3 Myths of Coworking Space Ownership & the Truth Behind Them

Coworking spaces are still on the rise, especially as more people experience changes in their commutes and lifestyles. If getting into the coworking industry is something that you are considering, it’s best to know which myths you need to be aware of and what the realities of the industries are. Just because it is still a relatively novel concept, the industry itself has started to evolve, and it pays to know the trends that are currently practiced.

It’s a build-and-wait concept

A common misconception for those who want to have their own coworking business is that this is a build and wait for customers industry. With the rise of freelancers and start-ups come the need for office spaces. In reality, location still counts in the preliminary planning, Thinking Big Partners reported. While the goal is to provide working hubs outside of central business districts, coworking space owners should still think about where they plan to build. If it’s within the CBD, it should be far from the traffic central where all the other offices are. If it is in the outskirts, it still needs to factor in the potential customers that it will cater to.

It’s just a shared space

The very name of coworking spaces connotes a particular idea of the office. Coworking means working with other people in different companies, which leads others to think that all this business means is setting up shared office spaces.

Medium presents more than one type of coworking space, and shared space is just one of them. Some coworking spaces can cater to a specific industry. Some are merged with cafes and restaurants to provide a more relaxed vibe. There are even those that are co-living spaces, which provide dormitories that allow freelance a more transient location. When asking how to run a coworking space, an important follow-up would be knowing what type of coworking space it is.

It’s all about the hip, artsy look

Modern coworking space interior
The rise of coworking spaces has ushered in a new breed of office environments. Gone are the days wherein it was fine to work in cubicles with fluorescent lighting. The idea is that the first question asked on how to run a coworking space is that it needs creativity, artistic appeal, and quirky design.

Granted, a lot of the freelancers are from the creative industries, but with more small businesses and start-ups becoming commonplace, these are also businesses that can boost your market. Entrepreneur reported that, when designing your space, you need to create an environment that meets the needs of any business, whether it’s small or big. This means the right furniture, the necessary spaces for meetings, and other utilities.

Whether it’s knowing your market or choosing the industry you want to cater to, having your own coworking space is a great dabble in entrepreneurship. Make sure you know your industry well so you can cater to the right market with the right service.