How Coworking Membership Works: Complete Guide thumbnail picture
  08 Mar 2022

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How Coworking Membership Works: Complete Guide

Coworking membership is a fantastic concept that feeds into a profitable business model. It is a space where work gets done.

As time passes, people are getting more interested in learning more about how it works and what makes it so popular.

Who Uses Coworking Spaces?

Flexibility, cost-effectiveness, convenience, autonomy, control, and a sense of community are all aspects of coworking spaces.

So what kind of people utilize these kinds of services?

Although some other people out of this grid may use it, here are the group of people that may best utilize the services of a coworking space.

  • Entrepreneurs
  • Small Businesses/ Startups
  • Freelancers
  • and more

What is Coworking Space Membership?

Coworking space membership is paying a fee to be officially associated with a coworking space and being regarded as part of their community for a period of time.

Coworking space membership provides a diverse range of workers and independent professionals with a sense of alliances and communal amenities.

Benefits Of Coworking Spaces Membership

These are just some of the benefits of coworking spaces for property owners and managers.

  • Strategic Revenue Generation
  • Trust and Community
  • Visibility and Promotion

Strategic Revenue Generation

Generating revenue through coworking space membership is one of the most brilliant things a property owner can think of.

Read more: Coworking Space Revenue Model: All You Need To Know

This is because membership plans allow you to earn income on the side without significantly adjusting the already existing structure.

Trust and Community

One of the essential benefits of coworking space membership is the community. As a manager or owner of the property, you'll be surrounded by professionals who stay within proximity of the space.

Since a coworking space is not the same as a traditional working space, members want to feel like they work alongside a trusted community of people with common interests.

Thanks to these people, your business may get some credibility in that location. This builds trust, which can subsequently help the growth of your brand.

Overall, the community possesses a great potential to enrich your business.

Visibility and Promotion

Shared office space membership also offers benefits derived from visibility. Within the space, you are likely to meet partners & collaborators. You'll also drive exposure to your property with a strong membership force.

7 Common Coworking Membership Plans

Private Offices Membership Plan

Many coworking spaces provide private offices for individuals or groups, with varying costs, depending on the office size and the number of people that may utilize the membership.

This gives members the luxury of a private workspace while also enjoying the rewards of belonging to a community (like networking.)

Hot Desk Membership Plan

Hot desks provide members with access to the space but do not allocate a specific desk to them on a given day; therefore, people who choose this option will rotate desks regularly.

Members get access to the same basic amenities as non-members, such as meeting rooms, community activities, and discounts; the only difference is the access to desks.

Dedicated Desk Membership Plan

Dedicated desks are exactly what they sound like. This membership assures you will be assigned to the same desk every day.

This is excellent for workers who require additional personal and storage space.

Weekend Or Hourly Membership Plan

Weekender membership plans are designed for people who only require access during the weekend. These may be people that work on projects outside of their regular employment hours.

Several spaces also offer hourly prices for individuals who are just in town for a short period or only require the space occasionally.

There are also coworking spaces that provide members who provide access to the space at night, on weekends.

The Community Membership Plan

This package is designed for potential members who are interested in joining the coworking community but do not require frequent access to a workplace.

This package may include one day of hot desk access per month, access to your venue's digital community, and discounts on event and workshop tickets.

This lets you easily attract workers to your space while also ensuring that your community is dynamic.

It's an excellent option for workers who can't be at the space during the workday but wish to be a part of the community.

Meeting Rooms Membership Plan

Workers will probably have access to meeting rooms and conference rooms, regardless of the coworking membership plan, they're on.

Whether you're a freelancer meeting with a client, a startup pitching investors, a small team conducting a strategy session, or a service provider conducting a workshop, meeting room access is a valuable option.

This type of membership is for people who don't care for other things, except using the meeting room.

Virtual Offices Membership Plan

Members of the virtual coworking membership plan receive a physical mailing address, office-related services, and access to a community without physically visiting the location.

Virtual offices are useful to solopreneurs and new business owners who want a business address but lack the financial ability to invest in a full-time office desk.

You may attend local events aimed at new businesses to identify potential members who may benefit from a virtual office.

You may also arrange an event for entrepreneurs in your location and ask current members to come to give prospects a chance to network.

Cost And Pricing Of Coworking Membership Plans

The cost and pricing for your coworking space membership will vary, due to some factors like location, facilities, amenities, services provided, and target audience.

The way you advertise and who you market to are both significant elements to consider when developing a pricing plan.

You must also consider the typical market pricing in your area or region, the services and prices of your rivals, as well as the demands and habits of your target community.

Read more: How To Boost Coworking Membership Sales

Coworking Space Membership Sustainability

The freelancing industry continues to expand. However, the sustainability of coworking space membership lies in the hands of younger workers.

The Millennials and Generation Z are increasingly turning to freelance labor, which is good for the market.

Coworking spaces and their membership plans are efficient for small businesses with a couple of workers and bigger businesses wishing to innovate.

The community may be used as a model for any firm striving to be ingenious and grow. So it's no surprise that these coworking memberships have gotten a lot of attention in recent years.

You may expect to hear and see more of these sorts of locations coming up around you in the near future.

Strategies For Retaining Coworking Members

Even though many spaces focus on gaining new members, it's crucial to keep your current ones. This is excellent business advice, regardless of the type.

So, how can you keep your coworking members? The solution is more than just good customer service. While this is significant, it is not a differentiator in the coworking market. Instead, try to work on the following:

Target Audience

If you aim to please everyone, you may end up pleasing no one. If you want to keep your coworking members, you must tailor your space to their specific needs.

Hence, determine what kind of individuals or companies you want to attract to your place and customize your content to fit their requirements.

You'll locate your community by selecting a core audience and communicating directly to them through your online copies, marketing, and other promotional activities.

You may even further develop a specialty coworking space focused on a specific business or passion, which is a growing trend in the flexible workspace market.

First Impressions

It is essential to make an outstanding first impression. When you're onboarding a new member, you should make sure things run as smoothly as possible.

Make sure your new members know all the benefits, amenities, and services you provide.

Explain how your coworking space would benefit the member's business and share examples of existing members who have succeeded due to their membership.

A personal touch may be beneficial to this element. For example, you may take them on a brief tour of the facility and introduce them to the other members.

You may also use your website, social media platforms, or messaging applications to announce new members.

Relationship With Members

Many coworking spaces endeavor to create and maintain a positive atmosphere. But how can you ensure that you create the best community possible to keep members coming back?

Read more: What is Community Building In Coworking: A Simple Guide

This is where you should encourage networking. You may use a variety of strategies to achieve your goals.

Creating an online community, consistent events schedule, or work-trade options, for example, may all make your members feel more at home in your location.

Also, make sure you request feedback from your members about your space. You may, for example, invite a new member to offer feedback after one month of membership.

You might use an online poll to get this information, or you could just have a five-minute coffee break with the person in question.

Try to figure out what you're good at and not so good at for whichever approach you use.

You may even perform a community audit regularly to help you gather this information from your members.

Switch It Up

When it comes to keeping your coworking members, you might want to try something different. For example, you might start a loyalty program and offer existing members discounted membership costs or freebies after they've been with you for a certain amount of time.

If your coworking space runs a blog, you may utilize it to interview and promote your members' brands.

Also, engage with your members on social media by following them, sharing their content, and responding to their postings.

This not only indicates that you care about their business, but it also allows them to market your space.

Key Takeaways

This helps increase cash flow as they pay for services they want. You can create a functional coworking space membership if you're very intentional about it.

Booking Ninjas Coworking PMS consists of features that help you easily manage your coworking space membership with easy-to-use software.

Want to find out more? Schedule a discovery call with us today!

Improve Your Property's Management, Operation & Revenue With Booking Ninjas Property Management System

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