Let’s say you are looking for business models, plans or proformas… you’re probably interested in figuring out how, or who could fund the new coworking operation and how much money you need.
Fair enough, 2022 the coworking industry changed into a real estate decision, comparable to industries in which start-up costs are madly high. Starting a new venture requires outside capital to get off the ground. So…
Where to get investment to fund my coworking space?
Start with yourself.
What your mindset now should focus on to become a sustainable coworking business is
Bootstrapping
This means you begin with very few resources and use ingenuity to stretch what you do have.…
- Make your own real clients
- suffer when you need to make bigger investments (to make sure it’s the right one)
- let space for creativity and improvement
Don’t bore people with your “everything is perfect – coworking space”
Of course your goal is to improve your cash flows so that you have time to get a robust revenue stream…However, I advice you to rather build social capital which you can transform into a financial one. Our consultants build a framework to always identify which activity is missing to balance the ecosystem community out. Why?
Focus on what your members want because they are your funders
Calculating square footage & sizing up furniture, brand and digital identity is important, crucial however is finding your first 10 coworkers. Everything else can come after that. Alex Hillmann beautifully said:
“Where you find them will vary. What they’ll look like will vary. But these first 10 people are the human seeds of your coworking space to be.”
People attract people
Create a meet-up interest group in which you introduce the topic of coworking because when it comes to funding, you’ll need people with pre-paid memberships. And who knows, maybe one of the new members will be your investor?
Don’t start by talking about how in debt you are. Instead, tell people about the revenue you have, the momentum you have, and your buy-in. After the hard work, you will fully own your business, and you’ll find the ability to build your community instead of an investor –