Competitive Audit, Market Research, and Surveys
Market research and surveys illustrated a demand for flexible and affordable office space for local freelancers, remote-workers, and small businesses. Alternative offerings were available but were either too far away or did not offer private offices. A competitive audit revealed clues to what services, membership tiers, and pricing should be offered.
Business Model Canvas, Value proposition Canvas, and User Personas
To address the needs of a diverse set of customers we needed provide tiered memberships. Membership at all levels would allow access to high-speed internet, conference rooms, and a shared kitchen. Personas revealed that the space needed to be professional yet still comfortable. Residents tended to have a strong sense of pride being from NH so paying homage to the state's mountains and forests was essential when choosing paint colors and textures.
Implementation for this project took around 4 months which included a full renovation of the space, designing of the business model, creating membership plans & pricing, and putting a manager in place to take the reigns. once the build out was completed.
Within 3 months of launching ShapeSpaces the manager had filled 60% of available space. Offices had the greatest demand while hot desks and dedicated desks had the lowest. After some time the manager and investor decided to convert the underutilized space into a small school focused on semiconductor manufacturing. This division allowed the investor to fully utilize the space for a maximum return as well as pull talent from the school to support operations at his manufacturing plant.