Coworking Space franchises – How to Start your Own

07/02/2019 18:00 | Focus on business sectors

coworking space franchise

Developments in technology have radically changed the way we work today. Twenty years ago, the idea of being able to communicate with someone on the other side of the world via email or text message was only beginning to take root as a serious option in people’s minds. Today, with laptops and smartphones, people can work anywhere there is an internet connection and a place to sit. Coworking space franchises have sprung up in the last few years to provide a space for people to work and collaborate without having to take on the costs associated with a traditional office.

Perfectly suited to writers who have too many distractions at home and small teams of designers looking to turn their vision into reality, coworking space franchises make it easier for people to work in a way that suits them.

If you want to set up your own franchise in the coworking sector, here is everything you need to know to get started.

Coworking space London

Flexible working is not just a buzzword, it is increasingly becoming a requirement. The idea that people need to rigidly stick to the 9-5 working day, doggedly coming to the office no matter the weather, is rapidly becoming outdated. Increasingly, people want to be able to fit their work around their family lives and other commitments. Achieving a good work-life balance is now seen by many as an important aspect of mental health.

As well as flexible working, technology has allowed people to work in different ways. A single person looking to set up a business used to face substantial costs just to start operating. Now, as long as they have a laptop, they can set up client meetings, write articles, design websites and brochures, and perform almost every part of their business.

Coworking spaces fill this need for cheap, flexible working spaces for the growing number of people who don’t want to be tied to an office lease but also don’t want to work from home. For example, if you work entails a lot of travel, you can use coworking spaces in different towns to give you a temporary base where you can work. The benefit of choosing a coworking space over just staying in your hotel room is that they are designed for work, and have all the utilities someone might need. Good wi-fi is an essential.

So, what are your first steps when setting up your own coworking space?

Coworking space franchise

Before you look at coworking franchises for sale, there are a few things to be considered.

As is the case with most businesses, your potential location is going to be important. People flock to coworking spaces for one main reason: convenience. If your space is not easy to find and get to, your franchise will be destined to fail. Coworking spaces have become a great way to revitalise older, unused buildings which have a lot of space. The older the building, the better deal you might be able to negotiate with the landlord. You may also have higher renovation costs, so don’t rush into anything without crunching the numbers first.

It is also necessary to look at the local business environment. If the area is a hotbed for start-ups and innovation, there is likely to be good demand for coworking. If, on the other hand, the area is dominated by industrial plants or office-based employers like banks, you may not have as many people knocking on your door.

Speaking of numbers, creating a coworking space is not simply a case of buying a building, putting some chairs and tables in and charging people to sit in them. You will likely need to put a substantial investment into making the space suitable, from getting the look right to making sure you have a communications infrastructure to support lots of people using the internet. People are going to expect to be able to use Skype, stream videos and download files, so you need to be able to handle this large amount of data. As well as the tech side, you will also need to provide a kitchen area, phone lines and toilets. Additional features you could provide are lockers, meeting rooms and specialist equipment.

Finding the right franchise

Understanding that setting up a coworking space is likely to be a costly process will help you when choosing a coworking space franchise. You don’t necessarily want to choose the franchises with the lowest investment, because these could offer a lower level of support. If you are going to be investing a substantial amount anyway, why not make sure that your new franchiser will be doing all they can to make your new business a success?

Different coworking spaces franchises will have different requirements when it comes to the level of service they expect to be provided. Some will be happy if you run your space in a similar way to an office rental business, while others use higher levels of hospitality and support as a key differentiator. Part of the franchising process involves really sitting down and making sure that all parties are clear on the nature of their relationship and what is expected of them. If you don’t think you will be able to provide the level of service expected, it is a good idea to look elsewhere.

Investing in a franchise is not just about meeting the demands of the franchiser, it is also about creating a business that suits you and your goals. By talking to a lot of coworking space franchises, you will be able to find one that matches your ethos and is compatible with your goals.

By investing in a coworking space franchise, you are putting yourself right at the heart of society’s changing attitudes to work. You will be helping people start their new businesses, innovate and work in a way that best contributes to leading happier, healthier and more fulfilled lives.

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