Acquiring the best office franchise from Venture X Franchise is one example of an ideal way of muscling your way into the coworking franchise industry.
Technology and circumstances have continued to change the modern work environment. As more people and companies explore better ways to incorporate remote work as part of their culture, coworking is becoming more acceptable and encouraged.
What is Coworking?
Of course, companies are always looking for ways to do things better while cutting costs. Improved technology and budgetary concerns make coworking a very tempting alternative.
Coworking is when different companies share a common workspace, the coworking space, in an effort to cut costs and improve efficiency. The financial benefit is that a company doesn’t have to foot the bill for leasing an entire building or office space. This arrangement means that different companies can all share the same workspace and enjoy nearly the full benefits of this space while paying a fraction of the lease cost. In terms of efficiency, this arrangement encourages remote work. For example, if a company has no permanent location in a particular region but has workers there, simply renting a coworking space provides such employees with a good option instead of having to relocate to the city where the company’s corporate offices are.
This idea has proven to be effective, with many entrepreneurs investing in creating coworking spaces for companies and other freelancers. This has given rise to coworking franchises.
Like most franchise opportunities, those that choose to invest in coworking franchises can realize healthy profits if they do things right. Among the several things to be done right when investing in a coworking franchise is finding a good location. This is because this type of business is location-sensitive; companies want convenience when choosing to rent a coworking space.
Below are the criteria for finding a good location for your coworking franchise.
Access is a make-or-break issue when it comes to choosing a location for your coworking franchise. Convenient access means there should be good road access, meaning multiple routes to the location. Also, other businesses nearby contribute indirectly to the coworking franchise’s success. For example, having restaurants and apartments within easy road access to the coworking franchise will mean a lot for the many clients and individuals who wish to use the coworking space. This all means that location is key. As such, if you’re setting up your coworking franchise with the hope of attracting big corporate players, it doesn’t make sense to choose a location outside the city limits.
2) Clean and Safe Area
Having good access (or not) to your coworking environment wouldn’t mean much if the place was in a less-than-desirable part of town. Clients need to know that they can come and go as they please while conducting their business. As such, ensure that you choose a good neighborhood for your coworking franchise. This means that it should have good security, minimal crime rates, and good amenities like good roads. Also, consider how your coworking franchise will fit into that particular part of town. For example, if a particular neighborhood doesn’t exude a corporate feel, it might be best to avoid it when choosing a location for your coworking franchise.
3) Ample Space
Ample spacing should be a key factor when choosing a good location for your coworking franchise. Clients want a good place that can cater to their needs. This means conference rooms, private offices, kitchen areas, etc.
When choosing a building in which to set up your coworking franchise, ensure that it’s big and spacious enough; clients may want to host their customers and other business associates. This becomes challenging if a coworking space is stuffy and crowded.
4) Acceptable Lease Costs
Renting a place to set up your coworking franchise can become a headache if you’re not aware of the going rates for rent in a particular area. A common mistake among many franchisees is to ignore rent costs, believing that it’ll be okay as long as a franchise is profitable. However, paying over the top for your rent space can really dig into your profits, making it very difficult to realize healthy returns over the long run. Whenever you’re buying a coworking franchise, always get as much information as possible from the franchisor regarding such issues. Being in the business for a long time, the franchisor is better positioned to help you get a good location at a reasonable rate.
All in all, finding a good location for your coworking franchise will significantly impact your long-term success.