A co-work space is a shared work environment where people meet, work, network, share ideas and collaborate on projects. These spaces are typically independent of a single office or business and instead bring together entrepreneurs and business professionals from many different industries, businesses and areas of expertise.
Focus on community, then space.
Keep in mind that even if you do not have significant demand for a co-work space, you should still pursue the idea on a smaller scale. Sometimes, it just requires finding a convenient place to meet a few times per month. Starting small and growing into something more impactful is never a bad idea.
Focus on function, then business.
Co-work places around the country are widely known for being very contemporary, stylish and even artisan, which together create wildly creative and energetic environments. This comes at a cost, so you need to consider what to charge for participation in your space.
Focus on location, location, location.
You will want a space that is convenient, safe and easy to find. By nature, co-work spaces work well in older and underutilized buildings. Look for space that has been vacant for a while or is not being used to capacity.
Focus on utilities, then furniture.
Even if your co-work space is not a profit center for you, you still need to market it like a business. Creating the right marketing strategy that attracts the right type of people is important.
Consult veteran founders.
If you are still unsure how to proceed, consider contacting other co-working spaces in other cities that serve a similar target market and ask for advice. It is all about collaboration, so most will be willing to help.
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