5 Things You Need To Know Before Expanding Your Coworking Business

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Before you say YES to expansion, it’s worth analyzing if you’re actually ready to grow. How are your business performance and operational processes doing? Did you examine the market?

Find below the essentials you need to know before you take a step towards scale!

1.Evaluate your options

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    Expand within the current location

    Cheaper and easier
    Can't tap into new area
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    Relocate to another building

    Find better building
    Difficult, expensive process
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    Open a second location

    Reach new audiences
    Complexity to processes

2.Measure KPIs

90%+ consistently indicates strong demand

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Inventory occupancy

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Revenue occupancy

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Meeting rooms utilization

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New prospects

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Profitability

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Тour to member conversion

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25%+ very high

conversion rate

5% pretty low

3.Analyze processes

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Sales

Communication

Onboarding

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4.Define your brand

4.1 What kind of members do I want to attract?

4.2 What kind of vibe do I want to create in my space(s)?

4.3 What’s my unique selling proposition?

5.Analyze the market

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    Competitors

    No competitors in the area: red flag! Ask yourself why is this?

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    Demand

    Is there a need of more coworking spaces?

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    Coworkers in town

    Do they

    1. make a lot of phone calls daily?
    2. often meet with clients?
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    Local people

    Buy people a coffee and talk with them about the area.

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    Your role

    Еmpowering startups, local entrepreneurs, or be socially responsible?

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    Institutions

    Bureau of Labor Statistics or Chamber of Commerce can give you valuable information about the workforce and demand in the region.

For more details, check The Ultimate Guide to Successfully Expanding
Your Coworking Business!