If you have space, a co-working franchise is one of the best investments that you can make. Co-working is growing at an incredible rate, catering to freelancers, independent contractors, and entrepreneurs. By 2020, 40 percent of the U.S. workforce will belong to these groups—that’s 65 million potential coworkers looking for shared office space. Not convinced? Here are five reasons why a co-working franchise can be one of the best investments that you will ever make:
1. Little to no Effort on Your Part
Investing in a co-working franchise takes little work. This is especially true for Venture X franchises. Once your shared office space is set up and running, Venture X does most of the work, and all that’s left for you is to collect the profits. Most co-working franchises take a small cut of your revenues in royalties, but in return, they continue to provide ongoing support and additional resources.
2. Low Risk, High Reward
There is a growing demand for shared office spaces. Big tech giants, like Apple, Microsoft, Verizon, and Facebook, are making use of shared office spaces for some of their employees, and other companies will surely follow. In two years, 50 percent of all major companies are expected to implement some form of coworking as part of their standard business model. This enormous demand makes the risks of investing in a co-working franchise minimally low, especially if you own large properties. Renting property to set up a co-working franchise has its own risks, but these risks can be lowered—or eliminated—through proper planning and consultation.
3. Make Use of Non-performing Assets
Non-performing properties are perfect venues for shared office spaces. Some restaurants and bars are even moonlighting as co-working spaces during the day. Warehouses, old office buildings, large flats, and many other properties can easily be converted to shared office spaces. Instead of letting your idle property waste away, turn it into a co-working franchise that brings in money.
4. Give the Younger Generation a Leg Up
Co-working spaces usually cater to people below the age of 40. The younger generation is attracted to the freedom and flexibility these shared office spaces provide. With a co-working space of your own, you’re giving these people a safe place to work within your community.
5. Help Fellow Entrepreneurs
Entrepreneurs are some of the people who benefit the most from shared office spaces. Shared office spaces give entrepreneurs, particularly small startups, a place to work and meet with clients without the cost and hassle of renting an actual office. Providing them with this venue allows more businesses to flourish in your community and create more wealth.
In the end, a co-working franchise is a low-risk investment that requires very little of your time and effort once it gets set up. Once you get the ball rolling, the co-working franchise takes care of itself while providing a venue for both young workers and entrepreneurs. Your investment will help the people within your community and supply you with a steady source of income.