Coworking Living Space: A Real-Life Case Study

Style Hack, a small coworking space in Dhaka, Bangladesh, faced a significant challenge identical to that faced by many new coliving and coworking spaces providers: how to get tenants in the door. Style Hack seemed to have no digital presence; its website had yet to be launched, and it had no marketing strategies in place. People couldn't locate it online, and it was difficult to persuade people to come in off the street because it was on a different roof in an office tower. It had calculated the cost of the coliving and coworking spaces, but due to the delay in installing and outfitting, the team was unable to demonstrate to customers exactly what they're getting for the money. They couldn't rely on word-of-mouth to build interest because they didn't have any tenants.

Style Hack became an official Workspace Associate in November 2020 after seeking help from PayrollBD. The Style Hack team had access to a wealth of information, advice, and tools designed to assist new workspace providers in setting up their first coliving and coworking spaces location. Following that, Style Hack and PayrollBD devised a comprehensive marketing, pricing, sales, and negotiating plan to attract the first customers to Style Hack.

PayrollBD provided insight into the market and pricing strategy. Prior to starting their coworking space, Style Hack founders had a full knowledge of the office space business and determined costs based on their investigation of comparable coliving and coworking living spaces inside the region. However, in Bangladesh's co living workspace industry, Style Hack was a completely unknown entity with no established value and no current demand. Even worse, due to the interior design delay, potential tenants were unable to see the finished workplace on their tours. To attract a larger spectrum of enterprises, PayrollBD suggested lowering the costs for various co living workplaces in the early months.

After only three months, Style Hack is nearly full, with PayrollBD's account for 70% of active members. The majority of the tenants are digital marketers, graphic designers, and other creatives, and there are also lawyers, brokers, and professional services organizations. The majority of inaugural members have renewed their leases or enlarged their space since coming in, demonstrating the effectiveness of the co living workspace they have built.