Startup series: When is a good time and how long does it take to start a coworking space?

Want to start a coworking space? Then this series is dedicated to you. We recently published the most critical questions prospective founders should ask themselves. We want to get to the bottom of each aspect in more detail. Because a solid roadmap is essential for all planning, today we ask: When is a good time to start up? And how long do the necessary preparations take?

Take generous time

The last part of this series was about "Why?". A good time to start a coworking space is when you are clear about what drives you and where the adventure should take you. Your motivation to create a coworking space does not imply that you, as a future operator, have already gained experience with essential bureaucracy. For such a large project, it is helpful to have a background in paperwork - or to seek help quickly. Another scrutinizing eye can be beneficial for the details of the necessary contracts and the rules and regulations within the community once the space has opened. To thoroughly consider all eventualities, plan generously for time - with the nice side effect that everything may run smoother and faster than hoped anyway.

Bureaucratic foundations

Most coworking spaces open after about seven months - including the first planning steps to the opening party. Mind you, and the average also includes all those whose development tends to drag on due to bureaucratic hurdles such as fire protection measures or renovations (keyword: delivery times). Some other Spaces, on the other hand - about a third, according to the statistics - are ready to move in after less than three months.

Essential aspects in advance: Which contracts are necessary, for example, with the landlord, business partner, or a potential investor? Do these still need to be legally reviewed? Which lawyers can help out here depends on business: Do your questions concern the real estate itself, your self-employment as a founder, or the insurance coverage in the coworking space? There are experts for almost every specification; precise preparation for the talks with lawyers can save time (and money). 

Sure, the bureaucracy is annoying. You want to start directly with the interior and the selection of coworkers. But it helps to make friends with the paperwork as a necessary framework that saves you from dire financial problems in an emergency and keeps a reasonable exit strategy ready - even if you will probably never need it. 

Practical things about moving in and furnishing

Interestingly, even though many coworking spaces start throughout the year in many places, the majority begin around September and October. Few start in December or around the summer vacations - of course, this may also be because moves around the holidays are rather unpopular, ergo: avoid scheduling chaos and think about the opening timing early!  

Include in your timing of move-in as well as how you envision the composition of coworkers. The simplest variable is: What is the minimum number of people who can move in, and what is the maximum number? What criteria can they use to register? For example, will existing company teams count the same way as solo self-employed people? These criteria significantly influence how much lead time your plans require, for instance, if you offer fully equipped workshop rooms or similar. (By the way, we will discuss business models and price segments in a separate article soon). 

A practical note on furnishing: Are there enough sockets and light sources for a modular space layout? You wouldn't think it possible what banalities sometimes hold up the start-up of a coworking space (and yes, I speak from experience).

Opening day at last! And now?

Finally, the internet is installed, the coworkers have signed their leases, and the coffee machine is running. The months of effort are bearing fruit, and all the stress is almost falling away from you. To make sure the grand opening - for which you may be planning a party or other welcome event - goes just as smoothly, take another leisurely day walking through room after room. Discuss your long, almost wholly ticked-off to-do list with possible partners, get feedback or clarify open questions.

Start your business as relaxed as possible and consciously devote your full attention to your new coworkers. Don't be the stressed entrepreneur rushing through the store remotely, but enjoy the fruits of your labor with mindfulness and awareness of detail. You've created something great, and the journey is just beginning.

For all other questions, we will break down various vital topics in more detail in the coming weeks. Stay tuned!