out our offices for monthly or annual rentals.

Moss & Associates

This company has been in existence for five years and has created a short list of successful coworking space build outs. The company does not design or build out space for more than six people, working from the platform that too many people in community spaces are not beneficial to their clients. Given this limit, Work Together is positioned to succeed in the larger projects and teams that need coworking accommodations.

Competitive Advantage

Work Together offers several advantages over its competition. Those advantages are:

Marketing Plan

Brand & value proposition.

Work Together will offer the unique value proposition to its clientele:

  • Quiet and clean office spaces
  • Affordable daily and monthly rates
  • Client-focused services, where the company’s interests are aligned with the customer
  • Service built on long-term relationships and personal attention

Promotions Strategy

The promotions strategy for Work Together are as follows:

Social Media

Dustin James will create the company’s social media accounts and invest in ads on all social media platforms. The company will use targeted marketing to appeal to our target demographics.

Work Together will develop a professional website that showcases pictures of the office spaces we provide. It will also invest in SEO so that the company’s website will appear at the top of search engine results.

Billboard Advertising

We will drive attention toward Work Together by leasing a billboard alongside major highways. Advertising on heavily traveled commute routes is an opportunity to alert large numbers of individuals who are in need of flexible working options.

Publications

The company will also invest in advertising in selected local and national publications such as professional magazines, newspapers, and other publications to build brand awareness and draw in new customers.

Work Together will charge moderate rates for its coworking spaces so clients feel they are getting a great value when renting out our offices.

Operations Plan

The following will be the operations plan for Work Together. Operation Functions:

  • Dustin James will be the President of Work Together. He will oversee the general operations of the organization, rent out offices to clients, and hire and train all staff. Over the next several months, Dustin will focus on hiring the following staff:
  • A full time Administrative Assistant who will manage the company website and listings and assist clients with their questions and concerns.
  • A Director of Marketing who will run and manage all marketing and advertising efforts.
  • Janitorial staff to ensure that the offices are in clean and perfect condition every day.

Milestones:

Work Together aims to achieve the following goals in the next six months.

  • 6/1/202X – Finalize lease agreement
  • 7/1/202X – Design and Build Out Underway
  • 8/1/202X – Design and Build Out Completed
  • 9/1/202X – Hire and Train Staff
  • 10/1/202X – Grand Opening
  • 11/1/202X – Reach Break-Even

Financial Plan

Key revenue & costs.

The key revenues for Work Together will come from charging clients for the offices they rent from us.

The major cost drivers include labor expenses, cleaning expenses, rent, utilities, supplies, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following table outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the business loan.

  • Number of clients per month:
  • Year 5: 100
  • Annual lease: $150,000

Financial Projections

Income statement, balance sheet, cash flow statement, coworking space business plan faqs, what is a coworking space business plan.

A coworking space business plan is a plan to start and/or grow your coworking space business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Coworking Space business plan using our Coworking Space Business Plan Template here .

What are the Main Types of Coworking Space Businesses?

There are a number of different kinds of coworking space businesses , some examples include: Industry specialized coworking space, Business incubator, Private coworking space, and Open coworking space.

How Do You Get Funding for Your Coworking Space Business Plan?

Coworking Space businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Coworking Space Business?

Starting a coworking space business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Coworking Space Business Plan - The first step in starting a business is to create a detailed coworking space business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your coworking space business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your coworking space business is in compliance with local laws.

3. Register Your Coworking Space Business - Once you have chosen a legal structure, the next step is to register your coworking space business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your coworking space business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Coworking Space Equipment & Supplies - In order to start your coworking space business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your coworking space business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

coworking office space business plan

How to Create a Coworking Space Business Plan

Blog > how to create a coworking space business plan, table of content, introduction:, i. understanding the rise and advantages of coworking spaces, ii. conducting market research and analysis, iii. defining your mission, vision, and value proposition, iv. developing your business model and revenue streams, v. selecting the perfect location and facilities, vi. crafting an effective marketing and sales strategy, vii. streamlining operations and management, viii. financial projections and funding, ix. navigating legal and regulatory requirements, x. mitigating risks and fostering sustainability, xi. building a vibrant coworking community, conclusion:, our other categories.

  • Business Plan 101
  • Company Valuation
  • Pitch Deck Essentials
  • Raising Capital
  • Startup Guide

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How to Create a Coworking Space Business Plan Stellar Business Plans

Are you considering venturing into the thriving world of coworking spaces? A well-crafted business plan is the foundation for success. Welcome to Stellar Business Plans , your trusted startup consultant service provider. In this comprehensive guide, we’ll walk you through the process of creating an effective business plan for your coworking space venture. Let’s explore the essential steps and strategies to ensure your coworking space stands out in the competitive market.

Coworking spaces have experienced exponential growth, with a 43% increase in the number of spaces worldwide in the last two years alone. As the modern workforce seeks flexible work arrangements, coworking spaces offer numerous advantages, such as:

Increased Productivity: Studies show that 68% of people experience improved focus in coworking environments. The collaborative atmosphere and the absence of traditional office distractions contribute to enhanced productivity levels.

Enhanced Networking Opportunities: 82% of coworkers report expanding their professional network since joining a coworking space. The diverse community of professionals allows for organic networking, collaborations, and potential business partnerships.

Cost-effectiveness: Coworking spaces can save businesses up to 25% on operational costs compared to traditional office spaces. Shared resources and flexible membership plans provide cost-efficient solutions for businesses of all sizes.

Before diving into your business plan, understanding your target market and competitors is crucial. Conduct thorough market research to:

Identify Your Ideal Members: Determine your target demographic, such as freelancers, startups, remote workers, or specific industries. Consider their unique needs and preferences to tailor your offerings.

Analyze the Demand for Coworking Spaces in Your Chosen Area: Evaluate the local market demand for coworking spaces. Consider factors such as the concentration of businesses, freelancers, remote workers, and the overall economic climate.

Evaluate Competitors’ Offerings and Pricing: Conduct a comprehensive analysis of existing coworking spaces in your target location. Assess their strengths, weaknesses, pricing models, amenities, and marketing strategies.

To differentiate your coworking space and attract members, craft a compelling mission, vision, and value proposition:

Mission Statement: Our mission at Stellar Coworking is to provide an inspiring and collaborative environment that empowers our members to thrive in their professional endeavors. Our passion for fostering innovation and creativity drives our commitment to excellence.

Vision Statement: Our vision is to build a diverse community of innovators, fostering creativity and driving growth in every industry we serve. We aspire to be the go-to destination for professionals seeking a supportive and inspiring coworking ecosystem.

Value Proposition: Stellar Coworking offers a modern and fully-equipped workspace with tailored services to meet the unique needs of our members, enabling them to focus on what truly matters – their success. Our community-driven approach, state-of-the-art facilities, and vibrant events create a dynamic space for collaboration and personal growth.

Choose the right business model and explore additional revenue streams beyond memberships:

Business Model: Opt for a membership-based model with flexible plans to cater to different needs and budgets. Consider offering part-time or virtual memberships to accommodate various work styles.

Revenue Streams: In addition to membership fees, explore other revenue streams to enhance your coworking space’s financial sustainability. These may include:

Event Space Rentals: Offer your space as a venue for corporate events, workshops, seminars, and networking functions.

Meeting Room Bookings: Provide well-equipped meeting rooms for rent on an hourly or daily basis.

Value-Added Services: Consider providing add-on services such as printing and copying facilities, mail handling, virtual office solutions, and administrative support.

Collaborative Partnerships: Form strategic alliances with local businesses, professional associations, and educational institutions to expand your network and generate additional revenue through mutual referrals and collaborative events.

The location and facilities can significantly impact your coworking space’s success:

Location: Choose a convenient and accessible location that aligns with your target market’s needs. Consider proximity to public transportation, major business districts, dining options, and other amenities that appeal to your potential members.

Facilities: Offer essential amenities that enhance productivity, comfort, and convenience for your members. Consider providing:

High-Speed Internet: A reliable and high-speed internet connection is a fundamental requirement for modern professionals.

Comfortable Seating and Workstations: Ergonomic furniture and spacious workstations contribute to a productive and comfortable work environment.

Private Offices: For businesses or individuals requiring more privacy and dedicated workspace, private offices are a valuable offering.

Meeting Rooms: Equipped meeting rooms with audiovisual capabilities are essential for hosting professional meetings and client presentations.

Kitchenette and Refreshment Area: A well-stocked kitchenette with complimentary coffee, tea, and snacks creates a welcoming atmosphere.

Common Areas: Create communal spaces where members can relax, collaborate, and socialize.

Design and Layout: Thoughtful interior design and layout play a significant role in enhancing the overall coworking experience. Consider incorporating vibrant colors, natural lighting, and flexible spaces that encourage interaction and creativity.

To attract potential members and convert leads, create a robust marketing and sales plan:

Marketing Plan: Utilize digital marketing channels, including social media platforms, SEO-optimized content, and email marketing campaigns, to reach your target audience effectively. Share engaging content that showcases your coworking space’s unique features, events, and member success stories.

Branding and Visual Identity: Develop a distinctive brand identity that reflects the ethos of your coworking space. Consistent branding across all marketing collaterals, including website, brochures, and signage, helps build brand recognition.

Website Optimization: Design a user-friendly and visually appealing website that provides essential information about your coworking space, membership plans, facilities, and upcoming events. Incorporate a seamless booking system to enable potential members to schedule tours or sign up for memberships easily.

Content Marketing: Leverage content marketing to establish your authority in the coworking industry. Publish informative blog posts, e-books, and video content that address common challenges faced by professionals and highlight the benefits of coworking.

Social Media Engagement: Engage with your audience through social media platforms. Respond promptly to comments, share member testimonials, and promote upcoming events and promotions.

Email Marketing Campaigns: Build an email list and nurture leads through targeted email campaigns. Send personalized invitations to events, exclusive membership offers, and newsletters with valuable insights.

Referral Programs: Implement a referral program that incentivizes current members to refer new members. Offer rewards such as discounted membership fees or exclusive access to premium amenities for successful referrals.

Collaborative Events: Organize industry-specific workshops, networking events, and webinars that align with your target market’s interests. Collaborate with local businesses or industry experts to host events that add value to your coworking community.

Local Partnerships: Forge partnerships with nearby businesses, co-working spaces, or local organizations to cross-promote services and expand your reach within the community.

Testimonials and Case Studies: Showcase success stories and testimonials from satisfied members. These authentic experiences can help build trust and credibility among potential members.

Efficient operations and management ensure a seamless coworking experience for members:

Organizational Structure: Establish a clear organizational structure, defining roles such as community manager, operations manager, and marketing manager. Each role should be dedicated to fostering member engagement, managing day-to-day operations, and promoting the coworking space.

Staffing and Training: Hire qualified staff and provide comprehensive training to ensure excellent member support. Encourage staff to be proactive in addressing member needs and inquiries promptly.

Member Onboarding Process: Design a streamlined onboarding process to welcome new members and familiarize them with the coworking space’s facilities, policies, and community events.

Membership Management Software: Implement an efficient membership management software system to automate billing, track membership data, and provide members with a self-service portal.

Health and Safety Measures: Prioritize the health and safety of members by adhering to relevant health guidelines and implementing safety protocols. Display health and safety measures prominently to instill confidence among members.

Feedback and Satisfaction Surveys: Regularly collect feedback from members to gauge satisfaction levels and identify areas for improvement. Implement feedback-driven changes to enhance the overall coworking experience.

Prepare realistic financial projections and explore funding options for your coworking space:

Startup Costs: Calculate startup expenses, including real estate, furniture, marketing, staff salaries, and operational costs. Research local market rates to estimate initial investments accurately.

Financial Projections: Create detailed financial projections for the first three to five years of operation. Forecast revenues, expenses, and profits based on membership growth, pricing strategies, and market trends.

Budget Allocation: Allocate financial resources strategically across various areas, such as marketing, facility maintenance, staff training, and community events.

Funding Sources: Consider various funding options to secure the necessary capital for your coworking space:

Personal Savings: Invest personal savings to kickstart your coworking space venture.

Bank Loans: Apply for business loans from banks or financial institutions with favorable terms and interest rates.

Angel Investors: Seek investment from angel investors who align with your vision and can offer expertise and mentorship.

Venture Capital: Approach venture capital firms that specialize in supporting coworking and real estate ventures.

Crowdfunding: Launch a crowdfunding campaign to raise funds from a large pool of potential investors.

Ensure compliance with legal and regulatory obligations:

Legal Entity: Register your coworking space as a legal entity, such as an LLC or corporation, to protect your business and personal assets. Consult legal experts to determine the most suitable legal structure for your venture.

Permits and Licenses: Obtain necessary permits, business licenses, and safety certifications required to operate a coworking space. Comply with zoning regulations and building codes to avoid legal complications.

Insurance Coverage: Secure comprehensive insurance coverage to protect your coworking space from unforeseen events, liability claims, and property damages.

Membership Agreements: Draft clear and comprehensive membership agreements that outline terms, policies, and member responsibilities. Seek legal advice to ensure that the agreements are legally binding and enforceable.

Data Protection and Privacy: Prioritize data protection and privacy by implementing secure data storage systems and adhering to relevant data protection regulations.

Identify and manage potential risks while fostering sustainability:

Risk Assessment: Analyze potential risks, such as market fluctuations, competition, member retention challenges, and economic downturns. Develop contingency plans to address these risks effectively.

Business Continuity Plan: Create a business continuity plan that outlines steps to manage crises and ensure the uninterrupted operation of your coworking space during emergencies.

Sustainability Initiatives: Implement eco-friendly practices to appeal to environmentally conscious members. Consider incorporating energy-efficient lighting, recycling programs, and eco-friendly office supplies.

Green Certifications: Pursue green certifications such as LEED (Leadership in Energy and Environmental Design) to demonstrate your commitment to sustainability and attract environmentally conscious businesses.

Nurturing a supportive community can enhance member satisfaction and retention:

Networking Events: Host regular networking events, workshops, and industry-specific sessions to encourage collaboration and knowledge-sharing among members. Invite industry experts and thought leaders to facilitate engaging discussions.

Social Activities: Organize team-building activities, social gatherings, and themed events to strengthen connections within the community. Celebrate milestones and member achievements to foster a sense of belonging.

Coworking Memberships: Offer various coworking membership options, such as dedicated desks, hot desks, private offices, and virtual memberships, to cater to diverse work preferences and budgets.

Flexible Working Hours: Accommodate members with flexible working hours by offering 24/7 access to your coworking space or extended operating hours.

Member Involvement: Encourage member involvement in shaping the coworking community. Consider establishing a member advisory board to gather feedback and ideas for enhancing the coworking experience.

Online Community Platform: Create an online platform, such as a member portal or a private social network, where members can interact, share insights, and collaborate virtually.

Creating a successful coworking space business plan requires meticulous planning, in-depth research, and a deep understanding of your target market. With Stellar Business Plans as your consultant service provider, you can craft a compelling business strategy that aligns with your vision and attracts a thriving coworking community. Embrace the dynamic coworking industry, and let your Stellar Coworking Space shine as a beacon of productivity, collaboration, and success.

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The Ultimate Guide to Crafting a Winning Business Plan for Your Coworking Space

Table of contents:.

Business plans are cornerstone documents for any company, as they contain essential details about:

  • The target market.
  • The main competitors.
  • Revenue and cost projections .
  • Products, services, marketing strategies, and more.

This means writing down a detailed business plan is vital for both your team and outside investors looking to finance your coworking space. In this article, we’ll go over the essential topics your coworking business plan must cover and give you an outline for structuring the document in a logical way.

First, let’s start with a quick overview of business plans.

Business Plans 101 (High-Level Outline Template)

A business plan is a document describing how you plan to start, grow, and manage a business.

You can think of it as a high-level road map that shows where your business is today, where it will go, and how you plan to get it there.

There are tons of useful resources online on how to write a business plan, so we won’t reinvent the wheel here. You can check out QuickBooks’ guide to writing business plans , which proposes a 10-step structure:

  • Executive summary , which is a one-page overview of the business. 
  • Company description , which includes things like history, objectives, and mission statement.  
  • Market research and potential , which describes your target market, including things like names, demographic info, location, company size (for B2B), and so on. When it comes to naming your coworking space, check out this article on some creative coworking space name ideas .
  • Competitive analysis , which identifies other businesses selling similar goods or services to your target market.
  • Product or service description , which explains what you’re planning to sell, how it works, and its unique benefits.
  • Marketing and sales strategy , which goes over how you plan to get your product or service to your target market and convince them to buy.
  • Business financials , which can include a whole host of documents like income statements, balance sheets, cash flow statements, and so on.
  • Organization and management , which lays out your organizational structure and key role inside your company.  
  • Funding requests, which is an optional element for companies looking to raise funds.
  • Appendix for official documents , which can be all sorts of documents useful to potential investors, like patents, certificates, deeds, licenses, and so on.

This outline can be a good starting point for any organization looking to build a business plan. In the next sections, we’ll cover 6 topics that are specific to coworking spaces and should be heavily featured in your business plan .

#1 Target Market and Differentiators

Your coworking business plan should answer two key questions near the start:

  • Who’s your target market? For example, some coworking spaces focus on enterprise businesses looking for stable, long-term offices. Others target startups that need a small office and a meeting room but have the potential to expand rapidly. 
  • What differentiators are going to attract customers from that market to your space? This typically starts with location . Are you going to be near the city center, with lots of amenities nearby, or in a more quiet and secluded suburban area? If you want more details, we have an entire guide on how to choose the right location for your space. Amenities and price can also be additional differentiators.

#2 Main Coworking Product Mix

Your coworking product mix is made up of the products you sell.

As we said in our article on creating a strong product mix , new coworking spaces should focus on three main products:

  • Open spaces
  • Private offices
  • Meeting rooms

It’s important for your business plan to establish what percentage of the space will be allocated to each product . Additionally, it should also include information about how much you plan to charge for them and why.

For example, desks in open spaces may be available for rent on a pay-as-you-go basis, while private offices should be included in membership plans. Meeting rooms can also be included in membership plans or be available for rent by the hour.

#3 Extra Revenue Generators

The bulk of your revenue typically comes from your main product mix. However, there are also plenty of ways to add extra revenue streams.

For example, you can diversify your regular membership plans and charge more for them based on 24/7 access, for example. Or, you can create virtual memberships for businesses that want to establish a legal presence and get a reliable correspondence address.

You can also consider a host of value-added services to help you generate more revenue like:

  • Secure lockers
  • Half-day or day passes
  • Mailroom services
  • Office relocation services 
  • Printing and copying services 
  • Custom office design, and more

For more details on this topic, check out our article on generating more revenue for your coworking space .

#4 Marketing and Sales Plan

Once you’ve established your revenue generators, it’s time to get into the details of how you plan to get customers through the door. 

Here are some of the key questions you’ll need to answer here:

  • Which marketing channels do you plan to use and why? This typically includes a mix of physical and digital touchpoints, like word of mouth, flyers, social media ads, and search engine optimization (SEO).
  • How much will it cost for you to attract one customer (CAC)? CACs are highly dependent on the channel, so you’ll need to run a few initial tests before you can answer this one. 
  • How much will you earn from one customer over their lifecycle with your brand (CLTV)? You can break this down by customer segments, e.g., freelancers, startups, and enterprise companies. Keeping a pulse on your CLTV will also help you refine your ideal target persona over time.
  • How much will you spend on marketing and sales every month? This is usually a pretty straightforward calculation if you have a few months of experience under your belt.

If you’re just getting started and don’t have any experience with marketing and sales, check out our article on the 14 proven strategies for attracting more coworking space members .

#5 Expenses

For most coworking spaces, the biggest recurring expense is the monthly lease (except for operators using management agreements ). 

You also want to include other key costs here, such as:

  • Space maintenance
  • New purchases (desks, chairs, etc.)

#6 Revenue and Cost Projections

The goal of listing your revenue generators and expenses is to get a good idea of how much revenue you’ll need to cover your costs and turn a profit. 

For instance, say you have $5000 of regular expenses every month. Your projections should show how long it would take for revenue to reach and surpass that number. This is perhaps the most important part of any business plan, especially if you’re looking to attract outside investors.

In general, it’s better to be conservative than to set unrealistically high expectations and fall way below them . It’s also a good idea to factor in some unexpected expenses in your calculations.

For example, if your regular expenses are $5000, you want to reach $5500-6000 of monthly revenue before considering the space profitable on a monthly basis.

This coworking revenue calculator is a useful resource for projecting profits and losses, as well as building charts for investor decks.

Establish and Grow Your Coworking Space with OfficeRnD’s Flex Startup Program

Writing a business plan is only one step in building a successful coworking space. You also need to find the right location, promote your space, and before everything else, choose the right coworking management software . 

To help you out, we created the OfficeRnD Flex Startup program . It’s geared towards aspiring flex and coworking entrepreneurs and offers an attractive 20% annual discount on OfficeRnD Flex’s startup plan .

Apply for the Flex Startup program here.

Asen Stoyanchev

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How to write a business plan for a coworking space?

coworking space business plan

Creating a business plan for a coworking space is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a coworking space business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a coworking space?

  • What information is needed to create a business plan for a coworking space?
  • What goes in the financial forecast for a coworking space?
  • What goes in the written part of a coworking space business plan?
  • What tool can I use to write my coworking space business plan?

Having a clear understanding of why you want to write a business plan for your coworking space will make it simpler for you to grasp the rationale behind its structure and content. So before delving into the plan's actual details, let's take a moment to remind ourselves of the primary reasons why you'd want to create a coworking space business plan.

To have a clear roadmap to grow the business

Small businesses rarely experience a constant and predictable environment. Economic cycles go up and down, while the business landscape is mutating constantly with new regulations, technologies, competitors, and consumer behaviours emerging when we least expect it.

In this dynamic context, it's essential to have a clear roadmap for your coworking space. Otherwise, you are navigating in the dark which is dangerous given that - as a business owner - your capital is at risk.

That's why crafting a well-thought-out business plan is crucial to ensure the long-term success and sustainability of your venture.

To create an effective business plan, you'll need to take a step-by-step approach. First, you'll have to assess your current position (if you're already in business), and then identify where you'd like your coworking space to be in the next three to five years.

Once you have a clear destination for your coworking space, you'll focus on three key areas:

  • Resources: you'll determine the human, equipment, and capital resources needed to reach your goals successfully.
  • Speed: you'll establish the optimal pace at which your business needs to grow if it is to meet its objectives within the desired timeframe.
  • Risks: you'll identify and address potential risks you might encounter along the way.

By going through this process regularly, you'll be able to make informed decisions about resource allocation, paving the way for the long-term success of your business.

To get visibility on future cash flows

If your small coworking space runs out of cash: it's game over. That's why we often say "cash is king", and it's crucial to have a clear view of your coworking space's future cash flows.

So, how can you achieve this? It's simple - you need to have an up-to-date financial forecast.

The good news is that your coworking space business plan already includes a financial forecast (which we'll discuss further in this guide). Your task is to ensure it stays current.

To accomplish this, it's essential to regularly compare your actual financial performance with what was planned in your financial forecast. Based on your business's current trajectory, you can make adjustments to the forecast.

By diligently monitoring your coworking space's financial health, you'll be able to spot potential financial issues, like unexpected cash shortfalls, early on and take corrective actions. Moreover, this practice will enable you to recognize and capitalize on growth opportunities, such as excess cash flow enabling you to expand to new locations.

To secure financing

A detailed business plan becomes a crucial tool when seeking financing from banks or investors for your coworking space.

Investing and lending to small businesses are very risky activities given how fragile they are. Therefore, financiers have to take extra precautions before putting their capital at risk.

At a minimum, financiers will want to ensure that you have a clear roadmap and a solid understanding of your future cash flows (like we just explained above). But they will also want to ensure that your business plan fits the risk/reward profile they seek.

This will off-course vary from bank to bank and investor to investor, but as a rule of thumb. Banks will want to see a conservative financial management style (low risk), and they will use the information in your business plan to assess your borrowing capacity — the level of debt they think your business can comfortably handle — and your ability to repay the loan. This evaluation will determine whether they'll provide credit to your coworking space and the terms of the agreement.

Whereas investors will carefully analyze your business plan to gauge the potential return on their investment. Their focus lies on evidence indicating your coworking space's potential for high growth, profitability, and consistent cash flow generation over time.

Now that you recognize the importance of creating a business plan for your coworking space, let's explore what information is required to create a compelling plan.

Need a convincing business plan?

The Business Plan Shop makes it easy to create a financial forecast to assess the potential profitability of your projects, and write a business plan that’ll wow investors.

Information needed to create a business plan for a coworking space

Drafting a coworking space business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

Below, we'll focus on three critical pieces of information you should gather before starting to write your plan.

Carrying out market research for a coworking space

Before you begin writing your business plan for a coworking space, conducting market research is a critical step in ensuring precise and realistic financial projections.

Market research grants you valuable insights into your target customer base, competitors, pricing strategies, and other crucial factors that can impact the success of your business.

In the course of this research, you may stumble upon trends that could impact your coworking space.

You may discover that the demand for coworking space increases during certain times of year. Additionally, your market research could reveal that there may be a trend of people seeking out coworking spaces that offer additional amenities, such as a coffee shop or a yoga studio.

Such market trends play a pivotal role in revenue forecasting, as they provide essential data regarding potential customers' spending habits and preferences.

By integrating these findings into your financial projections, you can provide investors with more accurate information, enabling them to make well-informed decisions about investing in your coworking space.

Developing the sales and marketing plan for a coworking space

As you embark on creating your coworking space business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and equipment needs of a coworking space

As you embark on starting or expanding your coworking space, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is essential for ensuring your business's success.

Both the recruitment and investment plans must align with the timing and level of growth projected in your forecast, and they require appropriate funding.

A coworking space might incur costs such as staffing costs for receptionists, housekeeping staff, and administrative staff, as well as costs for furniture and equipment such as desks, chairs, tables, computers, printers, and other office supplies. Additionally, the coworking space may incur costs for security systems, internet connections, and phone lines.

To create a realistic financial forecast, you also need to consider other operating expenses associated with the day-to-day running of your business, such as insurance and bookkeeping.

With all the necessary information at hand, you are ready to begin crafting your business plan and developing your financial forecast.

What goes into your coworking space's financial forecast?

The financial forecast of your coworking space's business plan will enable you to assess the growth, profitability, funding requirements, and cash generation potential of your business in the coming years.

The four key outputs of a financial forecast for a coworking space are:

  • The profit and loss (P&L) statement ,
  • The projected balance sheet ,
  • The cash flow forecast ,
  • And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a coworking space shows how much revenue and profit your business is expected to make in the future.

example of projected profit and loss statement in a coworking space business plan

A healthy coworking space's P&L statement should show:

  • Sales growing at (minimum) or above (better) inflation
  • Stable (minimum) or expanding (better) profit margins
  • A healthy level of net profitability

This will of course depend on the stage of your business: numbers for a startup will look different than for an established coworking space.

The forecasted balance sheet of your coworking space

The projected balance sheet of your coworking space will enable the reader of your business plan to assess the overall financial health of your business.

It shows three elements: assets, liabilities and equity:

  • Assets: are productive resources owned by the business, such as equipment, cash, and accounts receivable (money owed by clients).
  • Liabilities: are debts owed to creditors, lenders, and other entities, such as accounts payable (money owed to suppliers).
  • Equity: includes the sums invested by the shareholders or business owners and the profits and losses accumulated by the business to date (which are called retained earnings). It is a proxy for the value of the owner's stake in the business.

projected balance sheet in a coworking space business plan example

Analysing your coworking space projected balance sheet provides an understanding of your coworking space's working capital structure, investment and financing policies.

In particular, the readers of your plan can compare the level of financial debt on the balance sheet to the equity value to measure the level of financial risk (equity doesn't need to be reimbursed, while financial debt must be repaid, making it riskier).

They can also use your balance sheet to assess your coworking space's liquidity and solvency:

  • A liquidity analysis: focuses on whether or not your business has sufficient cash and short-term assets to cover its liabilities due in the next 12 months.
  • A solvency analysis: takes and longer view to assess whether or not your business has the capacity to repay its debts over the medium-term.

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your coworking space has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your coworking space business plan.

example of projected cash flow forecast in a coworking space business plan

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

  • Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
  • Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
  • Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your coworking space business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan, also known as a sources and uses table, is a valuable resource to have in your business plan when starting your coworking space as it reveals the origins of the money needed to establish the business (sources) and how it will be allocated (uses).

coworking space business plan: sources & uses example

Having this table helps show what costs are involved in setting up your coworking space, how risks are shared between founders, investors and lenders, and what the starting cash position will be. This cash position needs to be sufficient to sustain operations until the business reaches a break-even point.

Now that you have a clear understanding of what goes into the financial forecast of your coworking space business plan, let's shift our focus to the written part of the plan.

The written part of a coworking space business plan

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of a coworking space business plan is composed of 7 main sections:

  • The executive summary
  • The presentation of the company
  • The products and services
  • The market analysis
  • The strategy
  • The operations
  • The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The first section of your coworking space's business plan is the executive summary which provides, as its name suggests, an enticing summary of your plan which should hook the reader and make them want to know more about your business.

When writing the executive summary, it is important to provide an overview of the business, the market, the key financials, and what you are asking from the reader.

Start with a brief introduction of the business, its name, concept, location, how long it has been in operation, and what makes it unique. Mention any services or products you plan to offer and who you sell to.

Then you should follow with an overview of the addressable market for your coworking space, current trends, and potential growth opportunities.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Finally, you should detail any funding requirements in the ask section.

2. The presentation of the company

In your coworking space business plan, the second section should focus on the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide an overview of the business's legal structure, details about the owners, and their respective investments and ownership shares. This clarity is crucial, especially if you're seeking financing, as it helps the reader understand which legal entity will receive the funds and who controls the business.

Moving on to the location part, you'll offer an overview of the company's premises and their surroundings. Explain why this particular location is of interest, highlighting factors like catchment area, accessibility, and nearby amenities.

When describing the location of your coworking space, you could emphasize the potential for growth in the area. You might talk about the local infrastructure, such as access to public transportation, businesses, and services that could make it a desirable location for people looking for an office space. Additionally, you could focus on the potential for increased visibility and recognition that the coworking space could bring to the area. By highlighting the potential of the area as a growing start-up hub, you could show that the investment could be a wise one.

Finally, you should introduce your management team. Describe each member's role, background, and experience.

Don't forget to emphasize any past successes achieved by the management team and how long they've been working together. Demonstrating their track record and teamwork will help potential lenders or investors gain confidence in their leadership and ability to execute the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of the offerings that your company provides to its customers. 

For example, your coworking space might offer printing services, meeting rooms, and high-speed internet access to its customers. Printing services can help customers quickly produce documents or marketing materials, while meeting rooms provide a separate space for private conversations or workshops. High-speed internet access ensures that customers can work without interruption, and can also allow customers to take part in virtual meetings or conferences.

When drafting this section, you should be precise about the categories of products or services you sell, the types of customers you are targeting and how customers can buy them.

4. The market analysis

When you present your market analysis in your coworking space business plan, it's crucial to include detailed information about customers' demographics and segmentation, target market, competition, barriers to entry, and any relevant regulations.

The main objective of this section is to help the reader understand the size and attractiveness of the market while demonstrating your solid understanding of the industry.

Begin with the demographics and segmentation subsection, providing an overview of the addressable market for your coworking space, the key trends in the marketplace, and introducing different customer segments along with their preferences in terms of purchasing habits and budgets.

Next, focus on your target market, zooming in on the specific customer segments your coworking space aims to serve and explaining how your products and services fulfil their distinct needs.

For example, your target market might include entrepreneurs who want to network and collaborate with like-minded individuals. They would be looking for an affordable and accessible space to work from, as well as a community of professionals that can help them grow their business. They would also likely be interested in taking advantage of any additional services or amenities that the coworking space has to offer.

Then proceed to the competition subsection, where you introduce your main competitors and highlight what sets you apart from them.

Finally, conclude your market analysis with an overview of the key regulations applicable to your coworking space.

5. The strategy section

When crafting the strategy section of your business plan for your coworking space, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your coworking space could face certain risks. For example, you might face a risk of damage to the space due to a natural disaster. Flooding, storms, and other weather-related events could cause physical damage to the building and furnishings that would need to be repaired. Additionally, you could face a risk of cyber security breaches. Hackers may try to access sensitive information stored on computers or networks, and if they are successful, it could cause significant damage to the reputation of the coworking space.

6. The operations section

The operations of your coworking space must be presented in detail in your business plan.

Begin by addressing your staff, specifying the main roles and your recruitment plan to support the anticipated growth. Outline the qualifications and experience needed for each role and discuss your recruitment strategies, which may involve using job boards, referrals, or headhunters.

Next, clearly state your coworking space's operating hours, allowing the reader to gauge the adequacy of your staffing levels. Additionally, mention any considerations for varying opening times during peak seasons and your approach to handling customer queries outside regular operating hours.

The key assets and intellectual property (IP) required to run your business should also be highlighted. If you rely on licenses, trademarks, physical structures like equipment or property, or lease agreements, ensure they are well-documented in this section.

You may have access to physical assets such as conference rooms, shared workspaces, and other amenities. Additionally, you might have access to intellectual property such as a member database, shared resources, or access to a network of entrepreneurs. Both the physical and intellectual assets of the coworking space could be invaluable to those who use it.

Finally, provide a comprehensive list of suppliers you intend to collaborate with, along with a breakdown of their services and main commercial terms, such as price, payment terms, break clauses and contract duration. Investors often seek insight into the reasons behind your supplier choices, which may include a preference for higher-quality products or established relationships from past ventures.

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a coworking space business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my coworking space's business plan?

In this section, we will be reviewing the two main options for writing a coworking space business plan efficiently:

  • Using specialized software,
  • Outsourcing the drafting to the business plan writer.

Using an online business plan software for your coworking space's business plan

Using online business planning software is the most efficient and modern way to create a coworking space business plan.

There are several advantages to using specialized software:

  • You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
  • You are guided through the writing process by detailed instructions and examples for each part of the plan
  • You can access a library of dozens of complete business plan samples and templates for inspiration
  • You get a professional business plan, formatted and ready to be sent to your bank or investors
  • You can easily track your actual financial performance against your financial forecast
  • You can create scenarios to stress test your forecast's main assumptions
  • You can easily update your forecast as time goes by to maintain visibility on future cash flows
  • You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your coworking space's business plan

Outsourcing your coworking space business plan to a business plan writer can also be a viable option.

These writers possess valuable experience in crafting business plans and creating accurate financial forecasts. Additionally, enlisting their services can save you precious time, enabling you to concentrate on the day-to-day operations of your business.

It's important to be mindful, though, that hiring business plan writers comes with a cost. You'll be paying not just for their time but also for the software they use, and their profit margin.

Based on experience, a complete business plan usually requires a budget of at least £1.5k ($2.0k) excluding tax, and more if revisions are needed after initial meetings with lenders or investors - changes often arise following these discussions.

When seeking investment, be cautious about spending too much on consulting fees. Investors prefer their funds to contribute directly to business growth. Thus, the amount you spend on business plan writing services and other consulting services should be negligible compared to the amount you raise.

Another aspect to consider is that while you'll receive the output of the business plan, you usually won't own the actual document. It will be saved in the consultant's business plan software, which will make updating the plan challenging without retaining the consultant on a retainer.

Given these factors, it's essential to carefully weigh the pros and cons of outsourcing your coworking space business plan to a business plan writer and decide what best suits your business's unique needs.

Why not create your coworking space's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a coworking space business plan is not advisable. Allow me to explain the reasons.

Firstly, creating an accurate and error-free financial forecast on Excel or any spreadsheet demands technical expertise in accounting principles and financial modelling. Without a degree in finance and accounting and significant financial modelling experience, it's unlikely that the reader will fully trust your numbers.

Secondly, relying on spreadsheets is inefficient. While it may have been the go-to option in the past, technology has evolved, and software now performs such tasks much faster and more accurately.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Moreover, software offers ease in comparing actuals versus forecasts and maintaining up-to-date forecasts for clear visibility on future cash flows, as we discussed earlier in this guide. Such tasks are cumbersome when using spreadsheets.

Now, let's address the written part of your coworking space business plan. While it may be less prone to errors, using software can significantly boost productivity. Word processors lack instructions and examples for each section of your business plan. They also won't automatically update your numbers when changes occur in your forecast, and they lack automated formatting capabilities.

In summary, while some entrepreneurs may consider Word or Excel for their business plan, it's far from the best or most efficient solution when compared to specialized software.

  • Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
  • A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
  • Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for a coworking space. If you still have questions, do not hesitate to contact us.

Also on The Business Plan Shop

  • How to write a 5 years business plan
  • How to write the risks and mitigants section of your business plan?
  • Is it worth using a business plan writer?
  • How to write the structure and ownership section of your business plan?
  • Business plan myths

Know someone who owns or wants to start a coworking space? Share this article with them!

Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How to Write a Winning Coworking Business Plan

How to create a coworking business plan

So often we see aspiring coworking owners and operators looking to start their business without a good understanding of the coworking business model or how their space is going to reach and maintain profitability.

Creating a business plan before you go on the journey of starting a coworking space is the best way to map out your business strategy and how you intend on making money as a business.

A well-crafted business plan can help guide decision making and give you the confidence you need to succeed. Of course plans can always change, but having a strong starting point is critical to success. 

In this guide, we’ll go through what a coworking business plan is, why you need one, and how to create a plan that covers all your bases. By the end of this article, you’ll have everything you need to be successful in crafting a comprehensive business plan.

What is a coworking business plan?

A coworking business plan is a document that outlines exactly how you will start your coworking space and create a sustainable and profitable business. If you are applying for a loan or looking to receive funding, then a business plan is not just a formality, it’s a necessity. 

Even if you aren’t looking for funding , a business plan is a good way of getting your thoughts together and making sure you have a viable business long before opening your doors or securing your location.

Benefits of a well-crafted coworking business plan

In short, having a business plan for your coworking space gives you a greater chance of overall success. Creating a business plan before opening your coworking space is needed to:

  • Get a loan or receive funding
  • Guide short-term and long-term strategy
  • Help you make important business decisions

Here is another way of looking at it. Let’s say Steve wants to start a coworking space. He finds a property to rent in his area and starts building out the space. He looks at some of the other coworking spaces in the area and uses it to inform what he offers and how he prices it. He opens his doors a year later and…crickets. 

Because Steve didn’t have a business plan in place, he did not consider:

  • Who he is targeting
  • Whether this location is a good right fit for his market
  • If the products he is offering are interesting to his target audience
  • How he will acquire his first members
  • If the cost of his services are be enough to be profitable on a monthly, quarterly, or annual basis

It may feel like having a business plan isn’t necessary, especially for small or rural spaces , but as you can see, it’s easy to get off track and make the wrong decisions without a solid plan of action in place.

You don’t just need a plan when starting a business however. You’ll also want to consider creating a business plan when you are looking to grow or expand your coworking business , as your business needs may change slightly from when you first opened your space.

People working in coworking space

What are the components of a business plan for a coworking space business?

Now that you understand the importance of having a strong business plan in place, let’s take a look at the components that make up the best coworking business plans.

Business plans are generally pretty standard, regardless of the industry. The typical components are:

  • Executive Summary: summary of the document in its entirety
  • Company Description: description of your company including the mission statement and objectives
  • Market Analysis: write-up of the market, both local and more broadly
  • Competitive Analysis: deep dive into your competitors, both local and more broadly
  • Description of Management and Organization: outline your team and how the organization will operate together
  • Breakdown of your Products and Services: description of what you will be selling
  • Marketing and Sales Strategy: how you plan to market your space and acquire customers
  • Financial Projections: a breakdown of your finances and your path to profitability
  • Fundraising Strategy/Sources: how you will fund your business

Each section is roughly 1-3 pages long (remember, more does not necessarily equal better). When writing your plan, optimize for clarity and completeness, while still being concise.  This article from Harvard Business Review is an excellent guide to creating a general business plan that can be applied to many different industries. Let’s take a look at each section below and how it relates specifically to coworking.

Women working on laptops in a coworking space

How to write a coworking business plan

Below we’ll break down each aspect of a business plan and how it applies specifically to your coworking space.

1. Executive Summary

The executive summary is a one-page overview that summarizes your entire business plan at a high level. It should cover who you are, the business you’ll be creating, how you’ll make money, and all other elements of the plan at large. 

Focus on creating impactful sections across the board, and then come back to your executive summary at the end. Much like an introductory paragraph of an essay, it will be easier to write an executive summary at the very end.

2. Company Description

Think of your company description as the “About” page of your business plan. Here, you’ll describe your:

Mission Statement

Why are you starting your coworking space? What do you hope your space will be able to achieve in the broader community? Consider your purpose for creating the space and weave it into your mission statement.

For Jason Jet, Founder at Grindhaus Studios , his mission is to give artists the tools and access they need to be able to scale what they do in an economical way. This guides how he makes all major decisions for his business. 

If you’re a brand new space, the history of your company may cover your personal resume and the skills you’ve acquired that will help you be successful in your role as a coworking space owner and operator. 

If you’re expanding your business, then the history will cover the history of your business up to that point, including all major milestones and successes.

Consider this section an opportunity to build the confidence needed to be successful in your business.

The biggest difference between your mission statement and your objectives is: your mission statement maps out why you do what you do, and the objectives map out what you hope to accomplish on a more tactical level.

Let’s take Jason as an example. If his mission statement is to give artists the tools they need to be successful, then his objective would be to create the number one coworking space for musical artists in the United States.

Overall, keep your company description clear and concise, and don’t get bogged down in the details. The mission statement could be two or three lines, and the history and objectives can easily be addressed through bullet points or brief paragraphs.

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3. Market Analysis

Your market analysis will outline key facts and findings about the coworking market you’ll be playing in, including the local market and the coworking sector more broadly. 

This is a very important step in creating your coworking business strategy, and something that you will want to do regardless of if you are creating a business plan or not. Here are some tips for completing a thorough market analysis of the coworking market:

  • Look for reports from reputable sources in the industry, such as the Deskmag annual Global Coworking survey , to get important facts and figures related to the industry
  • Find communities online, like the We Run Flex community , where people are discussing coworking trends and challenges on an individual level
  • Talk to operators and gauge their experience and perspective on the industry to inform your findings

Some important elements to talk about are the growth of the market, current overall trends, and your target customer and how you came to that conclusion.

For example, based on your market analysis, you found that remote workers are making up 20% of coworking space occupants with that number expected to increase. Therefore, you intend to target your coworking space towards remote workers in your area.

Another tip for this section (and your business plan overall) – support all facts and findings with credible sources. If ever a question on where a number comes from pops up, be sure you are able to back it up. 

4. Competitive Analysis

The competitive analysis of your business plan breaks down the competitors in your market. You’ll want to focus specifically on coworking spaces and flexible workspaces in the area where your business will be located, as well as broader competitors that may be a potential threat.

Let’s say Georgia is opening a coworking space in her home town of Vancouver. In her competitive analysis, she’ll want to mention all of the coworking spaces in Vancouver and how she will differentiate herself, as well as large coworking brands that are expected to move into Vancouver in the near future.

Your competitive analysis is ultimately about mapping out how exactly you will win in comparison to the spaces you’re going up against. 

It’s worth mentioning that many coworking space owners and operators don’t like to think of themselves as having “competitors”. It is true that collaboration can (and does) exist in the coworking sector. However, understanding the other coworking spaces in your area is critical to understanding the viability of your business and should not be overlooked.

5. Description of Management and Organization

The description of management and organization section is an opportunity to describe the team of people you will have working with you, with a focus on their credibility and why they will help you be successful.

For many just starting off in the world of coworking, they may be a team of one or two. If that is the case, it’s worth mentioning how you will ensure success in your space in the absence of a larger team.

This could be a good opportunity to mention the coworking technology you will use to help you streamline operations and manage your space. Optix coworking software helps reduce overhead and take care of many of the day-to-day operations so that you’re able to operate a leaner team.

Integrating with an automated access control system like Kisi means you could have an even smaller team overall. This section would be a great opportunity to expand into these details, especially if you plan on operating as a small organization.

6. Breakdown of Your Products and Services

In your Products and Services breakdown, you’ll want to describe the products or services you’ll be offering in your space. For coworking businesses, this may look like:

  • The core products you’ll offer ( hot desking , drop-ins, private offices, virtual offices)
  • Other additional services ( childcare , marketplace, etc.)
  • Amenities you’ll offer in your coworking space
  • Opportunity for after hour event rentals or events in your coworking space

Finding the right mix of products to drive profitability in your space can be a challenge for new operators. We always recommend approaching it from a point of experimentation, starting with some kind of offering, and iterating on it from there. 

We also have a comprehensive guide to coworking membership plans you can offer in your space if you’re looking for inspiration on what kinds of plans to offer and how to price them. All of this will be helpful in determining the breakdown of your products and services in your business plan.

7. Marketing and Sales Plan

Investors want to know you have a plan to promote your business. This section should outline the marketing channels you’ll plan to use and give a high-level overview of your overall customer acquisition strategy.

Marketing your space is a beast in and of itself, with a lot of pieces to figure out. We wrote a comprehensive guide to marketing your coworking space that includes 23 marketing ideas for you to refer to. Use this as a starting point.

Keep in mind that your marketing strategy should be centered around your customer – who they are, what messaging will resonate with them, and where you can reach them online and in-person. With your customer at the center of the experience, you won’t go wrong. 

8. Financial Projections

Create a clear and accurate picture as to how much revenue you think you will be able to generate in your first years of business. The reality is, an investor will want to see opportunities for growth with your coworking business , so make sure your numbers are increasing, while remaining realistic.

Revenue projections is an imperfect science, but there are good places to start. The Coworking Growth Calculator by Coworking Resources can help you in creating some realistic financial projections, while giving you a better idea as to how much you can expect to make from your space.

9. Fundraising Strategy/Sources

Finally, the last section of your business plan is dedicated to how you will fund your coworking space. 

If you have received any funding up to this point, you’ll need to disclose the information for transparency. If you are seeking funding, use this section as an opportunity to outline your strategy including how much you are seeking.

A business plan can be a powerful tool in growing a successful coworking space. However, they will only get you so far. This article does a great job at outlining the pros and cons of business plans if you’re curious on what your plan can (and can’t) do for you. 

Remember, the success of your business will ultimately come down to the execution and implementation of your plan. Don’t treat your business plan like an end-all be-all. We’ve seen a wide variety of clients succeed after changing their plan significantly. Execution is the name of the game when it comes to growing a successful business, and it’s best not to lose sight of this.

Woman on phone creating a business plan

Tips for writing a business plan for a coworking space

Ready to get started with crafting the perfect business plan? Follow these tips to ensure you create a cohesive plan for your coworking space from start to finish.

1. Always start with your research

The research you do around the market and your competitors should be the basis of your entire business strategy. You can’t know where to open and who to target without understanding the market first.

Be sure to answer some or all of these questions before beginning your business plan.

Market Research:

  • What is the size of the market?
  • What is the growth trajectory?
  • What are trends in the industry?
  • What is the primary demographic that it serves?

Competitor Research:

  • Who are your direct competitors?
  • How big are they (number of members, locations and revenue)?
  • Who do they serve?
  • What is their messaging and positioning?
  • How do they differentiate themselves?

There are many ways to go about conducting research, as we discussed above. Coworking Resources also has a comprehensive guide on how to conduct a competitive analysis specifically in the coworking industry that serves as a great reference if you’re looking for a framework to start off with. 

2. Crowdsource knowledge from the community

The wonderful thing about the coworking community is how willing people are to share their knowledge with one another.

If you’re feeling lost on where to start with your business plan, consider reaching out to a coworking operator who has opened a successful space in the past. This can give you a sense of how to approach the project.

You can also look at other successful coworking businesses and take inspiration from them as to their:

  • Business model
  • Marketing tactics
  • Products and services

Every space is different, but gathering insight from other coworking spaces that have been successful can be a great place to start.

3. Think about who is receiving the business plan and what is important to them

As you go through the process of creating a business plan, you may find yourself becoming unfocused and unsure how to edit your information.

Put yourself in the shoes of who is going to be receiving your plan. Who are they? What do they care about? What information are they hoping to receive from your document?

Use this to help tailor your coworking business plan to fit their specific needs.

Pay special attention to the things that are going to drive business results including:

  • Market research (is there room in the market to be successful)
  • Competitor research (how saturated is the space and how will you differentiate yourself)
  • Products and services (what is your business model and how will it generate revenue)
  • Financial projections (is your business able to grow and scale over time)

Read your entire business plan from start to finish through the eyes of who it is intended for before submitting it.

4. Be conservative with your numbers

It’s easy to get excited with your numbers. You need to show that your business is going to succeed and you want the numbers to back it up.

The problem with overestimating these numbers is that it can set you up for a tremendous amount of stress later on if your business fails to meet expectations.

It’s best practice when creating a business plan to always be conservative with your numbers and remain realistic in your expectations. This includes:

  • Financial forecasts
  • Market size

This article outlines ten common mistakes people make when creating a business plan, including being unrealistic with numbers and forecasts.

It’s always better to underpromise and overdeliver rather than the opposite.

5. Set measurable objectives

Goals and objectives are an integral part of any business. Throughout your business plan, you will want to make sure you are creating clear KPIs and objectives to drive your business forward.

One way of creating measurable objectives is by following the SMART goal framework. SMART goals are goals that are:

  • Specific (narrow enough to be achieved)
  • Measurable (quantitative)
  • Attainable (realistic in the given time frame)
  • Relevant (furthers your overall business goals)
  • Time-based (can be measured in an amount of time)

Here’s how to apply the SMART goal framework to your coworking business plan.

  • Marketing Objective: Acquire 50 new hot desking users in the first 6 months
  • Management Objective: Hire a part time community manager in the first 60 days of opening

Measurable goals can help move your business forward and ensure you’re staying on track to achieve them.

Plan for success with your coworking business

At the end of the day, a plan will only get you so far. Focus on executing on the plan and remaining flexible in order to ensure you’re giving yourself the greatest opportunity to succeed.

Looking to start a coworking business? Don’t miss out on these 15 essential costs of starting a coworking space. Want to learn more about Optix and how it can help you start your coworking business? Connect with a member of our team today.

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Coworking Space Business Plan Essentials

coworking office space business plan

Starting a coworking space can be an incredibly rewarding endeavor, but it’s not without its challenges. Before you take the plunge, it’s essential to have a solid business plan in place. This step-by-step checklist will help you get started.

Click here to download a free business plan template.

1. Define Your Business Model

Think about what kind of coworking space you want to create and what services you’ll offer. Ask yourself:

  • What services are you offering? (e.g., hot desking, private offices, meeting rooms, event space)
  • Who’s your target market? (e.g., freelancers, startups, remote workers, small businesses)
  • What does your pricing model look like? (e.g., membership fees, hourly rates, monthly packages)

These are a few of the components that will make up the foundation of your coworking space business plan. As you learn more about the market and what works for your particular niche, you can revisit it and make updates as needed.

2. Do Your Research

Now that you’ve defined your business model, it’s time to do some research. This step is all about understanding the market for coworking spaces and getting a better sense of the competition. Since some spaces will have different demands in different markets, you need to make sure there is a market need for what you offer.

Additionally, you need to understand your target customers and what they’re looking for in a coworking space. Here are some specific research tasks you should consider.

Market Analysis

First, look at the bigger picture to help understand the overall trends in the coworking industry. Then you can overlay those trends on your local market to get a better sense of what’s happening in your area.

While local trends often follow national trends, there can be significant variation from one city to the next, especially if your city offers something unique that’s appealing to coworking space users.

Competitor Analysis

Once you understand the general trends in the coworking industry, it’s time to take a closer look at your local competition. This will help you know what’s already being offered in your area and where there might be gaps in the market that you can fill.

For example, maybe you’ve noticed that there are no coworking spaces specifically targeting freelancers, but there’s a large population of freelancers nearby. If that’s the case, you could consider catering your space toward that segment of the market.

Customer Analysis

In addition to understanding your competition, it’s also essential to understand your target customers, including their needs, wants, and pain points. One of the best ways to do this is to reach out directly to your target market and ask them about their coworking experiences.

You can do this through surveys, interviews, or focus groups geared toward:

  • Needs : These are the basic requirements your target market has for a coworking space. For example, they might need a place to work outside of their home with reliable Wi-Fi and a comfortable chair.
  • Wants : These are the things that would make your target market’s coworking experience even better. For example, they might wish for a space close to public transportation with a kitchen where they can make their own food.
  • Pain points : These are the things that make your target market’s current coworking experience less than ideal. For example, they might be unhappy with the noise level or the lack of privacy.

By understanding your target market’s needs, wants, and pain points, you’ll be able to create a coworking space that’s tailored to them and meets their specific needs.

3. Assemble Your Team

No business can succeed without a great team in place, and your coworking space is no exception. As you start to put together your team, it’s important to keep your target market in mind. For example, if you’re targeting freelancers, you might want to hire a freelance accountant to help with the financial side of things.

You should also consider the skills and experience of your team members. As another example, if you’re planning to offer coworking memberships to small businesses, you might want to hire someone with experience in business development or sales.

These are all critical questions to answer as you assemble your team. By taking the time to find the right people and put together a strong team, you’ll be setting yourself up for success.

4. Create a Budget

Now that you understand the market and what your target customers are looking for, you can start putting together a budget . This will help you know the estimated costs of starting and running your coworking space. Some of the necessary expenses you should consider include:

  • Rent or mortgage

5. Membership Fees

Once you’ve calculated all of your costs, you can decide how much you’ll charge for your space. You’ll need to ensure your prices are high enough to cover your expenses and leave you with a profit, but not so high that people are deterred from joining.

There are different ways you can approach this. You might want to offer different membership levels, such as a basic membership that gives access to the space during business hours or a premium membership that includes access to the area 24/7.

You may also want to consider discounts for longer-term memberships or people who sign up for multiple memberships. For example, you could offer a 10% discount for six-month memberships and a 20% discount for 12-month or more memberships.

Keep in mind that as you add more tiers, you will have more billing and invoices to keep track of. Therefore, you will need a management software that can handle billing and payments seamlessly. No matter how complex your pricing model is, a software like CoWello automates payment collection for you.

6. Marketing

You’ll need to market your coworking space to attract customers and grow your business. The cost will vary depending on the type of marketing and how much you spend. For example, if you plan to do a significant amount of online marketing, you might want to invest in a website and pay for online advertising.

Your marketing efforts will also vary depending on who your target audience is. Start by identifying your ideal customer and then craft your marketing message accordingly. For example, maybe you’ve realized there is a market for coworking spaces that offers services like childcare or pet-sitting. In that case, you want to make sure your marketing and messaging reflect that.

7. Use Technology to Make Your Life Easier

There are a lot of different software programs and apps that can help you run your coworking space more efficiently. For example, you might use an app to manage membership fees and bookings or help with marketing and promotion.

You can also use technology to make it easier for people to find and book your space. For example, you might use coworking space management software like Cowello to help manage bookings and payments.

You might also want to invest in some security cameras and access control systems to help you keep an eye on your space and make sure only members have access.

Starting a coworking space can be a great way to bring people together and create a community. But it’s important to remember that it’s also a business, and you need to treat it as such.

Do your research, create a solid business plan, and price your membership fees correctly. If you do all of these things, you’ll be well on your way to running a successful coworking space.

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How To Write A Bulletproof Coworking Space Business Plan

coworking office space business plan

October 18, 2022

Adam Hoeksema

Hybrid work models are leaving offices bare all over the world, and the consequent effect on the prices of corporate real estate is leading savvy entrepreneurs to consider new options. Coworking space business models are emerging with a new range of approaches to providing remote workspaces that combine the comfort of the home with the functionality of the office, in a location that’s convenient for everyone. 

Now is a good time to start figuring out how to start such a business, and if you’re serious about it, you’re going to need to do the groundwork. A coworking space business plan is an essential document to start building and will pave the way for you to secure your funding. It’ll also teach you a lot about the industry, the market, and how you’re going to be functioning in relation to both. 

We’re going to show you a template for your very own coworking space business plan design in this article, which can serve as a checklist of all the research and documentation you’ll need to gather to get started. Before we go into that though, let’s look at why this kind of business is becoming so popular. 

Why and How to Start a Coworking Space

With employers shifting to remote and hybrid models, you might think there’s a sudden increase in half-empty office buildings, and to some extent, you’d be right . Office demand is expected to decline significantly, and the majority next generation of companies to start up will certainly be factoring in a smaller physical workspace to their budgets and forecasts. 

However, something still has to be done with all these empty floors, and for some entrepreneurs, this is an appealing prospect. At the worst of times, coworking spaces are less vulnerable to industry shifts, and with office real estate looking like such a good investment right now, this might be the perfect time to jump ahead with learning how to start a coworking space. 

While some companies are pushing for a full return to the office, the workforce is resisting, and it looks like those companies that are earliest to embrace hybrid workspaces are the most likely to take advantage of the new normal. Many people prefer the flexibility and comfort that remote work provides, and many find that their role in the company does not require them to be physically present. 

coworking space business plan

It’s also becoming more apparent that workers are even more productive when working from home. The combination of these factors results in a powerful demand for new working setups, and as companies necessarily compete to retain their most valuable talent, new workspaces are emerging. 

As hybrid setups look like they will stick around for the long term, entrepreneurs are now making use of coworking spaces to reduce overheads for companies on real estate. 

The benefits come from several angles. Combining the facilities of an office with the comfort of working in a casual environment, companies can rent coworking spaces in cities where they have high numbers of hybrid workers, providing them with a more accessible workplace that requires very little in the way of a commute. 

This allows workers who may have busy homes to get some conducive space without heading all the way into the office. It also allows companies to bridge the gap between office and fully-remote workforces, saving costs on a more dispersed workforce while maintaining productive, shared facilities. 

The applications for share workspaces are numerous, and there are several business models to consider. Before you get onto your business plan, it’s important to figure out which model you’ll be going with, and then how and where you’ll be funding it. Let’s go over that now.

The Coworking Space Business Model 

The different types of business models can be broken down by the scale you plan to be working with. For small operations, you’ve got different options than larger ones, and each comes with its benefits and drawbacks. Here are some approaches you might want to take:

  • For small-scale - Using repurposed space is one way to make use of some of those newly-empty buildings. They don’t have to be offices; they can be community buildings like churches or town halls. Partnerships are available in these instances, or you can rent or buy a space specifically.

Splitting the cost between you and another company can further reduce your overheads, and if you can find a complementary business to partner with, this can boost the profits for both. Consultancy firms may benefit from a stream of workers from the same industry sharing a space, and members of the space benefit from the ability to network with one another, too.

  • For mid-scale - Empty office spaces are already set up for work; with a little renovation, you can make them into a combined office and coworking space, getting the best of both worlds and creating a functional floor that is relaxed and casual at the same time. Alternatively, you can design a venue for educational programs that companies will happily send their staff to take part in, meanwhile members benefit from the free seminars or lectures. Mid-scale coworking spaces sit in the bracket with the most diverse set of options. You can do a lot of the things in this range that you can’t do with smaller spaces, and you can create a lot of the benefits of a much larger enterprise but at a slightly smaller scale. Further, if you have long-term plans to grow, you’ll be in a position to replicate the successes of this company in other places, which is where large-scale investment will come in.
  • Large-scale - Any of the above can be created in number, spread around in different cities, and marketed to companies of all kinds. If you are ambitious and you want to start building a large company (and you can get funding for it), this might be the ultimate goal for your coworking business. Early adopters will benefit from the largest share of the new market .

These are just a handful of directions that you could take for your business, but whichever you choose will need to be attractive enough to funders, which is where your business plan will come in. Before we go over that, let’s recap the standard sources of capital for new ventures.

Source your Funding for your Coworking Space

There are three main sources of funds for new companies, and the source or sources you choose will depend on how much you need, how quickly, and what you’re willing to contribute. 

  • Bootstrapping – this is money off your own back. Either from your savings, from your main job, or from maxing out your credit cards, this is one way to take on the full financial responsibility yourself. This is generally a slower process, and only provides capital for smaller ventures (unless you’re quite wealthy), but the perks are significant. Bootstrapping your company allows you to maintain full equity, and therefore full control of the direction of your project. You’re not going to be at the mercy of shareholders, and you won’t have lenders on your back to return the money (credit card companies excluded).
  • Banks – Banks are often happy to dish out substantial capital to new and attractive businesses, particularly because they will secure the loan to your private assets. This means that if the company fails, they still get their money back, and that’s one of the significant drawbacks of taking this route. Perks include the speed and the sheer amount of capital they can provide, as well as the fact that you’ll keep your equity. Just remember that you’ll be on the hook, regardless of the financial state of the company.
  • Investors – There are numerous types of investors, from pre-seed to seed, through Angel, to Venture Capitalists, and everything in-between. The principle is similar for each of them, and the level you choose will depend on the stage of funding you’re looking for. Essentially investors will be likely to take some share of your company in exchange for capital – the more capital, the higher the share – and the financial risk will be on them. Some investors will have valuable experience in the industry, so you may be able to gain much more from finding the right person, but you will have to appease them as shareholders as the company grows. 

While these are the three main types of funding, it’s worth keeping an eye out for grants for new businesses. It’s a good idea to have an understanding of the amount you’ll be looking for before you get started, but if you’re still not sure how much you’re going to benefit from drawing up a coworking space business plan. 

A Template for your Coworking Space Business Plan

The business plan for most new ventures follows a standard format that can be used as a template. A business plan is much more than just a record of your company docs and data; it’s a comprehensive study into the health and prognosis of your business. 

The pages of a business plan are typically presented in the order described below, however, they don’t need to be completed sequentially, and some may be more supportive to others if researched and completed in a different order. Once it’s done, the document will read as follows:

  • Executive Summary – This will be a general overview of the document as it stands. A brief introduction to the company, its mission, and the contents of your coworking space business plan to follow. Obviously, you can’t complete this page until the rest of the document is done, so you’ll likely save this page for last.
  • Market analysis – This page is next, and should paint a detailed and accurate picture of where your company belongs in the industry. To complete this section of the document, you’ll need to do your market research thoroughly, and understand who and where your competition is. This page needs to show investors that you understand the coworking space concept, the industry as it is, and its future. It then needs to explain to the reader exactly how you plan to take your share of the market and hold it. This is the page where your ideal customer will be described and backed up by the market data you have gathered in your research phase. This page and its data, when complete, will segue neatly into how your company will meet its market in the next section.
  • Company description – Here, you’re going to be describing what you’re offering that directly meets the needs of those ideal customers you’ve identified. Explain your plan of action, and how your approach settles into a niche of its own and does the job better than your competition. The goal of this section is to stand out among the competition, in whichever way you can. Maybe you’ll be cheaper than them, or provide a wider range of services. Whatever it is you do differently needs to be highlighted here and depicted as a selling factor to your customers. 
  • Organizational structure – This page will introduce the key players in your company and how the hierarchy is laid out. This is a good place to expand upon some of the elements in the company description and point out how your management or administration talent is going to help you take on the industry.  Where possible, include resumes and photos of your most relevant team, and explain how each individual’s contribution will push your company towards its goals. This page is a brief overview of your top talent, but don’t overdo it with the accolades and enthusiasm. As with everything in this document, you need to be accurate – it’s not a sales pitch.
  • Products and services – This page is heavily dependent on the business model you’re choosing. A larger coworking space may have talks, training, consultancy services, etc. These will all need to be listed, along with the price and the way they will be arranged. Membership tiers, discounts, and other key components of the revenue streams you’ll be expecting need to be laid out in detail, and if your space will be selling any products, even )coffee and cookies!) itemize them here with their price.
  • Sales and Marketing – Now you’re going to describe the strategies you’ve devised to reach these customers. You’ve laid out your market, and you’ve explained how your company can help them, and now it’s time to describe the bridges you’re going to build to find them and introduce them to your brand. Identify the media channels you will use, describe your sales funnel as it relates to your demographics, and cover touchpoints in as much detail as possible to show that you understand the market well and how to approach it. 
  • Financial projections – Now we come to the meat of the document. Many investors will skip to this page early, and for good reason. This page is a testament to how well you know your business. It’s going to act as a litmus test for investors to judge how reliable you are as a partner. Your projections need to be based on real figures, and they need to be honest. If you’re trying to market your company to investors by exaggerating its prospects in the industry, you’re going to make yourself look dishonest or at best incompetent. Detailed and realistic projections come from detailed and realistic financial documents, so these need to be well-researched and presentable on both counts. 

For help with this, at ProjectionHub we have over 70 different industry-specific projection templates including a template just for coworking spaces . Using a professional-grade template can make all the difference to the presentation of your most important data when it comes to appealing to investors or lenders. 

Starting a coworking space

Make use of this template as a checklist that can be used to go through your company research and documentation and form a profile of your project that can guide you into the industry. When completed with care and attention, it will make the difference between acceptance and rejection of any sources of funding you may request. 

A coworking space provides companies and their workers with a middle-ground that takes the benefits of remote work and combines it with the facilities of the office. The great thing about such a space is that it can house multiple companies’ employees, bringing networking opportunities to members, and creating resilience against industry shifts by providing a diversity of bodies. 

Setting up a coworking space business plan should be one of the earliest steps in this venture, as it represents the transitional moment between idea and reality, and solidifies your project with a genuine path to success. 

Forming a business plan shows you exactly how to set up a coworking space, as it involves deep market and financial research, and is as much a process of education as it is of documentation. A detailed plan will display your company in a good light and detail exactly how your investors will get their ROI from supporting you, as well as bring you accurate insights into how to get started.

About the Author

Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.

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coworking office space business plan

Home » Real Estate » Coworking Space

Coworking Space Business Plan [Sample Template]

In these modern times, freelancers, consultants, remote employees, or professionals without an office can all benefit from a space where they are surrounded by like-minded individuals who motivate them with their interaction and works.

Working alone from home comes with a range of disadvantages since it’s directly linked to the many dangers of workplace isolation.

Co-working spaces now serve as a primary catalyst for human approach designs, which help to enhance collaboration, innovation, and productivity. Today, there is a lot of reasons to start your own co-working space, but ‘wanting’ and ‘actually starting’ are two different things. Bringing the vision to life warrants that you pen down a detailed and organized business plan.

Steps on How to Write a Coworking Space Business Plan

1. executive summary.

At Wok Zone, we plan to create an entirely new marketplace that fills the gap that employers are leaving behind. Our objective is not to recreate the same quality of working life that employers have been providing for more than a century now, but to create a better quality of working life that will help carry the torch of Oakland startups into the future.

Company Profile

A. our services.

As the Silicon Valley tech scene expands beyond San Francisco, Oakland’s lower living costs and robust transit systems are becoming more and more appealing to prospective startups, and these consumers are searching for places to work, a computer, a pension, healthcare, someone to calculate and pay their taxes, food and drink and everything else employers used to provide on their behalf.

b. Nature of the Business

At Wok Zone, our business model differs from co-working: workspace isn’t the product that we intend to sell; instead, it is the market floor for selling everything else. We plan to design a better quality workspace than what exists currently in the market and bring it in public where people can walk in and out of it freely.

c. The Industry

Wok Zone will flourish and take up market shares in the co-working space industry that is massively growing by leaps and bounds.

d. Mission Statement

Our mission at Wok Zone is to create a new infrastructure that takes the place of employers.

e. Vision Statement

Our vision is to become a renowned leader in the co-working space business in the whole of California by revolutionizing the industry and expanding our services to cover the needs of our clients. We believe that the more we help people flourish in the work they are doing, the happier they are!

f. Tagline or Slogan

Wok Zone – Investing in the Future of Work

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Wok Zone will be established and registered in the state of California as a Limited Liability Partnership. The partners/management team consists of Windy Grace, Felix Wilder, Martins Jones, and Bob Castle. This team has a vast range of knowledge that shall help build the business.

h. Organizational Structure

  • Floor Manager
  • Sales and Marketing Executive
  • Client Service Executive

i. Ownership/Shareholder Structure and Board Members

Wok Zone will be jointly and equally owned by Windy Grace, Felix Wilder, Martins Jones, and Bob Castle. Owing to their wide array of knowledge and expertise, they will also jointly manage Wok Zone.

 3. SWOT Analysis

A. strength.

  • An affordable, professional place to work and meet
  • New technologies
  • A collaborative environment
  • Experience and knowledge of our team

b. Weakness

  • Number of members in a co-working space
  • Age of our space and the maturity of our community
  • No other well-defined sources of income

c. Opportunities

  • A viable location
  • The rising popularity of shared office spaces
  • More people embracing entrepreneurship

i. How Big is the Industry?

According to industry reports, the co-working space industry is growing by leaps and bounds. The massive demand for a remote workforce and the growth of the gig economy are propelling the need for workspaces. Globally, the co-working market was valued at $26 billion in 2019.

ii. Is the Industry Growing or Declining?

The co-working industry is growing massively. Co-working growth is evident in nearly every relevant metric, including the number of new leases, number of seats, dedicated square footage, and growth rate.

iii. What are the Future Trends in the Industry

According to reports, from cannabis co-working spaces to health and wellness-focused office space, it’s becoming clear that the entire flexible workspace industry has become increasingly targeted to cater to the specific needs of its customers.

Note that as the freelance and remote worker becomes a bigger percentage of the general workforce, businesses in this industry will have to be more accommodating and differentiating than ever before.

iv. Are There Existing Niches in the Industry?

  • A Co-Working Space Tailored to the Legal Profession
  • A Community-Based Space for Female Entrepreneurs
  • A Co-Working Space Geared to the Outdoor Industry
  • Musician-Focused Spaces
  • Wellness-Oriented Spaces
  • LGBTQ Spaces
  • Construction-Focused Spaces
  • A Co-working Space for Emerging Cannabis Startups
  • Band Rehearsal Space
  • A Co-working Space for Sustainability/Environmental Startups & Entrepreneurs
  • A Co-working Space for Fintech Startups
  • A Co-working Space for Foodtech Startups

v. Can You Sell a Franchise of your Business in the Future?

At Wok Zone, we do not have plans to sell a franchise in the future. As our customer base scales, we will start building new locations. At Wok Zone, we won’t exclusively sell our products and services; it will be an open marketplace that encourages others to become solutions that our advisors recommend and sell.

  • Rivalry among Competitors
  • Availability of Substitutes
  • The threat of New Entrants
  • Bargaining Power of Suppliers
  • Bargaining Power of Buyers

i. Who are the Major Competitors?

  • Industrious

ii. Is There a Franchise for Co-working Space Business?

  • Regus: $549,000-$998,000
  • Office Evolution: $373,950-$1,557,000
  • Venture X: $911,690-$3,602,710
  • Rent 24: Available upon inquiry.
  • Serendipity Labs: $331,200 – $1,559,100

iii. Are There Policies, Regulations, or Zoning Laws Affecting Co-working Space Business?

Yes, numerous code issues come into existence once you are trying to densify a floor for co-working, especially in older, smaller buildings.

Owing to that, it is always advisable to review the building’s Certificate of Occupancy (CofO), the permitted uses within the building’s zoning district, the live load of the floor, and the maximum number of persons per floor before settling for a location.

It is also necessary to study the egress of the floor to ensure a change is feasible and also carefully evaluate the fixture counts, live load, accessibility, and various other elements. Co-working spaces that inculcate restaurants will also have stricter regulations to face because offices and restaurants have different occupancy requirements.

Marketing Plan

A. who is your target audience.

i. Age range

  • Gen Z (18-22 years old): 40%
  • Millennial (23-38 years old): 20%
  • Gen X (39-54 years old): 30%
  • Baby Boomers (55+ years old): 10%

ii. Level of Educational

  • High school graduate or less: 2%
  • Some college or Associate degree: 28%
  • Bachelor’s degree: 32%
  • Postgraduate 38%

iii. Income Level

Our target audience at Wok Zone will earn $100,000 to $149,000 a year.

iv. Ethnicity

  • White: 75.0%
  • Hispanic or Latino: 10.3%
  • Asian: 8.3%
  • Black or African American: 3.3%
  • Unknown: 2.6%
  • American Indian and Alaska Native: 0.5%

v. Language

There are no language barriers or restrictions at Wok Zone.

vi. Geographical Location

Once a major destination on the transcontinental railroad; Oakland has long grown into a center for bold ideas and innovative thinking, boasting of a growing multitude of freelancers and startup owners.

vii. Lifestyle

Although some clients at Wok Zone will simply need any available desk, others may have additional space considerations, like a conference room or flexible office for client meetings or collaborations.

b. Advertising and Promotion Strategies

  • Begin with a quality website
  • Leverage social media to our advantage
  • Utilize content marketing
  • Advertise near transport hubs
  • Host engaging events
  • Gift memberships strategically
  • Create a timeline for marketing .

i. Traditional Marketing Strategies

  • Offer Membership Perks
  • Create a Health Insurance Program
  • Offer Daycare Services
  • Help our Members Succeed
  • Advertise to Current Members.
  • Host Events at Your Co-working Space
  • Partner with Local Businesses
  • Advertise Toward Commuting Workers

ii. Digital Marketing Strategies

  • Advertise our Co-working Space Using PPC Advertising (Pay-Per-Click)
  • Content Marketing For our Co-working Space
  • Social Proof & Reputation Management
  • Create a Website
  • Co-working Space SEO (Search Engine Optimization)
  • Co-working Listing Websites
  • Ask Members & Partners for Backlinks

iii. Social Media Marketing Plan

  • Facebook ads, Twitter & LinkedIn followers
  • Ask question platforms (Quora, Reddit)
  • Email list (Newsletter)
  • In-app notifications (social media sharing buttons, newsletter subscription)
  • Promotion in relevant communities
  • Re-purpose content for different media (videos, podcasts, etc.)

c. Pricing Strategy

At Wok Zone, our reservations will be priced at $2.50 per half hour. This is cheap enough for people to reserve for even the longest work sessions ($10 for the 235-minute session) but expensive enough to discourage them from blocking out the table all day ($60 for 24 hours)

Sales and Distribution Plan

A. sales channels.

Ensuring a better quality work-life is the idea our marketing plan at Wok Zone will buttress and our workspace will be the medium for conveying it. We realize that people rarely dream about pensions. Instead, they want a better quality work-life.

Our space at Wok Zone will be a local mass-market medium. We will ensure it is in a prime real estate in San Francisco. All other media channels we use will help people to see it, especially those who aren’t standing right in front of it.

b. Inventory Strategy

In terms of inventory strategy and management, we will get co-working software solutions that will help us cover the needs of our workspace that will enable members book a meeting room online, manage their membership plan, provide IoT devices, and enabling card payments.We believe all these will contribute to the usability of our co-working space.

c. Payment Options for Customers

Below are the payment options we intend to make available to our clients;

  • Payment via bank transfer
  • Payment via credit cards
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer

d. Return Policy, Incentives, and Guarantees

At Wok Zone will operate a no refund policy. This entails that we will not provide compensation for services rendered at our workspace.

e. Customer Support Strategy

At Wok Zone, we understand that our long-term success depends on our ability to establish a community of clients. Owing to that, we intend to publish a newsletter, create photo boards and also host regular events to help everyone get to know each other and benefit from the group’s cumulative knowledge.

Operational Plan

The most successful brands are known to influence the way people feel in their spaces, by carefully controlling all the variables in the environment.

After extensive research, we realized that a handful of workspaces have applied a few of the principles, but nobody has made it a core of their design. We at Wok Zone do not intend to make these mistakes, as we have analyzed and inculcated environmental psychology into the design of our workspaces, and also into the products and services we offer.

 a. What Happens During a Typical Day at a Co-working Space Business?

The essential work of the business is to make sure the lights are on. Clients are known to use co-working spaces as offices, and they expect the lights to be functioning, the roof to not be leaking and internet access to be fully functional. Should any utility develop any form of issue, resources are expected to be immediately channeled to resolve the problem as quickly as possible.

Aside from those possible crises noted above, managing a co-working space daily involves keeping the area clean, socializing with clients, and meeting potential clients. Also note that there are bills to pay and administrative matters to consider.

b. Production Process 

The only production process at Wok Zone is the production of drinks sold at our space. We intend to source raw ingredients and make them ourselves.

c. Service Procedure

At Wok Zone, we understand that we need a small team of employees from the outset. Our space will remain open round the clock, therefore we will employ a client service executive to be available to attend to our clients and also be called for emergencies.

d. The Supply Chain

At Wok Zone, we believe that the more we help people with the work they love doing, the more people will see our co-working space as a big deal.

e. Sources of Income

  • Private office rental
  • Desk rental
  • Combined membership plan
  • Conference room services
  • Virtual office services
  • Food and drinks

Financial Plan

A. amount needed to start your coworking space business.

Owing to our extensive research, we will require $900,000 to launch Wok Zone and an additional $220,000 to cover the first-year salary of our core team.

b. What are the Costs Involved?

  • Security deposit: $75,000
  • Environmental equipment (air quality, sound, etc): $79,220
  • Food & drink equipment: $56,270
  • Other equipment (fire, security, etc.): $17,205
  • Technology: $48,000
  • Furniture: $153,600
  • Renovation: $850,000
  • First month’s rent: $25,000
  • Estate agent fees: $3,750
  • Utilities: $700
  • Inventory (2 months): $41,729
  • Recruitment, training, uniforms: $7,420
  • Miscellaneous: $100,000

c. Do You Need to Build a Facility?

Our plan at Wok Zone is to start our business from a rented luxury office space in the city hub of San Francisco . Initial investments will be made to set up an office, website, and management software to schedule, manage and welcome our clients. Additions to space will be made as the company expands operation.

d. What are the Ongoing Expenses for Running a Co-working Space Business?

  • Security & after-hours
  • Member’s benefits
  • Training, development, uniforms, etc.
  • Occupancy costs
  • Repairs & maintenance
  • Waste & recycling
  • Payment processing
  • Environment (air quality, landscaping, etc)

e. What is the Average Salary of your Staff?

  • President: $0
  • Floor Managers: $56,720/Year
  • Advisors: $0
  • Sales and Marketing Executive: $51,980/Year
  • Accountant: $46,711/Year
  • Food Technician:$43,562/Year
  • Baristas: $41,000/Year
  • Client Service Executive: $38,900/Year

f. How Do You Get Funding to Start a Coworking Space Business

Wok Zone will be started, managed, and fully funded by its four founding members. They won’t seek outside funding, instead will generate the startup capital to have full ownership of the business.

Financial Projection

A. how much should you charge for your product/service.

Since we will be offering flexible office solutions, we will have multiple subscription options. For example, our clients can pay by the day, week, or month. The cost for our monthly membership will be $220. We will charge more for a dedicated desk, an office, or a locker. We will also charge clients to use our meeting room and every other amenity.

b. Sales Forecast?

  • First Fiscal Year (FY1): $420,000
  • Second Fiscal Year (FY2): $790,000
  • Third Fiscal Year (FY3): $1.332 million

c. Estimated Profit You Will Make a Year?

At Wok Zone, we expect to make;

  • First Fiscal Year (FY1): $189,000 (45% of revenue generated)
  • Second Fiscal Year (FY2): $186,000 (60% of revenue generated)
  • Third Fiscal Year (FY3): $732,900 (55% of revenue generated)

d. Profit Margin of a Coworking Space Business

Profit margins in this business tend to fluctuate, especially since businesses in the industry are not in for the money, but primarily to sustain their space and grow their community. In addition, there are many variable and fixed costs in the business . Even when the business expands, there will be additional expenses and factors that will further affect the potential profit.

Growth Plan

A. how do you intend to grow and expand .

At Wok Zone, we do not have plans to sell a franchise in the future. As our customer base scales up, we will start building new co-working spaces.

b. Where do you intend to expand to and why?

  • San Francisco

We at Wok Zone have chosen to expand to these areas because the Bay Area tech industry raked in $45.9 billion in funding in 2019 — a full 44 percent of the nation’s tech investments — and the city still hosts the world’s deepest tech and freelance talent pool.

And although some of its larger technology companies continue to draw skepticism from lawmakers, these areas boast of a ton of alternative employment options for smaller, mission-driven startups.

At Wok Zone, we strongly believe that acquisition and mergers will suit our business interests. Since we won’t exclusively sell our products and services; we believe that acquisition and mergers will lead us more into the open marketplace and encourage others to become solutions that our advisors recommend and sell.

More on Coworking Space

Coworking Business Plan + 6 months strategy launching [PDF Download]

aticco

Business Plan for Your Coworking Space

Developing a business plan for a coworking centre can be a long and complex process, especially if you are inexperienced. However, you are an operator going for your second space. In that case, a business plan will help you improve your strategy and better define the actions to carry it out because it is a living document that needs to be updated every year as the business grows .

Whether you are opening your first or second coworking space, before investing in the project , you should first conduct a feasibility study to determine the project’s profitability and confirm that there is a business opportunity.

Once you have validated the project’s feasibility, the next step is to draw up your business plan. The feasibility study and the business plan are closely linked; the first one assures you that there is a business and sets the economic objectives , while the second one proposes the strategy and the actions to be implemented to achieve the goals.

At HWL, we have completed nearly 50 coworking projects worldwide and have the experience in Coworking Development , knowledge and resources to help you create your business plan. In this article, we explain how we can help you to make this process less complicated.

Why do you need a business plan for a coworking space?

Making a coworking business plan is essential because:

  • It defines the strategy of your company and the actions to be implemented.
  • It plans the growth of your business.
  • It projects the financial profitability of the business over the years.
  • It reduces risks.
  • It improves your operations.
  • In addition, it can help you obtain financing.

What are the components of a coworking business plan?

Divide the business plan into three blocks:

1. Business model validation.

2. Business development.

Coworking Business Plan

1. Business model validation

You elaborate on the feasibility study . This section is critical because it will help you decide whether your coworking project will work. 

Executive summary

It describes the company and provides critical conclusions once you finish the business plan. It includes:

  • Overview of the company.
  • Description of the partners, management team and key collaborators.
  • Value proposition.
  • Space allocation summary.
  • Financial study summary.

Market research

A market study helps you to detect if there is a business opportunity for your coworking, who your demand is , what they need and how you can standby from your competition . It includes:

  • Local environment analysis: Explore the location and detect surrounding services (bars, restaurants, gyms), nearby competitors, corporations, universities, coworking spaces, technology hubs, business centres, etcetera.
  • Benchmarking of local and inspirational competitors: Compare data such as services offered, prices, size of space or number of workstations, common areas, value proposition and audience.
  • Demand and needs exploration: Segment the audience and design your Buyer Persona (user type, generation, pains and needs, interests, habits, purchasing power).
  • Value proposition: Identify the objectives and needs of your potential users and link them to the value proposition.

Property analysis

Hire an engineer to confirm the property is valid, comply  with the coworking activity regulations , and obtain all the necessary permits.

Space distribution

  • Space allocation programme: Define your space’s different uses and needs according to your demand. With the architectural programme, you obtain the productive units to generate income in your financial plan.
  • Preliminary architectural study: Preliminary design of the space distribution following the space allocation programme’s indications. An architect must dump the information from the programme into AutoCAD to validate the productive units obtained.

Business model

10-year economic and financial study under three different occupancy scenarios will project monthly revenues, operating expenses and cash flow. It also will include the Capex and critical financial profitability metrics for the space as a service business model. As a result, you will get a perfect financial picture of the business and set the financial targets to be achieved.

2. Business development

You create the strategy of your coworking business and plan all the actions to be carried out to achieve the objectives established in the financial study.

Marketing strategy

This serves to attract , engage and retain potential members of your coworking space. It includes:

  • Products and services: Describe all plans, memberships, included services and additional services.
  • Promotions and pricing: Document the prices you will offer and compare them with your competitors. Also include plan opening promotions, contract promotions, etc.
  • Key alliances: Proposal of potential partners (associations, universities, influencers, perks).
  • Sales channels: Identification of the different brokers and specific sales channels for coworking.
  • Communication plan: Define the channels through which you will communicate (social networks, website, posters, events, etc).
  • Community development plan: Stages and actions for the development of the community (creation, development and retention) including a programme of activities for each stage.
  • User experience: Design and describe the coworker journey in all its stages, from lead generation, conversion, on-boarding, and retention to exit.
  • Lead Generation Strategy (Facebook and Google ads).
  • Media plan.
  • Blog and SEO strategy.
  • Newsletter strategy.

Technology strategy

Proposal of technological solutions for intelligent space and business management :

  • Management software.
  • Software integrations: electronic access, printing, platform, community, internet, etc.
  • Business production tools: project manager, CRM, cloud workspace, etc.
  • Description of the management team, their roles, responsibilities, tasks, remuneration and schedules for each position.
  • Training plan for the team.

Operations manual

Describe how you are going to achieve the related objectives. It includes all the daily processes and tasks to be carried out by each department:

  • Space or facility Manual.
  • Team manual or employee handbook.
  • Sales Manual (including the Coworking Agreement).
  • Venue hire/ external events manual.
  • Communication manual.
  • Community manual (including the House Rules).

3. Strategy & timeline for the launch of your coworking business

Prepare to go to market three months before the opening and three months after .

We share with you a co-created launch strategy made by 20 coworking operators from different countries as a result of a workshop facilitated by Claire Carpenter from The Melting Pot and Vanessa Sans from HWL. You can download the launch plan with the leading strategies and action plans for setting up a coworking centre during the three months before and after its opening date.

As you can see, developing a business plan for your coworking is a worthwhile endeavour. Follow the structure we have proposed. You will become an expert capable of generating a marketing strategy, making an operational plan, and starting up and growing a thriving coworking centre. If you need help in the process, contact us .

If you enjoyed this article, you would like How to open a coworking space .

Featured picture courtesy of Aticco coworking .

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Coworking Space Business Plan Essentials

By dropdesk

Published: July 11, 2019

Before we break down the various aspects that comprise your coworking space business plan, it’s crucial to understand the advantages of such an environment.

If you’re a freelancer, consultant, remote employee, or a professional without an office, you will benefit from a space consisting of like-minded individuals who will motivate you with their interaction.  Also, working alone from home comes with an array of disadvantages because it’s directly linked to the many pitfalls of workplace isolation .

Furthermore, coworking spaces are a primary catalyst for human approach designs, which foster collaboration, innovation, and productivity. There are seemingly an infinite number of reasons to start your own coworking community , but ‘wanting’ and ‘doing’ are entirely different things.  Bringing your vision to life necessitates producing a well-structured and insightful business plan.

Coworking Space Business Plan Check List

1. finding the right fit – literally.

We are not talking about the importance of finding the right culture fit for your community in this section – instead, we’re discussing how crucial it is to purchase an optimally sized space that comfortably fits all the members of your community and helps you flourish as an owner. 

A workplace between 1,000-3,000 square feet is likely too small and makes covering the cost of rent/mortgage, operations, and personnel completely unfeasible.  Conversely, anything over 5,000 square feet, with a reasonably high occupancy rate, usually generates larger profit margins. 

Small coworking spaces of 70-80 seats and more sizeable locations with a few hundred seats are ideal for earning back more than your operational costs.

2. Create A Vision That Scales

You need a definitive purpose for your coworking space. Otherwise, you will have a bunch of random people (if you’re lucky) showing up to work without any rhyme or reason. The best coworking spaces have a defined set of values that draws in each community member.

Whether you aim to cross-finance your own Startup, build your own community, or start a national chain of coworking spaces, knowing ‘why’ acts as a  guideline to your business strategy. As your coworking business grows, strategy amendments are a must, but a defined vision ensures those changes are done with a purpose, rather than pulling you in too many directions. 

In this particular vein, we suggest reading the story of WeWork’s pitch deck .  The read serves as a valuable anecdote for those looking to start their own coworking business .  Despite experiencing exponential growth, WeWork never lost sight of their original vision.

3. Location, Location, Location

You may become enticed by the low cost of rent for a given piece of real estate, but before signing the dotted line, ask yourself  – why is it such a steal? Where is the space located?  If it’s in an area that guarantees an inconvenient commute for your potential community members, then look elsewhere – despite its attractive asking price. 

Filling up desks in your coworking space is much more likely in a central location. The rest of your plan could be sound and logical enough to make Mark Cuban blush, but a poor choice of location will hamstring your coworking business before it starts.  You will need an 80%-plus occupancy rate to succeed, and that won’t happen if your building is in a remote area.

4. Research Industry Insights

Gain a thorough understanding of how much the coworking industry is growing in your region, city, country, state, or province. 

For instance, did you know that coworking spaces accounted for almost 10% of real estate leased in Manhattan in the first half of 2018?  Sure, that’s only valuable for coworking professionals in Manhattan, but try to extract similar statistics from the coworking landscape in your region.

Correspond with other nearby coworking space managers and see what kind of stats and insights they’ll provide.  Or, ask questions on Google and LinkedIn coworking group forums. Lastly, there are surveys with valuable data about coworking growth that are sure to provide invaluable nuggets of information. 

5. Knowing Your Intended Community

What kind of occupants/community members are you targeting, and what is their ideal coworking environment?  For example, many coworking facilities offer premium, affordable spaces for freelancers; others, cater to big businesses – while many communities focus on smaller teams. 

You must decide whether you can work harmoniously alongside your city’s business infrastructure through leveraged partnerships, or if you can operate an independent space open to all professionals. The more specific you are about your ideal community member, the easier it is to plan pricing, marketing, amenities, and location.

6. Your Coworking Financial Plan

A financial plan is one of the most integral aspects of establishing your coworking space. Here’s what you need to consider:

  • Capital  needed to get to get started
  • Areas your money will be spent
  • Obtaining the remaining capital needed to get started
  • The date you expect to become profitable
  • Expected total monthly revenue
  • Potential setbacks
  • Exit strategy

Of course, deciphering these numbers isn’t an exact science – but base your plan on realistic estimations based on data and research. Provided you’re trying to entice investors, you will need a robust financial plan.

7. Finding Balance in Your Price Model

Charging too much per desk will lead to a barren community that lasts about as long as it takes Usain Bolt to run 100 meters.  Also, charging too little makes it extremely challenging to turn a profit, no matter how many members fill up your coworking space—and too low of a price also makes potential members think your offer is too good to be true.

Charge what your services are worth, within reason.  If you’re providing premiere services, community members won’t mind paying a premium, if they reap the benefits – such as earning more money and being more productive.

8. Build Your Dream Team

Sure, running a business means DIY as much as humanly possible and this approach mitigates operational costs. Most people aren’t expert in everything, so you may need a reliable, efficient team to turn your coworking space into a profit-turning machine. 

Generally, coworking spaces require coworking software experts, an operations manager, and a marketing person.  If you are an expert in either of these fields, do them on your own, but either assemble an in-house team or hire freelancers to fill-ins the rest of the gaps. 

Lastly, contemplate potential real estate partners, investors, and other staff members that will help increase your coworking space’s value and overall growth. 

9. Develop A Coworking Marketing Strategy

Your coworking space isn’t just an environment for highly driven professionals to execute, innovate, and thrive—it’s also a product.

And like any product, a nuanced coworking marketing strategy is crucial when selling your business to your target market.  Depending on your budget, you can run advertisements in the local news or niche magazines that are relevant to your audience.  In addition, since it’s 2019, a professionally designed website and savvy social media presence are both marketing and advertising necessities. 

Brand advocacy from existing community members is extremely effective as well since consumers tend to trust the words of ‘real’ people over traditional advertising.  So, offer incentives to members who refer peers to your coworking space. Since 49% of consumers depend on influencer recommendations, utilizing industry-specific influencers is another marketing method worth considering.

Consider hosting a booth at industry fairs, where you can provide a litany of marketing materials to passers-by. Remember, no matter what you do, it should highlight your main message , so there’s always a streamlined focus to every single one of your marketing tactics. 

10. Become Niche Focused

Without a niche, your coworking business is overly generic, making it entirely more challenging to figure out a quality business plan. Finding your niche requires a myriad of research to decide what will differentiate your coworking community from other businesses in the industry.

If your competitors cater too much on one type of worker, you should focus your services on the individuals they neglect. Assess what everyone else is doing and discover that profitable segment of the market other communities have yet to address with their services. 

Need some inspiration?  Google was initially just a search engine using links to rank the relevance of individual pages on the web.  In 2019, while the search engine is still the king of its niche, it’s grown into a worldwide superpower offering a smorgasbord of other services including mail, calendars, maps, and phones. Google only grew into the massive entity it is today because it tapped into a lucrative niche. 

Conclusion: Do You Want to Run a Coworking Space?  It’s Time to Start Planning

Your coworking space isn’t going to build itself.  It is time to start planning – equipping yourself with solutions that will transform your real estate into a living, breathing coworking space, such as Become A Host program.

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Creating A Marketing Plan For Your Coworking Space [2022]

  • May 12, 2022
  • Coworking Marketing , Coworking Marketing Strategies

In 2022 as demand for coworking spaces has returned, one of the most important things you do as a flexible office space manager is to get out the good word about the benefits of your coworking space to local businesses and entrepreneurs. After all, a steady flow of reliable members translates into the cash flow you need to run and grow your business. A coworking marketing plan is an essential element of ensuring strong, consistent messaging and effective outreach to your ideal members.

You may think that it’s easier to implement marketing on an ad hoc basis, whenever you have an open space or a special offer. However, waiting until you need to bring in members means that you’re constantly playing catch up. Instead, develop a strategic approach that gets people out of the coffee shop and into your space.

Learn about Upsuite’s Coworking Marketing Solutions

Define Your Target Audience

Any coworking marketing plan worth it’s salt starts with a well-defined audience. You need to know who you’re talking to in order to make your message as effective as possible.

Remote Workers / Freelancers

These may be the first customers most people think of as heavy users of coworking spaces. The rise of the gig economy and the popularity of entrepreneurship among working-age adults creates a high demand for shared or dedicated workspaces or small offices.

Small Companies / Teams

This is a growing segment of the co-working landscape, with an increasing number of small businesses — including real estate teams, partnerships and support personnel, and other configurations — seeking out space for collaboration as well as individual workspaces.

Corporate Clients

With the ever-growing demand for work-from-home and flexible scheduling positions, many corporations are turning to flexible office spaces for an easy way to create a structured work environment for remote employees.

Examine Your Existing Sources of Leads

As you begin to create your coworking marketing plan, start by taking an inventory of your existing lead-gen platforms. If you haven’t already done so, you’ll also want to begin gathering data on how your current members found you in the first place.

An attractive, speedy, and functional website is a must for helping potential members find you and learn more about the spaces and services you offer. If your current website is out of date, poorly designed, or bare-bones, it may be time to look at a revamp.

In many coworking operations, you’ll find that events are an essential part of helping local businesses and entrepreneurs learn more about your space. Offer conference rooms or event spaces for local Chamber of Commerce meetings, the area Board of Realtors Young Professionals (YP) Group, or invite local business leaders to conduct workshops for entrepreneurs and freelancers in your area.

Social Media

Many coworking space operators have a presence on social media but struggle to post consistently. If you find yourself falling behind, it may be time to streamline your social media plan or outsource management to a freelancer.

You may have worked with a commercial real estate broker to help direct local businesses to your coworking space. Depending on your coworking market size, there may be a variety of such spaces and brokers may or may not already be working with other operators in your area. Alternatively, some brokers may have property management services in-house that operate competing flexible office spaces.

Online Brokers

Additionally, you may have listed your coworking space with an online broker who serves as a clearinghouse for individuals and businesses that are looking for flexible office spaces. These brokers may or may not offer you the visibility that you are looking for or may already promote competing office spaces in your area.

Develop Digital Marketing for Coworking

One of the most cost-effective strategies for marketing a coworking space is a digital marketing strategy designed for coworking operators. While you may have some of these components, a well-integrated and responsive digital marketing strategy will pay dividends in both time and new business.

Again, while you may have a website, it may not be doing everything you need. Ensure that you have plenty of high-quality, organic content, attractive design elements, and convenient integrations like an online scheduler or virtual property tour in order to help your coworking space stand out.

Build your email list and send out value-added content regularly, both to current members and to prospective members. Develop automations that can quickly respond to initial inquiries and keep you top of mind after that initial contact.

Whether you go all-in on one or two platforms or maintain a presence across as many as possible, ensure that you are updating your accounts consistently with exciting, value-added content. Right now, video is the winner when it comes to engagement, so work on developing high-quality video content to get more eyes on your business.

Pay-Per-Click

While pay-per-click advertising is no longer the powerhouse platform that it once was, it can help people who are searching in your local market find you more easily. In addition, it will give you the opportunity to show up in searches well above larger competitors with a more prominent online presence.

The best way to ensure great SEO is to optimize your website content properly and continue to add new content on a regular basis. A well-designed blog can help you reach your coworking space target market and keep people coming back regularly for new, value-added content.

Ensure Consistent Execution

It is essential to work on your marketing plan on a consistent basis in order to ensure a steady stream of interest in your flexible office space. This will also help you develop a network of engaged followers so that you are always able to find enthusiastic members as needed.

Consistent Traffic Throughout the Year

Forget taking summers or holidays off from your content creation. The more consistent your engagement across your digital marketing platforms, the better your SEO and page rank, and the more you will make people aware of your business.

Plan for Slow Seasons

Continue innovating and engaging with your network in order to ensure that you can reach out and find new members during slow times. In addition, remember that your existing members can be a powerful recruitment resource. Incentivize them to bring in new members when you have unexpected openings.

Plan Extra Marketing for New Space Openings

If you are expanding or revamping your space, ensure that everyone knows about it. Feature the build up to your opening on your social media platforms and through email blasts, as well as on your video channel or blog. In addition, reach out to local media for coverage and ask your members to share with their networks, as well.

Plan Extra Marketing for Large Suites

Teams and small businesses are the next major source of growth for flexible workspaces, so plan your layout accordingly. Differentiate yourself from other coworking spaces by featuring your large suites, conference rooms, and event spaces. Make sure that part of your digital marketing is focused on these potential membership categories in order to optimize your marketing strategy.

Contact Author

Ben Wright

Founder and CEO e.  [email protected]

t. (720) 427-6079

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Meet Moscow’s first co-working space with a private members business club

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Meet moscow’s first co-working space with a private members business club.

Cabinet Lounge CO-WORKING SPACE IN MOSCOW

Football Frenzy period has begun! The FIFA World Cup 2018 is here, and it’s one of the biggest sport events in the world with true fans of the sport, rooting for the favorite football team to win the cup.

With the event being held in Russia, we are sure several people or rather true football fans would love to travel down there and hail their teams to victory… more of an “ova di bar” moment.

One of the stadia though that will host the major games is Luzhniki Stadium located in the heart of Moscow. With a sitting capacity of over 8000 people, Luzhniki will host up to seven games, with three main games, the opening, semifinal and final game being held at the stadium.

A quick background on Moscow, it is the most populous city in Europe with over 12 million residents and continues to expand. Fortunately, the metro system is the world’s largest, fastest, and most efficient way in which people move.

Year after year, Moscow finds itself listed at the top of the most expensive cities in the world. To enjoy a comfortable lifestyle be prepared to part with a few dollar or rubles and finding suitable, affordable accommodation is one of the most troublesome things about moving to Moscow.

Many expatriates find themselves in the “Garden Ring” of the city – the second loop outside the center. Dropping some serious rubles on a flat is not unusual, usually to the tune of ₽80,000-140,000 ($1200-2000). Unless you’re prepared to face housing costs as well as foreigner prices for the city’s attractions, Moscow can hollow you out.

After all the expenses and frustrations of getting by in this, are there any redeeming qualities for the digital nomad? How about a busy day far from your headquarters and you may need a place an urgent video conference with an overseas partner?

Or you may be in Moscow on a business trip and do not have a permanent location? Also, how about a modest budget that cannot allow you to afford a fixed office or find it too expensive to rent after all its just a few days before you travel back.

Workspace in the centre of Moscow

Well, there are a growing number of co-working spaces with stylish ambiance and full amenities as well.

On this feature we decided to look at some of the cool co-working spaces in Moscow that you might find your way there just in case you are caught up in the football frenzy and you still need to virtually attend that meeting minutes to the big game.

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Cabinet Lounge on Novaya Ploshad’

One such place is the Cabinet Lounge on Novaya Ploshad’ which is a redecorated historical mansion strategically located near many government institutions and around the “Garden Ring” of the city (takes you roughly 24 mins from Luzhniki Stadium).

The Cabinet Lounge is termed as Moscow’s first and so far, the only private members business club and represents a new business format for Russia which is termed as one that has already functioned successfully for several years in other key business capital cities.

Found in the heart of Moscow, the space also offers office premises from 20 to 50 m2 to rent. They are available for a long – and short-term rental. The space also has several meeting rooms for 6 to 12 people which include conferencing equipment, plasma screen TV, and flipchart. Some rooms also include video-conferencing facilities.

coworking office space business plan

Conferencing Facility (Photo Credits: Cabinet Lounge Website)

Cabinet Lounge is a fully-functional business space, with meeting rooms, fully-equipped work spaces and offices, a conference hall with video conferencing facilities, high-speed Wi-Fi, a secretary, IT consultant, first class bar and a restaurant serving delicious, healthy food.

The co-working space is intended to cater for the needs of business and creative people who are not tied to a specific place of work or a nine-to-five schedule, people who need a high-quality office within the Garden Ring for important negotiations and presentations.

coworking office space business plan

Office Space (Photo Credits: Cabinet Lounge Website)

The space also provides a base for businesspeople whose main office is located outside of the city centre, or outside of Moscow. The space allows the heads of large international companies to hold important meetings and corporate events on neutral territory.

Cabinet Lounge is defined as a club because it can only be used by its members. This approach is necessary so that even during peak times your comfort is ensured, just like in your own office, and that you are only surrounded by your peers.

According to Moscow Times , the Cabinet Lounge was started off by an Architect called Anton Khmelnitsky. The idea of having a co-working space in the middle of Moscow town came to life as he had to work between two cities that were miles away, that’s Moscow and London for the at least 10 years.

The office of Architects of Invention, the international company that he works for, is in London. But many of its customers are in Moscow. Arranging meetings used to be quite a task without a constant presence in Russia’s capital.

That is how he came up with the idea of a shared business space and co-founded Cabinet Lounge, which allows businesspeople to rent an office or meeting room in a redecorated historical mansion on Novaya Ploshchad, near many government institutions.

coworking office space business plan

Co-working space. (Photo Credits: Cabinet Lounge website)

The co-working package includes: Flex that goes for/, Club, Resident and corporate package that includes One day visit to the space may cost you around 3,500 rubles which is roughly translated to $62.

Other notable co-working spaces in Moscow

Apart from Cabinet Lounge, DI Telegraph which is in the landmark Central Telegraph building on Tverskaya. Prices start from 800 rubles ($14) per day and 7,600 rubles per month.

Another notable coworking place is Rabochaya Stantsiya or Workstation which is in the middle of Gorky Park, about a 10-minute walk from the Leninsky Prospekt metro station. Prices start from 750 rubles ($13.5) per day and from 13,000 a month. The Start Hub is another amazing co-working space. The prices start from 400 rubles ($7) per day.

Other co-working spaces include GVA Hub, Smart Place, Union Place, AirLab, Work Station Plaza, Grow Up, and Coworking 14.

Interesting read? Read more  here !

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Work from home, reimagined.

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Michael H. Zaransky is Founder and Managing Principal of MZ Capital Partners , an award-winning multifamily investment and development firm.

In lower Manhattan’s Seaport District, a 24-story office building at 160 Water Street stood for 50 years as a pillar of New York’s financial scene. Today, after a complete reimagining, the building is home to Pearl House, a composition of urban living’s future. In addition to nearly 600 apartments, Pearl House features a resort-worthy list of amenities.

As Lux Exposé writes . “Today’s discerning residents demand more from their living spaces, seeking environments that seamlessly blend productivity and style. Enter the era of snazzy coworking spaces – sleek, chic, and meticulously designed to cater to the needs of the modern professional.”

This is work-from-home, reimagined for a future when perhaps more than half the workforce will work outside the office. According to a National Bureau of Economic Research paper, about half of the U.S. workforce “worked remotely at least one day a week” in December 2020. The World Economic Forum projects more than 90 million global jobs will be remote by 2030 .

But people still need places to work, and home isn’t always the best solution. Tomorrow’s workplace will exist outside the home and office to fit changing lifestyles. Multifamily real estate is changing with them. The Pearl House’s coworking solution is among the most popular new amenities of multifamily real estate, where renters are driving demand for places to work where they live.

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2 obvious signs of workplace gaslighting from a psychologist, baby reindeer real martha reveals identity in photo with piers morgan, why coworking matters to multifamily real estate.

Coworking space is an amenity in multifamily real estate like fitness centers, pools and dog parks. Renters are emphasizing co- and community workspaces as their work habits change. Not every “modern professional” needs the “snazzy coworking spaces” that Pearl House provides when an internet connection, power source and quiet space will suffice. Still, a place to work outside the home remains important.

For many professionals, a workspace is more important than a workplace. Remember when some hotel chains removed desks from their rooms in the mid-2010s? Even Millennial road warriors objected to losing a workspace, and the desks returned . Those who can work from anywhere still want a functioning space that’s quiet and well-lit and isn’t a chain coffeehouse. Multifamily real estate operators can attract and retain renters by providing such spaces.

As secure, 24/7 package-access rooms have become a top-ranked apartment amenity , coworking spaces are drawing more attention from renters. Phyllis Hartman, president of the Hartman Design Group, told Multi-Housing News that one project includes a coworking space in which “every nook and cranny is being designed as a work pod.”

In these settings, professionals can access private workspaces and collaboration rooms to meet their changing needs. Going to work means going downstairs instead of downtown. That’s the appeal.

Converting Office Space To Living Space With Work In Mind

A transformation is coming to American downtowns in 2024. Developers are converting vacant office space into multifamily housing at a record pace. According to RentCafe, more than 55,000 new apartments will bloom this year from the studs of unused offices. That continues a four-year trend, during which office conversion has become the primary option in urban multifamily development. RentCafe noted that office conversions represent 38% of forthcoming repurposing projects in multifamily housing.

The solution delivers progress on multiple levels. Expensive, unused office buildings come alive again with remote-working renters who want to remain in cities. Those cities refresh their tax bases and regain their heartbeat. New York City alone has more than 100 million square feet of vacant office space, according to the 5BORO Institute, which devised a model for flexible co-living . Coworking spaces are central to these transformations and don’t require huge CapEx.

Buildings already fitted with offices, meeting rooms and even restrooms can be easily repurposed with smaller coworking spaces. Designers could designate one or more floors, or even space on a floor in smaller buildings, as residential coworking space. Cities across the U.S. are taking these steps, as Washington, D.C., New York, Philadelphia, Dallas and Kansas City all show significant year-over-year conversion gains .

How To Make Coworking Spaces Work In Multifamily

Not every conversion is a Pearl House or urban redevelopment. As RealPage noted, 85% of U.S. apartments are located in the suburbs . Those renters also want coworking spaces. Multifamily operators should invest in retrofitting existing spaces or building new ones to meet these coworking needs.

Coworking spaces must offer standard amenities. High-speed internet access is a priority amenity among young renters. Smart Wi-Fi options that manage community-wide access offer in-home and coworking solutions. PropTech to manage 24/7 access to coworking spaces gives renters more security over their surroundings. Proper lighting, printers, scanners and other supplies supplement these coworking environments.

Further, remote workers want spaces that provide quiet locations for video calls and open spaces for collaboration and connection. Several companies market soundproof “pods” for making calls or simply focusing on work. Privacy pods and open space combine to form a dynamic and adjustable space.

In multifamily developments with limited public space, operators might consider converting the rental office into a cross-purpose space with coworking and community options. That also could appeal to prospective renters, whose first view of a property is communal rather than transactional.

“All of our new developments and repositioning projects are to have a significant coworking aspect,” Hartman told Multi-Housing News . “I don’t think it matters whether they are urban or suburban.”

Multifamily operators should take note. In multifamily real estate, rent growth and renewals stimulate success. Coworking spaces, either in new designs or as part of renovations, are becoming fundamental to that success.

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Business announces new office, coworking space

Durango Accounting & Association Services announces its new office location and shared workspace in downtown Durango.

The company’s specializations include: accounting, association management, development, retail accounting and nonprofit accounting.

The business is also offering shared workspace opportunities at 858 Main Ave. To join our professional and collaborative environment, membership pricing and rental options start at $400/mo. Features include: Main Avenue location, ADA accessible, small/larger desk options, kitchenette and espresso machine, high-speed internet and utilities included. Contact the company to schedule a tour and secure a spot.

Fo more information, visit www.durango-consulting.com or email [email protected].

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Moscow Office Space Guide

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[Updated Oct 2020] A guide to serviced offices and office space to rent in Moscow as well as general information that may be useful if you are thinking of renting office space in the city.

For further offices information or to search office space for rent in Moscow just click . Or contact us for any other office space query.

History & Geography

Moscow is not only the capital of Russia but also the most populous city on the continent of Europe and a major political, economic and cultural hub. Located on the banks of the Moskva River in northwest Russia, Moscow is also near the headwaters of the Volga River, a strategic position which has contributed greatly to its importance throughout history. The first historical reference to Russia came in 1147 and in 1156 a wall was constructed around the emerging city by Prince Yuri Dolgorukiy of Rostov. Despite being sacked by the Mongols in the 13 th century Moscow’s population continued to expand and the city became a prosperous entity in its own right. In 1480 under Ivan III the Russians finally defeated the Mongols and Moscow became the most important city in Russia. The 17 th century saw Moscow occupied at one time or another by the Swedes, Poles and Lithuanians as well as experience a series of uprisings and riots. In 1812 Muscovites burned the city so it would not fall into the hands of the invading French forces under Napoleon. After the Russian Revolution of 1917, Moscow became the new capital of the USSR and later the Soviet Union. During WWII destruction once again loomed for Moscow as the invading German armies fought their way to the outskirts of the city. However, the Russians successfully defended the city and it survived the war intact despite damage from artillery and bombs. In 1980 the city hosted the Olympic Games which were boycotted by the USA and other nations due to Russia’s invasion of Afghanistan in 1979. When glasnost came to Russia Moscow was the scene of an attempted coup against Mikhail Gorbachev which ultimately failed. After the dissolution of the Soviet Union, Moscow remained the capital of Russia and profited from the emergence of a market economy. Today it is one of the wealthiest cities in Europe with a varied and dynamic economy.

Moscow comprises approximately 22 percent of the GDP of Russia and is one of the largest city economies of Europe. The city also has the lowest unemployment rate in Russia, standing at about one percent, in comparison to the national average of seven percent. Among the main industries in Moscow are financial services, retail, nanotechnology, chemical, metallurgy, textiles, food production and software development. The city is also home to automobile and helicopter design and manufacturing as well as distilleries and railway manufacturing. Moscow is home to more billionaires than any other city in the world and business sectors in the city are still experiencing exponential growth despite the financial crisis and the tenuous state of the Euro. Corruption and crime, however, continue to be large factors hindering the development of the city, though of late they have improved. Moscow is also home to the headquarters of many large Russian companies such as Gazprom. Moscow has been ranked as the most expensive city in the world for the last few years due to the cost of property and services. Currently, the cost of real estate in the city is continuing to rise.

Moscow is not among the most widely visited cities in the world despite its historical and political importance. In the 1990s the city acquired a reputation for being dangerous and violent which it has not succeeded in completely shedding. Moreover, the fact that the city is more expensive than even London or Paris has also not helped sustain its tourism industry. However, despite these factors, the number of visitors to Moscow has grown each year and the city does have a lot to offer in the way of sites and activities. Red Square, Gorky Park and the Kremlin are taken in by most tourists, but Moscow also has a host of museums and galleries. The Tretyakov Gallery is only one of many cultural sites and houses the most important works of the Russian tradition. The Pushkin Museum of Fine Arts is another iconic gallery, featuring works by Monet, Picasso and Cezanne. Architecture fans will have to visit St Basil’s Cathedral with its distinctive onion domes, as well as the Shukhov Tower. However architectural wonders are fairly thin on the ground in the Russian capital. Moscow is a city of broad avenues and majestic roadways, designed under Stalin in an effort to modernize the city, and though the effect is startling and compelling, much of the city’s older architecture was destroyed to make room for the new construction and there are also many post-war housing blocks in various states of disrepair. In one area though Moscow can compete with any city in the world, and that is the nightlife. Moscow’s after-hours scent is mostly centred around Tverskaya Street and Manege Square, which is generally considered the playground of the Russian ‘nouveau riche’. Moscow also has a burgeoning restaurant industry and among the most popular Russian traditional dishes are pirozhki, blinis, and of course borsch soup.

Transportation

Moscow has a total of five airports, Sheremetyevo, Domodedovo, Bykovo, Ostafyevo, Vnukovo. Of these Sheremetyevo is the busiest, handling sixty percent of all international flights. Domodedovo is the primary airport for domestic travel. For travelling in the city itself, the Moscow Metro is the most common form of transport. It is famous for its murals, mosaics and chandeliers and has some of the longest escalators in the world. Each metro station also has a bus station nearby, part of a bus network which reaches every part of the city. The city also has a tram network, though it is not as frequently used by Muscovites due to many important connections having been withdrawn. Regular licenced taxis are available in Moscow however the city also has a tradition of private drivers stopping and giving people lifts for a fee. Moscow has nine main rail terminals, each serving a different part of the city and each handling different trains to Europe or Asia. Moscow is the most western terminus of the famous Trans-Siberian Railway which travels to Vladivostok on the Pacific coast.

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Office space to rent in Moscow

Rents in Moscow are at an average of USD 1,100 per square metre per year for Grade A office space. There remains in the city a lack of supply that is unlikely to be solved in the near future. However continuing demand is likely to push rents up still further. In an attempt to alleviate congestion and overcrowding city authorities have recently announced a 20-year plan to move much of the city’s administration and large business to the south and southwest. The current vacancy level in the city is 15 percent.

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Real Estate | WeWork asks bankruptcy court to retain two…

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Real estate | wework asks bankruptcy court to retain two colorado locations, with more likely to follow, the triangle building in denver and canyon 28 in boulder are priority locations for coworking company in colorado.

WeWork has asked a bankruptcy court to keep its lease at The Triangle Building in Denver and Canyon 28 in Boulder. This picture from 2019 is of the company's Tabor Center location. (Photo by Helen H. Richardson/The Denver Post)

The two locations are among 16 the company indicated on Monday that it wants to retain as it restructures its finances and emerges from bankruptcy. A judge must approve the request, and terms must be reached with landlords.

“These assumptions, which are subject to court approval, showcase WeWork’s progress in creating a more sustainable real estate portfolio to better invest in its offerings for the future,” the company said in a press release .

The Triangle Building is at 1550 Wewatta St. near Union Station in Denver. Canyon 28 is at 2755 Canyon Blvd. in Boulder. Both are dedicated coworking locations.

WeWork didn’t provide details on the fate of the remaining four locations, all in Denver, but the company did say its goal is to find a way to keep over 95% of its global, wholly-owned lease portfolio.

WeWork offers standard private offices hosting one to 20 people, office suites for 20 to 100 people and full floor offices with 100 or more people.

WeWork’s majority owner, SoftBank, pushed a valuation of $47 billion in early 2019 ahead of an initial public offering. But the company never achieved that lofty level and things quickly unraveled after years of poor management and a rapid expansion caught up with the New York-based company.

The pandemic, which kept workers at home and reduced demand for shared office space, caused the bottom to fall out. By November 2023, the overleveraged company filed for Chapter 11 bankruptcy.

Last week the bankruptcy court approved an exit plan that shed $4 billion in debt and rejected a last-minute bid for control from the company’s founder Adam Neumann.

Even as it pushes to complete its restructuring, the competition isn’t standing still. Metro Denver saw an 8% jump in the number of co-working locations, bringing the total to 219 spaces in the first quarter, according to a report from CoWorking Cafe .

Denver moved ahead of Atlanta and Houston to claim the sixth most locations. Los Angeles, Manhattan and Dallas are the top three markets and Denver in comes after Chicago.

In terms of square footage, Denver ranks as the ninth largest market with 3.66 million square feet, according to CoWorking Cafe. Manhattan has the most coworking space, followed by Los Angeles, Washington, D.C., and Chicago.

The average square footage of a coworking location is 16,697 square feet, up from 16,481 in the fourth quarter. The cost of a dedicated desk dropped $2 to $323 a month, while open workspaces were going for $175.

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IMAGES

  1. Coworking Space Business Plan Template + PDF Download

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  2. Coworking Space Business Plan: Guide & Template (2023)

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  3. Coworking Space Design: 11 Ideas for a Shared Office

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  4. Coworking Space Business Plan

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  5. Coworking Space Business Model Template

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  6. Co-Working Space Business Plan Example by upmetrics

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COMMENTS

  1. Coworking Space Business Plan Template + PDF Download

    4. List Your Business Goals. This is the tough work that will help you the most in the long run. If your space is fully leased, plan out the number of desks you can offer and monetize. Shoot for using 30 to 40 percent of your total space as desk space. Then, use this figure to calculate how much revenue your space can generate, including ...

  2. How to Write a Coworking Business Plan: Complete Guide

    Use this template to create a complete, clear and solid business plan that get you funded. 1. Executive Summary. This is the first part and the most important section of your business plan. This is the first thing lenders and/or investors will have a look at. Before we dive into the specifics, keep in mind the executive summary is a summary ...

  3. Coworking Space Business Plan Template [Updated 2024]

    Traditionally, a marketing plan includes the four P's: Product, Price, Place, and Promotion. For a coworking space business plan, your marketing strategy should include the following: Product: In the product section, you should reiterate the type of coworking space company that you documented in your company overview.

  4. Coworking Space Business Plan Template (2024)

    Office Design/Build: $200,000. Marketing and Advertising: $50,000. Inventory and Supplies: $50,000. Three Months Of Overhead Expenses (Rent, Salaries, Utilities): $100,000. Working Capital: $100,000. Easily complete your Coworking Space business plan! Download the Coworking Space business plan template (including a customizable financial model ...

  5. Coworking Space Business Plan: Guide & Template (2024)

    If you are planning to start a new Co-Working space business, the first thing you will need is a business plan. Use our sample coworking space business plan created using upmetrics business plan software to start writing your business plan in no time.. Before you start writing your business plan for your new co-working space business, spend as much time as you can reading through some examples ...

  6. How to Create a Coworking Space Business Plan

    Evaluate Competitors' Offerings and Pricing: Conduct a comprehensive analysis of existing coworking spaces in your target location. Assess their strengths, weaknesses, pricing models, amenities, and marketing strategies. III. Defining Your Mission, Vision, and Value Proposition. To differentiate your coworking space and attract members, craft ...

  7. How To Create A Business Plan For Your Coworking Space [2023]

    Writing a business plan is only one step in building a successful coworking space. You also need to find the right location, promote your space, and before everything else, choose the right coworking management software . To help you out, we created the OfficeRnD Flex Startup program.

  8. How to write a business plan for a coworking space?

    Information needed to create a business plan for a coworking space. Drafting a coworking space business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

  9. How to Write a Winning Coworking Business Plan

    How to write a coworking business plan. Below we'll break down each aspect of a business plan and how it applies specifically to your coworking space. 1. Executive Summary. The executive summary is a one-page overview that summarizes your entire business plan at a high level.

  10. Coworking Space Business Plan Essentials

    6. Marketing. You'll need to market your coworking space to attract customers and grow your business. The cost will vary depending on the type of marketing and how much you spend. For example, if you plan to do a significant amount of online marketing, you might want to invest in a website and pay for online advertising.

  11. How To Write A Bulletproof Coworking Space Business Plan

    A coworking space business plan is an essential document to start building and will pave the way for you to secure your funding. It'll also teach you a lot about the industry, the market, and how you're going to be functioning in relation to both. We're going to show you a template for your very own coworking space business plan design in ...

  12. Coworking Space Business Plan [Sample Template]

    Coworking Space Business Plan [Sample Template] In these modern times, freelancers, consultants, remote employees, or professionals without an office can all benefit from a space where they are surrounded by like-minded individuals who motivate them with their interaction and works. Working alone from home comes with a range of disadvantages ...

  13. Coworking Business Plan + [PDF Download]

    Sales Manual (including the Coworking Agreement). Venue hire/ external events manual. Communication manual. Community manual (including the House Rules). 3. Strategy & timeline for the launch of your coworking business. Prepare to go to market three months before the opening and three months after.

  14. Coworking Space Business Plan

    Coworking Space Business Plan Check List. 1. Finding the Right Fit - Literally. We are not talking about the importance of finding the right culture fit for your community in this section - instead, we're discussing how crucial it is to purchase an optimally sized space that comfortably fits all the members of your community and helps you ...

  15. PDF Co-Working Space Business Plan Example

    YoWorks will have an active role in providing excellent co-working spaces and other relevant services. In year one, partners will invest $2.5 million in cash to jump-start the operation. The equity capital will be used to complete the development of the Company's space and initiate the operation. Based on our.

  16. How to Write Coworking Space Business Plan? Guide & Template

    In today's dynamic work environment, the concept of coworking spaces has revolutionized the traditional office setup. Entrepreneurs, freelancers, and small businesses are increasingly ...

  17. Coworking Space Business Plan [Sample Template]

    The total cost for facility remodeling to fit into the type of co - working space facility - $150,000. Phone and utility deposits - $3,500. Operational cost for the first 3 months (salaries of employees, payments of bills et al) - $140,000. The cost of launching a Website - $600. Miscellaneous - $5,000.

  18. Creating A Marketing Plan For Your Coworking Space [2022]

    Creating A Marketing Plan For Your Coworking Space [2022] In 2022 as demand for coworking spaces has returned, one of the most important things you do as a flexible office space manager is to get out the good word about the benefits of your coworking space to local businesses and entrepreneurs. After all, a steady flow of reliable members ...

  19. How to Create and Launch a Great Coworking Space App

    Turning your coworking space app idea into reality requires careful development planning and extensive testing. Here are some key tips for nailing this crucial stage: - Choose the right development approach. How you build your coworking space app impacts its capabilities, performance, and usage.

  20. Meet Moscow's first co-working space with a private members business club

    The space also provides a base for businesspeople whose main office is located outside of the city centre, or outside of Moscow. The space allows the heads of large international companies to hold important meetings and corporate events on neutral territory. Why club? Cabinet Lounge is defined as a club because it can only be used by its members.

  21. The post-pandemic office space industry affects you more than you think

    "The secular shift observed with office utilization and trends has renewed interest in not only coworking and shared office solutions but also a flight to quality, with an emphasis on Class A fully amenitized space," Fugal says. "Shared office space offering amenities and collaborative ecosystems appear to be on the rise, as well as an ...

  22. Moscow Office Space and Virtual Offices at Trubnaya Street

    Office Space and Coworking Starts At: CONTACT US. at Alliance Virtual Offices. MORE DETAILS. CENTER INFO. ADDRESS. 12 Trubnaya Street ... Staff is available to assist you from planning through execution of your business plan. The standard full-time office package includes personalized telephone answering with voicemail, receptionist, mail ...

  23. Serviced Office Space at 317 N Racine Ave

    Office space; Coworking; Virtual Offices; Meeting rooms; ... shared office space. Business address and storage options included. Reserved permanent workspace ... On-demand access to inspiring, open-plan coworking spaces, so there's always a desk when you need one. Hot Desk by the hour or day; Please call us. Reserve now Learn more. Coworking ...

  24. Work From Home, Reimagined

    Developers are converting vacant office space into multifamily housing at a record pace. According to RentCafe, more than 55,000 new apartments will bloom this year from the studs of unused offices.

  25. Business announces new office, coworking space

    Business announces new office, coworking space Thursday, May 9, 2024 6:32 PM. ... Durango Coffee Co. celebrates 40 years of business. May 5, 2024. Photos: Orio's Roadhouse: Last smoke.

  26. Brooklyn, NY: Virtual Offices

    Check out our office space! ... or you want to explore the opportunity to become a coworking or office member - we'd love to have you in to check out our amazing space! About Our Location. ... A virtual mail plan equips your business with distinguished mailing address, ensuring you always present a professional image. ...

  27. Moscow Office Space Guide

    A guide to serviced offices and office space to rent in Moscow as well as general information that may be useful if you are thinking of renting office space in the city. Rents in Moscow are at an average of USD 1,100 per square metre per year for Grade A office space. There remains in the city a lack of supply that is unlikely to be solved in the near future.

  28. Coworking space Red Factory in Moscow

    Wi-Fi. Meeting room (10 hours per month) Discount on all meeting rooms 50%. Access to private events. Invite a guest for free. Locker. When you pay for 6 months - 10% discount. 12 months - discount 20%. Book now.

  29. WeWork wants to keep leases for Denver, Boulder locations

    Manhattan has the most coworking space, followed by Los Angeles, Washington, D.C., and Chicago. The average square footage of a coworking location is 16,697 square feet, up from 16,481 in the ...