Coworking Feasibility Assessment / Study
They say that coworking is ‘the new office.’ This is the driving force behind the growth of this evolving industry. Before building a coworking space or scaling an existing coworking operation across multiple spaces it’s important to solidify the key components of what makes a coworking project feasible in the long-term.
We can take a look at your specific market and your business model needs to create a pricing strategy for different membership types.
Revenue and Cost Projections
There are standard baseline costs in a coworking pro forma. What is the salary of a community manager? How much does insurance cost every year? How much money should you expect to make on meeting rooms versus private offices? We introduce these variables for your specific needs.
Designing the coworking space and allotting enough square footage to different types of work can be the most challenging part of the process, especially if you’re investing in an architect and will need to demo and buildout a significant portion of the space. We can help you know how many private offices you should design in, meeting rooms, open coworking area, etc. And we can help you define how many square feet per person should be included to ensure optimal revenue and coworker comfort level .
Viable Business Model
Ultimately the goal is ‘the model.’ When coworking first began it was a guess. But these days, there are tried and true pathways to success. Creating a viable coworking business model for your unique endeavor is the challenge- and the opportunity.
Learn more about our Coworking Feasibility Assessment service.