Why Millennials Are Flocking to Co-working Spaces

The co-working space trend started in 2007, but it didn’t take off until a couple of years ago. Now in Australia’s business districts, the rise of co-working spaces has proven that it is not just a fad and it may be here to stay — thanks to millennials.

Workers at an office

The shared office space franchise is seeing a bright future as more Millennials enter the workforce. The flexibility and the environment that co-working spaces offer fit the preferences of Millennials.

Flexibility for the Free-Spirited

The Millennial generation has prompted shifts in working trends in different industries including social media, real estate and marketing. Millennials, who crave flexibility and who have tried to step away from traditional work models, have found that co-working spaces suit their preferences when it comes to getting the most out of their productivity.

As a generation who values work-life balance, shared offices provide spaces that are not only conducive to productivity but also accessible to other amenities like cafes, gyms and recreational hubs.

Co-working spaces also create a platform for entrepreneurs to network and collaborate freely. Millennials strive to achieve a free-spirited, professional lifestyle and the community-centric setup of co-working spaces allows forward and relaxed interactions in an environment conducive to creativity among entrepreneurs.

A Healthy Focus on Work

Contrary to the responsibility of maintaining the cleanliness of a workspace, co-working spaces take away this responsibility, so patrons can focus on their work. Moreover, renting space in a shared office doesn’t involve a long-term contract. Entrepreneurs and freelancers can come at any time they want and stay for as long as they want since there are hourly, daily, and monthly payment options.

Work isn’t as toxic as it could be in more traditional setups. A co-working space can be healthy for millennials who feel productive when surrounded by like-minded individuals. Rather than working in a strict, rigid office setup, co-working spaces motivate and boost morale through coffee breaks and spontaneous socialising.

Australia’s co-working industry continues to grow as the demands of Millennial professionals also grow every year. If you want to be a part of this industry as a franchisee, feel free to contact us today.

Three Reasons Coworking Spaces are Ideal for the Creative Field

Coworking spaces are on the rise amongst Australian businesses. In Melbourne alone, property experts from Knight Frank found that the number of new coworking hubs has surged by 750% in the last three years. Their growing popularity has been attributed to the rise of start-up companies, the influx of Gen Y workers and a great shift toward self-employment.

Coworking Spaces

Many businesses in the world have found great success in coworking spaces. For the creative industry, more specifically, the setup is favourable. Here’s why:

Collaborative Environment

A coworking space is founded on a non-corporate design that eliminates physical barriers such as cubicles and private offices. This encourages collaborative learning, not only within the team but also with other businesses in the building. Freelancers will find it easy to interact with others and join forces with other creative agencies on various projects.

Effortless Work Exposure

Emerging graphic artists, writers and architects often have difficulties making a name in their respective fields. Talent in the wrong environment can go unnoticed or ignored. In a coworking hub, artists will have many opportunities show their work to other people in the industry. They are most likely to form relationships with like-minded individuals who value the craft as much as they do.

Improved Morale and Productivity

When employees have little to no engagement in the workplace, there is an 87% chance they will depart the company quicker then expected. When a creative business establishes its company in a coworking space, its employees are more likely to stay with the team longer than those who work in more rigid environments. Coworking spaces improve their morale and general outlook on their jobs. The better the morale of a worker, the more productive they become.

A collaborative workplace is the workplace of the future. With Venture X, you can franchise coworking spaces and help other creative businesses thrive. Contact us and start your business with us today.

Big Misconceptions about Coworking Spaces

There’s a lot of advantages of coworking spaces – a lot of these come from people who’ve never experienced working in one. Let us get to know what coworking spaces really are and shed some light on common misconceptions.

Co-Working Space

What is a coworking space?

Coworking spaces are an alternative to expensive office spaces and working in isolation at home or staying at a coffee shop. Coworking spaces do not just offer a physical area to work in; they also provide a supportive community environment. Because of their cost-effectivity and sharing conducive atmosphere, they attract freelancers and startups.

Coworking spaces are too noisy and distracting.

As coworking spaces provide a supportive community, they have open areas for consultations, brainstorming and discussions. Despite this, however, coworking spaces still accommodate various working styles. They have designated quiet areas or private rooms for those who prefer silence.

‘Coworking’ is just a fancy term to upsell a shared office space.

The only similarity of coworking and shared office space is that they both provide a physical work area for non-connected groups and individuals. With a shared office space, however, there is no collaboration or much chance for learning from each other. The coworking space, on the other hand, cultivates mentoring and collaboration. People who co-work often pool their strengths together to help each other meet their objectives.

Coworking is simply a fad.

With the Australian job market evolving, more people are starting their own business or working freelance. In a recent Upwork survey, one-third of our workforce (4.1 million) opt for freelancing.  This implies a huge demand for cost-effective workspaces and this figure is likely to grow in future.

Venture X provides freelancers, start-ups, satellite businesses and other self-employed individuals with an environment conducive to progressive productivity, complete with beautiful, functional workspaces, a centralised café, reception area and fully-fitted meeting rooms. If you want to invest in a coworking franchise and help passionate individuals by providing them with a creative working space, contact us today.

Why Co-working Spaces are a Solid Investment

Traditionally, if you were self-employed, you would simply work from home or go to a nearby café to take advantage of their free Wifi. Nowadays, there’s the opportunity to rent a commercial office space and collaborate with other self-employed individuals. Co-working offices are workspaces made for entrepreneurs, freelancers and small business teams who want to work together in a communal area.

Co-working Space

There are many advantages to investing in co-working spaces. They can enhance a job by allowing for more social interaction, and they can also stimulate higher aspirations and achievements.

Work on Your Own Terms

Working in a communal space gives individuals or small business groups the freedom to manage their work in the way they want. People who work in a co-working space can plan their own work schedule and decide if they want to work in a private space or a collaborative environment by sharing tables with other professionals.

Interact with Different Professionals

Having more opportunities to widen your professional network increases the chances of you meeting other professionals in different industries. Interacting with other freelancers or small businesses broadens your knowledge on various business perspectives that can help you think about long-term goals for your own job. Overall, working in a communal environment can help you be more goal-oriented with your career.

Venture X’s Co-working Spaces

Venture X provides you with an office space franchise opportunity to work in and provide a communal space for a growing number of ventures. Part of the giant United Franchise Group, we do not lack expertise and know-how. This goes a long way in making sure you get the training and support that you need to make your venture successful. Call 1300-653-768 to inquire about our co-working spaces.

Benefits of Working at a Coworking Space Rather Than at Home

For people who are unfamiliar with the concept, a coworking space is a place where people can work on their own independent projects while sharing the company of others. This makes it an excellent choice for both freelancers and entrepreneurs who have started their own businesses but haven’t set up their own offices—not least because it provides them with a package of benefits that can be found nowhere else. Here are some of the benefits that come with working at the best coworking spaces:

circle discussion

One of the Best Coworking Spaces

Most businesses need the right facilities to produce the right results. Sometimes, these facilities consist of nothing more than office space with some simple machines such as printers and scanners. Other times, these facilities will be much more specialized in nature.

While most coworking spaces won’t be able to accommodate the latter, they should be able to accommodate most freelancers and entrepreneurs just fine, thus enabling them to perform to the peak of their potential without having to worry about managing the tools, machines, and supplies of production.

Human Interaction

Happy, healthy people tend to be much more productive than their not-so-fortunate counterparts. Since most people need plenty of company to stay happy and healthy, this means that staying at home can actually be counter-productive and lower their productivity. Fortunately, this is a simple problem with a simple solution in the form of the best coworking spaces, which will provide individuals with plenty of company while still letting them retain their independence.

Lack of Distractions

Anyone who has ever worked at home is familiar with the full range of things that can tempt them from doing their work, with common examples ranging from doing the dishes and cleaning up clutter to watching TV and browsing the Internet. By removing themselves from their homes and settling into coworking spaces, both freelancers and entrepreneurs can eliminate all of those potential distractions with a single stroke, thus making them that much more productive.

Reduced Costs

Setting up an office is both expensive and time-consuming—so much so that it can ruin start-ups that are unprepared for the full burden of the process. A coworking space is a useful way for entrepreneurs to start their revenue-earning operations without having to exhaust most of their funding right from the start. While there is a limit to the size of the start-up that can be accommodated by even the best coworking spaces, they can still provide more than enough time for entrepreneurs to establish a solid footing before having to set up an office of their own.

Social Networking

The people who work at coworking spaces have their own independent projects—but that doesn’t mean that they can’t network with one another for mutual benefit. For example, working at the best coworking spaces is a great way to come into contact with people who possess a wide range of expertise and experience—and who might be convinced to pass some of those things onto others.

Furthermore, if they happen to be in the same field, they can provide not just potential resources but also potential business opportunities. Summed up, a coworking space is a place where people can establish themselves in their chosen fields in more than one sense of the word.

Do you want to learn more about how you can provide a creative working environment at one of the best coworking spaces by becoming a Venture X franchisee? Then contact us today!

Types of Customers to Target for Your Coworking Space Business

Like many people who are considering launching a coworking space business, the idea may have taken root when you ducked into your favorite coffee shop at midday.

While you waited for a barista to mix your selection, another mixture caught your eye: the number of people—serious-looking people—typing away at their laptops, conducting interviews or meetings, reviewing paperwork, and talking on the phone.

Your first thought—“It’s 3 o’clock in the afternoon; don’t these people work?”—quickly gave way to the realization that they are at work—just not in an ideal environment.

woman on computer

Lesson No. 1 for Your Coworking Space Business

Without realizing it, you just learned the first of four lessons in the types of customers to target for your coworking space business. Yes, they probably like coffee, and yes, they are serious about their work. But they have outgrown the tight quarters, placemat-sized tabletops, and especially the sound of an espresso machine screeching in the background while they try to read, write, talk, or listen as they conduct business.

Even if they are adept at zoning out background noise, the number of distractions at coffee shops can rival the number of coffee beans. To these diligent people, a functional and desirable coworking environment includes:

  • An attractive, roomy, and functional workspace
  • A reception area
  • Meeting rooms
  • Concierge-level services
  • A café

Lesson No. 2 for Your Coworking Space Business

These discerning workers represent one of the fastest-growing workplace phenomena of the last 20 years: the so-called independent worker. By 2020, 65 million Americans will belong to this work category, making up 40 percent of the workforce, according to the U.S. Bureau of Labor Statistics.

As they eschew the lonely confines of a home office and the noisy distractions of coffee shops, they are turning to shared workspaces, which offer the perks of a professional office environment without the drawbacks of a rigid power structure, set hours, and stuffy formalities. The number of shared workspaces is nearly doubling every year, and they serve an increasingly wide spectrum of workers, according to MBO Partners’ annual “State of Independence in America” report.

Lesson No. 3 for Your Coworking Space Business

The trend portends an exciting future for those aspiring to manage a coworking space business—as long as they drill down and learn who is included in that increasingly wide spectrum.

The U.S. Bureau of Labor Statistics places these workers in five categories:

  • Independent professionals and entrepreneurs
  • Freelancers
  • Remote workers and telecommuters
  • Temporary workers
  • A growing group known as “side-giggers,” or those who are employed in some capacity but take on other part-time, independent assignments

Lesson No. 4 for Your Coworking Space Business

These categories might not surprise you, but the demographics of people who gravitate to shared workspaces might. A 2015 study conducted by Emergent Research found that:

  • Their average age is 39
  • Only 20 percent are younger than 30, and 7 percent are older than 60
  • They are nearly split by gender, with men edging out women at 52 percent
  • Only 9 percent work for companies with more than 100 employees

These four lessons will be fundamental in your growth curve as you target customers for your coworking space business. You can count on the coworking experts at Venture X to complete your education with their comprehensive and world-class training programs. But you have to make the first move by phoning for a franchise consultation, perhaps right after you fuel your enthusiasm by ducking into your favorite coffee shop at midday.