Why Does Owning an Office Franchise Make Sense Today?
It’s no secret that there’s been a dramatic change in the way that companies and organizations are doing business these days — and how that relates to office franchise business in 2021.
The knowledge workforce is full of people who are now out of their offices and working in their dens, dining rooms and bedrooms. And somewhat surprisingly, perhaps, a lot of them have gotten used to it. Some workers are even enjoying some of the benefits of working from home.
- It’s eliminated the costs and time of commuting
- It’s saved them a bit on wardrobe-related costs
- It’s given workers more personal control over their workspace
- It’s eliminated casual interruptions from coworkers
- It’s comfortable!
Companies have begun to see compelling cost savings that come from sustaining a distributed — as opposed to on-site — workforce. Things like a cafeteria, parking rebates, utilities and maintenance costs, some insurance costs, and so forth. Some companies are now engaging in discussions about the implications of making this change permanent. “What if we didn’t need offices anymore, or at least not as many of them?” Before technology, such an idea might not be considered. But what about now?
Not So Fast!
As popular as the distributed-workforce model has become with both labor and management, a number of notable downsides have emerged.
- Decentralization virtually eliminates serendipitous collaboration.
- It tends toward the compartmentalization instead of the integration of work.
- It adversely affects the human connection between coworkers.
- As a consequence, it hampers the development of team spirit and shared goals.
So as the country’s workforce gets back to work, we’re left with model of working that’s got lots of benefits for both workers and employers, but whose downsides are too serious to ignore.
The Solution? The Shared Space Concept!
One of the most innovative and popular solutions to the problems of decentralized working is the “shared office” concept — sometimes referred to as shared space, coworking space, flexible workspace, or serviced office concept.
The core idea of this concept is that companies don’t build, own or operate whatever office space they need to effectively sustain their distributed workforces (meeting rooms, conference rooms, amenities, etc.). Instead, a separate company provides full-function workspaces on a rental, as-needed basis — typically, a real estate investment franchise, private investor/entrepreneur, or franchise like Office Evolution.
These arrangements have become increasingly popular for companies both large and small, and this has generated the growth of enterprises that specialize in building, acquiring and operating full-service shared-office rental space. Some of these companies have “packaged” their business models and are now seeking entrepreneurs to purchase an office franchise.
The Office Franchise: A New Pathway with Growth Potential
A well-operated office franchise can be smart business. The market for shared workspace is already sizable, and it continues to grow.
- Office franchise market: The market for flexible workspace is already significant (about 2 percent of commercial real estate in the U.S.), and is expected to grow to 30% in less than 10 years.
- Office franchise segment growth: No segment of the market has demonstrated more overall growth than the coworking industry, and analysts projects this growth to average 24% for the next several years. And analysts predict that flexible workspace will remain one of the office market’s primary growth catalysts for years to come.
- Office franchise trend: According to a recent study, 56% of professionals in the U.S. expect to work remotely at least part time, and around 29% expect to work remotely on a full-time basis.
The Office Franchise Opportunity: A Unique Pathway to Business Ownership
For a successful real estate developer or an out-of-the-box-thinking entrepreneur, an investment in an office franchise can offer an exciting change from a typical franchise opportunity. A serviced office franchise is a complete business model, for which the owner/operator is furnished a fully-developed operating plan for building out his or her properties, marketing them and managing them.
There are a number of office franchise opportunities that the savvy investor can invest in. Some of them offer a single business model, while others — like Office Evolution — offer a variety of different configurations, depending on the geography and demographics of the franchise owner’s market, the investor’s existing property portfolio, the investor’s long-term goals, and so on.
Office Evolution has four franchise models.
- A semi-absentee configuration in which the franchise owner builds out (or acquires) one or more spaces, each with its own on-site manager. The owner may shuttle between them in an oversight and support capacity.
- A landlord model, in which the franchise owner adds a shared-space configuration to one or more of his/her existing properties, using some or all of the property’s square footage for the franchise.
- A conversion model, in which an owner already supporting a shared-space operation wishes to rebrand it as an Office Evolution facility. This owner can take advantage of the operational know-how and world-class support of the country’s leading shared-space franchise company.
- A pre-owned model, in which a new franchisee takes ownership of an existing Office Evolution facility. Office Evolution will work with a new buyer for the location, instead of losing it to a different business or function.
In addition, an Office Evolution franchise offers three advantages over other office franchise opportunities available in the market today.
- A profoundly supportive culture, based on the Hawaiian concept of “Ohana” (family)
- A deeply experienced support team with decades of combined experience in the coworking and franchising arena
- An unparalleled track record of owner satisfaction over its two decades of leadership in the marketplace.
For the entrepreneur who’s drawn to emerging concepts and might be looking for a new kind of investment opportunity, buying an Office Evolution office franchise can be one of the most interesting and exciting investments available.