How to start a Coworking business?
Estimated reading time: 3 minutes
How to start a coworking business? This is UK focused.
- Start a business plan and research your market.
How to start a Coworking business? I spent a year researching locations, competition, transport links and potential local clients. The Business Library has great research facilities which are free in the IP centre. Plan your budget and spending schedule. Visit other coworking spaces and offices. Get to know your local community and the area.
- Set a business banking account
You would need to have registered your business with HMRC and companies house before opening a business bank account. Once you done this then you can open your business account. There are many great banking options to choose from, I picked Metro Bank. Get accounting software so you can keep on top of your tax situation.
- You will need to find a location
Use a commercial property agent to help find your location. Your agent will help negotiate terms of the lease, rent free period and other conditions for opening. You may need to set aside a deposit for the landlord. This could be up to 6 months rent or more.
Even before you open your doors, you will have to consider paying for a refurbishment of your facilities, Health and Safety checks, business rates, utilities bills and furniture. Look at any potential rebates or business rate reduction schemes. It is essential to have a fast internet connection before you open your doors for business.
Marketing will be essential in launching your business and getting members. Google and Facebook Ads is a must but I found using local networking resources were the most cost effective and made the most impact with the local community. Contact the local government council and let them know your facility has opened. They could help you. I worked with office brokers that provided me with instant members.
- Create a community
Your members are essential for surviving. Creating a community can be rewarding and help get you through those lonely nights. It is tough starting a business, by now you would have spent a small fortune. Your community is your business, they can potentially get you more members and help advice you how to improve.
To keep your business growing you will have to network. New members will come and old members will go. Some businesses will do well in your space, some may go out of business. You will learn a lot in one year.