Developing Your Coliving

Concept

Before reading this do give a read to Understanding the Coliving Industry

Once you understand the fundamentals of the coliving industry, the next step is to develop a unique and compelling concept for your coliving space. This concept will serve as the foundation for your business, guiding everything from the design of the space to the way you engage with residents. A well-defined concept will not only set you apart from competitors but also ensure that your coliving space resonates with your target audience.

Setting Your Mission and Values

Your mission and values are the heart of your coliving business. They define what your space stands for and what kind of experience you aim to provide for your residents. A clear mission will help you attract like-minded individuals who align with your vision, creating a cohesive community.

1. Define Your Mission: Start by asking yourself why you want to start a coliving business. Is it to create a vibrant community for digital nomads? To provide affordable housing in urban areas? Or perhaps to promote sustainability and eco-friendly living? Whatever your mission, it should be specific, actionable, and reflect your core beliefs.
   Example: "Our mission is to create a supportive, inclusive community where remote workers can thrive both professionally and personally, while living sustainably and contributing to the local environment."
2. Establish Core Values: Once your mission is clear, define the values that will guide your operations. These values should influence everything from the design of your space to how you interact with residents. Common values in coliving spaces include community, collaboration, sustainability, inclusivity, and innovation.
   Example Values:
3. Community: We believe that strong, supportive communities are the foundation of a fulfilling life.
4. Sustainability: We are committed to minimizing our environmental impact and promoting sustainable living practices.
5. Inclusivity: We welcome people from all backgrounds and walks of life, fostering a diverse and vibrant community.

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With your mission and values in place, the next step is to identify what makes your coliving space unique. Your Unique Selling Proposition (USP) is the key feature or characteristic that sets your space apart from others. This could be anything from a specific focus on a particular demographic, to the type of amenities you offer, or even the location of your space.

1. Identify Your Niche: In a growing market like coliving, it’s important to carve out a niche that appeals to a specific group of people. For example, you could focus on digital nomads, creatives, wellness enthusiasts, or eco-conscious individuals. Understanding your target demographic’s needs and preferences will help you tailor your offering to attract the right residents.
   Example Niches:
2. Digital Nomads: A space with fast, reliable Wi-Fi, coworking spaces, and regular networking events.
3. Wellness Enthusiasts: A coliving space with a focus on health and wellness, offering yoga classes, meditation sessions, and organic, locally sourced meals.
4. Sustainability Advocates: An eco-friendly coliving space with sustainable architecture, zero-waste practices, and community gardens.
1. Highlight Unique Amenities or Features: Consider what unique amenities or features your space will offer that others don’t. This could include anything from state-of-the-art coworking facilities, to on-site fitness centers, or even a partnership with local businesses for exclusive resident perks.
   Example: "Our coliving space features a cutting-edge coworking area with private work pods, a recording studio for podcasters and content creators, and a rooftop garden where residents can grow their own vegetables."
2. Leverage Location: The location of your coliving space can also be a powerful USP. Whether you’re in the heart of a bustling city, close to popular surfing spots, or nestled in a tranquil countryside, make sure to highlight what makes your location special and how it enhances the coliving experience.
   Example: "Located just 10 minutes from the beach, our coliving space offers the perfect blend of work and play, with easy access to surfing, hiking, and vibrant local culture."

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Once you’ve defined your mission, values, and USP, it’s time to choose the specific coliving model that best aligns with your vision. The model you choose will depend on your target demographic, location, and business goals. Here are a few popular coliving models to consider:

1. Urban Coliving: Ideal for cities with high real estate prices and a large population of young professionals, freelancers, and digital nomads. Urban coliving spaces often focus on providing affordable housing options with a strong sense of community.
   Key Features:
2. Central location with access to public transport and amenities.
1. Compact living spaces with shared common areas like kitchens, lounges, and coworking spaces.
2. Community events such as workshops, social nights, and networking opportunities.
3. Rural Retreats: Perfect for those looking to offer a peaceful escape from the hustle and bustle of city life. Rural coliving spaces appeal to creatives, wellness enthusiasts, and those seeking a slower pace of life.
   Key Features:
3. Spacious, nature-focused settings with access to outdoor activities like hiking, yoga, and meditation.
4. Wellness-oriented amenities such as organic gardens, meditation rooms, and outdoor relaxation areas.
1. Focus on personal growth, creativity, and well-being.
2. Thematic Spaces: This model revolves around a specific theme or lifestyle that attracts like-minded individuals. Thematic coliving spaces can range from wellness-focused environments to tech-driven innovation hubs.
   Key Features:
3. Tailored amenities and services that align with the theme (e.g., wellness centers, creative studios, tech labs).
5. Programming and events designed to support the theme (e.g., coding bootcamps, art workshops, wellness retreats).
6. A strong brand identity that resonates with the target demographic.

Balancing Business with Vision

As you develop your coliving concept, it’s essential to balance your business goals with your vision for the space. While it’s tempting to focus solely on creating a vibrant community, it’s equally important to ensure that your concept is financially viable.

1. Conduct Market Research: Understand the demand for coliving in your chosen location, the pricing expectations of your target demographic, and the competition. This will help you fine-tune your concept to meet both market needs and your business objectives.
2. Develop a Business Plan: Your business plan should outline how you will turn your concept into a reality, including financial projections, marketing strategies, and operational plans. It should also reflect your mission, values, and USP, ensuring that your business strategy aligns with your overall vision.
3. Test and Iterate: Before fully committing to your concept, consider running a pilot or pop-up coliving space to test the market, gather feedback, and make adjustments. This will help you refine your offering and increase the chances of long-term success.

Coliving Guide is a series of articles that will give you in-depth understanding of various aspects of coliving and help you take better decisions as a coliving founder. It is for anyone who is thinking about starting or already operating a coliving business. Do share it with fellow founders and enthusiast who would be interested and leave your feedback on coliving@artof.co

1. Understanding the Coliving Industry
2. Developing Your Coliving Concept
3. Choosing the right location for your Coliving
4. Designing Your Coliving Space
5. Building a Thriving Coliving Community
6. Setting Up the Workspace in your Coliving
7. Financial Planning and Unit Economics in Coliving
8. Marketing Your Coliving Space
9. Legal and Regulatory Considerations in Coliving
10. Building and Scaling Your Team in Coliving Business
11. Preparing for Growth and Future Trends in Coliving

If you have any questions around coliving feel free to book a free coliving advisory session here.