Coworking spaces don’t just give business professionals access to physical office space and tools; they can also provide valuable community and resources. However, those who don’t feel completely comfortable in these spaces may not be quite as successful. Learn how The Coven is disrupting the coworking industry in this week’s Small Business Spotlight.
What the Business Does
Offers coworking solutions aimed at women and underserved communities.
Co-founder Alex Steinman told Small Business Trends, “The Coven offers digital and physical coworking spaces centered on the experiences of women, non-binary, and trans folks, yet open to all.”
Business Niche
Helping members transform their businesses in numerous ways.
Steinman says, “The Coven creates the conditions for physical and psychological safety, increasing our members’ biases for action and risk taking along the way.”
Not only does The Coven offer physical coworking spaces, but they also host events and offer virtual workshops.
How the Business Got Started
Combining skills to serve their communities.
Steinman explains, “The four co-founders met in the advertising industry, volunteering in their respective agencies to help women and people of color advance in their careers.”
The founders all noticed resistance when trying to advance their initiatives, so they joined forces to create a unique and supportive environment.
Biggest Win
Navigating the challenges of the COVID-19 pandemic.
Steinman says, “Within 24 hours of the first mandated lock downs, our team launched a digital platform to keep our community connected.
She adds, “Within four months, we doubled our membership and helped 1,000+ community members navigate isolation, entrepreneurship, and careers.”
Biggest Risk
Getting started and raising $350,000 on iFundWomen’s online platform.
Steinman adds, “Two of the four Coven co-founders quit their jobs to focus on The Coven full time. We launched a crowdfunding campaign to raise enough capital to open, asking community members to invest in a membership without the physical space open. None of us are independently wealthy. And bank loans are inaccessible for new entrepreneurs and particularly for women. The crowdfunding campaign was a raging success with 150 founding members joining before doors open.”
Lesson Learned
Take care of yourself.
Steinman says, “I wish we would have taken better care of ourselves as founders earlier in our entrepreneurial journey together. It’s easy to burn out, even with business partners. I’m most proud of our ability to support one another through both business and personal hardship and make it to the other side stronger because of it.”
How They’d Spend an Extra $100,000
Launching two initiatives.
Steinman says, “We would use it for capacity building to continue supporting our new Community Owners!”
She adds, “We know financing is an opportunity for wealth creation. And we want more communities of color to have access to entrepreneurship. Providing grant and financing options would allow for more women of color to launch and grow their own businesses.”
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Image: The Coven
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