Investing in a co-working space means you have made a decision to invest in yourself. There is always the small business route to open your own co-working space, but more and more entrepreneurs are choosing to invest in franchises, and for good reasons too. You want your co-working space business to offer competitive services to help retain customers such as a virtual office space, varying levels to accommodate different people with different needs, and other things that put you above the rest.
With a brand behind you to provide things like a business model and support, you will have what you need to open a co-working space that you could be proud of. But there are a lot of opportunities out there, and in order to find the right one, there are questions you should be asking to learn more about the industry and the different brands. Here are the top five frequently asked questions about investing in a co-working space.
#1. Is It Better to Start a Business or Invest in a Franchise?
Small businesses and franchises are the top options for owning a co-working franchise, and both share advantages and disadvantages. One of the biggest appeals of investing in a franchise over starting a business from scratch are the clearly defined costs that go into opening one. A quality co-working space franchise will have an investment that breaks down costs associated with a franchise such as training, support, products, materials, and more to get your franchise open faster. In addition, a well-known brand comes with a business model that has been tested and proven through past franchises that use it as well.
#2. Are There a Lot of Franchising Options?
Fewer people want to work in the traditional office setting, and as technology improves and more work is being shifted to online platforms, more people are working from home now than ever. According to an article in the Sydney Morning Herald, one in every three workers in Australia works from home regularly. This number has risen from 20 to 30 percent over just 15 years. Because more people are working from home and less in a traditional office space, the need for co-working space franchises has grown dramatically.
People are choosing co-working space franchises for the multiple locations they can choose from and the services they offer for the price. Venture X and other franchise opportunities are seeing a lot of success because customers like the flexible service options that fit their specific needs and the general collaboration and social interactions they get by working near a wide variety of people in different professions.
#3. What Is a Turnkey Investment?
A turnkey investment is something that certain franchise brands offer, and it goes beyond just a standard investment. Where the average investment comes with only a storefront and maybe a little bit of training, a turnkey investment comes with a complete package for the cost. This means you get just about everything you need to open a co-working space franchise.
For instance, Venture X’s turnkey investment offers a lot to help you open your dream franchise. It comes with training and support, a business model, multiple different resources, and more to help you get started on the right foot.
#4. Where Is a Target Franchise Location?
Co-working space franchises typically do well in areas that have easy transportation, a high amount of buildings and offices in the area, and a large enough car park for commuters to park. In addition to the exterior, if a co-working space franchise will have any likelihood for success, it must have enough space to provide private offices, shared desks, regular desks, conference rooms, and more so customers can receive a wide array of services for their own virtual office space. Venture X offers target markets that have been researched to determine they have the proper demographics for a co-working space franchise in Australia.
#5. What Is a Virtual Office Space?
A virtual office space is a service offered at Venture X that provides customers with a professional address for their business so their clients can send mail to an address separate from their home. In addition, this mailing address is at a location that is in a much more business-oriented city or town that clients will recognise and respect more. This is just one of the many services that Venture X offers for customers. They have mailbox services like the virtual office space but also have separate or shared desks, private offices, and even conference rooms to accommodate anyone working outside the traditional office.
If investing in a co-working space sounds appealing to you, check out more of our frequently asked questions.