Coworking spaces are opening up all around the world, therefore a lot of entrepreneurs and start-ups are competing in the market. With multiple coworking spaces in major cities of every country, entrepreneurship is boosting and venture capital is increasing. These benefits are boosting the local economy and encourage youth.
Post-pandemic, people are ditching traditional and age-old working methods. More and more people are flocking toward co-sharing office spaces and this is largely due to the flexibility they offer. With dynamic work models, it is expected that the number of coworking spaces worldwide will surpass 40,000 by the year 2024.
Despite a significant hit to the industry during the pandemic, it has been noted that after the pandemic, the industry has adapted well to the new economy. By adopting dynamic capabilities, the industry has become more resilient and farsighted. As the number of remote workers has increased by 44% after COVID-19, demand for coworking spaces has also increased manifold.
What Makes A Coworking Space Successful?
Understandably, the most striking factor which attracts new coworkers to a shared coworking space is its affordability. The price that they are asking for their facility and services is the deciding factor for many. People don’t just prefer a cheap coworking space but compare their cost with traditional furnished office spaces.
Closely followed by price are factors like location, the flexibility of the lease, basic utilities, customer service, and atmosphere. These are the things that influence a potential coworker’s choice. It is likely for people to choose a cheap coworking space but people are also on the lookout for a unique coworking space. One that has a personality, provides amenities and cherishes its members.
The success of coworking is dependent upon all of the things mentioned above. However, good word of mouth is also highly effective in popularizing a certain workspace. Moreover, the creative marketing techniques used by a flexible workspace are also a key factor in its success. In today’s digital age, the projection of brands on social media is of utmost importance and impacts growth.
Attributes Of A Good Coworking
A good coworking space is commonly identified by the following top 5 attributes. If a facility offers these services and has a good impression on its existing client base, they are bound to lead.
Outlook of the Facility
As superficial as it sounds, the way a place looks significantly affects its client base’s interest. Therefore, it is important that the CEOs and founders carefully develop and design a signature look for their coworking space. This helps in curating a unique brand identity which enhances the company’s impact on its user base.
The aesthetics of the building, its signature design, and its outlook have a huge effect on attracting potential clients. A well-thought-out and put-together interior, color scheme, and practicality of the facility impress clients. An ergonomically efficient workplace is the dream of every employee and coworking space are known for this.
Location of the Facility
If a flexible workspace is centrally located that means it is easily accessible and this is very important in determining its success. Owners usually prefer locations close to other workplaces or close to educational institutes. Such locations attract more clients than operating from a secluded or extremely commercial location.
However, the most important thing when considering a location should be its accessibility and central position within a city.
Quality of Services
The quality of services and amenities offered are what make a unique coworking space. Every such facility is equipped with some basic utilities which are common. For example, 24/7 internet, ergonomically approved office furniture and an unlimited supply of tea and coffee are customary.
However, some more advanced services include security, privacy, and company customer service. These factors and their excellent quality create good word of mouth among people, increasing the popularity of the brand.
Business Solutions & Networking Opportunities
One point that makes a unique small coworking space is its business solutions. These places are famous for housing new businesses and therefore entrepreneurs require a lot of professional support. Business solutions provided by coworking spaces help their members who are entrepreneurs scale up their businesses.
Legal services and enterprise resource planning advice provided by the expert employees of coworking help people in their professional growth. This enhances the loyalty of companies within coworking. Finally, the networking opportunities offered by coworking in the form of regular workshops and seminars enhance the professional profile of members.
Ambiance, Culture & Environment
The growth-oriented work culture and environment within a corporation is the key factor in motivating its employee base. Similarly, in the case of coworking spaces, the environment is a major deciding factor that impacts new registrations.
In current times, people give a high value to work culture when choosing a job. Therefore, even remote workers are encouraged by friendly, safe, and encouraging work environments. These factors make people keep coming back to the same coworking spaces.
The Truth of Top Coworking Spaces
In conclusion, the factors discussed above make a coworking space a thriving and successful venture. In addition to the founders’ vision and their dedication, every flexible workplace should strive to achieve most of these factors. These influences help startups achieve success and score a top spot in the industry.
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