New to real estate. I am interested in owning a coworking space somewhere in Westchester County, NY. Any tips on getting started and what has your experience been like?
Thank you in advance.
@Maxine Attobrah I work as a professional Coworking consultant but I’m happy to answer any general questions or point people in the direction of resources.
“Any advice?” is a pretty big question ￼that I normally respond to by saying “coworking is not hard to do right, but it is also very easy to do wrong” so.. research research research!
Facebook has a lot of groups that are worth joining. Women Who Cowork is one I would specifically suggest (you can tell the founders I sent you)
Hello @Maxine Attobrah !How is your coworking experience going? Our biggest issue is finding people to join, haven't gotten a great handle on the marketing. Though we still make good money because I priced my private offices well for the location.
@Chris Pastrana As of right now we have been hosting events for entrepreneurs and investors at a coworking space BUT we have not yet invested in our own coworking space. Still analyzing if going that route is a good fit.
@Chris Pastrana How did finalize if coworking was the right space for you to jump in to as opposed other forms of real estate investing ?
You are making the right first steps for starting a coworking space. I'd first ask you what your goals are for the space and if you own the space. There are a few different options for coworking goals that people have:
- 1. They want to generate the most profit possible on a monthly basis
- 2. They want the coworking space to be a cool side hustle that doesn't lose money, but as long as it generates a $1000 to $5000 a month then we're good.
- 3. The person owns the building and they want the coworking space to be a placeholder business that is neat, but it just needs to cover all expenses. Eventually, the return is by selling the building in a few years.
- 4. They want to do something cool for the neighborhood. It can be a loss leader, but it has other goals than just money.
- Your goals to determine the size of your space, how much you should invest in the space, and how you should design and prelease the space.