The market and how people respond to it can be a finicky element that can make or break any company. While it’s important to keep your pulse on your market, it’s just more important to apply what the market is telling you by using innovative ways to address it.
In December 2017, I purchased a building that was vacant for over 7.5 years. It was a total gut job. Exterior painting, 6 new HVAC units, drywall, flooring, parking lot and roofing repairs and décor. I had only two months to get the first half of the building completed because the lease on my previous office was expiring.
Unfortunately, I couldn’t find a general contractor to return my calls. However, with the help of referrals from a nearby building owner, I was able to put his team of trades to work at a time when his projects were slowing down. Within two months, we had conferencing facilities holding up to 50, coworking offices as well as private suites.
The Problem
The problem was that for over a year, I couldn’t find a tenant for three suites. These three suites could be combined or leased out individually.
In January 2020, the pandemic happened and I had more people asking about coworking private offices. At the time, I remembered the best advice I received from a colleague, Lynn Drake of Compass Commercial, who coincidentally was my broker for the building. I remember her words like it was yesterday. “Lisa, pay attention to what your market is telling you.”
You see, I discovered a balance. I had a dream of this coworking and conference facility for small business, and I could still accomplish it if I was flexible and paid attention to what the market was telling me.
The Solution
I converted one of the vacant private suites fitting four coworking offices into it. Before they were built, I had coworking members who wanted them full time. Did I necessarily plan to add another coworking suite? No, but the market was showing me the demand.
While our market for coworking continues to be professional services companies, the market in a post-pandemic world is showing demand for both small office suites and coworking options. Additionally, corporations are adding stipends for coworking as a way to keep or attract high-performance talent who can’t or otherwise don’t want to work from home.
We also ended up with a hybrid facility that offers conferencing facilities, coworking and private suites as well as business and leadership mentoring through Excellerate Associates. It’s a one-stop destination for business innovation.
I invite you to consider how you can strengthen or reinvent your company when the market shifts by asking yourself:
1. What is the market telling you and how will you address it?
2. Are trends forecasting growth for your industry? If yes, how will you distinguish yourself from the growing competition and what will be the impact on your company? If trends are not forecasting growth, what could you shift in your business model to sustain your business through the market shift?
3. How can you use your assets differently perhaps serving a slightly different market while leveraging what you already built?
Invitation
If you want to stand out from the rest who offer similar products and services, I invite you to register for:
Create Your Signature Program 0n Thursday-Friday, May 18-19, 2023
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