Coworking NEEDS to Evolve & The Focus Should be VALUE
Today, we sit in a very saturated market of workspaces. According to a recent conversation with MiamiDDA, just in the Downtown Miami area (*about 1.7 Square Miles), there are an estimated 30 coworking offices you could choose from. They’re beginning to feel like gas stations rather than valuable resources. You can pump gas anywhere. Few people tend to drive farther, or go out of their way to find their favorite Shell or Mobile because they “have better gas”. For the most part, shared offices offer variables of essentially the same services. To point out a few, of course, you have a space (Office or Desk), “LIGHTNING-FAST” internet, coffee and events that create community. I’m a total advocate of the above, don’t get me wrong, but those benefits you can find everywhere. What’s even becoming a trend (and almost a need) nowadays for coworking companies, is to grant new members free workspace trials. Going back to the vast amount of locations in the market… If startups were to be nimble, strategic (and just brazen enough), they could potentially tour the city and have phenomenal office space, at no cost, year-round. The shared office industry is in dire need to evolve.
“By aiding companies acquire more clients, make more sales and increase their cashflow, we are able to scale their operations”
What we’ve done in our business to move the needle towards value, is paid close attention to the needs, challenges, goals and dreams of current members, entrepreneurs in our community and small business owners to put together strategies that improve what we believe matters most… growth. By nurturing growth, everyone’s objective is met. We as a business become a more valuable resource and a partner in the ventures of our portfolio companies. This helps our business be less volatile, unpredictable and dependent on “the next deal”. We are invested in the success of the companies we’re working with. While they understand that their stay might be temporary, what we found was that when provided with the right value our relationship endured the test of time, grew their companies faster under our support and guidance, as well as allowed us to be more impactful to their bottom line even as they had successfully exited our workspace. Basically, we can now help companies make more money regardless of where they’re physically located.
We achieve this by pairing our Business Accelerator with our coworking offerings. By aiding companies acquire more clients, make more sales and increase their cash flow, we are able to scale their operations and service a MUCH bigger audience than our facilities could ever hold. Successfully merging the principles used to grow and boost revenues for huge companies and executing these strategies for startups of 1–20 employees, we are effectively creating an environment in which ultimately, their workspace, pays for itself while here. In the best of cases, it pays itself a couple times over for both our portfolio company and our service providing partners. The beauty of this new model for us? Companies that we provide the most value to, are not only our highest paying clients but record the highest revenue growth while working with us. The proof is in the pudding.