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Things you have to know before you start your coworking marketplace

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StrategyDriven Starting Your Business Article | Coworking Marketplace | Entrepreneurship | Things you have to know before you start your coworking marketplaceCoworking is a new concept of an open working environment that allows several unrelated companies to share office space and work together. According to Statista, there were around 22,4000 coworking spaces worldwide by the end of 2019. With the rising popularity of shared workspaces, more and more businesses are launching coworking marketplaces. In other words, they are just like Airbnb.

When Airbnb offers vacation rentals with homely amenities, a coworking space marketplace offers office spaces with unique amenities for individuals and businesses. The coworking marketplace efficiently connects coworking space owners looking to rent out their unused office space with individuals and businesses looking for vacant shared work spaces.

In the coming years, we will be seeing tremendous innovation in the field of building and running coworking rental marketplaces. There is no better time to launch your coworking space business. Before we start, let me establish this- There are no easy ways to launch a coworking marketplace and make it successful. Following a sound business strategy and understanding, best practices are important.

Things to consider before starting an Airbnb for coworking

The whole world has been taken aback by the potential of coworking space marketplaces and you are on the right track with launching a coworking rental platform. But running a successful Airbnb for coworking requires a lot of planning and effort. Here are some of the core things to consider before starting your own coworking marketplace that helps you to take your business to new heights.

Research your target market

Whether you are creating a coworking space platform from scratch or using a white label solution, there is no way around doing thorough market research. According to studies, lack of market research is one of the major reasons why startups fail.

To build a viable coworking space rental marketplace, you need to have a clear understanding of the market, how the industry looks like, your target users, their requirement, and the solution they are looking for. Pay attention to market trends as well to spot any big changes like technology breakthroughs so that you can use it for your business advantage.

Choose the right business model

It is a great idea to design a viable business model even before starting your coworking marketplace. Now, the exact way your coworking space rental platform makes money will depend on a lot of factors. However, there are some common business models to consider.

Service fee

It’s a great monetization strategy of any peer-peer marketplaces to charge service providers a service fee each time they receive and process a new booking on your platform. The more transactions your marketplace makes-the more revenue you get. The host service fee can be 3% or more and can vary with different countries. You can also incur service free from guests which can range up to 20% of the booking subtotal. For example, Airbnb takes a 20% service fee from guests and a 3$ from the hosts.

Listing fee

Your coworking marketplace can collect listing fees from coworking space owners when they list their space on your platform. It can be a flat fee or vary based on the total reservation made or any other parameters. To reduce friction, you can consider collecting the fee once the transaction is completed instead of doing it at the time of listing. Airbnb charges a 14% host-fee from property owners according to its new policies.

While these are the common business models- You can add more than that including the following.

  • Adding premium subscriptions
  • Collect payment processing fee
  • Promote sponsored listings
  • Setting your own ad system

Carefully plan your operations

Creating a coworking space management tool is one thing and successfully running is something completely different. As you have to manage two user types, bookings and scheduling, payment processing, and a lot of other functions together, the operations can get a bit complex. Hence, it is important for your rental marketplace to have all essential features that support the operations carried out on your platform.

You will need specialized marketplace payment gateways that allow users to book coworking spaces and pay effortlessly. Implementing an in-app communication system is also essential to set a channel for all your users to communicate regarding scheduling, booking, and cancellation.

Optimize your platform’s search to deliver high performance

Search is one of the most critical interfaces of your coworking office space rental marketplace users leverage these features to interact with your platform. Significant engineering goes behind a smart and intuitive search that performs well. If you take the example of Airbnb, the smart search is one of the most powerful features of this peer-peer vacation rental marketplace.

A typical search for any coworking marketplace should support the following search features.

  • Location
  • Coworking space type
  • Price range
  • Availability
  • Amenities
  • Capacity
  • Meeting rooms
  • And more

Improve the booking flow and experience

To deliver a great user experience to all user groups, your coworking space platform must have a seamless booking feature. When a coworking space owner registers in your platform and activates his listings, the people who are looking for rental office spaces must be able to view and book the space.

Consider instant booking as opposed to normal booking feature as it is the preferred way for hosts to rent out their properties. With proper identification verification services, you can allow service providers to reliably list their coworking space for instant booking option so that users can make instant bookings.

Dealing with Last minute cancellations

Building and running a successful peer-peer coworking management software requires you to think from a user perspective. For example, Airbnb allows hosts to cancel the booking at the 11th hour. When thinking from a host’s perspective, this is an absolutely great feature, but if you think from a guest perspective, this might not be a pleasing feature. Hence, your marketplace must have smart ways to deal with last-minute cancellations considering the interests of both user groups. To reduce last-minute cancellations, you can add a cancelation fee and block booking dates. Another great alternative would be to reallocate another similar coworking space to the user in case a service provider cancels the last minute.

Conclusion

Building an Airbnb for coworking is a different thing and scaling it to millions of users like the real Airbnb does is another thing. Implementing the above-discussed things will help you to run your peer-peer coworking marketplace successfully and gain a competitive advantage in the industry. Happy Coworking!

About the Author

StrategyDriven Expert Contributor | Shirley C. StewartShirley C. Stewart is Business Consultant and Marketing Head at RentCubo. She helps brands to build their web products that people love using. Shirley has a passion for growth hacking and startups.

5 Employee Training Tips for Smoother Operations

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StrategyDriven Managing Your People Article |employee training tips|5 Employee Training Tips for Smoother OperationsIt’s the start of the year, which means you might be onboarding new employees soon.

In order to make your new employees comfortable and get operations running smoothly, you need to train them well.
This article will give you five employee training tips so that your new employees will feel at home in no time.

1. Communicate Well

Good communication is at the heart of any relationship, and that includes employee-boss relations.
It’s important you communicate to your new employees what is expected of them.

Give them clear instructions on daily, weekly, and monthly tasks. If they’re not performing well, communicate early so they’re aware of the problem.

To enhance business communication, use a website like Slack where you and your employees can communicate professionally.

2. Start Small

Beginning a new job can be very overwhelming.

Your new employee is dealing with both the social and mental strains of starting at a new company.

Don’t feel like you have to teach them everything in one sitting. Microlearning and microtraining are great ways to give your employees the information they need in small doses.

This short training time ensures they can stay focused on the information all the way through the training and that nothing falls through the cracks.

3. Try Team Bonding

It’s important that your new employees feel like they can acclimate to your workplace.

They will feel happier at work if they can form bonds with others.

Take your staff out for a team bonding exercise. Try an escape room or another activity that causes everyone to put their heads together.

Bring in lunch for your new staff once a week so everyone can bond over sandwiches. It’s a nice gesture that will show your new employees that you care.

4. Make Welcome Folders

It’s true, we live in the digital age where almost everything is online.

Still, it can be nice for new employees to have learning materials to hold in their hands.

Make them a welcome packet with all the information they need to survive at your company. This packet can be something they take home and study at night so they’re up to speed on their role at the company.

5. Check-In

Be a good boss and check-in on your new employees regularly.

Your senior employees know what they’re doing and don’t need to be asked, but your new employees most likely have questions.

Sometimes they might be too afraid to ask a question out of fear of sounding stupid. Be sure to assure your new employees there are no stupid questions and ask them how they’re doing regularly.

Now You Have the Best Employee Training Tips

These employee training tips will take your new hires from novices to experts quickly.

Remember to include your new employees in team bonding activities, communicate well, and check-in on how they’re doing.

Want more information on how to succeed in the workplace? Check out our other articles for more tips on how to run an effective business.

Employee Training Tips for 2020

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StrategyDriven Managing Your People Article |Employee Training|Employee Training Tips for 2020Employee training in many different industries follows a similar pattern. There’s book learning – we give our employees handbooks or guides so that they can read more about their jobs and learn more about our companies. And shadowing – new employees buddy up with a more experienced member of staff, or trainer, to learn on the job, watching, copying and learning from other members of your team. There’s no doubt that these methods are effective. We do learn from reading and copying other people. But, they aren’t the only ways to learn.

Offering your staff a more extensive range of training can help them to improve. More instruction can help new employees to settle, and older members of the team stay on top of their game. If you are looking to boost performance in 2020, some of these training tips and ideas could help.

Microlearning

Often, the problem is that we try to learn too much, too quickly. We struggle to take it all in. We overwhelm our minds. Many managers are guilty or overwhelming employees with new processes or information that they need to learn, and we often give them a relatively short amount of time to do it.

Microlearning can be much more effective. Give people small amounts of information, and give them the time to process it, before moving on. Spend time teaching in small chunks, utilizing coaching, testing and other teaching methods, and breaking everything down as much as possible.

Keeping lessons and training sessions short can also increase information retention. Nowadays, we have very short attention spans. We’re used to scrolling through social media feeds, reading very short statements and watching micro video clips. We’ve gotten used to accessing information in this way, and so our brains struggle to cope with more.

Lose the Dull Team Meetings

Team meetings can seem like an effective way to give all of your employees the same information in one go. It can seem as though this would save you time. But the majority of team meetings are exceptionally dull, and the majority of staff hate them. So, lose them. Have short daily briefings and one on one training sessions instead. If you do need a team meeting, keep it short, and try to make it fun.

Play Some Games

Sometimes, people forget things. Often, simple things. They just slip out of our minds. You might even find that many members of your team forget the same things. Creating games like bingo or puzzles with a crossword puzzle maker can help them to remember. Simple games like this can boost memory and increase knowledge retention.

Keep it Personal

Everyone learns differently. Getting to know your staff members, and learning more about how they work can help you to offer personalized training.

Create Training for Personal Time

More of us than ever are working from home, or on the move. Your team members might be reading training manuals on the train, and not at a desk. Tailor your training to suit this. Record podcasts that they can easily listen to on their commute, or film short videos that they can easily watch on their phones.

7 Ways To Finance Your Business

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StrategyDriven Managing Your Finances Article | Entrepreneurship | business finance | 7 Ways To Finance Your Business

Financing a business can be a big obstacle for new startups and established companies alike. It isn’t always easy or even possible to obtain funding through the usual channels, especially if you have no track record to show lenders or investors, and without the money required, it can mean that the business simply cannot succeed. However, there are some ways to obtain the money you need, and if you want to start or grow your business and need funds to do it, you can look at these options to see if anything will work for you.

1. Your Savings

It’s true that not everyone has any savings put aside, but if you do and there is enough, then you might consider using that money to fund your business. This can work out perfectly because there is no requirement for you to borrow the money from anyone else, and therefore your business won’t be in debt (although, of course, you will want to have the money paid back to you over time). You won’t be giving away any equity either, which is something that some business owners don’t like the idea of. Plus, if you do need to borrow more at a later stage, your business’s credit won’t be affected.

2. Your Investments

For those who like to make investments and trade, the profits made in this line can be something you can use to start your business or add funds to it when you need to purchase something specific that will, in turn, help you to make more money in the long-term. Investing doesn’t automatically mean that you will make a profit, which is why checking out the gold and silver price regularly and finding a good broker will help you. However, when you do make money, it can be ideal for your business.

3. A Business Loan

Possibly the first thought that will come into a business owner’s mind when it comes to finding money to fund their project is a business loan from a traditional lender such as a bank. It can work out very well, and with enough research, you will be able to find a variety of different loans with varying interest rates and special deals. You may not be eligible for all of them, however, and applying for too many loans all at once can damage your credit rating. Therefore, it is wiser to make appointments to speak to bank managers or investment advisors to find out what you can and can’t do, and what will work best for you. It may be exciting to find that you can borrow tens of thousands of dollars, but remember that this money must be paid back, and that can be the part that causes problems. Think things through carefully and only borrow what you know you can afford.

4. A Personal Loan

If your business has no trading record, it might be difficult to obtain the loan that you want, in which case a personal loan, assuming your credit rating will allow it, could be the ideal alternative. You take out the loan and then make a director’s loan to your company. The company pays you back each month, and you then pay your own lender back too. This way, you aren’t ever out of pocket, and you don’t have to worry about making repayments.

However, the vital thing to bear in mind with this kind of loan is that you are ultimately liable for it. It means that if the company cannot pay you for any reason, you still have to make the repayments for your loan. Make sure you have two or three months’ worth of repayments in a savings account just in case you need to pay the money back yourself.

5. Angel Investors

Angel investors are groups of people or individuals who use their money to fund businesses and projects that they think are interesting, have potential, and will bring them a profit. This last point is the most important of all because although angel investors do have the business’s interests at heart, their main aim is to make money from whatever they invest in.

The first step in obtaining an angel investor is to write an interesting and informative (and truthful!) business plan as this is what they will want to see before making any decision. You should also work out how much equity you are willing to give away in your business, and how active a role you want the angel investor to take. Some simply want to give you their money and leave you to get on with running the business, and others will want to have a more active role. It is essential you know how you want to do things before agreeing to anything, and don’t get carried away if someone offers you money; make sure you are happy with the deal first.

6. A Credit Card

Credit cards can be supremely useful, or they can be disastrous, and which outcome will depend on how sensible you are with their use. Funding an entire business on a credit card, especially if it is a personal one, is not a good idea; this can leave you in vast amounts of debt that you find difficult to pay off. Plus, the interest rates on credit cards tend to much higher than on other forms of borrowing such as a loan from a reputable company. However, for smaller business expenses a credit card can be ideal, as long as you pay as much off the balance as possible each month. Paying just the minimum amount will mean you spend a lot more than you would need to otherwise, and it will also take you longer.

7. Friends And Family

A loan from a bank or other lender might not be possible if you or your business don’t meet specific criteria, and an alternative might be to borrow money from friends and family. Ideally, you should have a loan agreement drawn up so that everything is legal, and so that everyone knows what is expected of them. This way, there can be no disputes, and you will know how much to pay and when, just as your friend or family member will know how much of a return they should be able to make.

5 Ways To Extend Your Marketing Reach In 2020

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StrategyDriven Online Marketing and Website Development Article, 5 Ways To Extend Your Marketing Reach In 2020

Creating a buzz around your business or your latest product is vital these days. With competition in all quarters, having a multifaceted marketing campaign will ensure you get the widest reach and the best conversion possible.

Whatever the concept, brand, or item that you are selling is, finding the right vehicle to reach the desired segment of the market is crucial.

With social media trends changing on such as a frequent basis, running a standard campaign on the tried and tested lines may not always cut it.

If you are looking for a fresh and contemporary marketing campaign that will provide you with the widest reach, here are some of the top suggestions of getting the message out there in 2020.

Setting Up A Social Media Challenge

One type of marketing campaign is to set up a viral campaign on social media sites such as Facebook. Check out 5 day challenge ideas for some further inspiration.

Having a series that runs for a few days will keep people coming back and will also encourage them to partake, comment, and share

Invest In Snapchat Or Instagram Filters

Filters on social media offer a great way of subtly getting advertising messages into a vast segment. If you want to broaden your reach to an exciting consumer market that is very much on-trend and looking for the next big thing, creating social media filters are a great way of doing this.

Hold A Flash Mob Event

Holding a flash mob event in a busy crowded area such as on a high street or in a shopping center will allow you to create lots of opportunities for viral footage to get out. With many people more than willing to post every happening event on social media through both stories and news feeds, it would not be hard to encourage anyone who was there witnessing or taking part to pass on the word for you.

Creating event-specific hashtags which are seamlessly communicated throughout the flash mob, will mean that people know exactly what tags to use on sites like Instagram and Twitter.

Utilizing Smart Speaker Technology

With one of the fastest-growing segments of the tech industry being the smart speaker, is it time that you focused your marketing campaigns on this area?

With many homes having them, smart speakers offer a window into people’s lives. The learning capabilities to provide targeted marketing are very high and this is an area that is worth exploring whatever line of business you are in.

Rise Of The AI

Chatbots are here to stay. With seemless messaging across all social media platforms, you could be creating marketing campaigns based around this technology. With the ability to adapt and learn as they go, artificial intelligence chatbots allow you to really engage with your consumers in a way that you previously would not have had the people power to achieve. With many wide ranging applications, chatbots should be central in your marketing strategy in 2020.