Frequently Asked Questions
Below are answers to the most common questions people have prior to working with us.
Research and Market Fundamentals
What data is available for understanding coworking users and statistics?
- In our feasibility studies we draw our conclusions from the most reliable coworking industry reports and also produce our own, unique data specific to your project. We gather this information using a custom version of an App we developed in-house, to provide you with the most accurate data, specific to this industry and your project.
- Use caution doing your own research as information available online rarely presents information about coworking closures, or how many companies and individuals overcommit financially when opening a space lose annually.
With so few sources for information about coworking how do we draw conclusions to understand if this is a viable business for our company or organization?
- It’s important to understand that it is difficult to draw a conclusion from current data because the terms coworking and flexible office are often mixed together and used interchangeably by well-reputed corporations operating in the property and real estate industry.
- Mixed definitions in current data make accurate numbers difficult to uncover. This is why our recommendations and outlines are backed by sources that use consistent industry definitions.
- We have created an approach for our clients that incorporates coworking and flexible workspace concepts in order to minimize your risk and diversify your portfolio by adding flexibility into your project.
“We draw our conclusions from the most reliable coworking industry reports and also produce our own, unique data specific to your project.”
What other work are you doing for company’s beyond the feasibility stage?
- The most common work we do for companies after the feasibility is the 3-month launch program.
- We also continually manage programs that we create during clients’ launch programs. These are typically ongoing operations support and data collection services that we offer, as needed.
Financial Modeling and Business Case Validation
What type of financials projections do I need and what do you provide?
- Investors of any flexible workspace project will require a business pro forma. As part of our feasibility report we include varying levels of financial detail depending on the information (we require) and that the client is willing to provide.
- Our business pro forma focuses on the profitability of a space and includes measures related to the value of the concept for the owner, investor, and/or lenders (this also shows how returns will impact those groups).
- The information you are willing to provide will dictate the type of financial projections included in our services.
Can we expect to fill our space with individuals, freelancers and entrepreneurs?
- In most cases we do not find, based on research and interviews, that many concepts are able to fill dedicated and flexible areas with this demographic alone. In many of our feasibility reports we find that catering to multiple target audience groups is an effective way to fill these types of spaces.
- We support our clients by defining a strategy and business model that, if marketed appropriately will allow you to draw from a diverse pool of demographics that exist in your area.
- If you create a diverse model that caters to many types of clientele you will have a greater potential for lowering the lead-time to fill your facility by appealing to a larger audience.
“We have created an approach for our clients that incorporates coworking AND other flexible workspace concepts to minimize your risk and diversify your portfolio.”
Coworking Specific and Spatial Analysis
Will you provide analysis of a potential use of our space(s) and guide our marketing?
- Yes, we will work with you to identify the best use case for any (and all) available spaces in the form of a floor plan arrangement, as well as, a marketing strategy for this unique layout.
- A marketing strategy must be catered to a targeted demographic of individuals, or the funding allocated (and/or used) will be wasted on unknown and undefined demographics who will, unlikely, convert into paying customers.
- We have extensive branding experience and it should be noted that we highly recommend waiting until you have done a proper feasibility report, and completely understand your local target audience prior to investing in marketing, branding or physical space. It can (and should) take weeks, to clearly identify an effective brand and marketing strategy in conjunction with data, interviews and feedback from your demographic(s).
Will you show us how to encourage physical interaction between companies entrepreneurs?
- The physical interaction between members in coworking spaces is facilitated through programming, and it is the responsibility of your community manager(s) to encourage members to interact with one another. During our launch program we work with clients to produces policies and procedures (that include training for community managers) and creating programming specific to the demographic(s) you’ll cater to.
- We have seen many spaces fail because they focus on designing physical environments that are supposed to make people interact, only to find out that these very expensive spaces lack a human element. Without specific programming (and a community manager) to bring people together, the spaces themselves will be ineffective at facilitating physical interaction.
- Once we confirm the flexible workspace models you will use for in your facility, specific events can be designed (on a monthly, quarterly, and/or annual basis) to add more value to memberships, while defining membership tiers.
“Our business pro forma focuses on the profitability of a space and includes measures related to the value of the concept.”
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