Coworking Business Plan Checklist Use these criteria and key questions to set up a flawless business plan ready to present to potential investors and stakeholders. DEFINE YOUR VISION Write down the reasons you want to open a coworking space (i.e. to create your own startup, to make money, to foster a community, to solve a problem, etc…) Research the mission of other coworking companies and highlight your likes and dislikes Identify your target audience Create a mission statement SOLVE A SPECIFIC PROBLEM Identify unique problems in your area or workplace Identify problems for a specific demographic or industry that you are passionate about Research competitors of your concept. What are they doing wrong or right? Talk to freelancers and remote workers near you and pinpoint how their professional lives could be improved 1 DEFINE YOUR SPACE Decide what audience the brand is targeting. For example, is the space premium, luxury and exclusive - or affordable, casual and open? Create a mood board of colors, fonts, images and words that capture your vision for the space Use word clouds and word association diagrams to pinpoint the feeling you want your space to have Keep detailed notes and screenshots of the mood board to inform your first purchases or give to a professional designer What inspiration can you draw from the location (local wildlife and scenery, architecture, culture, etc…)? BUSINESS GOALS List the business goals. Where do you want to be in the short-term and long-term? Create a detailed roadmap to fill in the gaps between goals. Be sure to include actionable steps (i.e. secure a loan or investment > build a website > hire an assistant, etc…) Include specific financial targets for each quarter of your roadmap Create a detailed budget based on your investment, current expenses, and overhead costs Create a marketing strategy. How will people learn about your space? 2 PICK YOUR TEAM Decide whether you have the budget to hire full-time, part-time or freelance employees Depending on the size of the proposed space, determine what essential positions need to be filled (basic suggestions below): Manager Receptionist IT Support Community Manager or Event Planner Marketing or Advertising Strategist Blog writers Maintenance workers Cleaners (Optional) Choose your business partners. Who is invested in the concept and has a passion for coworking? Determine what benefits you can offer the people you hire (i.e. salary, vacation, insurance, etc…) LOOK AHEAD Routinely check your future goals for the company. How do they measure against your current revenue and/or accomplishments within the roadmap? Update your goals for the company based on feedback and experience in the first few months Stay updated on the coworking industry. Revisit the problems you wanted to solve in the beginning. Are you making progress or providing a sufficient solution to your members? 3
