In the last two decades, there’s been a seismic shift in the landscape of the modern-day office environment. Our resourceful use of the internet has birthed a new industry—the coworking and virtual office franchise. Gone are the cubicle farms, bland décor, and even the need for employees to work in a centralized office.
More people are working from home than ever before, but some have discovered the arrangement isn’t always that great. Coworkers are disconnected from their teams and lack the organic inspiration of conference room meetings and breakroom conversations. They're often left feeling out of the loop on their team’s direction.
Virtual office businesses and coworking spaces have swooped in to save the day. They offer the remote workforce shared amenities designed to bring employees back into the fold. At the same time, employers are seeing significant savings on the high overhead of the now-deserted conventional office space.
The popularity of coworking and virtual workspaces becomes obvious in the numbers. The global coworking and virtual office franchise industry is expected to be a more than $8 billion market in 2021, growing to more than $13 billion by 2025.
First, let’s look at what is involved with virtual office franchises and coworking office franchises. Both types of offices help small businesses and startup companies build a professional image. They also reduce expenditures on long-term office leases and maintenance of buildings and equipment.
The virtual office franchise rental business operates to serve customers without a physical location. The franchise owner can run the virtual office digitally from anywhere with a stable internet connection.
Virtual office business members receive standard packages that include:
This type of working environment can work for freelancers, sole proprietors who don’t need a dedicated place to work outside their home, and consultants who conduct business online.
A coworking office franchise provides members all the above amenities, plus access to:
Both the shared office franchise and the virtual office franchise enable a single franchise owner to run the business by themselves with the support of the franchisor. However, coworking office franchises outshine the virtual office business in more ways than one.
With limited conference rooms, virtual office rental businesses don’t have the flexibility of the shared office franchise. Members needing alternative locations for face-to-face client meetings may become frustrated by a lack of options from a virtual office concept.
Virtual office businesses may also limit access outside the standard 8 a.m. – 5 p.m. workday. Coworking office franchises can give 24/7 access for members inspired at all hours of the day.
Most of the remote workforce wants the option to work from home, but the reality is not always productive. Children and other family obligations may be distracting, and household tasks or errands can mean frequent interruptions.
With a virtual office rental business, there’s no physical workspace nearby to escape these disruptions. Sure, there’s an address for mail and deliveries, but the solution is all digital-based. The virtual business franchise owner may need to rent their own coworking space to increase productivity for its clients.
Working from home sounds nice, but the isolation factor is real. Many employees genuinely need to be around other people to collaborate more effectively and perhaps even keep from becoming lonely. These workers may find a coworking office more fulfilling. At Office Evolution, our franchise owners see a 93% recurring revenue as members renew their memberships and build relationships with other members.
Coworking office franchises have more flexibility in what they can offer their members. Workers may need to drop in at any time for a spot on a couch to make a few phone calls. Or they may sign up for full-service memberships with private offices, conference rooms, and desk space for several employees.
This flexibility allows shared office members to pivot their needs as their business grows. It also frees the small business owner from the noose of a long-term lease for conventional office space.
Virtual office franchises don’t provide a place for their members to meet other like-minded professionals. Coworking office franchisees can cultivate relationships between creative professionals in complementary fields of business.
With four franchise models, Office Evolution offers options for the investment that best suits franchisee needs:
Office Evolution believes in the dreamers, risk-takers, and doers, whom we support with “Ohana,” the Hawaiian concept of family. Our dedicated staff members have decades of experience in coworking and franchising to set you up for incredible investment potential. Your shared office franchise will be positioned to help companies and employees who are rapidly evolving their workplace strategies while earning you rewarding returns.