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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

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

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

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

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.

5. Pick Your Team

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!

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 Belloni

Carlo is the Project Manager and SEO Specialist at Kisi.

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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.

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 Space Business Plan Template

Written by Dave Lavinsky

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.

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.  

Other Helpful Business Plan Articles & Templates

Coworking Business Plan Template & PDF Example

• July 24, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful coworking business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your coworking business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a coworking business plan but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the real estate industry, this guide, complete with a business plan example, lays the groundwork for turning your coworking business concept into reality. Let’s dive in!

Our coworking business plan is designed to encapsulate all key facets essential for a robust strategy. It includes detailed descriptions of the coworking space’s operations, marketing strategies, market context, competitors, leadership team, and financial expectations.

• Executive Summary : Summarizes the coworking space’s business idea, market evaluation, management organization, and financial plan.
• Facility & Location: Describes the physical layout, design, and strategic location of the coworking space.
• Services: Details the range of services offered, including various seating options, meeting rooms, and additional amenities.
• Key Stats: Delivers statistics on the coworking market size , growth rates, and industry benchmarks.
• Key Trends: Identifies emerging trends influencing the coworking sector.
• Key Competitors: Compares major competitors, analyzing their offerings against yours.
• Differentiation: Explains how your coworking space stands apart from competitors.
• SWOT Analysis : Evaluates strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Develops strategies for marketing and member engagement.
• Timeline : Charts significant milestones and targets from inception through the first operational year.
• Management: Details the coworking space’s management structure and the roles of key team members.
• Financial Plan: Forecasts the financial trajectory over five years, highlighting revenue streams, profit margins, and anticipated expenses.

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Coworking Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

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Executive Summary

The Executive Summary introduces your coworking space’s business plan, offering a concise overview of your coworking facility and the services it provides. It should outline your market positioning, the variety of workspace solutions and amenities you offer, its location, size, and a description of day-to-day operations. 

This section should also discuss how your coworking space will integrate into the local market, including an assessment of the number of direct competitors within the area, identifying who they are, along with your space’s unique selling points that differentiate it from these competitors.

Moreover, you should include information about the management and co-founding team, detailing their roles and contributions to the coworking space’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your coworking space’s financial plan.

Coworking Business Plan Executive Summary Example

Business Overview

The  business overview  should succinctly define the key aspects of CoWorkUSA, including its range of services, such as private offices, open spaces, and meeting rooms. Highlighting the unique aspects that set CoWorkUSA apart, like its community events, tech infrastructure, and eco-friendly design, is crucial for drawing interest and investment.

Example: CoWorkUSA, located in the heart of [City], offers a vibrant and innovative coworking environment. The space includes high-tech, eco-friendly designed private offices, open coworking areas, versatile meeting rooms, and event spaces. It also provides virtual services and fosters local partnerships, creating a dynamic and supportive community for its members.

Market Overview

This section should analyze the coworking market’s size, growth trends, and key industry developments. It positions CoWorkUSA within the industry and highlights its potential to meet the increasing demand for flexible workspaces.

Example: CoWorkUSA enters a US coworking market worth $4.6 billion, expected to grow at an 11% CAGR. With  market trends  favoring remote work and flexible office solutions, CoWorkUSA is well-positioned to cater to a growing segment of mobile professionals and businesses looking for adaptable workspace solutions.

Management Team

Detailing the management team’s background and roles is essential. This part of the summary should emphasize their experience in real estate, workspace design, and community building, underscoring their capability to lead CoWorkUSA to success.

Example: One co-founder of CoWorkUSA, an experienced entrepreneur with a background in real estate and community building, leads the strategic development of the space. The other co-founder, an expert in workspace design and technology, focuses on creating an innovative and efficient work environment.

Financial Plan

Clearly outlining the financial goals and projections is key. This section should include revenue targets and profit margins, offering insight into CoWorkUSA’s financial health and growth prospects.

Example: CoWorkUSA aims to achieve $1.8 million in yearly revenue by 2027. Supported by a strategic approach to space management, community engagement, and marketing, the coworking space is positioned for significant growth in the expanding coworking market.

For a coworking business, the Business Overview can be succinctly outlined as follows:

Facility & Location

Detail the coworking space’s design and atmosphere, emphasizing a productive and collaborative environment. Highlight the location’s accessibility and nearby amenities, underlining the strategic advantage in attracting freelancers, startups, and remote workers.

Services & Pricing

Explain the variety of workspace options, including hot desks, private offices, and meeting rooms, along with amenities like high-speed internet and communal spaces. Present the pricing strategy , emphasizing value and market alignment, and mention flexible membership plans to foster community and loyalty.

Industry Size & Growth

In the Market Overview of your coworking business plan, start by examining the size of the coworking space industry and its growth potential. This analysis is essential for understanding the market’s scope and pinpointing opportunities for expansion.

Key Market Trends

Continue by discussing recent market trends , such as the growing demand for flexible workspaces, the shift towards remote working, and the emphasis on community and networking opportunities within coworking spaces.Highlight the increasing preference for coworking spaces among freelancers, startups, and even large corporations looking for agility and innovation. Also, note the trend towards specialized coworking spaces catering to specific industries or professional needs, enhancing the value proposition for members.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your coworking business in the market and its key competitors; it’s also a fundamental component of your business plan.

This analysis helps in identifying your coworking business’s unique selling points, which are essential for differentiating your business in a  competitive  market.

In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Coworking Competitors

Begin by mapping out local and global coworking spaces. Identify direct competitors offering similar amenities and services, such as shared office spaces, meeting rooms, networking events, and specialized facilities like tech-equipped workstations or creative hubs.

Also, acknowledge indirect competitors such as traditional office spaces, home offices, or remote work setups, which might cater to your potential clientele. Leverage online platforms like Google Maps and coworking directories to gain insights into the geographical distribution and variety of coworking spaces.

Platforms like Coworker.com and Yelp not only provide listings but also offer valuable user reviews, highlighting the  strengths and weaknesses  of rival coworking spaces. For instance, positive reviews about the collaborative community and modern infrastructure at “Innovate Hub” signify a key strength of that particular competitor.

Coworking Competitors’ Strategies

Analyze the strategies employed by your competitors across various dimensions:

• Service Offerings:  Assess the range of services and amenities provided. If a rival coworking space, “Tech Nexus CoLab,” is gaining traction for its high-speed internet and dedicated tech support, it reflects a trend toward tech-focused work environments.
• Space Design and Specialization:  Consider the design ethos and specialization. A coworking space like “Creative Spark” might attract artists and designers with its vibrant, creatively themed interiors, while “Corporate Suites Inc.” might cater to professionals seeking a more corporate environment.
• Pricing Models:  Compare pricing structures and membership plans. Are your rates similar to the budget-friendly options at “Economy CoWorks” or more aligned with premium offerings like “Executive Business Quarters”?
• Marketing and Branding:  Study how competitors position and market themselves. Are they leveraging social media extensively, or do they rely on partnerships and industry events for brand exposure?
• Member Experience:  Evaluate the member experience, such as the community vibe or additional perks. “CollabConnect” might excel at fostering a sense of belonging through regular networking events and member-exclusive workshops.
• Operational Efficiency:  Observe if competitors are implementing innovative technologies for efficient space management, such as “SmartSpace Solutions” with its smart booking app and IoT-enabled workspace control.

What’s Your Coworking Service’s Value Proposition?

Define your  unique value proposition  within the coworking sphere. Perhaps your coworking space specializes in fostering niche communities like tech startups or social enterprises, or you might offer specialized facilities like podcasting studios or wellness areas that cater to specific professional needs.

Identify market gaps through member feedback and industry trends. For example, the rising demand for hybrid workspaces that blend physical and virtual experiences might represent an opportunity if competitors haven’t capitalized on this trend.

Consider your location and  target audience  preferences: A downtown coworking space might emphasize modern amenities and connectivity for professionals seeking convenience, whereas a suburban setting could focus on a serene environment and family-friendly workspace solutions.

First, conduct a SWOT analysis for the coworking business, highlighting Strengths (such as diverse workspace options and a strong community network), Weaknesses (including potential high overhead costs or market saturation), Opportunities (for example, the growing trend of remote work and the gig economy), and Threats (such as economic downturns that may reduce demand for office spaces).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain members through targeted advertising, flexible membership plans, a strong online presence, and networking events. Emphasize the importance of building a community and the value of added services and amenities to differentiate your coworking space from competitors.

Marketing Channels

Selecting the right marketing channels enables effective communication of your brand’s message and services to potential members, fostering brand awareness and engagement.

Digital Marketing

Establish a robust online presence:

• Social Media Platforms:  Utilize platforms like LinkedIn, Twitter, and Instagram to showcase your space, share member success stories, and promote community events. Engage with the audience through relevant content and interactive posts.
• Website and SEO : Expand on the components of your website, emphasizing ease of navigation, compelling visuals, detailed membership plans, and a blog section offering valuable industry insights or workspace productivity tips. Detail SEO strategies including keyword research, content optimization, and local SEO tactics to boost your space’s visibility in search engine results pages (SERPs).
• Content Marketing:  Create blog posts, e-books, or videos offering insights into workspace productivity, industry trends, or entrepreneurial tips, positioning your space as a knowledge hub.

Local Outreach

Forge connections within the local community:

• Networking Events:  Host or sponsor networking events, workshops, or seminars catering to local professionals or entrepreneurs. Establish your space as a go-to venue for such gatherings.
• Partnerships:  Collaborate with local businesses, startup incubators, or educational institutions for mutually beneficial partnerships or referral programs.

Physical Marketing

Utilize offline channels:

• Brochures and Flyers : Design eye-catching print materials to distribute in business districts, cafes, or industry-specific events.
• Local Advertising: Invest in local newspaper ads or radio spots to target a broader audience within your vicinity.

Promotional Activities

Entice potential members with compelling offers:

• Free Trial Days: O ffer a day or week of complimentary workspace access to allow prospective members to experience your facilities.
• Referral Programs:  Incentivize existing members to refer new members by offering discounts on membership fees or additional perks.
• Events and Workshops : Host events or workshops relevant to your target audience , showcasing your space’s amenities, and fostering networking opportunities.

Sales Channels

Efficient  sales channels  facilitate seamless membership acquisition and retention strategies.

Consultative Selling

Personalized approach to membership sales:

• Tailored Solutions: Understand the unique needs of potential members and tailor membership plans or services accordingly.
• Trial Memberships:  Elaborate on the structure and benefits of trial memberships offered by your coworking space. Detail the duration, access to amenities, and any additional perks during the trial period. Emphasize the objective of the trial memberships to give potential members a firsthand experience of the workspace, fostering trust and confidence in their decision to commit.

Online Booking and Sales

Streamline membership acquisition:

• User-Friendly Booking:  Implement an intuitive online booking system allowing prospective members to explore available plans, and amenities, and book tours or memberships seamlessly.
• E-Commerce Integration : Allow online membership purchases and upgrades, making the signup process convenient for interested parties.

Membership and Retention Programs

Encourage member loyalty and retention:

• Membership Tiers:  Create membership tiers with varying benefits, catering to different professional needs and budgets.
• Loyalty Rewards:  Develop a rewards program where members earn points for engagement or referrals, redeemable for discounts or exclusive services.
• Networking Opportunities : Facilitate networking sessions, mentorship programs, or industry-specific events to foster a strong community within the coworking space.

Strategy Timeline

Finally, create a detailed timeline that outlines critical milestones for the coworking space’s launch, marketing initiatives, member acquisition, and potential expansion plans, ensuring the business progresses with clear direction and purpose.

The Management section focuses on the coworking business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the coworking business toward its financial and operational goals.

For your coworking business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your coworking business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs , and capital expenditures.

For your coworking business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Privacy Overview

Coworking Space Business Plan Template [Updated 2024]

Coworking Space Business Plan Template

If you want to start a coworking space business or expand your current coworking space business, you need a business plan.

Fortunately, you’re in the right place. Our team has helped develop over 100,000 business plans over the past 20 years, including thousands of business plans for coworking spaces.

The following coworking space business plan template and example gives you the key elements you must include in your plan. In our experience speaking with lenders and investors, the template is organized in the precise format they want

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

I. Executive Summary

Business overview.

[Company Name] was started ten months ago to meet the surging demand for flexible, comfortable and reliable coworking office space. Several businesses in the regional area have been seeking coworking space locations for over a year; however, most are already in use. With this in mind, [Company Name] was formed by [Founder Name], [Founder Name] and [Founder Name] to meet these specific office space needs.

[Founder Name] and [Founder Name], licensed commercial real estate brokers, began to hear the same questions repeatedly from their corporate clients during this past year: Should we take a 5-year lease on office space in a building? Should we take the risk of buying land and building our offices? Do any of our employees need an isolated workspace? Will groups or teams collaborate frequently on various projects? Will projects be analyzed by individuals or research and development teams? Answers to these questions have highlighted the critical need for the plan and leasing program we’ve developed: flexible, comfortable and reliable coworking space for everyone.

The changing nature of our economy today calls for companies to consider the use of assets wisely as they determine the type of office building or workspace that best suits their needs. One of the largest overhead costs is that of office space, particularly when land must be purchased and a building raised. Our clients recognize that their assets can be put to better use in other areas, such as innovation, technology and company growth overall. With this understanding, [Company Name] has been recently established as the new leader of coworking spaces that actually work.

Within the next 5 years, we fully anticipate perfecting and polishing our working model, adding amenities as we listen to client needs. At that time, our long-term plans include creating a franchise opportunity for buyers across the US to adopt the consummate coworking space business model found in [Company Name].

Services & Products Offered

At [Company Name] our process begins with finding the perfect location for our clients. We then secure the lease or oversee the purchase of the workspace. Our next steps include: surveying employees (to determine their needs/wants), building spaces to maximize comfort, allotting community spaces for team collaboration, and building out fixtures, furnishings and any office amenities, such as a kitchen or exercise room.

In a recent study by Grand Canyon University, almost 84% of people who are situated in coworking spaces report a very high degree of satisfaction with their working conditions when their employer has addressed their needs. This is why [Company Name] offers workspaces that are conducive to high productivity and a valuable degree of community, as we meet the needs of employees.

Customer Focus

The clients of [Company Name] are typically business owners, investors, business executives, and realtors seeking work spaces for 10-50 workers. They are focused on placing employees in the best environment available to encourage high-performance team production.

The clients of [Company Name] also recognize the wants and needs of their employees, so they may also seek full kitchens and workout rooms in addition to coworking spaces. [Company Name] strives to maximize their investment, whether by buying or leasing, by ensuring that production remains high and team enthusiasm matches production.

The demographics of current and potential clients within the US include:

• Over 1 million business owners looking for coworking spaces
• Almost 2 million employees currently work in coworking spaces
• Over 58,000 investors are looking to invest in coworking spaces

Management Team

[Founder Name], [Founder Name] and [Founder Name] have been working together within the commercial real estate industry for over ten years.

[Founder Name] and [Founder Name] began working together as commercial real estate brokers ten years ago and [Founder Name] completed their circle of success as an escrow officer specializing in commercial building and leasing. This background of compatible roles has created the basis for our clients’ trust and confidence. We have created [Company Name], a profitable company, within the past six months that proves our company motto: Coworking Space Works .

Success Factors

[Company Name] can point to two highly-successful projects that have already been completed profitably within the past six months:

• The Hillside Project, for a twenty-employee human resource management firm, became the cornerstone of our success. [Company Name] successfully provided coworking space and sound-proof partitions for the employees, with a kitchen area added as an employee bonus.
• [Company Name] developed a conjoined space, The Broadstone Building, for our second client with equal success. A ten-person team of engineers was positioned strategically within a twenty-person programming group. The collaboration of the combined team has already produced stellar results for our client. In lieu of this success, our client has requested that [Company Name] assist with another large coworking space project.

Financial Highlights

In light of our early and profitable success, [Company Name] is currently seeking $280,000 to meet growth expectations. Specifically, these funds will be used as follows:

• Working capital: $180,000 for 2 additional commercial real estate brokers and 1 administration director for a period of one year
• 3D printer and CAD program for design and development plans: $100,000.

Top line projections over the next five years are as follows:

II. Company Overview

Who is [company name].

[Company Name] was started ten months ago to meet the surging demand for flexible, comfortable and reliable coworking office space. Several businesses in the regional area have been seeking coworking space locations; however, none are available. With this in mind, [Company Name] was formed by [Founder Name], [Founder Name] and [Founder Name] to meet these specific office space needs.

The changing nature of our economy today calls for companies to consider the use of assets wisely as they determine the type of office building or workspace that best suits their needs. One of the largest overhead costs is that of office space, particularly when land must be purchased and a building raised. The clients of [Company Name] recognize their assets can be put to better use in other areas, such as innovation, technology and company growth overall. With this understanding, [Company Name] has been recently established as the new leader of coworking spaces that actually work.

[Company Name]’s History

The history of [Company Name] began informally long before the company was actually formed. The founders of the company, [Founder Name, Founder Name and Founder Name] noticed about ten years ago that commercial real estate clients began to question the wisdom of buying land and building offices for employees. They began to question more recently about the availability of coworking space for their employees. This line of questioning became the dominant request of all clients. Ten months ago, [Company Name] was formed as a C corporation to provide the answers.

[Company Name]’s Products/Services

[Company Name] is engaged in proactively finding the best employee coworking spaces available. This is our primary service. From there, [Founder Name] begins the escrow or leasing process and the final contracts are signed, typically within one month.

[Founder Name] and [Founder Name] then determine the best layout, design and style for the build out of the property and oversee the implementation of the coworking plan. Within a few short months, the employees of clients are situated comfortably in their new coworking space.

The combined elements offered by [Company Name] include:

• Superior property acquisition or leasehold
• Accurate escrow and documentation processes
• Proper space and environment designs
• Build out of all spaces, including amenities
• Timely execution of the plan according to client needs

All of the above services and products contribute to the ongoing growth and success of [Company Name].

III. Industry Analysis

The evolution of the coworking space concept has grown exponentially over the past ten years. Over the next five years, the CAGR reports growth in the coworking space industry will be at 17.5%. 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 [Company Name], 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.

IV. Customer Analysis

Demographic profile of target market.

[Company Name] is initially serving regional clients in the area within one hundred miles of the city location. However, [Founder Name, Founder Name, and Founder Name] see the vast potential in creating a profitable franchise opportunity to be applied anywhere in the US. [Company Name] sees a long-term strategy in this offering to come.

[Company Name] serves executives, business owners, real estate brokers and investors, who are seeking to adapt current properties or invest in new ones that offer coworking spaces. The largest market is found in investors, who see the potential for profit:

• Current global demographics suggest 24M coworking space opportunities by 2024, which translates into a need for properties and those who invest in them.
• Because of the high rate of growth in the coworking space arena, the need for investments and land acquisitions will continue to build in the foreseeable future.

Future franchising opportunities may include investments that begin at [Company Name] in the land acquisition stage and continue through to additional elements of building, thus adding another layer of profitability to franchising.

Customer Segmentation

Clients of [Company Name] include primary and secondary targets:

Primary Client Base:

• Business owners
• Corporate executives

Secondary Client Base:

• Commercial real estate brokers
• Commercial real estate developers
• Commercial real estate builders
• Coworking space franchisees

V. Competitive Analysis

Direct & indirect competitors.

King & Hartfield Grouop – direct competitors Although considered a direct competitor sharing in a similar business, King & Hartfield does not design coworking spaces. All models or build-out plans are purchased from a repository held by furnishing companies that create designs for coworking spaces. There are 11-12 plans from which clients must choose in order for King & Hartfield to provide build outs and other processes. [Company Name] creates each build out plan and design on a custom basis for our clients.

Clarkson Coworking Connections – indirect competitors Clarkson provides their lists of available coworking personnel with jobs that are situated in coworking spaces. This is done in an attempt to place suitable personnel in coworking situations that may be familiar, albeit uncomfortable or noisy.

Moss & Associates – direct competitors This company has been in existence for 5 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 10 people, working from the platform that too many people in community spaces are less beneficial overall than those that may house only 5 or 10 people. Given this limit, [Company Name] is positioned to succeed in the larger projects requiring more accommodations and, thus, larger revenues and gains.

Competitive Advantage

[Company Name] holds several compelling advantages over competitors, listed as follows:

• A decade of experience in commercial real estate by [Founder Name], [Founder Name] and [Founder Name] adds a unique, definable value to [Company Name]. Having sold over 36M in land and properties, the founders are fully experienced in buying and leasing of commercial properties.
• The scope and purpose of each client’s plan is another competitive advantage for [Company Name]. Each coworking space is custom-designed, measured for space allowances, fit with furnishings and brought through to completion on time. No other coworking space business can make this claim.
• The founders of [Company Name] are building today on a long-term strategy for tomorrow: franchising the current design-and-build model throughout the US by 2025.

VI. Marketing Plan

The [company name] brand.

[Company Name] displays a motto, “Coworking that Works,” which expresses the brand strategy for the company. Many of the coworking spaces that have been built do not offer a comfortable, noise-free environment; [Company Name] does.

Each customized plan for our clients is designed for comfortable, reliable and noise-reduction partitions. Included in each plan are community spaces for collaboration-in-comfort , another pivotal point in our brand strategy overall.

Promotions Strategy

[Company Name] targets all real estate brokers, investors, corporate executives and owners within the 100-mile radius of our location. The use of several mediums is involved on an on-going basis because our primary customer segments are differentiated: some traditional, some stuck on social media, others uninterested unless a direct mail piece is delivered. For these reasons, [Company Name] uses every resource to build interest and promote the company:

Social Media [Company Name] currently buys monthly media spots and call-outs; as business grows, this effort will increase. The emphasis will be on the experience of the founders, the unique nature of the company processes, and the availability of speed and customization for clients.

Public Relations [Company Name] uses the services of Carmichael Public Relations to put out quarterly press releases and garner blog and press spots for the founders. Social Media marketing is included on a case-by-case basis, depending on the project involved.

Website Although most clients review [Company Name] by Google results, this company does maintain an interactive website with videos that demonstrates our abilities in designing, building, furnishing and customizing coworking spaces for our clients.

National and International Conferences The National Board of Commercial Real Estate Brokers holds two conferences yearly. The founders of [Company Name] are pursuing speaking opportunities at both.

Investor Dinners [Company Name] invites 10-12 investors to attend gourmet dinners with others in the community and the founders of our company to highlight our focus on quality and customization for coworking spaces. This results in new and strengthened relationships that result in investments in [Company Name].

Corporate Owners & Executives Tours From time to time, as determined by the founders,the [Company Name] will host a tour of featured coworking spaces that are known for quality, design and beauty. These tours will be at the expense of [Company Name], however they result in high-end sales and repeat business with our primary clients.

Coworking Space Trade Shows [Company Name] has participated in one major US trade show and will participate in the next annual trade show again. This puts [Company Name] into the industry headlights and allows the founders to highlight their successes and unique models for success. Within the next few years, franchise opportunities will be offered at the trade shows, as well.

Pricing Strategy

[Company Name] wasn’t founded to be a bottom-of-the-barrel coworking space facilitator, but a company that listens and acts at the direction of our clients. Each project is customized and profitability is secured by the land or building acquisition process, number of employees, spatial needs, environment qualifiers, decor and furnishing choices. The desires of our clients and their budgets are set prior to the inception of any project.

VII. Operations Plan

Functional roles.

Although already seeing successes, [Company Name] needs to fill additional roles within [Company Name]. Filling these roles will assist in the short-term and long-term goals of our company:

Administrative Functions

• Administrative Director

Sales & Marketing Functions

• Commercial real estate brokers (2)

VIII. Management Team

Management team members.

[Company Name] is registered as a C Corporation with the founders, [Founder’s Name], [Founder’s Name] and [Founder’s Name] as shareholders. [Founder’s Name] holds 51% of the private stock, [Founder’s Name] holds 31% of the private stock, and [Founder’s Name] holds 18% of the private stock.

[Founder’s Name] brings over ten years of commercial real estate knowledge and experience to the role of President and CEO of [Company Name]. His role is to plan and execute the long-term strategy of franchising and to encourage investors in the company by selling limited shares of stock in the franchising model, as agreed upon. He holds a Master’s Degree in Business Administration from Purdue University.

[Founder’s Name], Director of Sales and Marketing, is also a commercial real estate broker, and has a wealth of knowledge in coworking spaces, as her former brokerage concentrated on the sale of property for the building of coworking spaces. She brings managerial experience and oversight to [Company Name]. She holds a platinum key from Real Estate Brokers of America and a Bachelor’s Degree in Business Administration.

[Founder’s Name], the Director of Finance, is a real estate escrow officer, with an in-depth knowledge and experience in this role and brings years of association with him into [Company Name] as a result of his many contacts. He graduated with a Bachelor’s Degree in Accounting from Northwestern University.

Hiring Plan

A major factor in seeking funding is that of increasing sales and marketing personnel. The current hiring plan includes hiring two experienced commercial real estate brokers to add to our team at [Company Name]. This will accelerate growth further and faster in proportion with our short-term and long-term goals.

Additionally, one Administrative Director will be hired within the next six weeks to oversee the current office and administrative personnel. The Administrative Director will be under the supervision of [Founder’s Name], the accountant and Director of Finance.

IX. Financial Plan

Revenue and cost drivers.

Revenue for [Company Name] will exceed expenses in approximately six months if the current marketing and sales plan is placed into motion.

Major sources of revenue include:

• Profit generated from brokerage of properties
• Profit generated from customized plans for coworking spaces
• Profit generated from furnishings and decor
• Profit generated from additional build out and amenities as requested

Major Cost Drivers include:

• Costs associated with brokerage of properties
• Costs associated with design plans and coworking space needs
• Costs associated with 3D printing and CAD extensions
• Costs associated with furnishing, decor and additional amenities
• Costs associated with overhead; capital expenditures

Capital Requirements and Use of Funds

[Company Name] is seeking $280,000 in funding to add personnel to the administrative and sales team within the next six weeks. The capital expenditures will amount to $180,000 in funding.

The additional funding request will be allocated to an oversized 3D printer with multiple properties for design printing to create prototypes. In addition, CAD programs to extend the abilities of our designers are needed. Together these expenditures will amount to $100,000.

Key Assumptions

  5 Year Annual Income Statement

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How To Write A Bulletproof Coworking 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. 

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. 

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 Space Business Plan Essentials

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 Create a Business Plan for Your Coworking Space

In this article you will find:

This article is part of the school of coworking course through Archie. Make sure to check out the other articles to learn more about how to start a coworking space business.

1. What is a Business Plan?

Chances are, you have probably heard of a business plan before but in case you’re unfamiliar with what a business plan is, it is a written document that helps a business define who they are and how it will be profitable. 

This management tool is widely recognized as one of the first and most crucial steps in starting a business, especially when seeking investors and financing for your project. 

These documents can quickly become quite hefty due to the sheer amount of information included in them. For the same reason, it can also be rather difficult and even confusing to draft up one of your own from scratch. 

This article will review and explain the key points to include in your coworking space business plan as well as provide templates to help you get started.

Key Components of the Coworking Business Model

• Membership Tiers : Most coworking spaces offer different membership levels, such as hot desks (shared spaces), dedicated desks, and private offices. Pricing varies based on the amenities and exclusivity of these options.
• Event Space Rentals : Many coworking spaces have conference rooms and event spaces that can be rented out for workshops, meetings, or events.

Ancillary Services : Additional revenue streams might include printing services, mail handling, storage solutions, and even in-house cafes or snack bars

2. Why do you need a Business Plan?

Whether you are planning on sharing your business plan with potential investors or if you are writing it for internal purposes, this document is one of the foundational tools for kickstarting your business idea. 

Above all, you can expect to be asked to hand in your business plan anytime you are looking to raise funds for your project. If you don’t have one, raising capital will be nearly impossible as your investors won’t be able to assess the viability of your project and are unlikely to invest in a business without a promise of return on investment. 

A well-written business plan will help you clearly identify your strategy, potential roadblocks and required resources to name a few. Remember that each segment of your coworking space business plan is interdependent on the next and will serve as building blocks for one another.

3. What Goes in a Business Plan?

While there is no official set structure or length for business plans, there are some elements that should always be included. Your plan should provide as much detailed information about your business but you should be careful to keep it concise to avoid confusing or even boring your reader. Your business plan should demonstrate your expertise and dedication to the project. 

Below is an example of a coworking space business plan table of contents: 

Business Plan Table of Contents (Sample)

• Executive Summary 
• Company Description 
• Market Analysis Team and Management 
• Products and Services 
• Marketing Strategy 
• Operations Strategy 
• Financial Plan 

It is important to take note that the information below serves as a guideline for your coworking space business plan and that there is no set length for any given section. Your business plan should reflect your company’s uniqueness and lucrative potential.

4. Your Coworking Space Business Model

The following section of the article will review each point found in the sample table of contents above in detail so let’s jump right into it!

4.1 Executive Summary

This is a high-level overview of your plan. The purpose of including this summary at the beginning of your business plan is to highlight the keys points found in it for your potential investors. This summary should be persuading the reviewers to continue reading further. 

This summary will be the first section of your business plan and shouldn’t go much longer than one page. Additionally, it should be the last section you write since you won’t know what the key points to summarize are before you have written the bulk of your business plan. 

Your executive summary should include: 

• Company overview . What is the company’s mission, goals and vision? 
• The team . Who is involved in the project, and what are their roles? 
• Product and services . What is the company selling and who are you selling to? 
• Marketing strategy . A brief overview of your strategy for reaching your target audience. 
• Financial plan . What is the revenue or revenue projection, how much are investing or looking to fund?

4.2 Company Description

This next section of your coworking business plan is the basis for your entire project. Your company description should clearly inform the reviewers of who you are and what you plan to do. 

This portion of your business plan should provide clear, persuasive answers on what sets you apart from the competition. Identify the uniqueness of your product and services; is your business model solving issues in its industry? What are the strengths of your business? What advantages does it hold? 

The goal of this portion is to convince your potential investors that your business model is a good investment and should include the following points: 

• Business structure : this refers to the type of legal entity your coworking space will fall under. There are different types of structures such as sole proprietorship or partnership, each with their respective benefits. It is extremely important that you are careful with your choice since different structures are subject to different laws on personal liability, taxation, funding, etc. 
• Your industry : you will need to identify which industry your business will be a part of. For example, your coworking business is an industry of its own but if you were drafting up a business plan for a new women’s boutique then the industry would be retail. Mission statement: is a concise explanation of the reason your company exists. In other words, in a sentence, you should be able to provide the “why” behind what your company does. 

WeWork’s  Mission Statement : “Empowering tomorrow’s world at work.” 

• Vision : here you should paint a picture of the impact your company is foreseen to have on the world once it is fully realized. Ultimately, your vision should clarify what your company will bring to the industry. 

WeWork’s Vision : “WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work…” 

• Goals : naturally, you also want to provide an overview of what you hope to achieve. You will want to include both short-term and long-term goals. Your short-term goals should be realizable within a year’s time and your long-term goals projections should be attainable within 1 to 5 years.

4.3 Market Analysis

Your business plan will require market research and analysis as well as a competitive analysis. 

The goal of this section is to provide an overview of your industry and target market and define your potential market. 

You will want to collect relevant data on your industry trends and trajectory and your target audience. Your analysis should also reveal your market size and total addressable market . 

You will need to establish a perimeter for your market and research the competition within this perimeter. For example, you could set a 10 miles radius from your location as your perimeter and conduct your market and competitor analysis within this radius. 

A good analysis should provide answers to questions such as: 

• How will your company impact those habits? 
• Why is the selected target market the right choice? 
• How is your company helping them meet their needs? 
• What are the projected future changes in your market? 
• How will you meet the projected changes? 

For the competitive analysis portion, you will want to look at what competitors are doing and why it is working or not. Consider how your competition is approaching the market and identify their strengths and weaknesses to help you visualize how you can do it better. After conducting a competitive analysis, your company’s unique offering should be well-defined. 

Below are some examples of criteria for a coworking space competitor analysis: 

• Design of their space 
• Services offered 
• Price point 

During this time, you will likely want to perform a S.W.O.T. analysis to help you clearly identify the strengths, weaknesses, opportunities, and threats of your company. 

That being said, while a S.W.O.T. analysis is an excellent exercise to conduct you should avoid including it “as is” in your business plan. Instead, try to summarize the main findings of your analysis and incorporate them in your market analysis section.

4.4 Team and Management

This part of your coworking space business plan should include details on who is running the company. 

With an organizational chart, present the internal structure of your company with the respective roles and responsibilities clearly listed. 

This section should effectively communicate how each key management role is contributing to your company’s success. 

You will also have to reiterate the legal structure of your company which you established with your business structure. Is your company a C or an S corporation? Is it a form of a limited partnership, or are you a sole proprietor or limited liability company (LLC)?

4.5 Product and Services

This section is meant to provide a clear outline of the key details of your product or service offerings. You will want to describe each selling point, whether it is a specific product or a general service provided at your company and demonstrate how it benefits the consumer. 

Consider the life cycle of your product or services and future product and services your company will offer and describe how you plan on implementing them.

4.6 Marketing Plan

The overarching goal of your marketing plan is to detail your strategy for attracting and retaining customers. A marketing strategy is ever-evolving and unique to each business. This section of your business plan should reflect this and should include both your current and future approach for marketing your company. 

Things to consider for this section: 

• How is your strategy fitting for the needs of your target market? 
• Will you be using a particular channel more than another to promote your business and why? 
• How much does your product or services cost? 
• What is the reasoning behind the price? 
• How will you put your offerings in front of the desired audience? 
• Where will you be selling your product or services? 
• What is the cost of acquisition and lifetime value of a client? 

Your value proposition is another key element of this section. This summarized statement of why the consumer should buy your product or services refers to the promised value a company vouches to deliver if a consumer chooses to buy what they are selling. 

This statement should provide some insights on the company’s intent, what it stands for, how it operates and why it deserves the consumer’s business. 

Another goal here is to put down on paper how sales will take place in practice. You will use what you’ve learned about marketing and sales again in later sections so it’s important that you thoroughly describe your strategies and include as many tactical details as possible without overcrowding the overall marketing plan.

4.7 Operations Strategy

Operations and logistics refer to the workflow strategies you plan on implementing at your company in order to make your business come to life. This section should assess your company’s needs in regards to the premises and capital goods in order to provide an in-detail plan of your operations including structures related to suppliers and production, the facilities and required equipment, etc.

4.8 Financial Plan

The financial health of your company should be your top priority. Naturally, without financial health, your business will not succeed. Your financial plan should present how you expect your business to thrive financially. 

This section should include financial projections for the upcoming years presented in the form of a financial model. 

5. Coworking Space Business Plan Templates

If you’re looking to dive into the specifics, there are several resources that can help:

• Coworking Space Business Model Canvas : A visual tool that provides an overview of your business strategy, value proposition, and customer segments.
• Coworking Space Business Model PDF : A complete guide into the intricacies of running a coworking space.

Excel Templates : F or those who prefer a hands-on approach, “coworking space business model template excel” resources can help you map out your financial projections and business strategy.

It is also a good idea to use a business model canvas to map out all of your ideas before you start. This will give you an overview of everything you need to include in your business plan.

6. Conclusion

Your coworking space business plan should remain clear and succinct. Keep in mind your audience when writing out your plan. 

If you are looking for funding, you will want to pay extra attention to the financial and marketing aspects of your business plan and include a clear exit strategy with maximum profits for your potential investors. If you are writing a business plan for internal purposes you may want to add a more in-depth description of the marketing strategy and operations. 

You’re now readily equipped to draft a comprehensive and effective business plan for your coworking space 

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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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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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Updated On : August 11, 2023

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

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.

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 First Steps

Coworking business plan, why a business plan.

A business plan is an essential document for any new business. You need a guiding document that can focus your team, your effort, and your financials.

Regardless of whether you want to focus on freelancers or corporates, look for investors or self-fund, you need a document that will focus your efforts and help you stay on-track for your goal. A business plan is your road map to a successful coworking or flexible workspace. An important note to keep in mind is “successful” is not the same as “profitable.”

The business plan can be as formal or informal as you like (depending on who you’ll be showing it to), but it should include some key pieces of information. What pieces of information depend on a number of factors, but there’s no better place to start than by looking at business plans from established coworking spaces. Some that we can recommend are :

• New Work Cities
• GCUC 2014 Financial Plan Example
• Social Business City Wiesbaden

Typical Structure

A business plan does not have a required structure or length, so don’t fixate on getting the right word count. Instead, fixate on getting the boiled down, essential information with all the supporting details, outlines, and vision to make it sing. Before you start writing a 200 page business plan, we’d recommend that you check with the recipient to see if that’s what they’re expecting!

Some common elements to include in a business plan are:

Business Description

What is a coworking space? What problems are you trying to solve? What is special about your coworking space? Where will the money come from—what amount of your income will come from memberships, events, or recurring services? Don’t expect the reader to bring in outside information, sell them on why your idea stands out.

Industry Background

How is coworking growing in your country and area? Do you have any growth data? Getting in touch with other coworking space managers in your region is a good idea. Alternatively, you can always check the Google and LinkedIn coworking groups and check for old threads or better yet, ask the question yourself! There is an annual coworking survey done by Deskmag which is an excellent place to find information about growth.

Environment

Where will the space be? What makes this location great? What else is in the area? What is the demographic of people in this area? The more specific you can get, the better, but leave yourself room in case things change.

Competitor Analysis

Are there other coworking spaces in the area? Are there other open work cafes or business centres close by? What makes your space a better option and what is your competitive advantage? Be honest—you don’t want to downplay your competitors, you want to demonstrate your deep knowledge of their operations.

Market Analysis

Who is your target customer? How many of these customers are there in your area and how will you attract them? Where are your future customers currently working? How can you help them achieve their goals?

Marketing Plan

How will you reach your potential customers?

Think through a few steps:

• What is your main message?
• Who are you trying to reach and what do you have to offer them?
• What channels are you going to use?
• How do you convert someone who’s interested in your space into a recurring member?

Operations Plan

How will you manage the space? This is the place to dive into the functions of your space. How much staff will you need? What are your opening hours going to be? How will you manage access? How many desks are allocated to flex members? It’s important to show that you have thought of all the little details and have a thorough understanding of what it will take to operate your space.

Financial Plan

How much money do you already have to get started? How much money do you need to get started and how will you spend it? Where and how will you find the rest of the capital needed to start your coworking space? How will you return it? When do you expect to start being profitable? How much money do you think you will make each month? What can go wrong? What is your exit strategy?

Some of this will be guesswork, but you should be as realistic and data/numbers focused as you can be.

This section is especially important if you are looking for funding.

Check out our full collection of resources for starting up a coworking business. You can also read our blog and follow us on Twitter , Facebook or Instagram for more tips and news around coworking space management. You have additional questions or feedback? Suggest new topics at [email protected] .

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Home » Real Estate » Coworking Space

How to Start a Coworking Space [Business Plan]

A coworking space business rents or leases fully furnished office spaces on a part-time or as-needed basis to a myriad of businesses. Coworking space companies also provide virtual office and conference room leasing options. It will amaze you to note that for as little as $49.99 a month, anyone can work on Wall Street, many thanks to the coworking space concept.

The rising trend of the virtual office, which effectively functions as a high-cost PO box, is one of the services offered by the $2.4-billion Serviced Office Leasing (SOL) industry. The global coworking space market size is expected to grow from $7.97 billion in 2020 to $8.14 billion at a compound annual growth rate (CAGR) of 2.1 percent.

By 2030, it is predicted that 30 percent of all commercial real estate will be a flexible workspace, while flexible working will be worth USD 10 trillion+ to the economies of 16 leading countries alone.

Steps on How to Start a Coworking Space Business

1. conduct market research.

If you are considering starting a coworking business, you would need reliable market research to be able to maximize profits from the business. The first step in the market research process is to develop market-based research questions in line with your overall business goal and objective.

In this regard, you should source information that will help you maximize your business, show you what your potential market will be looking for from a coworking space, and also help you operate your coworking space business with less stress.

a. Who is the Target Market for Coworking Space Business?

• Startups and budding entrepreneurs
• Established entrepreneurs
• Freelancers
• Contractors
• Consultants
• Researchers

b. Is Coworking Space a Profitable Business?

Yes, coworking space is a profitable business , but according to AndCards, only 43 percent of coworking spaces are currently profitable. With new coworking spaces opening up nearly every day, it might take them a few months to start making profit.

Although, the report further stated that after two years in operation, more than 70 percent of all coworking spaces become profitable.

c. Are There Existing Niches in the Industry?

Yes, there are existing niche ideas when it comes to coworking businesses because a coworking space is at liberty to define the type of people they want to accommodate in their facility. Here are some of the niche ideas;

• Conventional/Open
• High-End/Full-Service
• Corporate/Professional
• Private Workspaces
• Minimal/Bare Bones
• Shared Space/Subleased
• Industry-Specific/Specialized
• Venture/Accelerated
• Meeting Space
• Virtual Offices

d. Who are the Major Competitors?

• Knotel (Newmark Group)
• District Cowork
• Make Office
• Industrious Office
• Serendipity Labs
• SomeCentral
• Talent Garden
• Novel Coworking
• CommonGrounds

e. Are There County or State Regulations or Zoning Laws for Coworking Space Business?

No, there are no county or state regulations or zoning laws for coworking space business for now, but players in this industry are expected to work with the existing regulations or zoning laws governing similar businesses in the county where their business is domiciled.

f. Is There a Franchise for Coworking Space Business?

Yes, there are franchise opportunities for the coworking space business. They include;

• Office Evolution
• International Workplace Group

g. What Do You Need to Start a Coworking Space Business?

• A Feasibility Report
• Business and Marketing Plans
• Business Licenses and Permits
• Furnished and Equipped Coworking Space (Office Facility)
• EIN (Employer Identification Number)/Federal Tax ID Number.
• A Corporate Bank Account

Choose a Memorable Business Name

When looking to start a business, before you can begin to file the necessary documents with the constituted authorities or start your website, it is necessary that you come up with a name that you will be recognized with. It is essential that the name you come up with can easily be pronounced, is unique and easily memorable.

Some of the catchy business name ideas suitable for a coworking space business are;

Creative Coworking Space Business Name ideas

• Corporate Network© Coworking Space, Inc.
• Generation Next® Coworking Space, LLC
• Startup Solutions® Coworking Space, Inc.
• Future Solutions® Shared Office Space, Inc.
• Smart Office™ Coworking Space, Inc.
• Business Base™ Coworking Space, LLC.
• Jenny Blank© Shared Office Space, LLC
• The Arena® Coworking Space, Inc.
• Ocean View© Coworking Space, Inc.
• Central Park© Coworking Space, Inc.
• Fussion® Coworking Space, LLC
• Profitable Venture® Coworking Space, LLC
• ED Mark and Co™ Coworking Space, LLC
• Work Plug© Coworking Space, Inc.
• Pentagon Group® Coworking Space, Inc.
• Your World™ Coworking Space, Inc.
• Vision Board™ Coworking Space, Inc.
• Newton Joe and Co© Coworking Space, Inc.
• Future Hub® Coworking Space, LLC
• Blue Sky™ Coworking Space, Inc.

Register Your Business

A. what type of business structure is best for a coworking space.

Even though there are several options when it comes to the business structure of a coworking space business, the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.

Please note that an LLC will need an EIN if it has employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN.

b. Steps to Form an LLC

• Choose a Name for Your LLC.
• File Articles of Organization.
• Choose a registered agent.
• Decide on member vs. manager management.
• Create an LLC operating agreement.
• Comply with other tax and regulatory requirements.
• File annual reports.

c. What Type of License is Needed to Open a Coworking Space Business?

• General Business License
• Zonal Permits
• Signage Permit
• Operational State Facility Inspections for your facility

d. What Type of Certification is Needed to Start a Coworking Space Business?

You don’t need any certification to start a coworking space business.

e. What Documents are Needed to Open a Coworking Space Business?

These are some of the basic legal documents you need to legally run a coworking space in the United States of America;

• Business and liability insurance
• Federal Tax Payer’s ID
• State Permit and Building Approval
• Certificate of Incorporation
• Business License
• Business Plan
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Online Terms of Use
• Online Privacy Policy Document
• Contract Document
• Company Bylaws
• Memorandum of Understanding (MoU)

f. Do You Need a Trademark, Copyright, or Patent?

If you are considering starting a coworking space business, usually you may not have any need to file for intellectual property protection or even trademark. This is because the nature of the business makes it possible for you to successfully run it without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

Cost Analysis and Budgeting

A. how much does it cost to start a coworking space business.

The startup cost for a coworking space business is not uniform. But basically, it can range from as low as $10,000 to lease and furnish an office space to one million USD and more.

b. What are the Costs Involved in Starting a Coworking space business

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services – $1,200.
• Marketing promotion expenses – $1,500
• The cost for hiring a business consultant (writing of business plans inclusive) – $4,500.
• Insurance coverage at a total premium – $2,400.
• The cost of accounting software, CRM software, and Payroll Software – $1,500
• The cost for leasing a facility (long-term lease agreement) – $75,600.
• The cost for facility remodeling and installations – $10,000.
• Other start-up expenses including stationery – $500
• Phone and utility deposits will cost – ($3,500)
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $20,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al) – $10,000.
• The cost of launching an official website – $600
• Miscellaneous – $2,500

c. What Factors Determine the Cost of Opening a Coworking Space Business?

• The size of coworking space
• The choice of the office location
• The required licenses and permits
• The cost of hiring and paying a business consultant and attorney
• The cost for branding, promotion, and marketing of the business
• The cost for furnishing and equipping the coworking facility
• The cost for insurance policy covers
• The cost for registering the business
• Cost of recruiting and training your staff
• The cost of opening the business (Party)

d. Do You Need to Build a Facility? If YES, How Much Will It Cost?

It is not compulsory to build a new facility for your coworking space business, but if you have the required finance, you may go ahead. The truth is that building or reconstructing a facility will help you come up with a facility that will perfectly fit into your overall business goals and vision.

e. What are the Ongoing Expenses of a Coworking space business?

• Electric bills
• Utility bills (phone bills, signage, and software renewal fees et al)
• Salaries of employees
• maintenance
• Marketing costs

f. What is the Average Salary of your Staff?

• Chief Operating Officer (Owner) – $60,000 Per Year
• Facility Manager – $45,000 Per Year
• Admin and HR Manager – $40,800 Per Year
• Marketing and Sales Executive – $35,000 Per Year
• Customer Care Executive/Front Desk Officer -$30,000 Per Year
• Cleaners – $26,000 Per Year
• Security Guards – $24,500 Per Year

g. How Do You Get Funding to Start a Coworking space business

• Raise money from personal savings and sale of personal stocks and properties
• Raise money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Applying for business grants and seed funding from donor organizations, and angel investors
• Source for soft loans from your family members and your friends.

Write a Business Plan

A. executive summary.

Blue Sky™ Coworking Space, Inc. is a fully registered and licensed coworking business that will be located in Midtown Manhattan, New York City U.S. and with offices in Los Angeles, California, Houston, Texas, Boston Massachusetts, and Orlando, Florida. We will provide well-equipped and secured coworking facilities where entrepreneurs, startups, freelancers, developers, businesses, and teams can meet to work independently, as well as socialize and collaborate on projects.

b. Products and Service

• Lease or rent fully furnished workspaces
• Lease or rent virtual offices
• Lease or rent conference and meeting rooms
• Provide telecommunication services to leases
• Provide other business services to leases

c. Mission Statement

Our mission is to develop a highly successful and profitable coworking space business that is not only a work office; but a space where people can meet to work independently, as well as socialize and collaborate on projects.

Vision Statement

Our vision is to become the number one coworking space provider in the whole of New York and to have coworking office spaces in key cities all across the world.

d. Goals and Objectives

The goals and objectives of our coworking space business are to help startups, entrepreneurs, freelancers and contractors et al who can’t or don’t want to commit to a long term lease have a space to work from and yet enjoy all the benefits of a standard office facility in a highbrow business district.

e. Organizational Structure

• Chief Operating Officer (Owner)
• Facility Manager
• Marketing and Sales Executive
• Customer Care Executive/Front Desk Officer
• Security Guards

Marketing Plan

A. swot analysis.

• Centrally located coworking space facility
• A well-equipped and furnished coworking facility
• Experience, trained, and certified professionals
• Excellent customer testimonials
• Not enough finance to build our facility
• We may initially struggle to gain revenue
• Inability to attract high-paying clients

Opportunities:

• A growing number of startups in the United States that don’t want to lease their own office space
• Online market, new services, new technology, and of course the opening of new markets.
• Favorable government policies and trends (work virtually or from home).
• Loans diminish profitability until they are paid off
• The first year will be financially tight while we gain customers and pay off loans
• Competition in the area could increase
• Management of employees requires time, money, and efforts
• Lack of capital to keep going if the business model doesn’t work
• Economic downturn

b. How Do Coworking Space Business Make Money?

• Leasing or renting fully furnished workspaces
• Leasing or renting virtual offices
• Leasing or renting conference and meeting rooms
• Providing telecommunication services to leases
• Providing other business services to leases

c. Payment Options

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

d. Sales & Advertising Strategies

• Introduce your coworking space business by sending introductory letters to startups, entrepreneurs, freelancers, developers, researchers, and contractors in and around your city
• Advertise your coworking space business on national dailies, local TV, and radio stations
• Promote your coworking space business online via your official website and all available social media platforms
• Adopt direct mailing coupon marketing approach to attract investors
• Position your signage/Flexi banners at strategic places

Financial Projection

A. how much should you charge for your service.

Coworking services                                    Price

Day pass                                                     $45-$55 per day

Part-time desk – per day                          $35-$45 per day

Part-time desk – monthly membership   $350-$400 per month

Permanent desk                                          $650-$750 per month

Private office: up to 20 staff                       $160-$210 per square meter per month

Private office: 20-50 staff                           $150-$200 per square meter per month.

b. How Much Profit Do Coworking Space Business Owners Make a Year?

It depends, but the available report shows that on average, a successful coworking space can earn somewhere from $500,000 a year to over a million USD a year. Some of the leading coworking space businesses make far more than $5 million in profits in a given fiscal financial year.

c. What Factors Determine the Amount of Profit to Be Made?

• The size, type, and location of the coworking facility
• The facilities and extra services offered by the coworking space company
• The management style of the coworking business
• The business approach of the coworking business
• The advertising and marketing strategies adopted by the coworking business.

d. What is the Profit Margin of a Coworking Space Business?

A small-scale co-working space will typically make around 10 percent a month as profit. But a coworking company with spaces able to accommodate between 10 and 50 people or more per time will have a profitability rate of about 40 percent. The bottom line is that the more people the coworking space can accommodate, the more profitable they become.

e. What is the Sales Forecast?

Below is the sales forecast for a coworking space business it is based on the location of the business and other factors as it relates to such startups in the United States;

First Fiscal Year: $750,000

Second Fiscal Year:  $1.2 million

Third Fiscal Year: $1.8 million

Set Up your Office

A. how do you choose a perfect location for coworking business.

• The demography of the location especially as it relates to startups and small businesses
• The purchasing power of businesses and the residents of the location
• Accessibility of the location
• The number of coworking businesses in the location
• The local laws and regulations in the community/state
• Traffic, parking and security et al

b. What State and City are Best to Open a Coworking Space Business?

• New York City, New York
• Los Angeles, California
• San Francisco, California
• Washington DC
• Chicago, Illinois
• Dallas-Fort Worth, Texas
• Atlanta, Georgia
• Boston, Massachusetts

c. What Equipment is Needed to Operate a Coworking Space Business?

You should be prepared to purchase relevant software apps . You will need laptops, internet, and Wi-Fi facility, telephone, printers, and office furniture ( chairs , tables, and shelves) and kitchen utensils (tea kettle, toaster, microwave oven, and fridge et al) among others and all these can be gotten as fairly used.

Hire Employees

When it comes to hiring employees for a standard coworking space business, you should make plans to hire a competent chief executive officer (you can occupy this position), facility manager, marketing and sales executive, customer service executives, and security guards.

Launch the Business Proper

Most coworking businesses prefer to organize an opening party to officially launch the business. You can choose to do a soft opening if you are operating on a low budget or you can go for a grand opening party.

With a proper launching of the coworking space business, you will be able to officially inform people in your city that your coworking space is open for business .

a. What Makes a Coworking Space Business Successful?

• Choose a good location and facility to launch the business
• Hire only competent, hardworking, and trustworthy staff
• Be deliberate with equipping and furnishing the coworking facility
• Encourage the use of word of mouth to promote your coworking space business
• Leverage on all available online and offline platforms to promote your coworking space business

b. What Happens During a Typical Day at a Coworking space business?

• The business is open for the day’s work
• The office is cleaned and ready for clients.
• Clients come to work
• Marketing/website upkeep is carried out
• Other administrative duties are carried out
• The business is closed for the day.

b. What Skills and Experience Do You Need to Build a Coworking space business?

• Excellent facility management skills
• Excellent interpersonal skills
• Excellent customer services skills
• Business management skills
• Bargaining skill
• Work experience in the facility management industry
• Work experience in a coworking space business
• Experience in managing people
• Experience in business administration

More on Coworking Space

Coworking Space Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » B2B Industry » Coworking Space

Are you about starting a coworking space business ? If YES, here is a detailed sample co-working space business plan template & feasibility report you can use for FREE .

Entrepreneurs always wish to cut overhead cost as low as they can and still maintain professionalism in their businesses. One of the easiest ways of cutting overhead cost is by renting a coworking space. With the increase in demand for co-working spaces, any investor that decides to start his or her own coworking space business is sure going to make good returns on his or her investment.

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A Sample CoWorking Space Business Plan Template

1. industry overview.

Co-working space business falls under the serviced office leasing (SOL) industry and operators in this industry rent or lease fully furnished office space to businesses on a part-time or as-needed basis.

The serviced office leasing (SOL) industry also provides virtual office and conference room leasing options to their clients. It is important to state that firms that provide conventional commercial leasing options are not part of the serviced office leasing (SOL) industry.

For $49.99 a month, anyone can work on Wall Street. The rising trend of the virtual office, which effectively functions as a high-cost PO box, is one of the services offered by the $2.4-billion Serviced Office Leasing (SOL) industry.

If you a close observer of the Serviced office leasing (SOL) industry, you will agree that the industry struggled during the recession when corporate profit declined and businesses closed shops . On the other hand, as the economy recovered, the industry experienced an upsurge in demand for its services.

Going forward, the revenue generated by players in this industry will continue to grow as the number of telecommuters in the workforce increases.

The Serviced office leasing (SOL) industry is indeed a growing industry and pretty much active countries like the united states, Japan, Singapore, Switzerland, United Kingdom and United Arab Emirates. Statistics has it that in the United States of America alone, there are about 781 licensed and registered companies in this industry, employing about 3,358, and the industry rakes in $2bn annually.

The industry is projected to continue to grow at 12.7 percent rate going forward. Regus PLC has the dominant market share in this industry. A recent publication released by IBISWorld shows that the Serviced office leasing (SOL) industry is in the growth stage of its life cycle.

The report projected that industry value added, which measure’s the industry’s contribution to the economy will raise at an estimated average annual rate of 7.5 percent from 2011 to 2022. The report further stated that GDP will grow at an annualized rate of 2.2 percent during the same period, indicating that the industry is growing faster than the economy as a whole.

Businesses are increasingly turning to industry companies to rent or lease workspaces, including fully furnished offices, virtual offices and conference rooms. Renting or leasing office space is a cost-effective alternative to buying commercial property.

One of the major reasons why people subscribe to co-working spaces is because they want to maintain a business address in a high – profile business district at the lowest possible cost.

So, if your intention is to start a coworking space business and also to maximize profits, then you must ensure that your lease office facility in a high – profile business district. It will make it easier for you to market and attract clients. It is expensive to lease office facility in such areas, but you stand the chance of recouping your investment and also making profits.

From all available statistics, it is safer to say the Serviced office leasing (SOL) industry is growing steadily despite the competitive nature of the industry. One thing is certain, if the offices you offer for rent are well positioned, you have the required business skills, and business networks, you are likely not going to struggle to compete in the Serviced office leasing (SOL) industry.

The serviced office leasing (SOL) industry is still open to any aspiring entrepreneur who has the startup capital to start his or her own co-working space business. As a matter of fact, it was projected that over the next five years, new technology will continue to emerge that will make it easier for more players to come into the industry hence increasing the competition in the industry.

2. Executive Summary

Monica Donavan® Co-Working Space Rentals, Inc. is a registered real estate business. We have been able to secure a standard and well – positioned facility in a central and busy district in Brooklyn Park – Minnesota.

We are a co – working space company that is set to compete in the fast – growing shared office rental industry not only in Brooklyn Park – Minnesota, but also throughout the United States market because we intend opening our co – working facilities in key cities across the United States.

Monica Donavan® Co-Working Space Rentals, Inc. will offer co-working space facilities to entrepreneurs and investors who may not want to shoulder the responsibilities of owning a standard office facility. Our business goal is to become one of the leading co-working space rental operators in the United States and we will make sure that we do all we can to compete favorably in the industry.

Our workers are going to be selected from a pool of certified, creative and highly experienced workers in and around Brooklyn Park – Minnesota. We will make sure that we take our workforce through the required trainings that will position them to meet the expectations of the company and to compete with leading co-working space operators in the United States.

At Monica Donavan® Co-Working Space Rentals, Inc., our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Monica Donavan® Co-Working Space Rentals, Inc. is owned by Monica Donavan and other investors (shareholders).

3. Our Products and Services

Monica Donavan® Co-Working Space Rentals, Inc. was established with the aim of maximizing profits in the serviced office leasing (SOL) industry as a co – working space operator. We want to compete favorably with the leading co – working space operators in the United States which is why we have a competent team that will ensure that our facility meets and even surpass our customers’ expectations.

We will work hard to ensure that Monica Donavan® Co-Working Space Rentals, Inc. is not just accepted in Brooklyn Park – Minnesota, but also in other cities in the United States of America where we intend opening our chains of co – working  facilities. Our facility and services are listed below;

• Lease or rent fully furnished workspaces
• Lease or rent virtual offices
• Lease or rent conference and meeting rooms
• Provide telecommunication services to leases
• Provide other business services to leases

4. Our Mission and Vision Statement

• Our vision is to be the standard bearer wherever we have our co – working space facility throughout the United States of America.
• Our mission is to provide a standard co-working space that can attract some of the leading entrepreneurs who may not want to own their personal office facility.
• We want to build a co-working space business that can favorably compete with other leading brands in the serviced office leasing (SOL) industry in the United States.

Our Business Structure

Monica Donavan® Co-Working Space Rentals, Inc. is a co-working space company that intend starting small in Brooklyn Park – Minnesota, but hopes to grow big in order to compete favorably in the industry in the United States. We are aware of the importance of building a solid business structure that can support the kind of world class business we want to own.

At Monica Donavan® Co-Working Space Rentals, Inc., we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer
• General Manager

Human Resources and Admin Manager

• Sales and Marketing Executive

Facility Manager

Client Service Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

General Manager:

• Serve as project manager of the organization; works directly with employees
• Develops strategic plan by studying the trends in the serviced office leasing (SOL) industry and financial opportunities; presenting assumptions; recommending objectives.
• Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements
• Maintains quality service by establishing and enforcing organization standards.
• Coordinate employee efforts, and facilitate communications between management and the workforce
• Ensures that the organization works in line with international best practices.
• Model demographic information and analyze the volumes of transactional data generated by customer
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects
• Responsible for handling business research, market surveys and feasibility studies
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets

Sales and Marketing Manager

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization
• Responsible for making sure that our co-working space meet the needs of the people that work in them
• Overseeing services including security, parking, cleaning, catering, technology and so on
• Supervising multi-disciplinary staff including cleaning, maintenance, grounds and security
• Ensuring that basic facilities such as water and heating, are well-maintained
• Ensuring that facilities meet government regulations and environmental, health and security standards
• Overseeing building projects, renovations or refurbishments
• Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Consistently stays abreast of any new information on the organizations promotional campaigns to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

Monica Donavan® Co-Working Space Rentals, Inc. engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured co-working space business that can favorably compete in the serviced office leasing (SOL) industry in the United States.

Here is a summary from the result of the SWOT analysis that was conducted on behalf of Monica Donavan® Co-Working Space Rentals, Inc.;

Our world – class facility is indeed a plus to the business. Another positive that we have is the fact that we have a well – balanced team running the business.

Part of what may likely hinder us from optimizing our potentials in this business is that we may not be able to raise capital to acquire choice properties that can attract high – paying clients for our co – working space.

• Opportunities:

In this age and time where entrepreneurs are looking for means to cut down startup expenses, a business such as co-working space facility comes in handy. The rising popularity of shared office spaces is driving industry growth and influencing workplace transformations. The fact that more people are embracing entrepreneurship means that there are great opportunities for us.

A major threat to our business is the rise of the concept of virtual office. Aside from the fact that it is cheaper, most virtual office rental businesses tend to provide communication and physical address services without bearing the financial burden to maintain the office facility.

7. MARKET ANALYSIS

• Market Trends

A major trend shows that workplace transformations use tech and design to maximize office space and increase productivity, providing for cost-savings from a bottom-up perspective. Co-working spaces are designed to reduce the square footage a company needs per employee.

A recent trend shows that some operators in the industry are scaling the co-working model to fit the operational and cultural needs of service-based industries.

The incentives of workplace transformations are twofold. The first is cost-effectiveness while the second, less tangible yet arguably more impactful incentive is the commoditization of modern workplace culture as characterized by Silicon Valley startups.

Even though cost-savings have long-been the most obvious incentive of co-working spaces, the perk of enabling large corporations to rebrand themselves in a piecemeal way is turning heads among Fortune 500 companies operating in the most traditional of industries.

Lastly, long term, the cost-efficiency of workplace transformations will likely remain the primary incentive. Reducing square footage per employee while maintaining or even boosting employee satisfaction is a win-win, no matter the industry.

However, the cultural incentives of workplace transformations will continue to expand and evolve with the business environment itself.

8. Our Target Market

Before starting our co – working space rental business in Brooklyn Park – Minnesota, we conducted a thorough market survey and feasibility studies and we are certain that there are loads of budding entrepreneurs who need small office spaces to run their business.

In view of that, we have created strategies that will enable us reach out to various groups of people who we know will need our facilities especially service – based business.

Our competitive advantage

Because of the grow competition in this line of business, there is an increasing degree of related business activities, with big players dominating the market.

Our competitive advantage is anchored on the state of the art office facility that we have. So also, we have a team of certified, creative and highly trained workers. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by international best practices in the industry.

Another strength that counts for us is the location of our co-working space; they are located in one of the highly suitable areas for such business in Brooklyn Park – Minnesota.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Monica Donavan® Co-Working Space Rentals, Inc. is established with the aim of maximizing profits in the serviced office leasing (SOL) industry and we are going to ensure that we do all it takes to meet and surpass the expectations of our clients.

Monica Donavan® Co-Working Space Rentals, Inc. will generate income by offering the following facility and services;

10. Sales Forecast

One thing is certain, there would always be entrepreneurs who need to cut cost of starting the business hence the need to rent a small office space in a shared office facility.

We are well positioned to take on the available market in the industry and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our business to enviable heights.

We have been able to examine the shared office leasing (SOL) market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Monica Donavan® Co-Working Space Rentals, Inc. It is based on the location of our facility and of course our target market;

• First Fiscal Year:  $550,000
• Second Fiscal Year:  $950,000
• Third Fiscal Year:  $2 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any competitor offering same facility as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.

Our unique selling proposition is that we are well positioned, we offer a state of the art facility and people can easily access our facility. Monica Donavan® Co-Working Space Rentals, Inc. is set to make use of the following marketing and sales strategies to attract clients;

• Advertise our co-working space business on national dailies, local TV and radio station
• Promote our co-working space facilities online via our official website and all available social media platforms
• Introduce our business by sending introductory letters alongside our brochure to budding entrepreneurs, established entrepreneurs and key stake holders in Brooklyn Park – Minnesota
• Print out fliers and business cards and strategically drop them in offices, sport facilities, libraries, public facilities and train stations et al.
• Position our signage / flexi banners at strategic places in and around Brooklyn Park – Minnesota

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to become the number one choice for entrepreneurs and business people in the whole of Brooklyn Park – Minnesota and other cities in the United States of America where we intend opening our shared office facilities which is why we have made provisions for effective publicity and advertisement of our business.

Below are the platforms we intend to leverage on to promote Monica Donavan® Co-Working Space Rentals, Inc.;

• Place adverts on both print (newspapers and real estate magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our  business
• Install our billboards in strategic locations all around Brooklyn Park – Minnesota
• Distribute our fliers and handbills in target areas
• List our co – working space business in local directories / yellow pages
• Advertise our coworking space facility in our official website and employ strategies that will help us pull traffic to the site.

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more and we don’t intend to charge less than what our competitors are charging their clients in Brooklyn Park – Minnesota.

• Payment Options

The payment policy adopted by Monica Donavan® Co-Working Space Rentals, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Monica Donavan® Co-Working Space Rentals, Inc. will make available to her clients;

• Payment via bank transfer
• Payment via Point of Sale Machine (POS)
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for renting our co – working office facility without any stress on their part.

13. Startup Expenditure (Budget)

When it comes to calculating the cost of starting a coworking space facility business, there are some key factors that should serve as a guide.

The number of facilities needed to kick start the business and the size and location of the facility determines the total cost of setting up the business. Below are some of the basic areas we will spend our startup capital in setting up our co-working space rental business;

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits – $15,500.
• Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
• The total cost for hiring Business Consultant – $5,000.
• The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
• The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
• The total cost for leasing facility for the business – $450,000
• 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

Going by the report from the market research and feasibility studies conducted, we will need about nine hundred and fifty thousand ($950,000) U.S. dollars to successfully set up a medium scale co-working space facility rental business in the United States of America.

Generating Funds/Startup Capital for Monica Donavan® Co-Working Space Rentals, Inc.

Monica Donavan® Co-Working Space Rentals, Inc. is a private business that is solely owned and financed by Ms. Monica Donavan and her partner. They do not intend to welcome any external business partner which is why she has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $350,000 (Personal savings $200,000 and soft loan from family members $100,000) and we are at the final stages of obtaining a loan facility of $600,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all these factors are missing from a business (company), then it won’t be too long before the business closes shop.

One of our major goals of starting Monica Donavan® Co-Working Space Rentals, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to lease / rent our co – working space facility a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Monica Donavan® Co-Working Space Rentals, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner.

We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID : In Progress
• Securing a standard facility and reconstructing the facility to fit into the kind of facility we want to manage: Completed
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founders: Completed
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of Logo for the business: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed furniture, office equipment, software applications, electronic appliances and facility facelift : In progress
• Creating official website for the business : In Progress
• Creating Awareness for the business: In Progress
• Health and Safety and Fire Safety Arrangement : In Progress

Coworking Space Business Plan

Written by Elma Steven | Updated on June, 2024

How Do I Write the Coworking Space Business Plan?

Coworking Space Business Plan is an outline of your overall coworking space business. The business plan should includes a 5 year financial projection, marketing plan, industry analysis, organizational overview, operational overview and finally an executive summary. Remember to write your executive summary at the end as it is considered as a snapshot of the overall business plan. You need to be careful while writing the plan as you need to consider various factors that can impact the business’s success.

Table of Contents

Executive summary.

Maria Gonzalez is responsible for creating a unique coworking facility in the center of Miami called Collaborative Canvas Coworking. Freelancers, startups and small enterprises may take use of our facility’s many amenities such as our private offices, conference rooms and event spaces. Maria who has been managing workspaces and cultivating communities for over fifteen years, infuses Collaborative Canvas with her enthusiasm and knowledge. Our state-of-the-art facilities, community-focused atmosphere and dedication to encouraging teamwork and fresh ideas among Miami’s varied business community are what set us apart from the competition.

Mission: To provide Miami’s working class a boost by way of a motivating, team-oriented workplace. Our goal is to create a community where members may learn from one another and flourish in an atmosphere of mutual support and creative freedom.

Vision: To be recognized as Miami’s premier coworking space, renowned for encouraging innovation and promoting professional growth. Our mission is to become universally recognized as the driving force behind Miami’s diversified talent landscape, innovation and community involvement.

Industry Overview:

At a CAGR of 22.4%, the market is expected to increase from its 2022 valuation of $13.1 billion to $50.15 billion in 2028. The expansion is fueled by the emergence of the gig economy, the growing expense of conventional office space, the demand for flexibility and the need for community.

Check out this guide on  how to write an executive summary?  If you don’t have the time to write on then you can use this  custom Executive Summary Writer  to save Hrs. of your precious time.

Financial Highlights:

Revenue & earnings.

Cost of Goods Sold & Expenses

Break- Even Analysis

Investments or Fund Usage Plan

Business Description

Business Name: Collaborative Canvas Coworking

Founders: Maria Gonzalez

Management Team:

Legal Structure: LLC

Location: Miami

Goals & Objectives:

✔️ Membership Growth: Increase membership by 20% annually, focusing on attracting a diverse mix of freelancers, startups and small businesses.

✔️ Community Engagement: Hold seminars and networking events once a month to help members make connections and advance their careers.

✔️ Brand Recognition : Establish a strong brand presence in Miami through targeted marketing campaigns, social media engagement and partnerships with local businesses and organizations.

✔️ Facility Expansion: Add more private offices and conference spaces to the building during the next three years in response to member input and demand.

✔️ Revenue Diversification: Introduce new revenue streams such as virtual office services, event space rentals and membership tier options.

Services: 

✔️ Meeting and Conference Facilities: For meetings, presentations and video chats the shared office has cutting-edge conference rooms and meeting rooms. These rooms are a flexible resource for a variety of business purposes since they may be reserved by both members and non-members and have state-of-the-art audio-visual equipment.

✔️ Virtual Office Services : The coworking space provides its members with a professional mailing address via its Virtual Office Services. These services provide a level of professionalism and ease for remote and mobile professionals by processing mail and shipments, answering phones and taking messages.

✔️ Event Spaces: Workshops, networking meetings and social gatherings would all be suitable for the space’s many multipurpose rooms. Members may use these facilities which both promotes community involvement and provides a convenient location for a variety of events.

✔️ High-Speed Internet and IT Support: Wi-Fi and wired internet connectivity both of which are available here are essential in any contemporary workplace. IT assistance on-site to help with any technological difficulties that may arise making for a more efficient and trouble-free work environment for everyone involved.

✔️Printing and Office Supplies : The area is also furnished with basic office supplies like paper, pencils and staplers ensuring that members have all they need for effective functioning.

Business Model

Check out  100 samples of business model canvas .

Check out the  100 SWOT samples  which will give you a better idea on SWOT writing process.

Marketing Plan

The marketing plan has five main sections. These sections are marketing budget, marketing channels, GTM or Go To Market Strategy and brand management. The marketing budget will explain how much you plan to spend on promotions and what will be the proportion of spending across the channels. The marketing channels section will talk about how you plan to use each of the promotional channels. The GTM strategy can be considered as the short term version of promotional channels section where you explain how you plan to penetrate the market using the channels at the beginning. Finally, brand management is the longer term version of the promotional channels section where you explain how you plan to enhance brand awareness, recognition and brand recalls amongst your target market.

Promotional Channels

Social Media Marketing – $15,000 (30%)

✔️ Platform Focus : Concentrate on networks like LinkedIn, Instagram and Facebook which are popular with professionals and companies. Showcase the shared office space with media including member testimonies and highlights from events.

✔️ Paid Ads : Use targeted ads to reach freelancers, startups, small businesses and remote workers. Utilize the platforms’ algorithms to target based on professional interests and behavior.

✔️ Content Strategy : Updates on the coworking space, its facilities and upcoming events. Weekly member profiles and productivity/work-life balance advice/articles

Website and SEO – $10,000 (20%)

✔️ Website Revamp : Make sure your website is polished and professional, highlighting the benefits of working out of your coworking space and the praise of those who have used it.

✔️ Blog Content : Publish articles on topics like entrepreneurship, remote working trends and productivity tips to drive organic traffic.

✔️ SEO : To rise in search engine results emphasize phrases like “Miami business scene” and “coworking space.”

Email Marketing – $5,000 (10%)

✔️ Newsletter : Produce a monthly newsletter informing members of the coworking space’s latest happenings, forthcoming events, member successes and any discounts or deals being offered.

✔️ Segmentation : Tailor emails for different segments such as entrepreneurs, freelancers and local businesses.

Local Partnerships – $7,000 (14%)

✔️ Business Events : Partner with local business events, workshops and seminars offering your space for hosting or as a networking venue.

✔️ Collaboration with Educational Institutions : Collaborate with educational institutions to provide student-run initiatives, internships and networking mixers.

Influencer and Community Collaborations – $6,000 (12%)

✔️ Collaborations : Partner with local business influencers, industry leaders or community figures for workspace sessions leveraging their audience for broader reach.

✔️ Sponsorship Deals : Provide the shared office for free to local organizations or businesses in return for promotion on social media and name recognition.

Direct Mail and Local Advertising – $4,000 (8%)

✔️ Direct Mail : Send out flyers or promotional materials to local businesses, educational institutions and professional organizations.

✔️ Local Media : Invest in local business magazines, radio stations and community event sponsorships to develop a strong local presence.

Referral Program – $3,000 (6%)

✔️ Referral Incentives : Create a referral scheme where existing members may earn perks for bringing in new clients to the coworking space.

Brand Management

Social Media Marketing

✔️ Brand Voice and Visual Identity: Create a tone for your coworking space’s brand that will appeal to freelancers, independent contractors and small business owners by highlighting its cutting-edge features, stimulating community and time-saving layout. Use a similar visual design across media showing your space’s interiors, events and community activities.

✔️ User-Generated Content: Encourage members to share their work experiences and tag your space. Repost these stories to build credibility and showcase the vibrant community in your space.

✔️ Live Sessions: Host live tours of your space, Q&A sessions with members and discussions on topics relevant to freelancers, startups and remote workers to engage your audience.

Search Engine Marketing (SEM) and Local SEO

✔️ Ad Copy: Focus on the unique aspects of your coworking space such as high-speed internet, networking events or flexible membership plans.

✔️ Website Optimization: Make sure that keywords like “coworking space,” “Miami office rental” and “professional networking” are used to optimize your website for search engines and that it highlights the qualities of your space and member testimonials.

✔️ Google My Business: Regularly update your listing with photos, available amenities and contact information to improve local search visibility.

Email Marketing

✔️ Newsletter: Share updates about new facilities, networking events, special offers and highlight success stories or achievements of current members.

✔️ Segmentation: Customize emails for different segments such as entrepreneurs, digital nomads, small businesses and local community groups.

Local Partnerships and Sponsorships:

✔️ Business and Networking Events: To get your name out among local company owners and executives, consider hosting or sponsoring local business events and seminars.

✔️ Collaboration with Educational Institutions: Partner with universities and training centers for student projects, career fairs and networking events.

Content Marketing

✔️ Educational Content: Create blog posts, videos and infographics about entrepreneurship, work-life balance and productivity tips.

✔️ Workspace Behind-the-Scenes: In order to convey a flavor of what it’s like to work in a coworking space, share some anecdotes and pictures from community events and the day-to-day routine.

Go To Market Strategy

Online Presence and Community Engagement

✔️ Professional Website: Create a website that describes the benefits of working at your coworking space. Add a gallery exhibiting the space and community events and a simple booking system.

✔️ Content Marketing: Regularly publish blog posts or articles on topics like entrepreneurship, work-life balance and productivity tips which can help boost search engine rankings.

✔️ Local Directory Listings: Ensure your space is featured in local business directories and coworking space aggregators to increase local search presence.

✔️ Partnerships: Collaborate with local companies, educational institutions and professional associations to give promotional incentives and create a strong network within the local community.

Space Launch Event and Promotional Offers

✔️ Grand Opening Event: Throw a party to introduce people to your shared office. Organize a tour and networking event for area sole proprietors, independent contractors and small company owners.

✔️ Introductory Discounts: Provide special rates for first-time members or bundle packages for different services to attract a diverse clientele.

Digital Marketing and Customer Relations

✔️ Social Media Campaigns: Showcase your space’s amenities, events and member feedback on social media sites like LinkedIn, Instagram and Facebook. Engage your audience by revealing some of the process.

✔️ Email Marketing: Regularly send newsletters with updates on new amenities, upcoming events and community highlights.

✔️ Loyalty Program: Create a program that rewards loyal members with perks such as discounts, additional access to meeting rooms or guest passes.

Brand Awareness and Public Relations

✔️ Local Media Outreach: Make connections with regional business publications, blogs and community channels to promote your coworking space via features, interviews and other means.

✔️ Community Involvement: Participate in local business events, workshops or sponsor local community programs to increase brand visibility.

✔️ Influencer Partnerships: Join forces with prominent businesses or thought leaders in your area to host events or produce content you can share on social media.

Performance Tracking

✔️ Analytics and Feedback: Gather frequent feedback from members and use tools like Google Analytics to track the success of your marketing and engagement efforts.

✔️ Adaptation: Stay flexible and ready to adjust your strategies based on performance metrics, member feedback and changing market trends.

Organizational Overview

It explains the organizational structure including the hierarchy of reporting relationships, ownership and responsibilities of key management personnel. This also explains how the founder’s past experiences and credentials can help make the business successful.

Maria Gonzalez is a creative entrepreneur with a love for community building and considerable expertise in company development and workspace management and behind Miami’s newest coworking endeavor. Her career started with a passion for encouraging others to work together and think creatively, which eventually led her into business and volunteering. Maria has the business administration degree and experience, as well as the specific training in workplace design and management, to plan and implement a productive shared office space.

Maria has spent her career participating in a wide range of team-based projects and workplace initiatives, honing her skills in the art of designing spaces that are not only practical but also inspiring and fruitful for their occupants’ work. She is well regarded among Miami’s business elite due to her expert knowledge of the unique challenges faced by sole proprietors, young companies and established SMEs.

In a city like Miami, coworking space is a reflection of her entrepreneurial spirit. She wants to do more than simply let out office space so she’s working to create a community of entrepreneurs that can help each other out. The power of collaboration, making connections and creates a space where both seasoned professionals and newbies may thrive.

At the center of her coworking space is a dedication to quality and innovation. The location is intended to be a center for networking and professional growth thanks to its cutting-edge facilities, adaptable workstations and thriving community vibe.

Positions and Responsibilities

Chief Executive Officer (CEO) – Maria Gonzalez

The major duty of managing the coworking space and determining its long-term direction. Her responsibilities include serving as the principal decision-maker, managing the space’s resources and representing the company at industry events and discussions. Another important part of her job is making sure the board and the operational teams are talking to one other.

Community Manager

The Community Manager is in charge of the general vibe and smooth functioning of the shared office. Essential for fostering member collaboration and productivity, responding to member questions and managing the community’s inbox.

Membership Coordinator

A Membership Coordinator’s main responsibilities are around members: new ones, current ones and the relationships between all of them. New members will have a pleasant onboarding experience and they will get continuing assistance. This function is vital in recognizing and serving the different demands of the coworking community.

Event and Workshop Organizer

This role requires the coordinator to organize and run a variety of workshops and seminars for employee training and networking. The purpose of the Event and Workshop Organizer is to improve the coworking experience and encourage community participation via the creation of interesting, engaging and relevant programming in collaboration with members and external partners.

Front Desk Staff: 

A coworking space’s receptionist is often the initial point of contact for members, guests and anybody else with questions about the space.

Operational Overview

Flexible Workspace Solutions:

✔️Perfect for today’s entrepreneurs, freelancers and remote workers, state-of-the-art coworking facilities provide ergonomic furniture and lightning-fast internet.

✔️Variety of options including hot desks, dedicated desks and private offices to suit different working styles and needs.

Meeting and Conference Facilities:

✔️Fully-equipped meeting and conference rooms with advanced audio-visual technology, ideal for team meetings, client presentations and video conferencing.

✔️Booking availability for both members and non-members with flexible scheduling options.

Virtual Office Services:

✔️Professional business address for mail and package handling.

✔️Having a professional sounding answering service and office staff may do wonders for a company’s reputation.

Event Spaces and Networking Opportunities:

✔️Versatile event spaces for hosting workshops, seminars and networking events fostering community engagement and professional development.

✔️Meet-ups, talks and other social activities are held often around the community.

Professional Development Programs:

✔️Workshops and seminars focused on skill development, entrepreneurship and business growth.

✔️Collaborations with industry experts and local businesses to provide valuable learning experiences.

Industry Analysis

With a CAGR of 22.4% between 2022 and 2028 the market is expected to rise from its estimated $13.1 billion in 2022 to $50.15 billion in 2028. Number of factors contributing to the expansion of this market including the popularity of the gig economy, the rising expense of conventional office space, the need of adaptability and the pursuit of social interaction.

Source: grandviewresearch

Several trends are shaping the coworking space industry in the USA:

✔️ Specialization : Tech startups, creative firms and social enterprises are just a few of the sorts of companies that certain coworking spaces cater to.

✔️ Technology integration: Coworking spaces are integrating new technologies to improve the experience for its members such as smart building technology, virtual reality and augmented reality.

✔️ Amenity expansion : Coworking spaces are providing a greater variety of services such as fitness centers, cafés and event spaces, to attract and maintain members.

✔️ Location expansion: Coworking spaces are expanding into new markets including suburban and rural areas, to meet the growing demand for flexible workspaces.

Industry Problems 

✔️ Limited Space or Overcrowding: When the coworking space is full it might be difficult for customers to concentrate or locate an open desk. During peak times or when many people are competing for few resources like conference rooms this may become a major issue.

✔️ Network and Connectivity Issues: Reliable internet is crucial for a coworking space. Customers may experience frustration with intermittent connectivity, slow speeds or technical glitches which can significantly hinder their productivity.

✔️ Noise Distractions: Noise is often a major disruption in open offices. This may include loud discussions, phone calls or simply the overall hum of a busy atmosphere making it difficult for certain individuals to focus on their task.

✔️ Privacy Concerns: Open floor plans might make customers feel like they have no personal space. Concerns may emerge around the privacy of one’s chats the content shown on one’s display or one’s possessions.

✔️Difficulty in Booking Resources: Members could find it tough to book meeting places or equipment owing to excessive demand or a cumbersome reservation procedure. Those who need them for client meetings or crucial work may find this frustrating.

Industry Opportunities

✔️Expanding or Optimizing Space: It may be necessary to either add square footage or reorganize the current setup in order to accommodate everyone. Space may be used more effectively via the use of hot desking or the inclusion of private rooms. Larger groups and companies may be interested in moving in because of this growth.

✔️Enhanced IT Infrastructure: You may position your shared office as a trustworthy location for in-demand IT work by investing in a strong IT infrastructure to address connection difficulties. Providing members with access to IT support services is another great perk.

✔️Quiet Zones and Soundproofing: Creating designated quiet zones or soundproof booths can address noise distractions. This initiative can attract professionals like podcasters, therapists or anyone needing a quiet environment diversifying your member base.

✔️Enhanced Privacy Solutions: You may make your area more appealing to members who deal with sensitive information by using privacy-focused solutions like privacy screens, safe storage and private phone booths.

✔️ Streamlined Booking System: Improving the booking process for available resources may lead to happier members. This may take the form of an intuitive app or website function that enables instantaneous scheduling and alerts.

Target Market Segmentation

Geographic Segmentation

✔️ Miami-Dade County Residents: Pay close attention to the local independent workers, sole proprietors and small businesses. This comprises both developing talents in many areas as well as experienced specialists in the field.

✔️ Miami Neighborhoods: Target specific neighborhoods like Brickell, Coral Gables or the Miami Design District known for their dynamic business scenes and entrepreneurial communities.

Demographic Segmentation

✔️ Age Groups: Consider the demands and preferences of a wide range of employees including recent graduates, mid-career professionals and seasoned businesspeople.

✔️ Income Levels: Offer a range of coworking solutions from cost-effective hot desks for budding entrepreneurs to premium private offices for high-income professionals.

✔️ Cultural Diversity: Embrace Miami’s multiethnic atmosphere by providing a workplace that is open and accepting of all people.

Psychographic Segmentation

✔️ Aspiring Entrepreneurs and Freelancers: Find people who are just starting out in business for themselves or as freelancers and provide them with a safe space to learn, develop and make connections.

✔️ Professional Consultants and Remote Workers: Cater to the needs of professionals who require a reliable, well-equipped space for their day-to-day operations.

✔️ Creatives Seeking Collaborative Environments: Create an environment that encourages creativity and interaction amongst professionals from different disciplines.

Behavioral Segmentation

✔️ Startups and Small Businesses: Focus on small teams and startups looking for a collaborative environment to grow their businesses.

✔️ Digital Nomads and Remote Workers: With the increase of remote work, targeting digital nomads and remote workers of bigger organizations may open up a new market area.

✔️ Event-Based Workspace Needs: Cater to clients who require meeting spaces for specific events, workshops or team off-sites.

Market Size

✔️ Total Addressable Market (TAM) for Coworking Space: The potential clientele for shared office spaces in the United States is included in your coworking space’s Total Addressable Market. Those who work from home those who own small enterprises and those who work for bigger companies that need adaptable workplace options. Given the rise of freelance labor and other forms of flexible employment as well as the general expansion of the job market TAM’s reach is impressive. The total addressable market (TAM) in 2023 is likely to be large due to factors such as technology development, shifting worker demographics and post-pandemic changes in work habits.

✔️ Serviceable Addressable Market (SAM) for Coworking Space: The SAM for your shared office space represents a subset of the total addressable market. It’s a measure of how much of the market your coworking space can really attract. Location in Miami where special amenities (such as high-speed internet, meeting rooms and event spaces) and the types of clients you want to attract (digital nomads, local startups or small business teams) are all factors that will affect your SAM. If your business model is geared toward tech startups or delivering high-end facilities to professional consultants your SAM will look different from one that caters to creative freelancers or places a priority on cost-effectiveness.

✔️ Serviceable Obtainable Market (SOM) for Coworking Space: Your coworking space might reasonably anticipate to take advantage of the Serviceable Obtainable Market part of the SAM. Because it indicates the share of the market that is within reach given your existing resources, market position and competitive environment this indicator is crucial. The success of your coworking space’s marketing and community-building efforts, the quality of your facilities and services, the efficacy of your operational management and the reputation and brand value of your place all factor into its SOM. The SOM gives you a realistic objective to shoot for in terms of client acquisition, revenue projections and market penetration helping you zero in on and dominate the most lucrative subsets of the coworking industry.

Industry Forces

Market Demand and Workplace Trends:

Changes in how people work have influenced the need for shared office spaces in cities like Miami. A rise in the number of freelancers and startups as well as the popularity of remote work have increased demand for adaptable office space. This has been boosted by developments in virtual collaboration technology. This may be capitalize by welcoming a wide range of customers such as mobile corporate teams, solo professionals and digital nomads.

Competition

Other local coworking spaces as well as regular office leases and home offices also provide competition in the coworking industry. Unique features, community-building events, outstanding service and a focus on certain demographics may help your establishment stand out from the competition. Emphasizing what makes your coworking space stand out from the competition is crucial if you want to build a loyal member base.

Technological Advances

Maintaining compatibility with cutting-edge software and hardware is essential for any contemporary coworking environment. It’s crucial to put money into fast internet, cutting-edge printing and scanning technology and user-friendly ergonomic workplaces. Improving member involvement and streamlining operations via the use of digital technologies including an intuitive website, online booking systems and customer relationship management software.

Regulatory Environment

Verify that all company operations, property laws and safety policies are in accordance with local rules. If you want to run your coworking space legally and effectively, you need also keep up with local zoning regulations and occupancy limits.

Economic Factors

The success of your coworking space may be affected by the economy particularly the state of finances among local firms and independent contractors. The demand for workspace and your capacity to provide it, may be affected by economic fluctuations experienced by your members. Pricing and membership plans that are flexible in response to economic changes can help you weather the storm.

Financial Statements

The financial model has all the important financial statements including Income Statement , Balance Sheet and Cash Flow Statement. In addition, the financial model includes 3 to 5 years of projections and can be edited using Microsoft Excel or Google Sheets.

Income Statement

Cash Flow Statement

Balance Sheet

Revenue Summary

Cost of Goods Sold

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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

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5 Examples Of Successful Coworking Space Franchises

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McDonald’s. 7-Eleven. Marriott International. These household names are all examples of successful franchises that have been around for years. But, are you familiar with Khospace, Office Evolution, or Venture X?

Similar to the aforementioned, these three organizations are successful franchises in their own right.

Franchise Direct defines franchising as, “a form of marketing and distribution in which the owner of a business system (the franchisor) grants to an individual or group of individuals (the franchisee) the right to run a business selling a product or providing a service using the franchisor’s business system.

Franchisees are also given permission to use the franchisor’s branding, trademarks, and identifying marks under specified guidelines.”

Basically, this means entrepreneurs are given the opportunity to run their own business but don’t have to worry about creating a business plan, establishing a brand or following, or doing any of the heavy lifting that comes with starting a company.

The entrepreneur gets to run a successful business with support from the top, and the parent establishment is rewarded with royalties – it’s sort of a win-win.

Today, we are embarking on a journey through the vibrant ecosystem of coworking franchises, highlighting five standout success stories that have made a significant impact on the industry.

These franchises not only demonstrate the effectiveness of the franchising model, but also showcase the diverse approaches to creating thriving coworking communities. Our goal is to make these organizations as recognizable as McDonald’s and 7-Eleven.

Quick Summary

• Breaking down 5 of the top coworking franchises and seeing what has made them successful
• Exploring the benefits of running a coworking space franchise

The Rise of Coworking Space Franchises

With the concept of coworking growing ever so rapidly, coworking franchises are becoming much more attractive to entrepreneurs around the world.

Franchising is more than just a business strategy – by replicating successful coworking models, franchises empower entrepreneurs to bring tried-and-true workspace solutions to new markets, ensuring consistent quality experiences.

Additionally, entrepreneurs who want to own and run a business can save invaluable resources, like time and money, and get set up much faster.

The Growth Trend of Coworking Franchises

Coworking franchise champions like Venture X and Office Evolution currently have over 60 and 80 locations respectively across the market. Office Evolution in particular, has nearly 40 years of experience, giving them a solid foundation to grow their organization.

When thinking about expanding their brand, companies like Office Evolution and Venture X have franchises like Regus to look up to.

Regus might just be the largest coworking franchise, boasting over 4,000 locations worldwide and offering meeting rooms, offices, and general coworking spaces in every major city across the globe.

This confirms there is both demand and opportunity for coworking spaces to make franchising a success.

Benefits of Franchising in the Coworking Industry

A powerful catalyst in the coworking industry, franchising enables rapid and sustainable growth across participating organizations.

Here are some of the key benefits of franchising a coworking space:

• Scalability and Expansion : Franchising allows coworking brands to expand quickly into new markets without the heavy capital expenditure typically associated with opening new locations. Franchisees invest in the brand, bringing a trusted coworking model to new regions and communities.
• Consistency and Quality : By replicating a proven business model, franchises ensure that each new coworking space maintains the brand’s standards of service, design, and community engagement. This consistency is crucial for building a strong and recognizable brand, as well as creating a loyal customer base.
• Local Expertise and Customization : Franchisees bring local market knowledge and cultural insights, allowing coworking spaces to tailor their offerings to meet the specific needs and preferences of their community. This localized approach enhances customer satisfaction and loyalty.
• Support and Training : Franchisors provide comprehensive support and training to franchisees, equipping them with the tools and knowledge needed to run a successful coworking space. This includes assistance with site selection, design, marketing, and operations.
• Shared Resources and Innovation : Franchise networks benefit from shared resources and collaborative innovation. Franchisees can leverage best practices, technology platforms, and marketing strategies developed by the franchisor, while also contributing their own ideas and innovations to the location.

The rise of coworking space franchises represents a transformative shift in the way we work. By combining the innovative spirit of coworking with the scalability of franchising, this model will undeniably drive the future growth of the industry, creating vibrant and dynamic workspaces that empower professionals worldwide.

Key Attributes of Successful Coworking Space Franchises

In the dynamic world of coworking, certain franchises stand out due to their unique blend of offerings and operational excellence.

These successful coworking space franchises thrive by embracing core attributes that cater to the evolving needs of modern professionals and businesses. Here, we’ll explore the key attributes that distinguish top coworking space franchises.

Flexible Workspace Options

The primary attraction of coworking spaces is their ability to offer flexible workspace solutions. Successful franchises provide a variety of options to accommodate diverse needs, like:

• Hot Desks : Ideal for freelancers and digital nomads who need a spot to work on an ad-hoc basis
• Dedicated Desks : Perfect for individuals who require a consistent workspace with their own desk
• Private Offices : Suitable for small teams and businesses needing a private, enclosed space
• Meeting Rooms : Equipped with state-of-the-art facilities for team meetings , client presentations, and collaborative sessions
• Event Spaces : Available for hosting workshops, seminars, and networking events

By offering a range of workspace options, these franchises can attract a broader clientele, from solo entrepreneurs to well-established companies.

Strong Community and Networking Opportunities

The sense of community is a cornerstone of successful coworking spaces. Franchises that excel in this area foster an environment where members can connect, collaborate, and grow together.

Key strategies to incorporate include:

• Regular Events : Hosting workshops, seminars, and social gatherings to encourage interaction and knowledge sharing.
• Member Perks : Providing exclusive benefits such as discounts, partnerships, and special offers.
• Community Managers : Employing dedicated staff to facilitate connections and ensure members feel welcomed and supported.
• Online Platforms : Utilizing digital tools to maintain community engagement and collaboration even when members are not physically present.

These efforts create a vibrant ecosystem where members can network, find potential collaborators, and build meaningful professional relationships.

Technological Integration and Smart Amenities

In an era where technology drives productivity, successful coworking franchises leverage cutting-edge technology and smart amenities to enhance the member experience.

Essential features include:

• High-Speed Internet : Ensuring reliable and fast internet connectivity for seamless work
• Smart Access Control : Implementing advanced security systems and app-based access like Kisi for convenience
• Booking Systems : Offering online platforms for reserving desks, meeting rooms, and event spaces, like the coworking booking platform part of OfficeRnD Flex.
• Collaborative Tools : Providing access to software and tools that facilitate remote collaboration and project management
• Sustainability Initiatives : Integrating energy-efficient systems and eco-friendly practices to create a sustainable workspace
• Consolidation Tools : Using a system like Zapier to tie all of your tools and technology together

By incorporating these technological advancements, coworking franchises create a seamless and efficient work environment that meets the needs of modern professionals.

Customizable and Scalable Business Model

Flexibility and scalability are crucial for the success of coworking franchises. A customizable business model allows franchises to adapt to different markets and member requirements.

Key aspects include:

• Modular Design : Creating spaces that can be easily reconfigured to accommodate changing needs and team sizes
• Localized Offerings : Tailoring services and amenities to fit the local culture and business landscape
• Scalable Operations : Implementing processes that can be scaled up or down based on demand and growth
• Franchise Support : Providing franchisees with comprehensive training and resources to maintain consistency and quality across locations

This adaptability ensures that coworking franchises can expand efficiently while maintaining a high standard of service and experience.

Exceptional Customer Service and Support

Exceptional customer service is the hallmark of any successful coworking franchise. Ensuring that members feel valued and supported enhances loyalty and satisfaction.

Key components to ensuring a positive experience include:

• Responsive Staff : Employing well-trained staff who can promptly address member inquiries and issues
• Member Onboarding : Offering comprehensive onboarding programs to help new members integrate smoothly
• Personalized Support : Providing tailored assistance to meet individual member needs and preferences
• Feedback Mechanisms : Implementing systems to gather and act on member feedback to continuously improve services

By prioritizing exceptional customer service, coworking franchises can build strong, lasting relationships with their members, fostering a loyal and engaged community.

Now, let’s take a look at a few examples of coworking franchises who have it all figured out.

Spotlight on Regus: A Pioneer in Coworking Franchises

Regus , a part of the International Workplace Group (IWG), is one of the world’s leading providers of flexible workspace solutions.

Founded in 1989 by Mark Dixon, Regus has grown to become a prominent name in the coworking industry, with a network of 7 million customers, including some of the largest corporations in the world.

Offering a wide range of workspaces designed to meet the diverse needs of modern businesses, Regus is the preferred coworking space of Microsoft, Disney, and Spotify, just to name a few.

With a focus on flexibility, convenience, and professional environments, Regus has established itself as a go-to choice for freelancers, startups, and large corporations alike.

Unique Selling Propositions

Regus has extensive services and features that set them apart from their competitors. Aside from being a leader in the coworking franchise space, they also offer:

• An Extensive Global Network : With thousands of locations in over 120 countries, Regus provides unparalleled access to office spaces worldwide, making it easy for businesses to operate seamlessly across different geographies.
• An Established Business Model : 83% of Fortune 500 companies are Regus customers, attesting to the exceptional business model that has been used, repeated, and expanded upon for decades.
• Versatile Workspace Solutions : Regus offers a broad spectrum of workspace options, including private offices, coworking spaces, virtual offices, and meeting rooms, catering to a variety of business needs.
• A Professional Image : Locations are often situated in prestigious business districts, providing clients with a professional image and easy access to key amenities and transport links.
• Flexible Terms : Regus provides flexible lease terms that allow businesses to scale up or down as needed, accommodating both short-term and long-term requirements.
• Comprehensive Support Services : From administrative support to IT assistance, Regus offers a range of services designed to help businesses operate efficiently and effectively.

Growth Trajectory and Global Presence

Regus has experienced substantial growth since its inception, evolving from a single location in Brussels in 1989 to a global network of thousands today. The company’s growth trajectory highlights include:

• Rapid Expansion : Through organic growth and strategic acquisitions, Regus has rapidly expanded its footprint, becoming one of the most recognizable brands in the coworking industry.
• Diversification : Regus has diversified its offerings to include a variety of workspace solutions, meeting the needs of different types of businesses and professionals.
• Franchise Model : Embracing the franchise model has enabled Regus to accelerate its global expansion, allowing local entrepreneurs to open and operate Regus centers in their regions.

Key Features and Amenities

Regus’s dynamic offerings are designed to enhance the coworking experience. Some key features include:

• Exclusive packages offering flexible and cost-efficient membership options
• Access to Regus global business lounge network
• Access to DragonPass and PPG airport lounges
• Exclusive benefits from health and lifestyle partners
• Discounts on business services from global partners
• Regular networking and community events

Success Factors and Lessons Learned

Regus’ success can be attributed to several key factors and lessons learned over its decades of operation:

• Adaptability : Regus has continuously adapted to changing market trends and customer needs, ensuring that its services remain relevant and in demand.
• Customer Focus : By prioritizing customer satisfaction and offering personalized solutions, Regus has built a loyal client base.
• Operational Excellence : Streamlined operations and efficient management practices have enabled Regus to maintain high standards of service across all locations.
• Strong Brand Reputation : Regus’ commitment to professionalism and quality has established a strong brand reputation, attracting some of the largest corporations in the world.
• Innovative Solutions : Embracing technology and innovation, Regus has developed advanced solutions like virtual offices and hybrid workspaces, staying ahead of industry trends.

Spotlight on SUCCESS Space®: Innovating the Future of Coworking

SUCCESS Space® is a rising star in the coworking franchise landscape, known for its innovative approach to flexible workspaces and focus on servicing suburban communities.

As a part of the SUCCESS® Enterprises family, which includes the iconic SUCCESS® magazine and prestigious SUCCESS® Coaching, SUCCESS Space® leverages a legacy of personal and professional development to create environments that inspire growth and productivity.

Launched with the mission to provide dynamic, supportive, and resource-rich workspaces, SUCCESS Space® is quickly making a name for itself in the competitive coworking industry.

SUCCESS Space® prides itself on the multiple revenue streams that come with opening one of their coworking spaces. Aside from a range of membership options, these include:

• SUCCESS Space® Cafe: A friendly and inviting atmosphere for members to enjoy coffee, pastries, sandwiches, and charcuterie boards, as well as craft beers and wine
• SUCCESS Space® Coaching: SUCCESS Space® integrates their coaching platform to provide personal and professional development resources within their coworking model. Members will have access to on-site business coaching, mentorship, and educational services through their membership.
• SUCCESS Space® Events: With their award-winning spaces, SUCCESS Space® is the perfect place to host trainings or networking events. Cater food and beverage directly from SUCCESS® Cafe and integrate in-person events with virtual events using state-of-the-art, interactive technology
• SUCCESS Space® World: An exclusive platform that allows members to collaborate with colleagues around the world in 3D. Members will have direct access to this service.

In addition to the attractive idea of multiple revenue streams, SUCCESS Space® is also highly desirable for their:

• Flexible and Versatile Spaces : Designed to cater to a variety of work styles, SUCCESS Space® provides an array of flexible workspace options that can be tailored to individual and team needs.
• Community and Networking Opportunities : With a strong emphasis on building a supportive community, SUCCESS Space® hosts events, workshops, and networking sessions to foster connections and collaboration among members.
• Tech-Enabled Workspaces : Embracing the latest technology, SUCCESS Space® offers smart amenities and digital tools that enhance productivity and streamline business operations.
• Brand Legacy : Backed by the SUCCESS brand, which has a long-standing reputation for empowering entrepreneurs and professionals, SUCCESS Space® carries a strong, trusted name in personal and business growth.

Although a relatively new player in the coworking sector, SUCCESS Space® is on an ambitious growth path. Key aspects of its growth trajectory include:

• Strategic Launch and Expansion : Leveraging the established SUCCESS® brand, SUCCESS Space® has strategically launched in key markets with plans for rapid expansion across the United States and internationally.
• Franchise Model : The adoption of a franchise model enables SUCCESS Space® to expand quickly while maintaining consistent quality and service standards across locations.
• Partnerships and Alliances : Forming strategic partnerships with local business leaders and entrepreneurs has facilitated successful market entries and expansion.

SUCCESS Space® offers a comprehensive range of features and amenities designed to support the diverse needs of modern professionals, including:

• A robust cafe with coffee, pastries, sandwiches, snacks, beer, and wine
• Strategically designed space offering shared and open workspaces for collaboration as well as a vast selection of private spaces
• 24/7 space access
• Business/administrative support with in-house concierge
• Book by the minute or months at a time
• Discounted healthcare options
• Access to SUCCESS® World
• Educational resources

The early success of SUCCESS Space® can be attributed to several key factors, including:

• Leveraging Brand Legacy : By capitalizing on the SUCCESS brand’s established reputation for empowering professionals, SUCCESS Space® has quickly gained credibility and attracted a loyal member base.
• Member-Centric Approach : Focusing on the personal and professional growth of members has helped SUCCESS Space® create a unique and appealing value proposition.
• Innovative Space Design : Designing flexible and versatile workspaces that cater to various work styles and needs has attracted a diverse clientele.
• Community Building : Prioritizing community and networking opportunities has fostered a supportive and collaborative environment, enhancing member satisfaction and retention.
• Adaptability and Agility : Embracing innovation and remaining agile in response to market trends and member feedback has allowed SUCCESS Space® to stay relevant and competitive.

Spotlight on Office Evolution: Empowering Small Businesses and Entrepreneurs

Office Evolution is a prominent coworking franchise that specializes in providing flexible workspace solutions tailored for small businesses, entrepreneurs, and remote workers.

Founded in 2003 by Mark Hemmeter in Boulder, Colorado, Office Evolution was designed to build a “lifestyle-focused and member driven flexible workspace that was affordable, closer to home, and inspired.”

Over the years, it has grown to become a key player in the coworking industry, known for its community-focused approach and commitment to supporting local business ecosystems.

Office Evolution stands out in the coworking market with several unique selling propositions:

• Suburban Focus : Unlike many coworking brands that concentrate on urban centers, Office Evolution targets suburban locations, making professional workspaces accessible to those outside major cities.
• Affordability and Flexibility : Office Evolution offers competitive pricing and flexible membership plans, making it an attractive option for small businesses and entrepreneurs.
• Member-Centric Approach : A strong emphasis on building a supportive community and fostering connections among members helps create a collaborative and nurturing environment.
• Comprehensive Services : In addition to workspace, Office Evolution provides a range of business support services, including mail handling, phone answering, and administrative support.
• Local Ownership : Many Office Evolution locations are locally owned and operated by franchisees who are invested in the success of their communities.

Since its inception, Office Evolution has experienced steady growth and expanded its presence across the United States.

Key milestones in its growth trajectory include:

• Franchise Expansion : Embracing the franchise model has enabled Office Evolution to rapidly expand its network, with over 70 locations across the country .
• Strategic Partnerships : Forming partnerships, especially that of Starpoint Brands , have facilitated entry into new markets and regions.
• Consistent Growth : The company has maintained a consistent growth rate, driven by the increasing demand for flexible workspaces in suburban areas.

Office Evolution offers a variety of features and amenities designed to support the productivity and flexibility of its members, including:

• Commercial lease-free memberships
• Upfront payments to avoid upcharges
• State-of-the-art facilities
• Newly renovated gyms
• Contemporary kitchens stocked with complementary coffee, snacks, and other beverages
• Fast and reliable Wi-Fi networks
• Printing and document production technology
• Notary Services and Virtual Office Plans such as mailing address, live phone answering, and receptionists
• Underground parking
• 24/7 access to amenities

Office Evolution’s success can be attributed to several key factors and lessons learned:

• Niche Market Focus : By targeting suburban areas, Office Evolution has tapped into an underserved market, offering convenience and professional services to local businesses and remote workers.
• Community Building : A strong emphasis on fostering a supportive community has helped build a loyal and engaged member base.
• Local Ownership : The franchise model, with locations owned by local entrepreneurs, ensures that each office is closely aligned with the needs and culture of its community.
• Flexible Offerings : Offering a range of flexible membership plans with no hidden charges has made Office Evolution accessible and attractive to a diverse clientele.
• Customer-Centric Approach : Prioritizing the needs and satisfaction of members has resulted in high retention rates and positive word-of-mouth referrals.

Spotlight on Venture X: Redefining Coworking Spaces

Venture X is a rapidly growing coworking franchise known for its modern and professional office spaces designed to accommodate businesses of all sizes.

Founded in 2012 in Naples, Florida, Venture X has been franchising since 2016, opening offices in a wide array of locations with franchisees from hospitality, real estate, and other corporate backgrounds.

A part of the United Franchise Group, which has over 30 years of experience in franchising, Venture X offers a blend of boutique, hotel-style hospitality with a high-tech office environment, catering to professionals, entrepreneurs, and businesses looking for flexible and upscale workspace solutions.

Venture X differentiates itself in the coworking market through several distinct advantages, including:

• Premium, Professional Environments : Venture X offers stylish, high-end workspaces with contemporary designs that appeal to a wide range of professionals.
• Flexible Membership Options : With various membership plans, including private offices, dedicated desks, shared desks, and virtual offices, Venture X provides flexibility to meet diverse needs. They also have the option to add on a la carte services and amenities.
• Focus on Community and Collaboration : Venture X fosters a collaborative environment where members can network, share ideas, and grow their businesses together.
• State-of-the-Art Technology : Incorporating cutting-edge technology, Venture X ensures members have access to an advanced IT infrastructure and smart office features.
• Global Network : As part of the United Franchise Group, Venture X benefits from a broad network, offering members access to locations worldwide.

Venture X has experienced impressive growth since its inception in 2012, partly in thanks to the franchise concept implementation. Highlights of their success include:

• Franchise Expansion : Utilizing a franchise model, Venture X has expanded rapidly, with over 130 locations across 30+ countries
• Consistent Market Growth : By maintaining a consistent growth rate and leveraging the expertise of the United Franchise Group, Venture X has scaled effectively and efficiently.
• Proposed Growth : Venture X’s proposed growth rate for flexible work space is 500% between 2019 and 2023

Venture X delivers an extensive suite of features and amenities crafted to improve productivity and cultivate a pleasant work atmosphere, including:

• Modern, Stylish Workspaces featuring sleek, contemporary designs with high-end finishes and furnishings
• A variety of workspace options in unique buildings and locations
• High-Tech Infrastructure
• Regular community and networking events
• Business support services
• Health and wellness amenities
• Global access

Over the past decade, Venture X has been able to scale and grow successfully through:

• A Commitment to Quality : By maintaining high standards in design, technology, and service, Venture X has built a strong reputation for quality workspaces.
• A Member-Focused Approach : Prioritizing the needs and satisfaction of members has led to high retention rates and positive word-of-mouth referrals.
• Flexibility and Adaptability : Offering flexible membership options and being responsive to market trends and member feedback have enabled Venture X to stay relevant and competitive.
• Strong Brand and Support : Leveraging the resources and expertise of the United Franchise Group has provided a solid foundation for growth and expansion.
• Community Building : Fostering a sense of community and encouraging collaboration among members have created a vibrant and supportive work environment.

Spotlight on Khospace: Fulfilling the Wellness Niche

Miami-based coworking space, Khospace , is an emerging franchise exclusively providing spaces for therapy and wellness providers across the country.

Designed to be a more economical alternative to starting a private practice, Khospace stands out for its unique approach to fulfill a specific niche market.

Offering three different office types (Bodyspace Suites for physical and massage therapists, Mindspace Suites for behavioral specialists, and Workshop Rooms for meetings and seminars), Khospace is able to target their services and amenities to meet the needs of their specific audience and cater to a generally underserved population.

Different from the other successful coworking franchises we’ve discussed above, Khospace stands primarily out for its targeted value proposition: serving the health and wellness community by way of coworking spaces.

A much less-saturated sector of the industry, Khospace franchises almost sell themselves. If entrepreneurs are looking for a way to provide office space for healthcare professionals, Khospace is a no-brainer.

Additionally, Khospace offers a unique, no-lease business model, allowing the opportunity for healthcare providers to see patients as needed without having to worry about private practice startup and maintenance costs.

Originating in the south of Florida, Khospace has adopted the franchise model and is now expanding across the U.S.

Healthcare is an evergreen field that will always have demand, and with the trajectory of the coworking industry set to expand by nearly 15% over the next 8 years , fusing the coworking and healthcare communities might just be in your best interest.

Khospace is proud to offer services in this niche market, and shows appreciation for their members by offering:

• Beautiful on-demand private practice office spaces
• Flexible pricing options with the ability to pay per hour
• Therapy-focused spaces complete with specialized equipment
• Recurring bookings available
• Mail services
• A no-lease business model
• Built-in referral opportunities

Taking the time to hone their offerings and get their footing, Khospace really has seen the most success by starting small and scaling the business over time.

What started as three local offices throughout Miami, has grown to a multi-location franchise. Establishing their value proposition and narrowing in on their main mission, has ultimately been the driving factor in their success.

Coworking space franchises have emerged as a dynamic and profitable segment within the business landscape.

The five examples of successful coworking space franchises we explored—each with its unique strengths and innovative approaches—demonstrate the diverse opportunities available in this thriving industry.

These franchises illustrate the importance of adaptability, community-building, and leveraging technology to create environments that foster productivity and growth.

If you are intrigued by the potential of coworking space franchising, now is the time to take the next step. Explore the various opportunities available and consider how they align with your goals and vision.

Asen Stoyanchev

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More From Forbes

How to design an office space for optimal productivity.

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Sarah Travers, CEO of Workbar , helped pioneer the flexible workspace industry and is considered a thought leader on the future of work.

Following the pandemic, many companies are now embracing innovative office design elements to enhance the allure and value of in-office work. This shift underscores the vital importance of creating an engaging, collaborative environment that stimulates productivity and fosters a sense of community among employees.

As the CEO of a company that creates communal workspaces, I've seen firsthand how spatial design, technology integration and community-centric amenities can cater to the functional and experiential needs of the people in the spaces. Here's how to optimize your space to promote communication, teamwork and innovation:

Design Principles For Productivity

The modern work landscape has witnessed the rise of coworking spaces, and individual companies can learn something from these spaces, which are designed for flexibility and meet the varied needs of freelancers, entrepreneurs and businesses. A strategic spatial layout incorporates a blend of open workspaces, private offices, suites and collaborative areas to support different work styles and activities. Ergonomic furniture, adjustable lighting and sound management are also key to enhancing comfort and focus. While aesthetics are important, I recommend prioritizing functionality, especially when it comes to seating, since you'll need the furniture to support prolonged use.

Employing biophilic design principles—the integration of natural light, greenery and outdoor spaces—can also help boost well-being and productivity. Studies, including one by Gather , have shown that such exposure significantly reduces stress and improves cognitive function, positively affecting work output. Choices around color schemes can also be made to stimulate creativity and energy levels, with soft, neutral tones providing a calm atmosphere and vibrant colors enhancing mental activity and space vitality.

In our workspace, I strategically utilize lighting to amplify the influence of color, thereby enhancing both the atmosphere and functionality of the area. For example, we've installed blue lighting to foster alertness and enhance focus on tasks requiring attention. This particular shade of light is chosen for its ability to boost performance and concentration but also encourages open interaction and stimulating conversations among people in the space.

Technology Integration

Acknowledging technology's pivotal role in contemporary work, robust internet and Wi-Fi networks ensure seamless productivity. A commitment to ISP (internet service provider) redundancy and on-site IT support showcases a company's dedication to meeting employee's technical needs with efficiency and reliability. It can feel like service disruptions from providers occur almost every week, so diversifying your reliance on multiple providers can be a strategic move to maintain consistent connectivity.

The adoption of cutting-edge digital tools, especially ones with AI integration, can also help facilitate seamless operations when it comes to room bookings and space access. Having a physical manifestation of the backend technology, such as an iPad, outside the room is really helpful, too. I just started to use a wireless bluetooth speakerphone with a 360-degree microphone so any call can be turned into a multi-person meeting. Streamlining these technologies allows employees to concentrate on their work with fewer distractions and more efficiency.

Community And Amenities

Spaces designed for networking and collaboration can help foster community, allowing your team to exchange ideas and create opportunities. Regular events and workshops support this dynamic, facilitating learning and partnerships. These types of events can be geared toward both professional and personal interests.

I recently participated in a lunch and learn session about screen time and its impact on children. This experience offered me the valuable opportunity to engage with colleagues on a topic of mutual interest and relevance. It underscored the importance of making the most of our workday beyond just the solitary tasks. Engaging in such enriching discussions not only broadens our perspectives but also enhances our work-life balance by integrating learning and networking into our daily routine. A focus on wellness amenities, such as fitness facilities and leisure zones, also emphasizes the importance of balance for sustained productivity and mental health.

In conclusion, this holistic perspective on office design can not only enhance individual work efficiency but also help you build a vibrant, interconnected community, leveraging the best aspects of coworking spaces to create a dynamic and engaging workplace for your employees.

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Keppel-backed Smartworks Coworking Spaces plans IPO, files DRHP with SEBI

Smartworks coworking spaces ipo is a mix of fresh issuance of equity shares worth rs 550 crore, and an offer-for-sale (ofs) of 67.59 lakh equity shares by the existing equity shareholders..

Smartworks Coworking Spaces IPO

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