Get a watermark-free, fully customizable competition study in our business plan for a coworking space
In the dynamic world of coworking spaces, understanding the competitive environment is crucial for standing out.
This blog post will guide you through a systematic process for conducting a competition study for your coworking space. We'll cover how to pinpoint your main competitors, both direct and indirect, and how to dissect their strategies to identify what makes them successful—or not. With a deep dive into the competitive landscape, you'll be equipped to refine your own coworking space's offerings and carve out a unique niche.
If you're looking for a ready-made competition study that's fully customizable, be sure to explore our business plan template designed specifically for coworking spaces.
What is exactly a "competition study"? Should you make one for your coworking space?
A competitor study in the context of a coworking space involves a detailed examination of other coworking spaces within your target market.
This includes direct competitors, such as other coworking spaces in your vicinity, and indirect competitors, like coffee shops or libraries where people might also go to work remotely.
The goal is to gain insights into their offerings, pricing, amenities, community engagement, and overall business model to pinpoint where your coworking space can stand out.
Why do entrepreneurs conduct competitor studies for coworking spaces? Because being informed is crucial.
Knowing the competitive landscape helps you to craft a unique environment.
For example, if you find that most coworking spaces in your area lack private meeting rooms, offering well-equipped meeting spaces could be your niche. Or, if competitors are not focusing on building a community through events and workshops, this could be an area where you can excel and attract members.
The advantages of performing a comprehensive competitor analysis, similar to what you would find in our business plan template tailored for coworking spaces, are extensive. It enables you to learn from others' mistakes and identify unmet needs in the market. It can spark innovation in the design of your space, the services you provide, your marketing strategies, and the overall experience you offer to your members.
Furthermore, understanding who you're competing with can inform your pricing strategy, ensuring your coworking space is competitively positioned. It also prepares you to adapt quickly to changes in the market, maintaining your relevance and competitiveness.
Should you conduct a competitor study if you're launching a new coworking space? Absolutely.
Starting a coworking space without a grasp of what others are offering is risky. A competitor study sheds light on the industry, guiding you through potential obstacles and towards potential successes. It's a critical element of your business planning, setting the stage for a strategic approach that not only considers how to enter the market but also how to excel within it.
Is a competitor study useful for you? Undoubtedly, especially if you want to make savvy decisions that will distinguish your coworking space. Whether it's carving out your unique selling points, setting competitive prices, or choosing the most effective marketing tactics, a competitor study equips you with the knowledge to make those choices confidently.
It's about more than just tracking what others are doing; it's about figuring out how you can do it better or differently to attract and retain members.
How to conduct a competition study for your coworking space?
To conduct a competition study for your coworking space, start by gathering information on local competitors, focusing on their amenities, pricing, member demographics, and marketing strategies.
Compare these elements with your coworking space to pinpoint your unique offerings and opportunities for growth.
We also provide a concise competition study template that you can customize with your data in our business plan for a coworking space.
To streamline the process, here's a 10-step action plan to craft a comprehensive competition study for your coworking space.
Step | Action | Details |
---|---|---|
1 | Identify your competitors | List nearby coworking spaces that target a similar audience or offer comparable services. |
2 | Examine their amenities and services | Assess the variety and quality of their workspaces, meeting rooms, and additional services. |
3 | Analyze their marketing strategies | Look at their social media presence, advertising campaigns, and community events. |
4 | Review their membership options | Compare their membership plans, pricing, and any loyalty programs they offer. |
5 | Study their brand identity | Analyze their branding elements like logo, website design, and overall market positioning. |
6 | Assess their online presence | Review their website functionality, search engine optimization, and online booking systems. |
7 | Understand their pricing strategy | Identify how they price their memberships and any discounts or promotions they offer. |
8 | Monitor their community engagement | Observe how they interact with members and the broader community on social media and networking events. |
9 | Identify their strengths and weaknesses | Based on your analysis, determine areas where they excel or fall short. |
10 | Apply insights to enhance your space | Use the findings to improve your amenities, services, marketing, and member experience. |
What should be included in a competition study for a coworking space?
Here is a table listing 10 elements that could be part of a competition study for a coworking space.
Name of the Element | Description |
---|---|
Market Position | The standing of the coworking space in the local market, including brand recognition and reputation. |
Facility Offerings | Types of workspaces provided, such as private offices, hot desks, and meeting rooms, as well as any unique amenities or services. |
Membership Plans | Different pricing tiers and subscription models available, including any flexible or tailored options for freelancers, startups, and larger enterprises. |
Target Audience | The intended customer segments, which could range from digital nomads to local entrepreneurs or corporate teams. |
Location and Convenience | Accessibility of the coworking space, proximity to public transportation, parking availability, and the appeal of the surrounding neighborhood. |
Marketing Strategies | How the coworking space is promoted, including digital marketing efforts, networking events, partnerships, and community engagement. |
User Reviews and Testimonials | Feedback from members and visitors on platforms like Google, social media, or dedicated coworking space review sites. |
Quality of Amenities | The standard of facilities provided, such as internet speed, office equipment, common areas, and additional perks like coffee or snacks. |
Design and Atmosphere | The aesthetic and functional design of the space, including layout, lighting, acoustics, and overall vibe that can affect productivity and comfort. |
Community and Networking | The strength and activity level of the community within the coworking space, including events, workshops, and opportunities for collaboration. |
Examples of competition studies for a coworking space
Below are three different (very concise) examples of competition studies tailored for a High-Tech Coworking Space, Artistic Coworking Space, and a Suburban Coworking Space.
If you need something more developed, go check our business plan template for a coworking space.
High-Tech Coworking Space Competition Study
Competitive Factor | Description |
---|---|
Technological Amenities | State-of-the-art equipment, high-speed internet, and smart office features. |
Membership Plans | Flexible pricing for hot desks, dedicated desks, and private offices. |
Location | Proximity to tech hubs, innovation centers, and urban business districts. |
Networking Opportunities | Events, workshops, and meetups focused on tech industry trends and startups. |
Design and Layout | Ergonomic workspaces, breakout areas, and a layout that promotes productivity. |
Unique Selling Proposition (USP) | Partnerships with tech companies, incubator programs, or exclusive member benefits. |
Artistic Coworking Space Competition Study
Competitive Factor | Description |
---|---|
Creative Environment | Inspirational spaces with art studios, galleries, and design resources. |
Membership Diversity | Plans that cater to artists, designers, and freelancers with varying needs. |
Location | Situated in cultural districts or areas known for artistic communities. |
Collaborative Culture | Opportunities for collaboration on projects, exhibitions, and creative endeavors. |
Ambiance | Artistic decor, open spaces for showcasing work, and a stimulating atmosphere. |
Unique Selling Proposition (USP) | Artistic residencies, workshops with renowned artists, and community art events. |
Suburban Coworking Space Competition Study
Competitive Factor | Description |
---|---|
Accessibility | Convenient location for suburban residents, with ample parking and transit options. |
Flexible Hours | 24/7 access to accommodate various work schedules and lifestyles. |
Community Focus | Emphasis on local businesses, family-friendly events, and community building. |
Amenities | Meeting rooms, event spaces, and amenities tailored to local demographics. |
Cost-Effectiveness | Competitive pricing with suburban cost of living in mind, offering value for money. |
Unique Selling Proposition (USP) | Partnerships with local businesses, discounts for local residents, or a suburban networking hub. |
You can also read our articles about:
- how to fill a Business Model Canvas for your coworking space
- how to segment the customers of your coworking space
- how to elaborate a marketing strategy for your coworking space
- how to create a coworking space (guide)