Lital Green and her husband Aiden started Inspire CoWork after discovering how hard it was to lease an office in Sydney's Sutherland Shire. Establishing the business wasn't easy, it took hard work and a solid business plan to make it work. Learn how they did it on this episode of The Company You Keep.
Inspire CoWork started with four trestle tables from Bunnings and a call out on Meetup: if any business needs some space, come by and check it out. Now, Lital and Aiden's business has grown to 2,000 square metres with over 140 businesses taking up residence.
Since opening, the Inspire CoWork has rocketed to success. However, Lital warns starting the business didn't just happen on a whim and that a strong business plan was crucial.
Starting a business from scratch requires strict financial planning, too. Lital warns businesses starting up to have as much cash available as possible – after the company made a terrible mistake of its own while paying for renovations.
“And it got to the stage where we were close to opening level four and pretty much almost ran out of money. We're just always just hustling and just making it work.”
“So definitely be really stringent with your financial forecasting and your budgets.”
And of course, Lital says, using resources from organisations like My Business helps a lot.
“Definitely entering into the awards was a really, really good opportunity to take a step back and reflect on the growth of our business and also gave us that opportunity to go, ow, we've come a long way. What is next for us?"