Looking to build a co-working space at low-cost? Here are the strategies

Pick a location that acts like the nucleus of a city, reports Tech in Asia

A rising Indian startup ecosystem, skyrocketing rents, and long lease agreements—all these forced young companies to look for an alternative when it came to spending lots of money on office rentals. This gave birth to a wave of co-working spaces in India.

1. Analyse the competition

Knowing your competition is the first thing you should do in any business. This helps you develop your strategies and make better financial decisions.

Average cost of operations

Locate the areas where your competition is operating, call the local real estate dealers, and get an idea of the ongoing rentals. Then, calculate the electricity consumption per unit, the staff required per sq ft, the internet cost, etc. Add all these and you will get an average monthly cost of how your competition is operating.

2. Shortlist a few hot locations

Pick a location that acts like the nucleus of a city where there are business networks, transportation, and overall trade. 

When you have narrowed down a few locations, analyse the best possible seating arrangements. Have a few sketches for every location before selecting your final spot.

Space restriction

Identify the space restrictions of each location and evaluate how it will affect your operations in the future. Having an idea of possible hurdles in operations will be extremely beneficial to your company.

Competition analysis by location

In your selected locations, know the price and the facilities with which your competition is operating and analyse the advantages and the disadvantages.

3. Build infrastructure the lean way

Make your space look neat and avoid making it too swanky. Always try and provide an energetic vibe across your co-working space.

4. Have zero marketing budget

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The article was published on Tech In Asia. You can read the full article here