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The global demand for coworking spaces is enormous, with over 17,000 shared office spaces. This work model is predicted to benefit around 1.7 million people, including freelancers, digital nomads, startups, and creative businesses. The number of coworking spaces is increasing, with an annual growth rate of approximately 16.1 percent. Despite their popularity and relatively straightforward business principles, some coworking spaces fail. Each  coworking space has its own tragic narrative; yet, there are certain common reasons why shared office spaces fail. The following are the five key causes of coworking space failure:

1. The location

The location of your coworking space is an important factor that might determine the success of your company. Shared offices are less likely to succeed in remote settings. Many of your potential consumers will not choose the location if it takes a long time to get there. A bustling city centre, rather than a remote location, that attracts young people from many occupations would be popular with freelancers and entrepreneurs.

A coworking space's surroundings are equally important. Are there any eateries nearby, or a gym around the corner? Can your members leave their automobiles in a nearby secure parking lot? If you responded yes to any of these questions, you're on the right track!

2. Design and infrastructure

Because you're offering a people place, not just an office space, the design and space allocation should be developed with people in mind; yet, don't forget that members will come here to work. It is critical to consider your customers and their working requirements.

Along with an open floor layout and dynamic social areas, there should also be private offices, meeting rooms, and phone booths to suit the flexibility expectations of every worker. Introverts and extraverts alike should feel at ease here.

The physical atmosphere is also important; individuals form opinions about a place within twenty seconds of entering it. A visually appealing and ergonomic design should not be disregarded. We're talking about comfy furniture with a variety of seating and possibly standing alternatives, as well as a copier, phones, decent lighting, and wall art that will excite your consumers. Members would likely demand soundproof walls in meeting rooms and conference areas to include all presenting instruments, such as a whiteboard and a projector.

3. Reliability

Some coworking spaces attempt to replicate the business strategies of their competitors, particularly giants  but fail primarily due to a lack of resources. Remember that there is more to establishing a successful coworking space than money. Each successful place has its own mission and ideals, and as a result, it attracts a specific audience. Define your business philosophy, and you will attract members that share your ideals.
4. Facilities

Who doesn't appreciate freebies? A coworking space with additional amenities can attract a large number of people while also improving the inherent work space experience. Treats and meals, such as occasional breakfasts and snacks, as well as complimentary coffee, tea, or beer on tap, are among the most sought-after perks. Other options include yoga classes, meditation rooms, ping-pong tables, dog parks, and daycare. You may also provide members free merchandise, such as t-shirts, hats, or totes, when they sign up.

5th. Neighborhood

Last but not least, coworking is all about creating a sense of community and networking; thus, it's critical to create an environment that encourages cooperation and brings people together. To do so, you'll need a great community manager to plan social gatherings. There is a wide range of activities to choose from, ranging from pizza parties and birthday celebrations to mentorship programmes. Creating an environment that encourages a sense of belonging is the key to success for any coworking space.

Consider these principles as the foundation of your business when designing your coworking space. Once launched, you can put it through its paces in a beta-testing environment. Try to collect input from your members, track analytics, and do some research to find out what they want, and your business will prosper.

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