Starting a Co-Working Business in Malaysia Can Definitely Make You Money
Entrepreneurship is really booming in Malaysia right now and the trend of co-working spaces are keeping up with the market. Unlike the virtual offices or serviced ones, that provide working spaces and administrative work, co-working spaces are good for entrepreneurs. They are able to have a good working space that is just within a collaborative environment. Majority of the people who use co-working spaces are not working for the same company. Although, it is a great chance for them to collaborate, network and mentor with the independent professionals who also use these spaces. This is why starting a co-working business in Malaysia does not only earn you profit, it is helpful to entrepreneurs too.
Focus on the Community Before the Space
Do research and make sure the demand for co-working space is there. It is not good to assume that the people will come if you build it because this is a new idea to a lot of people. The market you at trying to penetrate should still see how it is going to benefit them. Take into consideration hosting a couple of events to measure and gain interest. You can create a group on social media and start inviting your friends and colleagues to be part of it. Remember that you should 1st pursue this idea on a smaller range. There are times when it is about finding a good place to meet a couple of times every month.
Amenities and Functionality
A company is offering co-working spaces which are good for natural networking, independent learning, collaboration, and mentoring opportunities. When this company offers 24/7 centralized cafes, meeting rooms, network for entrepreneurs and networks, and educational events every week, their clients have found a sweet spot. The place has great amenities that makes it very functional and conducive to collaboration and ideas. One main benefit of workers to operate in coworking spaces is not dealing with the common amenities in the workplace because they are handled already. These are receptionists, wireless internet, and phone lines that are already taken cared of when they are in a coworking space, that takes pressure from startups and entrepreneurs.
Combining all of these services for a membership fee makes the process simple of opening a coworking space for mobile jobs. Aside from giving basic amenities such as concierge and open-meeting rooms that are available 24/7, you want to make sure the coworking space is conducive to its function. Your clients prefer private and collaborative work and this is what you must be able to offer.
Build a Model that Works
Generally, co-working spaces operate on a business principle that is different compared to majority of other companies. Their prices are not kept and some even do not charge for certain facilities. In addition, they do not ask people to have a long-term contract with them. Co-working spaces get most of their income by allowing entrepreneurs to rent desks. Some even offer event spaces for rent.
Reports show that a lot of co-working spaces only make profit after being in business for 2 years. Although, there are some that have closed down and that is something you should avoid.
Location, Location, and Location
Of course, you want a convenient space that is also safe and accessible. Naturally, co-working spaces survive well in buildings that are older and underutilized. Find a place that no one has used for a while and not being used in full capacity. You might be able to negotiate a nice deal with the property when you speak to the landlord or the one who is managing the property to lease it for a good price.
Location is certainly a factor in this kind of business. This is because people are always looking for a space where they can work. Besides, the atmosphere is conducive to business.
It is a Turnkey Investment
A lot of investors might not know a lot about co-working spaces. Yet, there is a big possibility they have seen an open workspace in the past. And, they might have a good understanding of the trends. They drive the transition to a mobile workforce. A successful company will capitalize on the trends by offering interested investors the chance to offer a functional and engaging co-working space for local entrepreneurs and freelancers. It is definitely a turnkey franchise business opportunity. It leans toward local workers and where the business will go in the future.
Do Not Just Focus on the Local
Even if the co-working space you have is not your main source of income, it still needs to be marketed as a business. You need to create the right strategy for marketing. It is in order to attract the right kind of people because it is very important. You can advertise locally and abroad. This is because there are a lot of traveling entrepreneurs who check out co-working spaces in other countries. They do this to have a place where they can work and at the same time network with the professionals who are also there with the same purpose.
Talk to Those Who Have Been in the Business for a While
If you still do not know how to get started, consider talking to other co-working spaces in other cities to get some advice. This business is about collaboration so most of them will be more than happy to help. You can also go online to find information about starting a co-working space business and more details that you might not have thought of yet.
Starting a co-working space business in Malaysia is a great idea and with the booming trend in the country, you are definitely not making a mistake. Although, you still need to plan and strategize just like any other business because there are always risks involved.
To learn more, you can read about guide to start a business in Malaysia.