Upcoming Events

Jul 19
Featured Featured All day

WORKTECH 2022 Chicago

Sep 22
Featured Featured All day

WORKTECH 2022 New York

Oct 25
Featured Featured October 25 - October 26

Coworking Summit

Nov 10
Featured Featured November 10 - November 11

Coworking Europe

View Calendar

Latest News

How Hybrid Models Can Enable The Workers Of Tomorrow

How Hybrid Models Can Enable The Workers Of Tomorrow

July 6, 2022
The Office Return Has Come With An Uptick In Harassment For South Korean

The Office Return Has Come With An Uptick In Harassment For South Korean

July 6, 2022
Job Openings Fell In May

Job Openings Fell In May, But Still Outpaced Job Seekers

July 6, 2022
Why 40% Of Working Parents Are Actively Seeking New Jobs

Why 40% Of Working Parents Are Actively Seeking New Jobs

July 6, 2022
Remote Employees With Disabilities Omit Parts Of Their Identity

71% Of Remote Employees With Disabilities Omit Parts Of Their Identity

July 6, 2022
How Meta Expansive AI Translator Could Impact The Workplace

How Meta’s Expansive AI Translator Could Impact The Workplace

July 6, 2022
Load More

Follow Us On Instagram

Follow

    The Instagram Access Token is expired, Go to the Customizer > JNews : Social, Like & View > Instagram Feed Setting, to refresh it.
  • Events
  • Marketplace
  • Resources
  • Press Releases
  • Business Directory
  • Advertise
  • About Us
  • Contact
Thursday, July 7, 2022
Allwork.Space
The FUTURE OF WORK® since 2003
Find A Flexible Office Here
  • All Topics
    • Business
    • Biophilic Design
    • Career Growth
    • Coliving
    • Collaboration
    • Coworking
    • CRE
    • DE&I
    • Digital Nomads
    • Future of Work
    • Home Office
    • Human Resources (HR)
    • Hybrid Work
    • Investment
    • Leadership
    • Marketing
    • Mental Health
    • Mergers & Acquisitions
    • Office Furniture
    • Productivity
    • PropTech
    • Remote Work
    • Self-care
    • SMBs
    • Social Impact
    • Space-as-a-Service
    • Technology
    • Virtual Office
    • Work-life Balance
    • Workforce
    • Workplace Design
    • Workplace Wellness
  • Business
    Young Entrepreneurship Is On The Rise

    Young Entrepreneurship Is On The Rise

    How Much Does Elon Musk’s Opinion On Remote Work Matter

    How Much Does Elon Musk’s Opinion On Remote Work Matter?

    The-History-of-Networking

    The Past, Present, and Hybrid Future of Networking

    Pandemic Resilience V. Future Resilience

    Is Your Company Pandemic-Resilient Or Future-Resilient?

    Change Or Control Here What Drives People To Become Entrepreneurs

    Change Or Control? Here’s What Drives People To Become Entrepreneurs

    The Meeting Room Of The Future

    The Meeting Room Of The Future

    What Is Cryptocurrency’s Role In The Future Of Work

    What Is Cryptocurrency’s Role In The Future Of Work?

    Generational Shift How Do We Create Space That’s Attractive To All Ages

    Generational Shift: How Do We Create Space That’s Attractive To All Ages?

    What Does Elon Musk’s Twitter Acquisition Mean For Its Future?

    Elon Musk Acquires Twitter For $44 Billion: A Comprehensive Timeline

  • Tech
    Would You Give Your Staff the ‘Immersive Treatment’?

    Would You Give Your Staff the ‘Immersive Treatment’?

    Christoph Fleischmann Of Arthur | Bridging The Hybrid Work Divide With Mixed Reality

    Christoph Fleischmann Of Arthur | Bridging The Hybrid Work Divide With Mixed Reality

    Decentralized Cloud Services

    Could Companies Benefit From Implementing Decentralized Cloud Services?

    Here Are 5 Benefits Virtual Reality Brings To Soft Skills Training

    Here Are 5 Benefits Virtual Reality Brings To Soft Skills Training

    Why You Can’t (And Shouldn’t) Escape The Metaverse

    Why You Can’t (And Shouldn’t) Escape The Metaverse

    Outdated Digital Tools and Technology are a Key Factor in the Great Reshuffle

    Outdated Digital Tools and Technology are a Key Factor in the Great Reshuffle

    Are-podcasts-the-new-tech-perk

    How Do You Train And Retain Tech Talent? Use Podcasts, Says CEO Jen Grogono

    Is-TikTok-Gen Z’s-LinkedIn

    Is TikTok Gen Z’s LinkedIn?

    Technology Tips That Can Help Businesses Return To The Workplace

    Technology Tips That Can Help Businesses Return To The Workplace

  • Marketing
    Want Your Coworking Newsletter to Actually Convert

    Want Your Coworking Newsletter to Actually Convert? Start by Keeping It Simple, Fun, and Consistent

    5 Pros Share How To Use Instagram To Grow Your Coworking Business

    5 Pros Share How To Use Instagram To Grow Your Coworking Business

    Want To Wow Coworking Members

    Want To “Wow” Coworking Members? It All Starts With (The Right) Insights

    6 Free, High-Quality Photo Sites To Level Up Your Marketing

    6 Free, High-Quality Photo Sites To Level Up Your Marketing

    The Creator Economy Is Dramatically Changing Marketing Practices, Here’s Why

    The Creator Economy Is Dramatically Changing Marketing Practices, Here’s Why

    Everything You Need To Know About Google My Business, And How To Ace It

    Everything You Need To Know About Google My Business, And How To Ace It

    Nothing Beats In-Person Communication, But These Online Tools Come Pretty Close

    Nothing Beats In-Person Communication, But These Online Tools Come Pretty Close

    6 Tips For Capturing More Website Leads

    6 Tips For Capturing More Website Leads

    “This Is Marketing” By Seth Godin Is A Celebration Of The Unchanging Truths About Marketing

    “This Is Marketing” By Seth Godin Is A Celebration Of The Unchanging Truths About Marketing

  • Design
    The Outdoor Office is Here to Stay How to Create the Perfect Outdoor Living (and Work) Room

    The Outdoor Office is Here to Stay: How to Create the Perfect Outdoor Living (and Work) Room

    Neocon 2022 Explored Biophilic Office Design

    Neocon 2022 Explored Biophilic Office Design, But What Is It?

    Multifamily Design Can Inform The New Office

    How Multifamily Design Can Inform The New Office

    Leveraging Design To Support Untethered Working And A Hybrid Future

    NeoCon 2022: Leveraging Design To Support ‘Untethered Working’ And A Hybrid Future

    Putting Women’s Safety At The Heart Of Urban Design

    Putting Women’s Safety At The Heart Of Urban Design

    A Company Should Never Stand Still, So Why Should Your Space

    A Company Should Never Stand Still, So Why Should Your Space?

    Working Outside A Critical Component In The New Ecosystem Of Work

    Working Outside: A Critical Component In The New Ecosystem Of Work

    As The Pandemic Subsides, What Will The Modern Office Look Like? Neocon 2022 Has Some Answers

    As The Pandemic Subsides, What Will The Modern Office Look Like? Neocon 2022 Has Some Answers

    FlexiSpot’s Pro Plus Standing DeskE7

    We Reviewed FlexiSpot’s Pro Plus Standing Desk (E7)

  • Work-life
    Why Digital Nomads are Flocking to Mexico  

    Why Digital Nomads are Flocking to Mexico

    What in store for job stability and the future of work

    Here’s What’s In Store For Job Stability And The Future Of Work

    5 Reasons Why Dogs Make Pawfect Coworkers

    5 Reasons Why Dogs Make Pawfect Coworkers

    Take Your Dog To Work Day

    “Take Your Dog To Work Day”: How Fido Can Help Companies Retain Employees

    Sitting for too long is bad for your health and here’s what you can do about it

    Sitting For Too Long Is Bad For Your Health And Here’s What You Can Do About It

    Will The 2020s Be Like The Roaring 20s

    Will The 2020s Be Like The Roaring 20s?

    The State of Worker Mental Health

    Report: The State of Worker Mental Health 

    Using Technology For Wellness Initiatives

    Using Technology For Wellness Initiatives: How SaaS Can Help

    Here's Why Taking A Stand On Diversity Matters For Companies

    Here’s Why Taking A Stand On Diversity Matters For Companies

  • CRE
    What Is The Impact Of Hybrid Working On Space Optimization

    What Is The Impact Of Hybrid Working On Space Optimization?

    What Can We Expect For The Future Of Office Occupancy?

    What Can We Expect For The Future Of Office Occupancy?

    How Commercial Real Estate Can Master The Art Of Data

    How Commercial Real Estate Can Master The Art Of Data

    The New Real Estate Portfolio Of Hybrid Companies

    The New Real Estate Portfolio Of Hybrid Companies

    The Time Has Come For The Built Environment To Report Its Scope 3 Carbon Emissions

    The Time Has Come For The Built Environment To Report Its Scope 3 Carbon Emissions – Here’s How

    How Net Zero Targets Affect Your Office Buildings And The Future Of Work

    How Net Zero Targets Affect Your Office Buildings And The Future Of Work

    Is Adam Neumann Making The Pivot To Landlord

    Is Adam Neumann Making The Pivot To Landlord?

    5 Commercial Real Estate Predictions For 2022

    5 Commercial Real Estate Predictions For 2022

    Green Goes Mainstream

    Green Goes Mainstream (And It’s Totally Worth The Investment)

  • Coworking
    Opinion Piece - Brad K Hub Australia

    Opinion: Bursting The Hybrid Work Bubble

    How To Create A Sense Of Belonging In Your Coworking Space

    How To Create A Sense Of Belonging In Your Coworking Space

    GCUC 2022 Brought Coworking Positive Energy to Seattle

    GCUC 2022 Brought Coworking’s Positive Energy to Seattle

    IWG’s Shares Have Dipped, But There’s More To The Story

    IWG’s Shares Have Dipped, But There’s More To The Story

    Automate-these-3-tasks-for-your-coworking-space

    Automate These 3 Tasks For Your Coworking Space

    Industrious-announces-expansion

    Jamie Hodari On “Massive Opportunity Ahead” As Industrious Expands Internationally

    GCUC 2022

    Coworking’s Newsmakers Gather in Seattle for GCUC 2022

    Here’s-What-The-“FundamentalsOfFlex”-Means-For-Coworking-Owners

    Here’s What The “Fundamentals Of Flex” Means For Coworking Owners

    How To Become An Eco-Friendly Workspace

    How To Become An Eco-Friendly Workspace (And Why You Should)

  • Workforce
    The Remote Work Option Has Many Benefits for Introverts

    The Remote Work Option Has Many Benefits for Introverts

    Workers Want a Four-Day Work Week But Execs Aren’t Convinced

    54% of Workers Want a Four-Day Work Week, But Execs Aren’t Convinced

    Will inflation impact pay raises?

    Will Inflation Impact Pay Raises?

    Managers Need to Start Preparing for Interviews Differently

    Hiring Managers Need to Start Preparing for Interviews Differently

    Is The ‘Remote Work Window’ About To Close?

    Is The ‘Remote Work Window’ About To Close?

    Here’s Why Curiosity And Authenticity Go A Long Way In The Workplace 

    Here’s Why Curiosity And Authenticity Go A Long Way In The Workplace

    Where Is The Future Of Work For The LGBTQ Community

    Where Is The Future Of Work For The LGBTQ+ Community?

    Facing Un Retirement The Cost Of Living Is Forcing Retirees Back To Work

    Facing ‘Un-Retirement’: The Cost Of Living Is Forcing Retirees Back To Work

    What Habits Will Be Brought Back Into The Office

    What Habits Will Be Brought Back Into The Office?

  • Daily Digest
  • Podcast
  • Subscribe
  • All Topics
    • Business
    • Biophilic Design
    • Career Growth
    • Coliving
    • Collaboration
    • Coworking
    • CRE
    • DE&I
    • Digital Nomads
    • Future of Work
    • Home Office
    • Human Resources (HR)
    • Hybrid Work
    • Investment
    • Leadership
    • Marketing
    • Mental Health
    • Mergers & Acquisitions
    • Office Furniture
    • Productivity
    • PropTech
    • Remote Work
    • Self-care
    • SMBs
    • Social Impact
    • Space-as-a-Service
    • Technology
    • Virtual Office
    • Work-life Balance
    • Workforce
    • Workplace Design
    • Workplace Wellness
  • Business
    Young Entrepreneurship Is On The Rise

    Young Entrepreneurship Is On The Rise

    How Much Does Elon Musk’s Opinion On Remote Work Matter

    How Much Does Elon Musk’s Opinion On Remote Work Matter?

    The-History-of-Networking

    The Past, Present, and Hybrid Future of Networking

    Pandemic Resilience V. Future Resilience

    Is Your Company Pandemic-Resilient Or Future-Resilient?

    Change Or Control Here What Drives People To Become Entrepreneurs

    Change Or Control? Here’s What Drives People To Become Entrepreneurs

    The Meeting Room Of The Future

    The Meeting Room Of The Future

    What Is Cryptocurrency’s Role In The Future Of Work

    What Is Cryptocurrency’s Role In The Future Of Work?

    Generational Shift How Do We Create Space That’s Attractive To All Ages

    Generational Shift: How Do We Create Space That’s Attractive To All Ages?

    What Does Elon Musk’s Twitter Acquisition Mean For Its Future?

    Elon Musk Acquires Twitter For $44 Billion: A Comprehensive Timeline

  • Tech
    Would You Give Your Staff the ‘Immersive Treatment’?

    Would You Give Your Staff the ‘Immersive Treatment’?

    Christoph Fleischmann Of Arthur | Bridging The Hybrid Work Divide With Mixed Reality

    Christoph Fleischmann Of Arthur | Bridging The Hybrid Work Divide With Mixed Reality

    Decentralized Cloud Services

    Could Companies Benefit From Implementing Decentralized Cloud Services?

    Here Are 5 Benefits Virtual Reality Brings To Soft Skills Training

    Here Are 5 Benefits Virtual Reality Brings To Soft Skills Training

    Why You Can’t (And Shouldn’t) Escape The Metaverse

    Why You Can’t (And Shouldn’t) Escape The Metaverse

    Outdated Digital Tools and Technology are a Key Factor in the Great Reshuffle

    Outdated Digital Tools and Technology are a Key Factor in the Great Reshuffle

    Are-podcasts-the-new-tech-perk

    How Do You Train And Retain Tech Talent? Use Podcasts, Says CEO Jen Grogono

    Is-TikTok-Gen Z’s-LinkedIn

    Is TikTok Gen Z’s LinkedIn?

    Technology Tips That Can Help Businesses Return To The Workplace

    Technology Tips That Can Help Businesses Return To The Workplace

  • Marketing
    Want Your Coworking Newsletter to Actually Convert

    Want Your Coworking Newsletter to Actually Convert? Start by Keeping It Simple, Fun, and Consistent

    5 Pros Share How To Use Instagram To Grow Your Coworking Business

    5 Pros Share How To Use Instagram To Grow Your Coworking Business

    Want To Wow Coworking Members

    Want To “Wow” Coworking Members? It All Starts With (The Right) Insights

    6 Free, High-Quality Photo Sites To Level Up Your Marketing

    6 Free, High-Quality Photo Sites To Level Up Your Marketing

    The Creator Economy Is Dramatically Changing Marketing Practices, Here’s Why

    The Creator Economy Is Dramatically Changing Marketing Practices, Here’s Why

    Everything You Need To Know About Google My Business, And How To Ace It

    Everything You Need To Know About Google My Business, And How To Ace It

    Nothing Beats In-Person Communication, But These Online Tools Come Pretty Close

    Nothing Beats In-Person Communication, But These Online Tools Come Pretty Close

    6 Tips For Capturing More Website Leads

    6 Tips For Capturing More Website Leads

    “This Is Marketing” By Seth Godin Is A Celebration Of The Unchanging Truths About Marketing

    “This Is Marketing” By Seth Godin Is A Celebration Of The Unchanging Truths About Marketing

  • Design
    The Outdoor Office is Here to Stay How to Create the Perfect Outdoor Living (and Work) Room

    The Outdoor Office is Here to Stay: How to Create the Perfect Outdoor Living (and Work) Room

    Neocon 2022 Explored Biophilic Office Design

    Neocon 2022 Explored Biophilic Office Design, But What Is It?

    Multifamily Design Can Inform The New Office

    How Multifamily Design Can Inform The New Office

    Leveraging Design To Support Untethered Working And A Hybrid Future

    NeoCon 2022: Leveraging Design To Support ‘Untethered Working’ And A Hybrid Future

    Putting Women’s Safety At The Heart Of Urban Design

    Putting Women’s Safety At The Heart Of Urban Design

    A Company Should Never Stand Still, So Why Should Your Space

    A Company Should Never Stand Still, So Why Should Your Space?

    Working Outside A Critical Component In The New Ecosystem Of Work

    Working Outside: A Critical Component In The New Ecosystem Of Work

    As The Pandemic Subsides, What Will The Modern Office Look Like? Neocon 2022 Has Some Answers

    As The Pandemic Subsides, What Will The Modern Office Look Like? Neocon 2022 Has Some Answers

    FlexiSpot’s Pro Plus Standing DeskE7

    We Reviewed FlexiSpot’s Pro Plus Standing Desk (E7)

  • Work-life
    Why Digital Nomads are Flocking to Mexico  

    Why Digital Nomads are Flocking to Mexico

    What in store for job stability and the future of work

    Here’s What’s In Store For Job Stability And The Future Of Work

    5 Reasons Why Dogs Make Pawfect Coworkers

    5 Reasons Why Dogs Make Pawfect Coworkers

    Take Your Dog To Work Day

    “Take Your Dog To Work Day”: How Fido Can Help Companies Retain Employees

    Sitting for too long is bad for your health and here’s what you can do about it

    Sitting For Too Long Is Bad For Your Health And Here’s What You Can Do About It

    Will The 2020s Be Like The Roaring 20s

    Will The 2020s Be Like The Roaring 20s?

    The State of Worker Mental Health

    Report: The State of Worker Mental Health 

    Using Technology For Wellness Initiatives

    Using Technology For Wellness Initiatives: How SaaS Can Help

    Here's Why Taking A Stand On Diversity Matters For Companies

    Here’s Why Taking A Stand On Diversity Matters For Companies

  • CRE
    What Is The Impact Of Hybrid Working On Space Optimization

    What Is The Impact Of Hybrid Working On Space Optimization?

    What Can We Expect For The Future Of Office Occupancy?

    What Can We Expect For The Future Of Office Occupancy?

    How Commercial Real Estate Can Master The Art Of Data

    How Commercial Real Estate Can Master The Art Of Data

    The New Real Estate Portfolio Of Hybrid Companies

    The New Real Estate Portfolio Of Hybrid Companies

    The Time Has Come For The Built Environment To Report Its Scope 3 Carbon Emissions

    The Time Has Come For The Built Environment To Report Its Scope 3 Carbon Emissions – Here’s How

    How Net Zero Targets Affect Your Office Buildings And The Future Of Work

    How Net Zero Targets Affect Your Office Buildings And The Future Of Work

    Is Adam Neumann Making The Pivot To Landlord

    Is Adam Neumann Making The Pivot To Landlord?

    5 Commercial Real Estate Predictions For 2022

    5 Commercial Real Estate Predictions For 2022

    Green Goes Mainstream

    Green Goes Mainstream (And It’s Totally Worth The Investment)

  • Coworking
    Opinion Piece - Brad K Hub Australia

    Opinion: Bursting The Hybrid Work Bubble

    How To Create A Sense Of Belonging In Your Coworking Space

    How To Create A Sense Of Belonging In Your Coworking Space

    GCUC 2022 Brought Coworking Positive Energy to Seattle

    GCUC 2022 Brought Coworking’s Positive Energy to Seattle

    IWG’s Shares Have Dipped, But There’s More To The Story

    IWG’s Shares Have Dipped, But There’s More To The Story

    Automate-these-3-tasks-for-your-coworking-space

    Automate These 3 Tasks For Your Coworking Space

    Industrious-announces-expansion

    Jamie Hodari On “Massive Opportunity Ahead” As Industrious Expands Internationally

    GCUC 2022

    Coworking’s Newsmakers Gather in Seattle for GCUC 2022

    Here’s-What-The-“FundamentalsOfFlex”-Means-For-Coworking-Owners

    Here’s What The “Fundamentals Of Flex” Means For Coworking Owners

    How To Become An Eco-Friendly Workspace

    How To Become An Eco-Friendly Workspace (And Why You Should)

  • Workforce
    The Remote Work Option Has Many Benefits for Introverts

    The Remote Work Option Has Many Benefits for Introverts

    Workers Want a Four-Day Work Week But Execs Aren’t Convinced

    54% of Workers Want a Four-Day Work Week, But Execs Aren’t Convinced

    Will inflation impact pay raises?

    Will Inflation Impact Pay Raises?

    Managers Need to Start Preparing for Interviews Differently

    Hiring Managers Need to Start Preparing for Interviews Differently

    Is The ‘Remote Work Window’ About To Close?

    Is The ‘Remote Work Window’ About To Close?

    Here’s Why Curiosity And Authenticity Go A Long Way In The Workplace 

    Here’s Why Curiosity And Authenticity Go A Long Way In The Workplace

    Where Is The Future Of Work For The LGBTQ Community

    Where Is The Future Of Work For The LGBTQ+ Community?

    Facing Un Retirement The Cost Of Living Is Forcing Retirees Back To Work

    Facing ‘Un-Retirement’: The Cost Of Living Is Forcing Retirees Back To Work

    What Habits Will Be Brought Back Into The Office

    What Habits Will Be Brought Back Into The Office?

  • Daily Digest
  • Podcast
  • Subscribe
No Result
View All Result
Allwork.Space
No Result
View All Result
  • Business
  • Tech
  • Marketing
  • Design
  • Work-life
  • CRE
  • Coworking
  • Workforce
  • Daily Digest
  • Podcasts
  • Subscribe
Nexudus May Leaderboard
Home Business

6 Things You Need To Know Before You Say Yes To Your Second Coworking Location

by Guest Contributor
July 23, 2019
in Business
Reading Time: 6 mins read
A A
Articles     T

Before you say yes to a second coworking space location, make sure you know your numbers and your competition, and analyze your market

Share on FacebookShare on TwitterShare to Network
  • Though opening a second location is a logical step when growing a coworking business, opening a new location brings about a set of challenges that need to be carefully examined.
  • Before you say yes to a second coworking space location, make sure you know your numbers and your competition, and analyze your market.
  • To successfully open a second location, coworking space operators will need to streamline their sales, on-boarding, and communication processes.

This article was written by Mihaela Ivanova, Content Marketing Manager at OfficeRnD

If you’re already operating a coworking space and have the appetite for expanding your business, a second location would be a logical step. But before you say yes to growth, it’s worth it evaluating if you’re actually ready to scale. 

On the surface, it might look like your coworking space is doing great, and that you’ll just need to ‘duplicate’ it. However, a second location requires more as it brings challenges that you haven’t faced with your first location just because of the essence a multi-location in comparison to a single-location business.

KYR Survey Leaderboard Size (Allwork.Space) June 2022

It might sound a bit unmotivating but success doesn’t come just with the goodwill to scale. You also need to have the capacity to do so – think physical, operational, financial, etc.

To make an educated decision about whether it’s the right time to expand, you need to go through an evaluation of your current business and the demand. Below you’ll find 6 important things you need to know before you say YES to your second coworking space.

Know your numbers 

Measuring important key performance indicators (KPIs) will objectively show how your business is performing and will also allow you to capture any business-related trends.

Here are the most essential indicators you should measure:

  • New prospects: you don’t need to observe a dramatic increase, but look for at least a steady growth in the number of prospects.
  • Conversion rate (leads to members): if you have many leads but only a few of them convert into actual customers, you might want to reevaluate marketing or sales efforts. 
  • Monthly recurring revenue: this metric will allow you to see if there are any monthly trends you should consider.
  • Profitability: you need to know how much you’re getting out of your business, and when you expect to break even (regardless of if you’re bootstrapping or working with an investor).
  • Occupancy rate: it’s one of the most significant indicators; being consistently at 90% or above is a good sign.
  • Income per SQ Meter/Foot: if you’re making not enough money per sq foot, you might need to reevaluate the ratio between offices, meeting rooms and open area.
  • Meeting rooms utilization: meeting rooms are significant revenue stream so try to measure if you’re making the most out of them.




Advertisement

Analyze your processes

With a second location, the workload gets bigger and more diverse, and the design and implementation of processes might save you a lot of time and effort in the long term. 

Of course, you shouldn’t create a process for every single thing, but for the areas that really need to have one. Such areas include sales, on-boarding, and communication. 

Having clear procedures on how you approach inquires will save you a lot of time and effort and will also allow you to train staff.

How you welcome your new members, what documentation you share with them and having clear and consistent communication with your community will also become essential once you open a second location.

Know who you are and who you’re for

Answering questions like who you are as a brand and what kind of audience you want to attract will help you nail the direction you want to take with your second space. 

Not that you shouldn’t have an answer to those questions with your first location. But once you start expanding, it becomes even more necessary to have a clear definition of who you are.

Ask yourself questions like:

  • What audience do I want to go after (tech companies, startups, marketing agencies…)?
  • What kinds of products do I want to provide (more private offices, more hot desks..)?
  • What vibe and environment do I want to have in my coworking spaces (funky, tech, artistic…)?
  • Is there something specific in my coworking space that has become emblematic for my brand (e.g. a brick wall, a top roof terrace…)?

Analyze the local market and the demand

When you start thinking about expanding your space, you’ll probably have a general idea of where you’d like it to be. 

Investigating that area will help you find out how favorable the market in that region is and establish connections with local communities prior to launching your space. Have in mind that it’s always an option to outsource this analysis to consulting experts for more precise results. 

A few things you can do on your own, however, are to visit local coffee shops, or other public places and talk to people so you can find out more about them and the type of work they do.

Reaching out to local professional communities and business-related institutions might give you valuable insights on the scope and size of the workforce in the region and if there are any unsatisfied market needs.

Research your competitors

Having competitors is a good sign – it shows the market is developed and you won’t have to be the first to introduce that kind of product/service to the people in that region. 

If their business is doing well, it doesn’t automatically mean that there will be enough demand for an additional workspace in town, so you’ll have to validate that.

To get the most out of your competitors, try to learn more about them – what they offer, what audience they target, what their price ranges are. Most people would be sensitive about giving exact prices but if you can get a general idea of a range, it would be more than enough.

Define the mission of your space 

Based on the market, the demand and your competitors, you should define what role your space will play in the local business community. 

To be successful, a coworking space should be more than a piece of real estate with modern office design – it has to play a business-based role, whether it is to help tech startups grow or to support local social entrepreneurs. The latter depends a lot on your brand as well.

Best-case scenario, you’ve figured that out with your first location, but in all cases, stressing that enough with your second one is essential.

Once you find out what your role is, you’ll be able to make much more educated decisions about the way you operate and position yourself in the market.

Conclusion

Before you start expanding your coworking business with a second location, it’s worth it to analyze if you’re actually ready to grow. The expansion process comes along with plenty of business, financial and operational challenges, and proper analysis of your current performance and the local market will help you nail if it’s the right time to scale. Answering this question will allow you to avoid a lot of problems further down the road of expansion.
If you found this article useful, check out “The Ultimate Guide to Successfully Expanding Your Coworking Space”, where you can find these and other first-hand tips explained in more details from top industry experts.

Unbounce - Leaderboard
Tags: Work-life Balance
ShareTweetShare
Guest Contributor

Guest Contributor

The bio for this author is at the top of this article. If you would also like to be a contributor to Allwork.Space, please send your pitch to us by going to the "Contact Us" page for more info on who to contact. Thanks! We hope to hear from you soon.

Relevant and Recommended For You

Young Entrepreneurship Is On The Rise

Young Entrepreneurship Is On The Rise

7 days ago
How Much Does Elon Musk’s Opinion On Remote Work Matter

How Much Does Elon Musk’s Opinion On Remote Work Matter?

3 weeks ago

The Past, Present, and Hybrid Future of Networking

2 months ago

Is Your Company Pandemic-Resilient Or Future-Resilient?

2 months ago
No Result
View All Result
UltraSoft June
KYR JUNE - Medium Rectangle
AVO Medium Rectangle
FlexIndex - Medium Rectangle
Clay AB test B

PODCASTS

Listen Now

Future Of Work Podcast

61 Episode
Subscribe
  • Add to Queue
  • Share
    Facebook Twitter Linked In

  • Add to Queue
  • Share
    Facebook Twitter Linked In

Christoph Fleischmann of Arthur | Bridging the Hybrid Work Divide with Mixed Reality

June 23, 2022
40 min
  • Add to Queue
  • Share
    Facebook Twitter Linked In

Nasim Köerting of The Office Group | Embracing the New World of Work Through Design

February 24, 2022
29 min
  • Add to Queue
  • Share
    Facebook Twitter Linked In

Larry English of Centric Consulting | The Remote Work Revolution: A Better Way to Live and Work

January 13, 2022
34 min
  • Add to Queue
  • Share
    Facebook Twitter Linked In

Award Winning Author & Physician | Dr. Saundra Dalton Smith on The 7 Types Of Rest We Need To Thrive

January 6, 2022
36 min
  • Add to Queue
  • Share
    Facebook Twitter Linked In

Tori Shepherd of The WELL Building Institute | The WELLness Building Revolution

December 15, 2021
30 min
FlexiSpot - Half Page

News and Features

Business

Tech

Marketing

Design

Work-life

CRE

Coworking

Workforce

Daily Digest

Podcast

Resources

Marketplace

Events

Press Releases

FlexSpace, Coworking
and Office Space

Los Angeles

New York

Chicago

Washington, D.C.

Houston

Dallas

Miami

San Francisco

Atlanta

Philadelphia

Seattle

Austin

Company

About Us

How to Write for Us

Our Editorial Process

Contact

Advertise

FlexSpace

Terms Of Use

FlexSpace FAQs

Privacy Policy

Connect with Allwork.Space

Twitter

Linkedin

Facebook

Instagram

YouTube

Apple Podcasts

Spotify

Google Podcasts

©2022 Allwork.Space  l  Exploring the FUTURE OF WORK® since 2003.

No Result
View All Result
  • Daily Digest
  • Podcasts
  • Events
  • Resources
  • Marketplace
  • Business Directory
  • Subscribe
  • Advertise
  • Find Space
  • About Us
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00