Coworking continues to be a rising trend, especially in 2024, when the demand for flexible workspaces has reached new levels. With the increase in remote work and the evolution towards hybrid work models, coworking spaces have established themselves as a viable solution for companies and freelancers looking for flexibility, community and lower costs.

However, the Global Coworking Survey 2023 carried out by Deskmag, with the collaboration of Nexudus & Yardi Kube, concluded that only the 46% of coworking spaces were profitable. This highlights the need to identify measures to improve benefits.

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This article explores various strategies for increasing profits in coworking spaces in 2024, from optimizing the use of space to diversifying sources of income, to improving the customer experience and implementing advanced technologies.

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Increase revenues and reduce the costs of your coworking

The 2024 trends for coworkings indicate an increasing focus on sustainability, the personalization of services and technological integration. In addition, workspaces are evolving towards more inclusive and collaborative models.

Not only do these factors generate differentiation, but, if used correctly, they can add business efficiency and cost savings which will be reflected in the profitability of shared workspaces.

Here are the tactics you can apply in your coworking to maintain customer retention, increase revenues, reduce costs, increase productivity and, ultimately, maximize your benefits:

‍1. Optimizes the use of space in shared offices

An efficient and adaptable design is key to maximizing the use of space. Consider incorporating multifunctional areas that can be transformed according to the needs of the day. Offering flexible coworking solutions, such as rotating desks and temporary offices, allows customers to choose what best suits their needs, not only It improves the occupancy rate, but it also increases profitability without the need to expand the physical space.‍

2. Diversify your coworking income sources

2.1. Additional services and amenities

Offering additional services, such as coffee shops, premium meeting rooms, or printing services, not only generates additional revenue, but also improves the member experience. these services can be an added value that justifies higher rates and builds customer loyalty.

2.2. Organization of events and workshops

Events and workshops are a great way to attract new members and generate extra income. Partner with local experts to provide regular programming not only does it diversify your sources of income, but it also strengthens the community in your coworking.

2.3. Collaboration with local businesses

Establishing partnerships with local businesses, such as coffee shops or gyms, can offer your members exclusive discounts or benefits, while You generate a new source of income through commissions or collaboration agreements. Not only does this improve satisfaction, but it also increases your network of contacts and potential customers.

2.4. Offer bundles and tiered memberships

Offering different membership levels with additional benefits for premium members is an effective strategy for maximizing revenue. By offering tiered options, you can attract a more diverse audience, from freelancers to larger companies, tailoring your services to their specific needs.

3. Measures to reduce operating costs in a coworking

To make smart decisions, it's essential to know your coworking numbers. Not only is it important to know how many people are using your space and how much they pay, but it's also important to be clear about your costs. This is where data comes into play. If you know the numbers, you can spot problems and find ways to improve profitability.

3.1. Energy efficiency and sustainability in coworkings

Implement sustainable and energy efficiency practices can reduce long-term costs and attract members who value sustainability. Technologies such as LED lighting systems and smart thermostats can optimize energy use, while the installation of solar panels encourages the use of renewable energy, which can translate into significant savings in utility bills.

3.2. Intelligent management of basic supplies in shared offices

Efficient management of resources, such as water and electricity, is key to keeping operating costs low. Solutions like the one we offer at Polaroo allowthe automation of the bill collection process and the monitoring of energy and water consumption, allowing you to identify savings opportunities and improve operational efficiency.

This not only improves efficiency, but it also makes it possible to monitor the evolution of energy consumption and water consumption and to track the costs of recurring services such as the internet, insurance, smart keys, etc.

3.3. Negotiation with suppliers

Negotiating better terms with suppliers can reduce fixed costs and improve profit margins. Informing you about the energy market or having an expert team in the field can offer you opportunities to save up to 40% on electricity bills, which has a direct impact on profitability.

3.4. Outsourcing and automation

Outsourcing certain functions, such as cleaning or supply management, or other operational activities, together with the automation of repetitive tasks, frees up time and resources to focus on business growth.

Delegate the management of supplies such as electricity, water, internet, telecommunications, insurance, etc. through management tools, such as with the Polaroo software, increases the productivity of your team, allowing you to focus on strategies that generate revenue.

4. Take advantage of technology to boost your coworking

Automation and artificial intelligence are transforming coworking operations, creating frictionless user experiences and optimizing spending. The integration of intelligent technology is shaping the coworking landscape and offers a vision of the future of work.

4.1. Smart office solutions

Smart offices, equipped with advanced technology such as IoT and automated management systems, significantly improve operational efficiency. When automating tasks such as lighting, air conditioning and access control, not only do you reduce energy consumption, but you also minimize equipment wear and tear and reduce maintenance costs.

4.2. CRM and Member Management Systems

An efficient CRM system allows managing the relationship with members, which translates into better retention and satisfaction. These systems facilitate the personalization of communications and offers, which can increase revenues by identifying and exploiting new sales opportunities or additional services. In addition, automating the management of memberships and payments reduces the administrative burden and the risk of errors, saving time and operating costs.

4.3. Data analysis for decision-making

Using data analysis allows you to make informed decisions based on usage patterns and customer needs. You can optimize resource allocation, adjust schedules and rates, and improve overall efficiency. This reduces wasted resources, in addition to improving customer satisfaction.

4.4. Maximizing the occupancy rate

Occupancy is a critical factor for the profitability of any coworking space. Implementing a dynamic reservation system and offering extended hours can help maximize occupancy at different times of the day. This ensures greater use of space, increasing revenues without the need to physically expand the facilities.

5. Improving the experience of your coworking members

Improving each member's experience can significantly increase the profitability of coworking by optimizing both costs and revenues.

5.1. Building a community

Fostering a sense of community increases member satisfaction and loyalty, and also can reduce marketing costs. When members feel connected and valued, they're more likely to stay in the space and recommend coworking to others, which reduces the need to invest large sums in advertising to attract new customers. In addition, regular activities can be carried out at a low cost, taking advantage of internal resources or collaborations with the members themselves.

5.2. Continuous feedback and improvement

A continuous feedback system allows you to quickly identify areas where you can improve without incurring major expenses. By acting on member suggestions and concerns, you can avoid costly problems and improve services efficiently, which in turn increases customer retention and reduces the need to constantly attract new members to replace those who leave.

5.3. Customer support and commitment

A proactive support team not only improves member satisfaction, but it can also reduce long-term operating costs. By solving problems quickly and efficiently, you minimize interruptions in the use of space and prevent small complaints from turning into costly conflicts. In addition, a high level of customer engagement improves occupancy retention, increasing recurring revenues and reducing spending on acquiring new users.

The world of coworking is constantly evolving. What works today might not be as effective tomorrow, so it's crucial to maintain a curious mindset, be willing to try new ideas, and continuously learn from others in the industry. Flexibility and openness to new strategies are key to turning your coworking space into a thriving business.

In short, key strategies for increasing profits in coworking include optimizing the use of space, diversifying income, and improving the experience of members who occupy the space. Applying these strategies, in addition to increasing your profits, you will also position your coworking space as a leader in the industry.

Don't forget that counting on the technological tools Adequate ones can make a big difference in your income. Automating tasks and obtaining valuable information can save you time and resources. If you want to explore how Polaroo can help you save money, improve efficiency and reduce hundreds of hours of operational work, we invite you to book a demonstration with one of our experts.