Here is a sample business plan for a coworking space.
Tons of exciting business ideas exist that can be implemented with proper planning and implementation. The business plan serves as a perfect tool for achieving that.
For persons interested in starting a coworking space, there’s a need to have all your strategies well captured for easier implementation.
Here is a coworking business model that should guide you.
COWORKING SPACE BUSINESS PLAN SAMPLE
Your plan forms a basic part of the requirements for getting funding if you wish to. More important is its usefulness for the proper implementation of set strategies.
Without further delay, let’s begin by taking a look at key components to be included in your coworking space business plan.
These Sections are Crucial
To have a well-written coworking space business plan, you’ll need to have it ordered according to sections. Key sections include the executive summary, the company description, as well as the products & services sections.
There’s more!
Also, have the market analysis section, the strategy & implementation section, the organization & management team section as well as the financial plan & projections sections.
Consider these the building blocks or structure upon which the plan is written.
i. Executive Summary
The starting point for any reader going through your coworking space business plan is the executive summary section. In other words, this section appears first and is basically a summary of the entire plan.
To better capture the plan, this section is best written last. However, it appears first.
You want to begin by properly introducing your coworking space business. Here, the investor decides whether your plan is worth reading through or not.
Such reality points to the need to make your executive summary engaging and interesting.
Your executive summary should have subsections that include the business name & location, products & services being offered, your mission & vision statements as well as the specific purpose of the plan.
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Business Name & Location
This is where your coworking space business idea is unveiled starting with its name as well as its location.
Here, you’re introducing your business concept to your audience.
Asides from its identity, you want to provide information on where it’s located as this plays a role in marketing and patronage.
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Products & Services Offered
A coworking space business provides shared office spaces at a fee.
Here, you’ll need to clearly define what type of clients you seek to serve and how your services are structured. It’s necessary to state the benefits of your business to your target clients.
This helps make your business idea more viable.
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Mission & Vision Statements
Critical areas of the executive summary that need to be pointed out are the mission and vision statements. This helps gives an idea or a direction the business is headed.
The mission statement should state your purpose and also explain why the business exists.
The vision statement on the other hand is an ideal long-term goal you wish your coworking business to accomplish. It’s part of the strategic plan and should be futuristic.
More importantly, it should inspire and give direction to your employees.
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Specific Purpose of the Plan
The specific purpose of your plan should be fully stated. This benefits you while also helping your audience grasp its objectives.
ii. Company Description
This is the section of your coworking space business plan that should describe the business in greater detail.
Here, you’re providing information on the legal structure adopted while also giving a brief history about the nature of the business, what it does, and the needs it seeks to meet or fulfill.
There’s also a need to give an overview of all services offered. However, it’s much more than just services. You want to explain in detail how such service serves the needs of the market.
If your business is already in existence, you’ll want to provide a summary of its growth with a focus on financial and market highlights.
iii. Products & Services
What are you going to be selling? And how does it benefit your clients?
Other areas to include are; an explanation of the market role of your service.
Most importantly, there needs to be a clear distinction in terms of competitive advantage over your competitors.
iv. Market Analysis
Coworking spaces are increasingly becoming popular as they cater to a wider audience. You’ll need to demonstrate your understanding of the industry. No one wants to do business with a novice.
As such, thorough market research must be conducted with findings included.
Such findings should include a sketch of target customer segments including demographics where necessary. It’s also important to have an industry description and outlook with supporting statistics where necessary.
Historical, current, and projected marketing data for all services offered by your business will need to be added. This also includes a detailed assessment of your competitor’s strengths and weaknesses.
v. Strategy & Implementation
This is where all your sales and marketing strategies should be documented.
Of course, these have to be implemented with an operating plan. Explain how your coworking space will enter the market while also providing details on cost, pricing, and promotions.
Other key inclusions cover how the business will function, your sources of labor, the number of workers or employees needed to run the business, and also the operating hours.
vi. Organization & Management Team
As the name implies, the organization and management team section of your plan takes a look at who’s involved in the day-to-day running of the coworking space business.
For a comprehensive breakdown of such details, consider providing an organizational chart with key descriptions of departments and employees.
A profile of the business owner(s) will have to be included. This should be followed by a profile of the management team with names, positions, responsibilities, and experience provided.
vii. Financial Plan & Projections
You’ll need professional help to do a good job of writing the financial plan & projection section.
Under this section, critical areas covered include the historical financial data (mostly for established coworking businesses), and realistic prospective financial information.
There should also be a brief analysis of your financial data with details such as ratio and trend analysis for financial statements. A professional accountant will be of great help here.
If you’re a financial expert yourself, this wouldn’t be a problem at all.
With your coworking space business plan following this template, you should have no problems at all getting funding approval and also properly implementing your business ideas.