How the Right Coworking Software Can Transform Your Coworking Space
We all know that technology solutions are imperative to the day-to-day running of your coworking space, but the right coworking software can take it to the next level. It has the power to transform your coworking space into a highly profitable business, all while building a vibrant and engaged community. Let’s explore how the right tools can transform your coworking space.
Desk booking software
Historically, coworking space revenue has been limited to workspace size and the number of desks or offices. The bread and butter of coworking – desk renting – typically generates around 61% of revenue, with the benefit that you can have more desks than members. But relying on a manual first-come-first-serve hot desk policy is risky as, one of these days, too many members will turn up at your coworking space, leading you to run out of workstations.
Having the right coworking technology can help you manage your desks (and members!) more efficiently. For instance, coworkers can book their workstation using a desk booking tool ahead of time, rather than turning up at your workspace unannounced. This avoids any awkward situations that are detrimental to member experience, like an overflow of members over desks.
You can even connect your desk booking tool with your smart access control system for frictionless entry into your workspace. These tools take the pressure off your team to organise members, freeing up their time from administrative tasks for more community-related activities.
Amenity booking system
Coworking spaces have come a long way from their humble beginnings. Desks and WiFi are now just the basics, as today’s premium spaces typically offer fancy meeting rooms, inspiring podcast studios, and top-of-the-range wellness amenities. But, did you know that these amenities can be monetised separately from coworking memberships?
According to research from Nexudus published in 2022, UK flexible workspaces earned a mean 66% higher price per meeting room booking from external customers than from members (who are typically incentivised with discounts). Equally, a lack of policies around amenities can result in cheeky members sneaking into your meeting rooms for free. To capture external demand, ditch the internal whiteboard and implement an amenity booking tool that facilitates bookings, payment collections, and sends automated emails with access details. This frictionless process reduces time for your team and customers, too.
Create even greater returns on your amenities by incorporating a dynamic pricing strategy to fluctuate costs depending on real-time demand, and time of booking. This tool will increase costs for peak time bookings, or bookings made closer to the time of use, reducing costs on bookings made at quieter times or made in advance.
Virtual office memberships
As flexible working trends continue to evolve, coworking spaces are tapping into new revenue streams beyond physical desks. Enter: virtual office memberships – a business service without access to a physical location. To manage this seamlessly, the right technology must be implemented into your coworking tech stack. For example, the new Nexudus virtual office module tool is designed to streamline business addresses, mail handling, and phone answering.
Since Blue Panda Office Spaces in New York City introduced a virtual office membership in April 2024, uptake grew 300% in its first nine months. Blue Panda founder, Paula Madrid, attributes demand to its central location and target audience being mental health practitioners who are legally required to have a business address.
But virtual memberships aren’t limited to business addresses, as virtual membership also come in the form of a flexible, low-commitment entries to your coworking community, either as a communication-only membership type (ideal for digital nomads to stay connected to your community while travelling) or an ad-hoc coworking membership (ideal for freelancers and startups).
However you introduce virtual memberships, coworking technology can make all the difference. For example, a communication tool manages virtual communication between your community members, allowing community managers to stay in touch and share updates, bridging the gap between physical and virtual interactions and communities.
Event management system
Of course, community is at the heart of coworking. If one of your goals is to curate a thriving coworking community, then hosting diverse and engaging events is key. From energising fitness classes to insightful business workshops – creating seamless event experiences can elevate your space and keep customers coming back.
This is all possible using the right coworking technology. For your next event, consider visitor and event management software, such as the NexEvents app, which offers two modes – self-service and hosted. For example, if you have separate wellness amenities from coworking memberships, then facilitating self-service check-ins ensures a stress-free arrival, as wellness customers can simply scan a QR code upon entry. This eliminates queues, ensuring they’re on time for their classes.
On the other hand, coworking events tend to benefit from a more personal touch. With hosting mode, your community manager can be on hand to welcome guests, scan tickets, add any last-minute tickets, and even print badges. The human touch is essential, as event attendees receiving a taste of your warm hospitality may be inclined to join your coworking community for the long term.
Reporting platform
Whether you’re using a desk booking tool to manage member experience or an event management system, data collection is fundamental across all aspects of coworking operations. With the right coworking software, you can automate data collection and gain valuable insights to help you make informed decisions on the future of your coworking business, from adapting workspace design to introducing new membership options.
Using tools like Nexudus coworking software, you can collect data on the following:
- What times your coworkers come into your coworking space.
- Which amenities and spaces are most popular with your community.
- Track your sales pipeline and prepare for renewals with contract management.
- Manage space revenue, outstanding invoices and forecast P&L.
Embracing the right coworking technology ultimately transforms your coworking space. By unlocking new income streams, improving member experience, and freeing up your team’s time, you’re future-proofing your coworking space for people and profit.
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