How do you set up a coworking space?

Coworking is definitely on a roll. Data from the end of 2019 shows over 1,700 collaborative workspaces in France. That’s 3 times more than in 2017. Employees, freelancers, startups but also large groups are attracted by this booming model. Would you like to set up your own coworking space? Here’s what you need to know to get started!

1/ The study

Before embarking on the coworking adventure, it’s important to carry out a market study. You need to be able to answer the following questions:

– Is there enough demand in this geographical area?

Freelancers, self-employed workers and start-ups are the core target group for shared office space. It’s therefore essential to find out how many of these players there are in your desired location.

– Is there enough room on the market for a new coworking player?

The market must not be saturated: you need to be able to assess the competition and know what other collaborative workspaces are available in the city before taking the plunge.

– What to offer potential customers

It’s essential to target your clientele: which offices for which type of customer, for which services and at what price? It may also be a good idea to offer certain differentiating and loyalty-building features, such as sliding-scale rates over time.

2/ Choice

Every coworking space has its own concept. To stand out from the competition, it’s essential to choose a positioning and create a unique environment. For example, if you’re targeting start-ups, your workspaces should breathe technology and innovation.

Once you’ve come up with a concept, you’ll also need to choose the right office space. They need to be large enough, well located, and financially attractive enough to offer competitive prices to your customers. A number of important criteria need to be taken into account, such as accessibility, comfort and security.

3/ Installation

Once you’ve studied the market and chosen your concept, all you have to do is start your business. You’ll need to invest in the layout of workstations and rooms. Staff are needed for reception, maintenance and administration. A website can be a good advertising tool.

For financing, you can look for investors, obtain a loan, or use crowdfunding.