In the last few years, the concept of co-working has been gaining a lot of popularity. More and more businesses are realising the benefits that having a secondary office with other businesses can bring. A co-working space enables staff to socialise while working, increasing productivity. It also provides competitive advantages. For example, sharing resources can cut costs and increase efficiency. It can act as a physical extension of a company’s online presence, allowing them to communicate and interact with their customers in real life.
So, how can you start your own co-working office? The first step is to identify the benefits that having your own dedicated space over and above your existing working environment offers. What is the purpose of your new co-working space? Will it be a place to hold seminars, workshops, or training sessions? Are you looking for a place to house a professional address for clients and vendors?
Once you have answered these questions, you can decide how much space you need and what type of amenities you want to include in your new co-working space. Is there a kitchenette or a fridge to make your workspace more inviting? Does one of the other businesses in your co-working space have a bath, or would you like one for yourself? Do you need a fireplace or a pool table to make the space feel more like a ‘real’ office?
All of these are important questions to ask yourself before making any plans. Without a clear answer to the above questions, it is difficult to know if your new co-working space will be able to serve your needs. There are various costs associated with setting up a co-working office, including furniture, phone lines, and business cards. To give you an idea of what you might expect to spend, let’s look at the cost of renting a similar sized office in a traditional workspace.
Based on our experience of setting up and running a co-working space, here are a few tips on how to make money from a CEO office.
Create a Space That Is Good For Business
When we think about setting up our own co-working space, the first thing that often comes to mind is ‘desktops’. After all, they are fairly easy to set up and good for holding meetings and seminars. What is more, they provide a stable and reliable workspace, meaning you do not have to worry about your equipment breaking down.
While having a desktop computer is certainly beneficial, it is not the only thing you need to base your co-working space on. To maximise the efficiency of your employees, it is important to look at all the various ways that technology can be used to improve their working experience. For example, having a separate phone line for employees can increase productivity by cutting down on distractions. Furthermore, having a dedicated staff computer with internet access means that they can easily access the company website and maintain its online profile. This is especially beneficial for businesses that do a lot of their business online.
Make The Most Of The Space You Have
Having more than one computer in your office can be very beneficial. It can further increase productivity by allowing staff to work remotely, or from home, on tasks that they could not complete on site. Using this method, employees can continue to contribute to the business even if they are not physically in the office. As a result, working from home is often an attractive option for employers.
However, while productivity is increased due to the additional workspace, it is important to remember that this space is not being used for anything productive. At the end of the day, it is a meeting place for employees to socialise, or for customers to visit and catch up with the business. In addition, a co-working space can be used for various other purposes such as hosting training sessions or team-building events. So, make sure you put these things on your agenda, as soon as you have set up your offices. This will help you to make the most of your workspace and minimise the amount of time that you spend on things that do not contribute to the productivity of your employees.
Cut Out The Costs
One of the biggest expenses associated with setting up a co-working space is the cost of the desk, laptop, and other equipment that you need to start up. In addition to this, you will need to purchase furniture and amenities for the space. One of the best ways to save money is by renting furniture and equipment instead of buying them. This is especially beneficial if you are new to the space and do not have a large amount of money to spend on new equipment.
In addition to this, various business owners and office administrators have found ways to cut down on the cost of running a business. For example, many businesses provide businesses with discounts if they are a member of a trade association or corporate group. In addition, they may provide subsidised office space, meaning you do not need to spend as much on rented furniture and equipment. Finally, many businesses provide businesses with access to business services such as legal, financial, and tax advice, through networks of associates.
Another way that you can make money from a co-working office is to charge businesses for the use of your space. In a way, this is similar to how membership clubs make money. For example, a co-working space that provides desktop computers with internet access, along with meeting rooms and office space, could require a monthly or annual fee from each business that uses it. As well as this, you could also charge for the use of the kitchen and showers in the building, in the same way that some hotels charge for the use of their food and facilities.
Depending on the terms of your contract, you could be entitled to a certain number of visitors per day. For example, a large group of executives might need an additional room to hold their meetings, so you could potentially charge them for the use of that room. Alternatively, you could require all users to log-in and input their credit card on file at the start of each visit, giving you the ability to track how much each individual is spending. This is also known as ‘enterprise billing’ and can help you to track how much money you have received from each individual user.
Offer Corporate Events
Another way that you can make money from a co-working space is to host corporate events. For example, having a team-building day where employees from different departments come together to work on projects, or hosting a summit where global business leaders come together to network and discuss opportunities, are both ways that you can make money from a co-working space. In addition to this, you could offer special events for businesses, such as weddings and birthday parties, meaning you do not have to spend as much on gifts for your employees.
Hosting these events can be a way to generate additional revenue and increase the popularity of your space, as well as putting you in touch with potential future customers. It can also be a good branding exercise, giving you the opportunity to showcase your space and attract potential new users.
Consider All The Options
When we think about making money from a co-working space, the first thing that often comes to mind is ‘desktops’. After all, they are fairly easy to set up and good for holding meetings and seminars. What is more, they provide a stable and reliable workspace, meaning you do not have to worry about your equipment breaking down. While having a desktop computer is certainly beneficial, it is not the only thing you need to base your co-working space on. To maximise the efficiency of your employees, it is important to look at all the various ways that technology can be used to improve their working experience. For example, having a separate phone line for employees can increase productivity by cutting down on distractions. Furthermore, having a dedicated staff computer with internet access means that they can easily access the company website and maintain its online profile. This is especially beneficial for businesses that do a lot of their business online.
However, before you rush off and set up a desk-top-only workspace, it is important to consider all the options that are available to you. If you do not have the budget for a dedicated desk, you could rent one from a desk-sharing company. In addition, instead of buying your own laptop, you could contract with a company to provide thin computer terminals that you can take away with you when you leave the office. Finally, if you want to maximise the amount of time that you spend in the office, you could invest in a projector and screen, so that you can show videos and presentations to your employees, while working remotely on tasks that they could not complete on site.