4 Questions About Starting a Shared Office Franchise

The market for shared office space is experiencing an exponential boom. Flexible workspaces comprise a sizable sector of the commercial real estate market. Developers are attempting to turn their properties into shared office premises. If you are one of the savvy investor seeking to get involved in the coworking office industry, one of your best options is opting for a shared office franchise that will help you penetrate this burgeoning market. This post will offer more information about shared office space franchise to help you make all the right choices.

Shared office franchising firms have created perfect models for purchasing, building out, branding, operating, and marketing coworking spaces. The number of shared office franchising companies is increasing because of their remarkable success, making the business model offer a sizable return on investment. Read on to learn more about some questions to ask when considering investing in a shared office space franchise. 

Does the Franchisor Have Sufficient Expertise and Experience in the Coworking Space Industry?

Expertise and experience are earned over time in the industry. When venturing into the shared office industry, it is advisable to choose a franchise you can rely on to offer you the invaluable perks that accompany the serious experience. You will have to evaluate the founding history and performance of any shared office franchise you may be considering. It is essential to choose an office franchise that has an excellent track record and vast experience in different aspects of developing and managing a coworking space. 

Great questions to ask include how long the shared office franchise has been in business, how many locations they have, and their management policy. A great perk of investing in a franchise is having a dedicated team that you can rely on to handle the nitty-gritty. The longer a franchise has been in business, the more likely they are to offer you reliable support. 

Does the Shared Office Franchise Have Good Knowledge of my Marketplace?

America’s workforce has unique needs for their shared office spaces depending on the profession, geography, and company culture. You will need to choose a shared office franchise that has an excellent understanding of your marketplace. Office spaces are being developed in suburban office centers and central business districts in all metropolitan areas in the country. Your marketplace may respond better to premises that are in the suburbs over the central business district or vice versa. 

Since all cities have a different commercial city inventory, your preferred shared office franchise will need to perform due diligence on your market. When testing a potential franchisor’s understanding of your marketplace, you can ask them about current competition in your region, entry strategies, emerging competition, and expansion strategies. Do not limit yourself by only courting one office franchise, consider different options and compare their analyses. When you analyze the results you will be able to make an informed choice of the best-shared office franchise for you. 

What Comprehensive Support Does the Franchisor Provide?

The biggest advantage of choosing a franchise is enjoying a comprehensive range of services that will help you launch your shared office business without a hitch. The services include acquisition services e.g. property evaluation, architectural design, interior design, IT solutions, business plans, operation models, online learning resources, staff training materials, brand awareness campaigns, bookkeeping, payroll, accounting, and reporting services.

Some franchisors offer most of these services to franchisees, but be sure to find out their specific terms and conditions of service. A shared office franchise will benefit you with services that help in day-to-day operations, long-range planning, growth management, and research. You will need to choose a franchisor that has responsive staff and high-quality services. 

Do I Know the Needs of my Coworking Space Market?

You will need to do some homework before meeting franchisors. Market mapping is an essential part of the necessary legwork to do. A great start is performing an online search to discover how saturated your region is. You can search your geographic specifier alongside terms like flexible space, coworking space, satellite office space, shared working space, serviced office space, distributed workforce office space, and co-op office space. The search will reveal which franchised and non-franchised brands have locations in your area. It will also reveal your market’s current shared office space inventory. 

When selecting a shared office franchise, do not rush yourself. Take the time to ensure that you are selecting a franchise that has vast experience and a strong support team.