How To Find The Right Coworking Consulting For Your Space

In 2023, 25% of coworking spaces were unprofitable, while 30% reported neither profit nor loss. That means less than half were profitable.

If you want to fall into the profitable category, you need to be strategic, whether you’re opening up a new coworking business or trying to improve an existing one. Creating a successful coworking space requires hard work, a large initial investment, and smart business planning.

If you’re struggling with your business plan, or have no idea where to start as a first-time coworking space owner, you may want to look into coworking consulting services.

Although a consulting service can be an investment, having an expert in your corner to provide insights and advice can be invaluable.

But how exactly can a coworking consultant benefit your business, and how can you find the right one for your space? We dive into all of that and more here.

Quick Summary

• Coworking consultants are experts who help new or existing coworking space operators stand out from their competition, increase occupancy rates, and grow profits.
• Coworking consultants can benefit your business by helping you streamline operations, optimize technology, manage space efficiently, increase member engagement, and create a brand identity.
• Before hiring a coworking consultant, figure out how much support you want, identify your goals, and conduct an initial consultation call.

What Does a Coworking Consultant Do?

A coworking consultant helps coworking space owners and managers create and implement strategies that will improve their business. These consultants can advise on everything in the coworking industry, from optimizing your office space to increasing your revenue and enhancing your presence in your community.

These consultants work with a wide variety of coworking business owners and community managers, so they know what works (and what doesn’t).

They can also conduct market research to help you make a plan that fits your niche so you stand out from your competitors and attract the right members.

Most coworking consulting firms can:

• Help owners or operators of a new coworking space find the right real estate, establish a business model that puts them in the best position to be successful, and develop an implementation strategy. They can also help in finding the right coworking insurance policy provider.
• Help current owners or operators of existing coworking spaces assess what’s working and what’s not, and execute strategies that will improve their business.

5 Benefits of Hiring a Coworking Consultant

There’s no question that partnering with a coworking consultant can help you run a more successful coworking space. However, what exactly do you stand to gain from using a consultant?

Here are five potential benefits.

#1 Streamlined Operations

Coworking consulting services help you evaluate your operational costs. They will conduct a financial analysis of your space to see where you may be over (or under) spending and identify cost-saving opportunities.

They can also help you streamline operations by pinpointing areas where your workflow could be more efficient by using technology or better processes.

For example, Lakeside Executive Suites is an executive office suite that struggled with new competitors and a 30% decline in occupancy.

A coworking consulting firm analyzed factors like staffing, vendor management, finances, and technology. From there, it was able to refocus Lakeside’s spending toward areas that would generate a profit, quadrupling its monthly leads in two months.

#2 Optimized Technology

Software can help with everything from meeting room booking to billing. Coworking consultants help you find the right technology to make your space run more efficiently. They can communicate and negotiate with vendors for you, and even help train your staff on any new systems that you implement.

Consultants might also recommend a comprehensive system that covers most of your needs. Ultimately, this means you’ll spend less overall and your members can navigate through your customer-facing apps more easily.

#3 Efficient Space Management

Coworking consultants can help you optimize your office space (including your floor plan). They can determine the right layout based on the unique needs of your members and map out the ideal size of private offices and meeting rooms.

Plus, they can provide insight into features that are currently trendy, which may help you attract new members.

Choosing the right furniture and amenities can make a big difference. If you have features that your target audience loves, your members will keep coming back. But they’ll also leave positive reviews online or share their experiences with other potential customers.

Get all your burning questions answered by an experienced consultant before investing in amenities.

What food and beverages should you offer? Pool tables, an open layout, cozy nooks, phone booths — what works in your market? Is it worth spending on high-end office furniture? What design tips can help make your space more appealing without breaking the bank?

A consultant can suggest amenities that are the perfect fit for your location, members, and budget so you invest in features that people want.

#4 Increased Member Engagement

A lot of coworking space users crave a sense of community, so it’s essential to focus on member engagement.

Coworking consultants can help here too. From organizing events and offering classes to figuring out what incentives and discounts will drive membership and usage, a consultant can recommend the options that are worth pursuing.

They can also help you understand your occupancy rate and how to tailor activities and discounts in a way that encourages optimal space usage.

#5 Brand Identity and Marketing

Even if you have the most efficient, attractive coworking space in the world, people have to know about it to come to it.

Coworking consultants can help you make the right marketing plan for your space, the type of customers you want, and the city that you’re in. They can also show you how to engage with your community, both online and in person.

For example, a clear brand identity was a crucial part of the strategy to transform Heritage Office Suites, a flexible workspace provider. The company ended up achieving full occupancy (with a waitlist) within 18 months of its transformation, and it sustained over 90% occupancy after that.

How to Choose the Right Consulting Service for Your Coworking Space

A good consultant can be your ticket to success. But how do you know what consulting service is right for you?

Here are three tips to help you choose a good fit for your business and your goals.

Determine the Level of Support You Want

Coworking consultants can tackle everything from your business plan and concept to scaling.

If you’re starting a new space, you probably don’t have that much experience yourself. In that case, look for a consulting service that can help with planning and setup as well as management.

Maybe you want someone to be there with you as you revamp your existing space. Or, you just want an outsider’s opinion before making a major change.

Know how much support you need before talking to a consulting company.

Identify Your Goals

Everyone wants a high occupancy rate and to turn a profit. But beyond these, what specific goals do you have in mind for your space? Identifying them ahead of time can help you choose the right consulting firm.

For example, certain firms focus on occupancy rates, while others are experts in technology, community building, or scaling your business. When you know exactly what you’re trying to achieve, it’s easier to find the right consultant.

To help you figure out your goals, start by pinpointing what you’re struggling with, whether it’s high costs, low occupancy rates, or ineffective technology.

Then, determine your priorities. When you already know your vision, a consulting company can help you make it a reality.

If you’re unclear on your goals and choose a consultant who doesn’t have enough experience with your unique needs, things might not move along as quickly and smoothly as you hope.

Test the Waters Before Diving In

Before you dive into a partnership with a coworking consulting firm, do your research. Read reviews and client success stories, and get a feel for whether these experiences align with what you’re trying to achieve.

Many firms will offer a free consultation call before you begin a partnership, which can be a great way to present your goals and struggles. You should be able to get an idea of how they can help and if you’ll be able to work well with them during this consultation.

These initial calls can also be an ideal time to ask vetting questions like:

• How long would the consultant be involved in your business?
• What would their level of involvement be?
• Do they have any experience with the type of clients you’re looking to attract?

OfficeRnD Flex Will Improve Your Space Even More

Hiring a coworking consulting group can be hugely beneficial for your coworking space. These professionals can help you streamline operations, increase member engagement, and establish a competitive brand identity, all of which can drive you toward higher profits and occupancy rates.

But to implement your consultant’s advice, you need an easy-to-use system that you can customize to fit your needs. That’s where a coworking management platform like OfficeRnD Flex comes in. With it, you can:

• Automate billing and invoicing so you get paid faster and with less stress
• Book meeting rooms with ease
• Provide incredible member experience with white-labeled member apps that allow operators to provide their own branded experience to impress members and maintain brand consistency
• Use advanced reporting to make data-led business decisions
• Integrate with the tools you already use to prevent software sprawl

And much more.

FAQs

How Profitable Is a Coworking Space?

The profit margin for a coworking space is usually around 10% to 15% but can get as high as 30% if it becomes popular. Here’s a complete article discussing whether coworking spaces are profitable.

Why Do Coworking Spaces Fail?

Coworking spaces can fail because of factors like:

• Lack of effort on market research
• Wasted space or overcrowding
• Lack of brand identity
• Inefficient technology and booking system

How Do Coworking Spaces Get Clients?

Flex spaces get clients through marketing and community building. Some choose to hire a consulting group to help them conduct market research and develop a brand identity so their marketing is more effective.

Do coworking spaces make money?

Yes, coworking spaces can be profitable businesses. They generate revenue primarily through membership fees, which may vary based on the type of access and amenities provided, such as private offices, dedicated desks, or flexible hot-desking. Additional income streams can include renting out meeting rooms, hosting events, and offering virtual office services. Effective management, a desirable location, a strong community, and additional services tailored to member needs are key factors in the financial success of a coworking space. By offering a flexible and collaborative environment, coworking spaces meet the needs of freelancers, startups, and remote workers, providing them with office amenities without the overhead of traditional office spaces.