Venture X: Who Is the Competition?
Always know your competition before you open your coworking office franchise. Knowing the businesses you are competing against is vital to your success. Who else is trying to land the same customers as you? What do they have that you don’t? How can you get an edge over them? How are you different? How do they market themselves to your shared target audience?
Being aware of the competition helps you strategize for your own success. It would be a terrible waste to spend time, effort, and money on something like a marketing plan only to be overshadowed by your competitor. Although these things do happen, knowing your competition helps you stay on top of making your own business great.
At the end of the day knowing your competition is as important as knowing your customers.
Know Your Surroundings
Before you even open for business it is important to know your area. Take the time to research the demographics of your city and the surrounding areas to identify who your target market is and where they are. Where are the businesses and people who will be interested in your coworking office franchise?
Learning your area before you invest is also how you learn where to locate your business. Being easily accessible is key, especially for a coworking space, so knowing the area is not something to skip out on. The competition did their research so make sure you do too.