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Guide on how to startup your coworking business

Perth has seen a sudden surge in the number of startups in the past few years due to the various accelerator programs. As a result, we are seeing an increased number of startups opting for shared or co-working spaces in Perth, as they have realized that only cost-cuttings on infrastructure in the long run can help scale their business globally.

Co-working spaces in Perth are on the rise, as they seem to face several problems confronting startups and small businesses. As are vacant offices, have you thought of starting up your own co-working space? Have a read of our latest blog.

1. Community first, then space:

Basically, you need a space and a group or community of professional individuals to get you going. Do a proper research and make sure there is a demand for co-work space in your area. Never go by the assumption ‘if you build it, they will come”, as not many people are still aware of shared working space or co-working space concept. You need to connect with the right people and stimulate interest online through LinkedIn, MeetUp, Facebook and invite as many local friends and colleagues to join.

Even if you do not have considerable demand for a co-work space, you can still go about building on a smaller scale. It can be as small as meeting the demand for professional communities to meet a few times a month. Stating on a small scale and growing into something positive and impactful is the real mantra.

2. Function first, then business:

Most co-working spaces in and around Australia have stylish, contemporary and even artistic design, which creates a positive and an energetically wild environment. This involves cost; therefore, you need to consider how much you are going to charge for participation. You need to know the investment and ongoing expenses before arriving at a budget and be outrightly honest with yourself. Several co-work spaces simply function to break-even, with the concept that integrating the incredible resources and benefits together are all the benefits that are needed.

3. Location first, then the deal:

Businesses looking to occupy workspaces look for convenience, safety and accessibility. If you’re able to find an old and under-utilized space or that which has been kept vacant for quite some time, you should be fine to go with it. You can cut a decent deal with the property manager or landlord to avail an inexpensive lease.

4. Utilities first, then furniture:

Make having the right utilities such as high-speed broadband a priority than shelling out money on furniture and special seating arrangements. Remember, you are developing a utility space for short-term projects, and because you are already on a shoe-string budget, consider going for donated items and even allow the participants to add the bells and whistles.

5. Local first, then beyond:

Even if you’re starting out small, you still need to market your working space like a business. Though it is important to tailor a local first marketing mix to attract regional startups and communities, you need to think beyond and ensure even travelling business people on the lookout for co-work spaces in destination cities to get something of a working and networking space.

6. Get local help: 

Contact the Perth Chamber of Commerce for enquiries or any help or resource you can lay your hands on. Also, check with the local economic development corporations or small business development centers that can assist with enquiries and create business opportunities for you. Make use of the available grants, in every case, to help you get going initially.

7. Consult the industry veterans:

If you’re still unsure of how to go about starting your workspace, consider talking to other co-working spaces in other cities that work on similar lines and ask for suggestions. Collaboration is the key here. Besides, you can also find a slew of useful online resources and info on Co-work Wiki, and other sites to get you along.

Looking to create a better co-working space with quality commercial fit out, construction services and interior design services in Perth for all your participants? We are just a call away.