So, you want to start a coworking space. Great choice! But let’s not sugar-coat it – it’s not just about putting some desks in a room and hoping for the best. You’ve got to understand your market, find the perfect location, design a space people actually want to spend time in, and (the big one) get them to stick around. Oh, and let’s not forget the silent killer of coworking businesses: empty desks draining your revenue faster than your coffee supply on a Monday morning.
The good news? The coworking industry is thriving. Hybrid work, remote teams, and the rise of startups mean there’s more demand than ever. In fact, with over 40,000 coworking spaces worldwide (and counting), the opportunity is huge – but so is the competition.
Starting a coworking space is equal parts science and art. It’s not just about desks; it’s about building a community where ideas flourish, people connect, and productivity soars.
To make it work, you’ll need answers to the big questions: Who’s your audience? What do they need? And how do you make your space the place to be?
The even better news? You’re not alone. This guide is your ultimate roadmap to making your coworking dream a reality. From market research to designing a space your members will rave about, we’ve got you covered. Let’s dive in!
P.S. Grab a coffee – it’s a long read!
Want to jump straight to the good stuff? Here’s a sneak peek of the steps we’re diving into:
- Know Your Market
- Choose the Perfect Location
- Design a Functional Workspace
- Price Your Memberships Right
- Market Your Coworking Space
- Build a Thriving Community
- Master Your Finances
- Prepare for the Future
Step 1: Know Your Market (and Build a Plan That Actually Works)
Let’s cut the fluff – before you start picking out locations or splurging on fancy furniture, you need to know your market. Why? Because winging it is the fastest way to burn through your budget and time.
Who’s Your Audience?
Coworking spaces are like playlists – different audiences want different vibes. Are you building for:
- Freelancers looking for flexible, affordable desks?
- Startups craving private offices with communal perks (and a lot of caffeine)?
- Remote workers desperate for reliable Wi-Fi and the occasional human interaction?
- Corporate teams searching for collaborative spaces that don’t feel like a punishment?
The clearer you are about your audience, the better you can design a space, set pricing, and create services that fit them perfectly.
Do Your Research (No, This Isn’t Optional)
Market research isn’t a “nice-to-have” – it’s your survival guide. Here’s how to get started:
- Spy on competitors: Who else is in your area? What’s working for them? What are they missing? Analyse their pricing, layout, and perks to spot your opportunity.
- Survey potential members: Talk to your future customers. What’s their dream workspace? What’s driving them away from their current setup?
- Spot trends: Use tools like Google Trends or dive into social media to see if coworking is booming locally. Even better – look for niche audiences that others are ignoring.
Learn from the Best
Most successful coworking operators will tell you they wish they’d done more homework before starting. Save yourself the guesswork and dive into these highly recommended reads:
Many operators say these books not only helped them refine their vision but also saved them from costly mistakes. Consider them your pre-launch homework.
Turn Research Into Action: Build a Solid Business Plan
Once you’ve done the groundwork, it’s time to turn your insights into a roadmap. A business plan isn’t just something to appease the bank – it’s your playbook for success.
What to include:
- Your mission and business model: What’s your purpose? How will you make money – memberships, events, meeting rooms?
- Financial projections: Lay out your startup costs, monthly expenses, and when you’ll turn a profit.
- Growth strategy: Dreaming of scaling up or offering new services? Plan for it now.
Pro tips:
- Use coworking-specific software to simulate revenue and costs (it’s worth it).
- Include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). Trust us – this isn’t just MBA jargon, it works.
Secure Funding (Because Dreams Need Dollars)
Alright, you’ve got the plan – now it’s time to fund it. Money is where most coworking dreams either take flight or hit the ground. Let’s make sure yours soars.
Here’s what you’ll need:
- Startup costs: Think leasing or buying space, renovations, furniture, tech, and marketing.
- Operational expenses: This includes utilities, staff salaries, cleaning, and all the coffee your members can drink.
Funding options that work in Australia and New Zealand:
- Traditional loans: Approach your local bank or credit union.
- Venture capital: Got a scalable vision? Investors might love you.
- Crowdfunding: Use platforms like Pozible (Australia) or PledgeMe (New Zealand) to rally community support.
- Government grants: Check for grants targeting small businesses or sustainability initiatives.
Pro tips:
- Start small. A full, buzzing space is better than a half-empty palace.
- Negotiate your lease for perks like rent-free periods or landlord contributions to fit-outs.
Why It Matters
This step isn’t just about ticking boxes – it’s about setting your coworking space up for long-term success. When you know your audience, build a solid plan, and secure the funding to back it, you’re creating more than a workspace – you’re launching a business designed to thrive.
Now that you’ve got the groundwork sorted, it’s time to move on to the next big challenge: finding the perfect location. Because even the best space won’t work if no one can find it. Let’s talk about making that happen.
Step 2: Choose the Perfect Location (Because “Close Enough” Won’t Cut It)
Your location isn’t just an address – it’s the beating heart of your coworking space. It’s what sets the tone, draws your members in, and makes them want to stick around. So let’s get real: finding the right spot is half the battle.
What Makes a Location Prime Real Estate?
- Accessibility: Your space should be easy to reach by bus, bike, or car (or teleportation – when that’s a thing). Bonus points for nearby parking and public transport options.
- Security: Especially if you’re running a 24/7 operation, safety is non-negotiable. Think well-lit streets, low crime rates, and secure access systems.
- Visibility: If people can’t find your space, they won’t use it. Choose a spot that’s easy to locate – and even easier to remember.
- Proximity to amenities: Got coffee shops or restaurants within a 15-minute stroll? Perfect. Members love grabbing a latte or a quick bite without venturing too far.
How to Make Your Location Work Harder for You
- Collaborate locally: Partner with nearby coffee shops or eateries. Swap promotions, place flyers in their spaces, or serve their coffee in your kitchen. Win-win.
- Negotiate smart: Use your long-term lease to score perks – like reduced rent for the first few months or landlord contributions for renovations.
- Think long-term: Is the building flexible enough to handle future growth? Can you add private offices or more desks if demand spikes? Future-proofing your space is key.
Location Pitfalls to Avoid
- That “cheap deal” building with no parking, terrible internet, and a vibe that screams “abandoned warehouse”.
- Unsafe areas that’ll scare off members before they even step inside.
- Spots too far off the beaten path to be convenient for your target audience.
Why This Step Matters
Your location isn’t just where your space lives – it’s part of your brand. When members feel secure, connected, and surrounded by great amenities, they’ll stick around – and they’ll rave about your space to others. And isn’t that the dream?
Step 3: Design a Workspace That Works (and Doesn’t Wreck Your Members’ Backs)
Your location may get people through the door, but your design is what keeps them coming back. And no – we’re not just talking about pretty furniture or trendy décor. Functionality always wins.
Skip the Flash, Focus on Function
- Goodbye, bean bags: Cute? Yes. Functional? Absolutely not. Your members deserve better than back pain by lunchtime.
- Ergonomics for the win: Invest in proper desks and chairs (think adjustable and standing options). Long-term comfort equals happy members.
- Privacy, please: Soundproof booths for calls and virtual meetings are a game-changer. No one wants to overhear Karen pitching her “life-changing” startup idea.
- Practical perks: External monitors, plenty of outlets, and fast Wi-Fi are essentials. And don’t forget a solid coffee machine – productivity smells like fresh brew.
- Green is the new black: Indoor plants make your space cosy, fresh, and undeniably Instagram-worthy.
Balance Aesthetics with Atmosphere
Your members aren’t just renting a desk – they’re buying into a vibe. Your space should:
- Feel inviting: Use warm lighting, thoughtful décor, and textures that make people feel at home.
- Encourage interaction: Design lounges, communal tables, and kitchens to foster connections without being too forced.
- Allow flow: Let members seamlessly move from focus mode to brainstorming sessions to “I-need-a-coffee-now” breaks.
Why Design Matters
Your design isn’t just about filling a room – it’s about creating a space where people want to be. When members are comfortable, productive, and inspired, they’ll not only stick around but also tell their friends.
Step 4: Price Your Memberships Right (and Keep the Lights On)
Pricing isn’t a guessing game – it’s a strategy. The goal? To charge enough to stay profitable without scaring off your target audience. Sounds easy, right? Let’s break it down.
Start with Your Costs
Before setting prices, you need to know your numbers:
- Startup costs: Renovations, furniture, tech, and that Instagram-worthy coffee machine.
- Operational expenses: Rent, utilities, staff salaries, cleaning, and maintenance.
Offer Flexible Plans
Members love options, so make sure you offer them:
- Day passes: For drop-ins who just need a desk for the day.
- Hot desks: Affordable, unassigned seating for casual users.
- Dedicated desks: Reserved spots for regulars who like consistency.
- Private offices: Perfect for teams who need space and privacy.
- Add-ons: Mail handling, lockers, and premium meeting rooms – because upselling is your friend.
Stay Competitive
Take a look at what other coworking spaces are charging:
- How do your amenities stack up against theirs?
- Are they offering better coffee, stronger Wi-Fi, or more Instagrammable meeting rooms?
- What’s your unique edge – community, flexibility, or all of the above?
Referrals = Pure Magic
Let your members do your marketing for you. Offer a referral deal – like 50% off their first two months if they recruit someone. It’s a win-win that grows your community without breaking the bank.
Why It Matters
Price too low, and you’ll struggle to keep the lights on. Price too high, and members will walk out before they even walk in. The sweet spot? A price that feels worth every penny to your members – and keeps your business thriving.
Step 5: Market Your Coworking Space (Because a Great Space Deserves a Buzz)
Your space is ready. Now, it’s time to let the world know. But marketing isn’t about slapping up a few ads and crossing your fingers – it’s about having a strategy that makes your space irresistible.
Design a Sales Funnel
Think of marketing as a journey:
- Awareness: Get noticed with SEO, Google Business Profile, and social media ads. Don’t underestimate platforms like Reddit or Craigslist – they’re goldmines for niche audiences.
- Interest: Showcase your space with virtual tours, glowing testimonials, and open house events.
- Consideration: Seal the deal with referral discounts, free trial days, or limited-time offers.
- Loyalty: Keep members coming back with perks, exclusive events, and exceptional service.
Collaborate with the Neighbourhood
Your local community is one of your greatest marketing tools.
- Coffee shops and restaurants: Place flyers in their spaces, buy their coffee beans, or partner for member discounts.
- Local businesses: Host joint events or offer cross-promotional deals. It’s a win-win that builds connections and visibility.
Be Hospitality-Focused
Your members aren’t just customers – they’re part of your community. Treat them like VIPs:
- Train your team to prioritise friendliness, problem-solving, and attention to detail.
- Create an atmosphere that feels more “boutique hotel” than “generic office space”.
Why It Matters
The best marketing doesn’t just attract people – it creates loyalty. When you focus on strategy, collaboration, and hospitality, your space becomes a place people rave about. And that? That’s the magic of coworking done right.
Coworking spaces aren’t just about desks and Wi-Fi – they’re about people. Members come for the space, but they stay for the community. It’s the conversations by the coffee machine, the networking events, and the collaborations that spark over shared snacks.
Let’s face it – your members could work from home or their favourite café. So why do they choose coworking?
- Connection: A nod in the hallway or a chat during lunch makes members feel they belong.
- Collaboration: Sitting next to someone tackling their next big project can be wildly inspiring.
- Networking: Your space could be where the next great business partnership begins.
Building community isn’t a “set it and forget it” deal – it takes effort. Here’s how to make it happen:
- Host events that matter: Networking nights, workshops, or even casual coffee mornings can turn strangers into collaborators.
- Design for connection: Shared tables, lounges, and kitchens make it easier for members to interact naturally.
- Celebrate milestones: Whether it’s a product launch or a birthday, recognising your members’ wins makes them feel valued.
Let Technology Do the Heavy Lifting
Building community doesn’t have to be a juggling act. Enter Hamlet’s Community Building Feed – your secret weapon. Think of it as a social network for your space:
- Interactive feed: Members can share updates, ask questions, or post ideas.
- Event management: RSVP and engage with events directly through the platform.
- Networking opportunities: Highlight member skills and interests to encourage collaboration.
Hamlet keeps your community connected – even when they’re working remotely.
Why It Matters
A thriving community transforms your coworking space from “just another desk” to a place people can’t imagine leaving. Happy members stay longer, refer their friends, and build the buzz that keeps your business thriving.
Step 7: Get Your Financials in Order (Because Cash Flow is King)
You’ve got the perfect space, the right members, and a killer vibe. But let’s get real – none of that matters if your finances are in chaos. Profitability isn’t just about filling seats – it’s about managing the dollars behind them.
Automate or Stagnate
If you’re still using spreadsheets to handle invoices and expenses, we need to talk. Spreadsheets are fine for grocery lists – but for coworking finances? They’re the silent killer of productivity.
Here’s why automation is your new best mate:
- Automated invoicing: Hamlet takes care of the nitty-gritty – from sending invoices to tracking payments (and following up with late payers).
- Expense tracking: Know where every dollar is going – whether it’s furniture, maintenance, or that third coffee machine.
- Real-time financial reporting: Get clear insights into your cash flow without the guesswork.
The Power of Integration
Got accounting software like QuickBooks or Xero? Perfect – Hamlet integrates seamlessly. Here’s how it makes life easier:
- One-stop invoicing: Generate invoices automatically and sync them with your accounting system.
- Automated billing: Payments are logged and reconciled in real time – no manual updates needed.
- Simplified tax time: All your financial data in one place, ready for your accountant (and your peace of mind).
Plan for the Unexpected
Rainy days are inevitable. Set aside a portion of your income for:
- Repairs (because coffee machines don’t fix themselves).
- Slow months when memberships drop.
- Upgrades to keep your space competitive.
Why It Matters
Financial management isn’t about crunching numbers – it’s about ensuring your space can thrive today and scale tomorrow. With tools like Hamlet, you can automate the boring bits, focus on what matters, and make smarter decisions for your business.
Step 8: Prepare for the Future of Coworking (and Keep Your Space Thriving)
Coworking is booming, but with growth comes challenges. One of the biggest hurdles for coworking operators? Space utilisation. Empty desks don’t just look unappealing – they’re a drain on your bottom line. Staying ahead means finding ways to maximise every square metre, turning those empty seats into revenue. The solution? Smart tools like space management software.
The Challenge: Making Every Desk Work for You
In the coworking business, space utilisation is king. Even the most beautifully designed space won’t stay profitable if desks, meeting rooms, or private offices sit unused. To stay competitive, you need to know:
- How your space is being used. Which areas are popular, and which are overlooked?
- Where you’re losing opportunities. Are your off-peak hours a ghost town?
- How to turn empty space into revenue. What’s the strategy to fill those gaps?
Guesswork won’t cut it – you need data and actionable insights.
Hamlet’s space management software makes every corner of your coworking space work smarter, not harder. Here’s how it helps you tackle the space utilisation challenge:
- Data-driven insights: Gain a clear, real-time view of how your space is being used. Whether it’s hot desks, private offices, or meeting rooms, Hamlet shows you where the demand is – and where it isn’t.
- Optimised bookings: Automate bookings to avoid double-bookings and make it easy for members to reserve their ideal workspace, increasing satisfaction and usage rates.
- Dynamic pricing: Adjust your pricing to reflect demand. Charge a premium for high-demand times and offer discounts during quieter periods to fill those empty seats.
- Revenue tracking: See exactly how much each area of your space is contributing to your bottom line. Use this data to make informed decisions about what to tweak, expand, or refine.
How It Translates to Real Results
Hamlet’s space utilisation features go beyond metrics – they transform your coworking space into a more profitable, efficient operation. Here’s what you’ll get:
- Maximised revenue: Fill unused desks, meeting rooms, or event spaces and turn empty seats into reliable income streams.
- New opportunities: Introduce flexible options like day passes, hourly rentals, or premium access to high-demand zones – all powered by data-driven insights.
- Improved member experience: Automated booking systems and seamless access make using your space effortless for members, ensuring they stay happy and engaged.
Why Technology is Key to the Future
Space management isn’t just about filling seats – it’s about creating a smarter, more scalable business. Hamlet goes beyond utilisation with features that keep you ahead:
- Centralised operations: Manage everything – bookings, payments, and memberships – from a single dashboard, reducing admin chaos.
- Community building: Engage members with Hamlet’s Community Feed. This feature creates a digital hub where members can network, RSVP to events, and share updates – making your space more than just a workplace.
- Future-ready scalability: Whether you’re running one location or twenty, Hamlet grows with you. Expanding your business becomes a smooth, seamless process.
Why It Matters
In a competitive coworking market, space utilisation is the key to staying profitable and ahead of the curve. Technology like Hamlet doesn’t just help you manage your space – it empowers you to optimise it, attract the right members, and deliver an experience that keeps them coming back.
The future of coworking isn’t just about desks – it’s about creating spaces that work as hard as you do. With tools like Hamlet, you’ll be ready to transform empty space into thriving revenue streams and keep your business growing.
So, ready to take the next step? Let Hamlet help you turn those empty desks into cash and build a coworking space that works smarter, not harder. The future is waiting – let’s make it happen.
Conclusion: Your Coworking Space Journey Starts Here
Starting a coworking space in 2025 is no walk in the park, but with the right plan, tools, and mindset, you’re set to create something incredible. Let’s recap:
- Know your market: Understand who your members are and what they need.
- Pick the right location: Find a secure, accessible space with great nearby amenities.
- Design for functionality: Create a workspace that balances comfort, practicality, and aesthetics.
- Price with precision: Offer flexible options that appeal to your target audience while keeping the lights on.
- Market like you mean it: Build buzz with smart strategies, local partnerships, and a personal touch.
- Build a thriving community: Foster connections and collaboration to make your space the go-to hub.
- Master your finances: Automate, integrate, and prepare for anything to ensure long-term success.
- Optimise for the future: Use smart tools to maximise every square metre and scale with confidence.
Coworking isn’t just about desks – it’s about creating an ecosystem where people thrive, ideas flourish, and businesses grow. But to do that, you need the right tools in your corner.
That’s where Hamlet comes in. Whether you’re trying to maximise space utilisation, simplify finances, or build a buzzing community, Hamlet is designed to help you work smarter, not harder.
P.S. If your inbox is overflowing with “Can I book this room?” emails, and you’re still trying to figure out who’s late on payments, it’s time to upgrade. Book a demo today, and let Hamlet help you turn things around.
