Introduction

During the past few years, the concept of co-working has acquired attention in different fields, starting from the
academic research and ending with the proper policy formation activities at the local and even national levels.
Co-working is often started by private for profit or not for profit organizations, stimulated by a specific
individual motivation to have a flexible working time and to develop local community combining social and
professional spheres. In rare cases, municipalities and other public bodies are initiators or partners of co-
working initiatives, hence, such examples are rare and important to be shared among the other public bodies
and countries.

Co Working Space:
Different trends of the global economy and demographic changes continue to shape the changing workplace
landscape, while creating opportunities for freelancers and entrepreneurs and empowering the co-working
movement. As employees become increasingly mobile, the Economist magazine predicts the trend could
“challenge many of the fundamental assumptions of 20th-century capitalism, from the nature of the firm to the
structure of careers”. Moreover, computers and mobile devices increasingly connect consumers to the “On-
Demand Economy”. In the changing economy, the co-working movement is one of the best options to meet
new needs of the society. Such spaces provide an adaptable environment for the new economy – and a new
generation of freelancers – to operate.

Co-working is a style of work that involves a shared working environment, often an office, and independent
activity. Unlike in a typical office environment, those co-working are usually not employed by the same
organization. Typically it is attractive to work-at-homeprofessionals, independent contractors, or people who
travel frequently who end up working in relative isolation.

People who use co-working spaces see their work as meaningful. Aside from the type of work they’re doing –
freelancers choosing projects they care about, for example — the people we surveyed reported finding meaning
in the fact that they could bring their whole selves to work. They’re able to do this in a few ways.

First, unlike a traditional office, co-working spaces consist of members who work for a range of different
companies, ventures, and projects. Because there is little direct competition or internal politics, they don’t feel
they have to put on a work persona to fit in. Working amidst people doing different kinds of work can also
make one’s own work identity stronger. Our respondents were given the opportunity to frequently describe what
they do, which can make what they do seem more interesting and distinctive.

Second, meaning may also come from working in a culture where it is the norm to help each other out, and
there are many opportunities to do so; the variety of workers in the space means that coworkers have unique
skill sets that they can provide to other community members.

Lastly, meaning may also be derived from a more concrete source: The social mission inherent in the Co-
working Manifesto, an online document signed by members of more than 1,700 working spaces. It clearly
articulates the values that the co-working movement aspires to, including community, collaboration, learning,
and sustainability. These values get reinforced at the annual Global Co-working conference. So in many cases,
it’s not simply the case that a person is going to work; they’re also part of a social movement.

They have more job control. Co-working spaces are normally accessible 24/7. People can decide whether to put
in a long day when they have a deadline or want to show progress, or can decide to take a long break in the
middle of the day to go to the gym. They can choose whether they want to work in a quiet space so they can
focus, or in a more collaborative space with shared tables where interaction is encouraged. They can even
decide to work from home, without repercussion, if they need to meet a repair person or deal with a family
member need.

Importantly, however, socializing isn’t compulsory or forced. Members can choose when and how to interact
with others. They are more likely to enjoy discussions over coffee in the café because they went to the café for
that purpose – and when they want to be left alone elsewhere in the building, they are. And while our research
found that some people interact with fellow coworkers much less than others, they still felt a strong sense of
identity with the community. We believe this comes from coworkers knowing there is the potential for
interactions when they desire or need them.
Demand for CO-working Space:
Demand for co-working spaces has been gaining traction around the world since its introduction in the US in
1999. The increasing trend towards entrepreneurship, over the last decade, has further precipitated demand for
these co-working spaces. According to Deskmag (Co-working magazine), there are 2,150 co-working spaces
worldwide, 1000+ of which are located in U.S. (a number that is growing rapidly).

Over the last five years, the co-working spaces have been gaining acceptability among users, especially due to
increasing costs associated with renting out independent offices. These spaces also act as a hub for sharing ideas
and building network which are essential for any entrepreneur. Due to possible synergies, the number of co-
working space users have increased exponentially over the years, increasing from 9,900 in 2009 to 82,000 in
2012.

➢ 11000 Number of Co-working Spaces

(Locations) available now 2016

➢ 26000 Number of estimated Co-

working Spaces available in 2020

➢ 23.8% compounded annual growth in

Co-working spaces 2016-2010

➢ 976000 Global Co-working members

in 2016

➢ 3.8 million Global C0-working

members in 2020

➢ 41% compounded annual growth in

Co-working spaces 2016-2010

Internationally, co-working spaces have been offering a number of values to its clients, which include–low cost,
convenience, flexibility and community of co-workers. Alongside, many co-working spaces regularly offer
courses and workshops for improving business management skills of entrepreneurs.

A detailed survey has been conducted by Deskmag on co-working space users, which reveals snippets of the
value to be derived from co-working spaces. Resulting consumer insights are presented below:
Co-working Space Market in Bangladesh
Bangladesh has recently caught up with the co-working space fever. Over last couple of years, number of spaces
have cropped up catering the needs of entrepreneurs. These co-working spaces in Dhaka are geographically
dispersed ranging from
1. The Wave in Banani,
2. In-House in Dhanmondi
3. Hub Dhaka in Mirpur
4. MoarBd in Banani
5. Shuru Campus in Gulshan-Badda Link road
6. Hive in Green Road
7. Profficio in Mahkhali &
8. Regus in Pantha Path

Popularity of co-working spaces is mainly propelled by rising rent for commercial and residential properties.
With increasing urban population, price and rent of properties are expected to shoot up further. Hence, co-
working spaces will prove a cost effective alternative for fledgling entrepreneurs. Turning Bangladesh into a hub
for entrepreneurial activities will require a lot more co-working spaces and to this end, government support will
be imperative.

6 Factors to be Consider for Co Working Space Business

Choosing a co-working space is no easy task. With thousands of co-working spaces visible around the world,
and new spaces opening up all the time, it’d be easy to get stuck in analysis paralysis. How can professionals
decide on a workspace that is as unique and fitting as their own personal ambitions? As many say, environment
is everything, and finding the right environment is paramount to creativity, output, and professional fulfilment:

1. Location for Co Working Space

The success or failure of an enterprise will be highly affected by its location. The same thing holds true with
regards to the placement of advertisement and promotion materials.

Location also holds prime importance when it comes to the selection of the best co-working spaces in nyc that
is available. According to many freelancers, among other people who also work in shared offices, location is
perhaps paramount to their considerations. If the office is not excellent with regards to location, they go on
searching for other alternatives until they are finally able to find one that is situated in the place that they
assume is right for them.

One of the reasons on why location is important for co-working spaces is with regards to accessibility. If you
decide to not work at home and have an office instead, for practical reasons, you will definitely not end up
choosing an office that is far away from where you live. According to experts, ideally, the office should be at
least 30 minutes away from home. If the co-working space is just near your house, it means that there will be
no more need for you to spend much on travel and transportation. It is also good if the co-working space is
within the vicinity of train and bus stations, especially if you take public transportation going to work. If you
bring your car, make sure that there is an ample amount of parking space.

The location of your co-working site will be beneficial not only for you, but also for your clients, especially if
the nature of your work will require the need to meet with your clients from time to time. This will make it a
lot easier for them to go to your office for a meeting. For instance, if you are an independent tax attorney and
you decide to rent in a co-working space, you should pick one that can be easily reached by your clients. After
all, paying clients may not have the luxury of time and effort to meet with someone who is from a faraway
location.

More so, by being situated in a good location, you can have an easy access to some commercial establishments
that you need to visit. For instance, it should be near restaurants and other food establishments so that you will
not find it hard to find a place to eat during your break time. In addition, if your work requires you to go to
several government offices frequently, you should choose a location that will allow you to be there in no time.
In sum, when looking for the best co-working space, make sure to not undermine the importance of location.
After all, it will prove to be helpful in making you more productive with your work.

2. Community for Co Working Space

In many cultures people say that when you marry someone you also marry their family. Likewise, when you
join a co-working space you also join its community. It’s important to understand that being surrounded by
other entrepreneurs, digital nomads, and talented independent professionals is one of the biggest benefits of
joining a co-working space.

Making friends at your co-working space and seeing others hustle to build their businesses will encourage you
to come to work each day. The social aspect of working alongside people who “get” your entrepreneurial
challenges will also help you avoid the feelings of isolation and loneliness that often arise when working
independently.

Some co-working spaces such as No mad life even offer leisure activities like team volleyball for members to
enjoy together. Brainstorming, collaborating, and networking are the big business advantages you’ll enjoy if you
choose a co-working space with the right community.

Fortunately, finding a space with a great community isn’t too difficult. When deciding if a community is a good
fit for you, you may want to ask yourself; of what professions are people at this workspace? Are my skills a
good fit for this community? Does this space host regular events for members to network with each other? Will
this space help drive and hone in my ambitions?

3. Work Environment
Your surroundings and the amount of distractions they bring are a huge determinant of how quickly you’ll make
progress on your projects. Working at a cafe often brings loud giggling gossip. On the other hand, family
members and domestic tasks can’t help but call for you while working at home.

Co-working spaces have the potential to be affordable distraction-free workspaces, but they’re not perfect
either. Some spaces bring excessive chatter from members collaborating on joint projects. Other spaces are too
hot or cold to comfortably work for extended periods of time.

Perhaps most importantly, some spaces may not have your preferred type of seating. Not all co-working spaces
have standing desks, ergonomic chairs, and beanbags such as Design Friends space in Lithuania. Yet, these
types of seating arrangements have huge health benefits and the ability to greatly increase your productivity.

When trying to determine if a co-working space has a suitable work environment, visiting that space is the best
way to find out.

4. Amenities
Apart from a work environment that allows you to focus, it’s also important to find a co-working space that
gives you everything else you need to maximize your work experience. Is free coffee a must for you? How’s the
internet connection in the work area? Does your work often require you to have access to a 3d printer, or Skype
room for client calls?

These are all things to think about. The infrastructure and amenities a space provides can make or break its
value proposition. Finding a co-working space that offers a membership plan that gives you everything you need
to be productive, without offering a bunch of extras you’ll never use isn’t easy.

Of course, amenities don’t just help balance the work side of the work/life balance equation. Co-working
amenities can be a lot of fun too. Some spaces like Hubba in Bangkok offer outdoor trampolines for their
members to jump on.

5. Budget
Membership fees and how much you’re willing to pay each month are fundamental in choosing a place to work.
Memberships at premium spaces, with full access and amenities packages, massages and even fitness and living
accommodations can go for several thousand dollars a month. This is a dream package for successful
entrepreneurs wanting a great place to work, and expand their networks, but if you’re on a budget you may have
to compromise on some things.

Likewise, it may be professionally limiting for someone with a six-figure income to work at a space with less
comfort, amenities, network, that appeals to early stage professionals just starting out.

In short, you’re going to need to prioritize what you need from your co-working space to get the best return on
your investment. Remember that environment is everything, and putting in the extra effort to find a space that is
unique as you are will reward you handsomely in both your professional and social pursuits.

6. Competitor Analysis

There are four tiers of hierarchy when it comes to the perception of competition as a co-working space. We’ll
go through them in order, from the least advantageous to the most. That is to say, we’ll start with the perception
that unsuccessful co-working spaces have and we’ll finish with the point of view held by the most successful co-
working spaces around the world. Please note, this is not my opinion. I have seen this play out in wildly
different co-working markets around the world, from the United States to Europe to Asia, with my own eyes.
I’ve also heard first-hand accounts from owners and managers that all point to the same conclusion.

• Perspective-1: The Competitive Mindset

Almost invariably the modern co-working space founder starts with the perception that the competition is a
threat that must be analyzed, guarded against, and ultimately beaten. They invent marketing and sales tactics to
try to steal customers from the competition. They obsess over marketing campaigns and conversion metrics. At
the same time, these founders tend to be really cheap. Because they are focused on competition, they are also
focused on scarcity. The scarcity mindset trickles into every facet of the business and community. The space
that once promised so much begins to feel manufactured, propped up, and fake. What’s more, the posture of
competitiveness diminishes your standing in the greater community. Partners and leaders you need will begin to
wonder what your real motives are. The competitive mindset comes from fear. Fear of failure, fear of others,
fear of judgment. Ultimately the competitive mindset achieves the opposite of what it was intended to.

• Perspective-2: The Ignorance Mindset

Ignoring the competition is infinitely better than competing with them. When you ignore the competition you’re
doing your own thing. You’re only trying to beat the thing you did yesterday. Because you’re saving so much
time not worrying about what others in your area are doing, you free up a lot of energy to focus on what your
members want and need. You have more time to analyze what’s working and what’s not. You have more time to
focus on what really matters. Members notice this increase in attention and they love it. They don’t want you
worrying about the We Work opening down the street. They want you to make them feel like they belong to
something really fucking important.

• Perspective #3: The Collaborative Mindset

Spaces that collaborate shift from the idea that one space is better than another. They adopt the idea, “not better
nor worse, but different.” This space is great for these people, that space is good for those people. Because they
communicate openly they funnel the right members to the right places. When a prospect shows up for a tour at
one space and isn’t a fit, they get an instant recommendation to a place that will feel like home for them. This
openness creates a more fluid marketplace. Partnerships, members, and resources flow less encumbered. For
example, an investor in one space could easily invest in another because she knows they serve different purposes
and audiences. A partner can work with both. A member could have memberships to both, one for work, one
for events and socializing. The Collaborative Mindset is not a zero-sum game. It’s an infinite game, one you
want to keep on playing because it’s enjoyable. Collaborative spaces always outperform competitive spaces and
often outperform ignorant spaces simply because they are better connected, more aware of their surroundings,
and have an abundance mindset.

• Perspective #4: The Leadership Mindset

The highest level of thinking in the competitive landscape is to not only collaborate with those around you but
to lead them, to take responsibility for their success as well as your own, to take responsibility for the success of
the region and the market.
It turns out that when you’re the space leading other spaces your members notice. Partners notice, investors
notice, the government notices, they all want to follow the leader. They want to be a part of the story. To be a
part of the community that is taking the risks and making headway. In fact, the subtle but often unspoken truth
is we all want to be led. Those who take on the posture of leadership are just those who can’t find anybody else
good enough to lead us to where we all want to go.

SWOT ANALYSIS

Strengths

• Office desk savings, rent a desk is less expensive that running his own office

• Flexible: it is a variable cost. Desks can be rented for hourly/daily/monthly

• Wide range of services: co-working spaces offer all the services that an employee can expect from his
company to work in good conditions, even more. Co-workers don’t have to worry about supplies

• Perfect socializing experience to avoid lonely and unproductive work at home

• Interactions and collaboration with the other co-workers: you benefit from the community

• Possibility to attend networking events, conference, demonstrations

• Participation to a community, feelings of being important and receiving support

• Friendly innovative environment: designs, lounge, events, all elements are present to foster innovation

• Co-workers: talented people coming from different backgrounds, ready to help each others, providing advices
and support

Weaknesses

• Lack of privacy: possibility to hear co-workers communication or get an idea of a site that hasn’t launched yet

• Intellectual property: some discussions can be public to get involved other minds. Some entrepreneurs protect
their innovation by making sign Non Disclosure Agreements.

• Negotiate the public/private boundaries: the more you exposed your project the more feedbacks you received
but the more vulnerable is your project as well

• Lake of collaboration: some of the co-workers could prefer to work individually, not sharing the value of the
co-working space. It is difficult for everyone to feel empowered, supportive and take initiatives

• Adequacy of the space: sometimes the configuration of the space does not fit with the coworkers expectations.
Depending on the nature of the business, entrepreneurs need specific tools (drawing board for designers for
example). Most of the co-working spaces are dedicated to web entrepreneurs implying the unique use of a
laptop

• Lack of frequentation: because it is not “their office” the impetus to go to work is lowered.

Opportunities

• Extension of the proposed services: secretary, designs, promotion, registration, expert consultation etc.

• Co-working dedicated to specific sectors to adapt the space to specific requirements.

Example: studios for designers with adequate tools

• Firstly developed in US but the concept has been exported to different countries in Europe and worldwide
• The concept could be implemented into companies who want to offer more friendly environment to their
innovators to gain in efficiency

Threats

• Hacking problems: co-workers are quite sensitive about security and confidentiality. Coworking spaces
can be vulnerable to hacking given the audience of the space: most of the time web experts. Co-workers are
afraid of someone sealing their ideas. Some space have developed password secured wireless cable modem but
hackers are stronger and stronger. We can nuance saying that start-up are far less interesting for hackers than
important companies

• The co-working spaces could suffer the competition from cafés that offer free wifi for the purchase of a
coffee. It is cheaper than co-working depending on the consumption. Cafes could adapt to this new trend by
diversifying their services

• Start-up and ventures have been hardly impacted by the financial crisis. The credit crunch has
slowdown the creation of start-up and discouraged some entrepreneurs. This trend can reduce the number of
the potential audience

Co-working Space Set Up

 Rent Space
 Space Design, lighting & furnishing
 Air Condition
 Multimedia setup
 Fire Protection
 Door Access control
 Security Cameras
 Printing, Scanning & Copying
 Broadband supply & Wifi
 Phones
 Branding & Marketing
 Café & Kitchen amenities
 Website
 Power Backup

Value Proposition Customer

Key Partners 1. Professional environment Relationships Customer Segments
Key Activities
1. Internet Service and network 1. Facilitation & 1. Freelance
1. Introductions and
2. Provider Landlord 2. Increased productivity Networking professionals
facilitation
3. Investors/bankers 3. Life work balance 2. Community 2. Entrepreneurs
2. Community building
4. Influencers 4. Flexibility 3. Face to face 3. Teleworkers
5. Cost efficiency 4. Online
Channels
Key Resources
1. Website
1. Good Internet
2. Events
connection
3. Social Media
2. Professional premises
4.Email
3. Meeting room
5. PR
Cost Structure
1. Rental Revenue Streams
2. Utilities 1. Coworking plans
3. Personnel (flexible or fixed)
4. Marketing 2. Events
5. Maintenance 3. Meeting rooms
6. Legal
Financial Model

Break even model

(Cost of space x 1.5 = total cost of space) / (number of square feet / 100 = number of desks) = Cost
per desk

Profitable model
(Cost of space x 3 = cost of space and then some) / (number of square feet / 100 = number of desks) =
Cost per desk