With the continuous increase in the demand for office rental space in Dallas, TX, there is one opportunity that can prove to be promising – to build a coworking space. If you have real estate space to spare, you can consider this as a business venture. That said, if you wish to build a coworking space, keep on reading the rest of this post and we will briefly list down some of the factors that can be highly influential of your success.
- Strategic Location
Location is one of the critical factors that can be instrumental in the success of a business, including coworking spaces. With this, you need to find a space that is in a strategic location. Coworking spaces in central business districts, for instance, are good because they offer accessibility and security. Plus, this will give you the right to demand higher prices from your tenants.
- A Well-Designed Space
To enhance the experience of users of the coworking space, the design has an important role. This is why successful companies like Common Desk infuse hospitality in coworking. Basically, what this means is that you need to create a hospitable work environment to encourage people to try it and stay. From the color to the furniture, make sure that the design is taken into account.
- Competitive Price
One of the reasons why people love coworking spaces is the fact that they are economical, especially when compared to renting a conventional office. That said, success will also depend on how competitive the prices are. Offer rates that will be affordable for your target market. It is also good to research the pricing of your competitors to determine what will work best. Offer flexible membership plans that will be suitable for the needs of your clients.
- Combination of Work and Play
One of the many reasons why people prefer coworking spaces over traditional offices is that it is less boring. To succeed, you need to build a space that provides a combination of work and play. This will make the atmosphere more productive and less stressful. In some places, they even have playrooms, which is a good way to take a break from the hustle of work. Find a way to offer a work environment that your tenants will love, making it easy for them to work.
- Effective Marketing
Like in any other business, you also need to invest in the marketing strategies of your coworking space. This will start with thorough research, which will make it possible to determine what approaches will work best to captivate the attention of your target market. The good news is that marketing your coworking space does not need to cost an arm and a leg. Social media and email marketing are some of the most cost-effective marketing channels that you might want to exploit.
So, if you plan to build your own coworking space, take note of the things that have been mentioned above. Location, marketing, and prices, among others, will be highly instrumental in your success.