As more people take up freelancing and digital nomading, the demand for coworking spaces has increased. According to a report by Statistica, the number of coworking spaces is expected to reach 41,975 by 2024. Therefore, buying a coworking franchise is a fantastic opportunity for entrepreneurs to get in on this rapidly growing industry. These places are great for networking and building a community. They also come with a lot of other benefits. If you’re looking to get into the coworking business, buying a franchise is great. Here’s everything you need to know about co-working franchises.
What Is A Coworking Franchise?
A coworking franchise is a business that provides shared office space to freelancers, digital nomads, and remote workers. These franchises typically have various amenities such as high-speed internet, meeting rooms, private offices, and more.
Now that you know what a coworking franchise is let’s look at how you can start one.
Research The Industry
It’s essential to do your research before diving headfirst into starting a coworking franchise. First and foremost, you should understand the coworking industry and what it entails. This means familiarizing yourself with the trends, the competition, and the target market.
Identify The Franchising Company
Once you have a good understanding of the coworking industry, you can narrow down your options. When it comes to choosing a franchise, there are a few questions you should ask yourself.
- How much does the franchise cost?
- What are the royalty fees?
- What kind of support do they offer?
- Do they have a financing option?
Once you’ve answered these questions and identified a franchising company you’re interested in, the next step is to meet with the franchisors.
Meet With The Franchisors Officials
During this meeting, you’ll have the opportunity to ask the officials any questions about the business. This is also a great time to get to know them, learn their business model, and see if they fit you well.
Review The Franchise Disclosure Document (FDD)
After the meeting, it’s essential to review the franchise disclosure document (FDD) carefully. This document contains important information about the franchisor, the franchise, and your rights as a franchisee.
Discovery Day
Once you’ve reviewed the FDD and are still interested in the franchise, the next step is to attend a discovery day. This is a day where you’ll visit the franchisor’s headquarters and learn more about their business model. At this event, you’ll also have an opportunity to meet with other potential franchisees. This is quite helpful as you can get some insights from their experience.
Deposit And Financial Approval
If you decide to move forward with the franchise, the next step is to make a deposit and get financial approval. The franchisor will typically provide you with requirements, such as a business plan and financial statements. Once you’ve submitted all the necessary documents, the franchisor will review them and decide if you’re approved for the franchise.
Market Survey And Site Selection
Market survey and site selection are two crucial steps in starting a coworking franchise. The franchisor will help you select a location for your franchise that has a high potential for success. Additionally, they’ll also provide you with a market survey to help you understand the needs of your target market.
Layout Design And Build-Out Of The Space
After selecting a location for your franchise, designing and building out the space is the next step. This is where you’ll need to put your creativity to work and develop a functional layout that offers social interaction and employs intelligent space utilization.
Equip The Space
With the layout complete, it’s time to start furnishing the space. This includes adding furniture, equipment, and technology. It’s essential to make sure the space is comfortable and inviting so potential clients will want to work there.
Marketing And Client Acquisition
The last step in starting a coworking franchise is to market the space and acquire clients. You can do this through various marketing channels, such as online, offline, and word-of-mouth. You’ll franchisor will provide you with their existing marketing strategy and materials, but you’ll also need to put your spin on it to make it successful in your market.
Grand Opening
After you have completed all the steps, it’s time for the grand opening. This is when you’ll officially open your doors to the public. It’s essential to promote the event through various channels and ensure everything is running smoothly. Have a plan to market the event and attract potential clients effectively.
Coworking is a great way to start your own business with the support of a franchisor. By following the steps outlined in this blog post, you’ll be on your way to success. Remember to do your research, select a good location, and market the event effectively. You can make your coworking franchise successful with hard work and dedication.
