A Virtual Office Franchise vs a Coworking Office Franchise: Which is Better?
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.
Enter the Shared Office and Virtual Office Franchise
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.
What’s the Difference Between a Coworking Office Franchise and a Virtual Office Franchise?
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.
What is a Virtual Office Franchise?
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:
- A physical street address (different from their home) for handling mail and parcels. This address does not accommodate members working in this location.
- Reception service
- Phone answering and voicemail service
- Limited conference room booking for face-to-face meetings
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.
The Shared Office Franchise
A coworking office franchise provides members all the above amenities, plus access to:
- A physical workspace with private offices for less distraction and conference rooms
- Shared office equipment such as phones and printers
- A place to network with others in related or complementary fields
- Communal areas like a breakroom or small kitchen
- High-speed internet for business use rather than residential
- Business support services
The Virtual Office Franchise vs. the Coworking Office Franchise: Which is Better?
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.
Not Everyone Can Efficiently Work from Home
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.
Flexible and Affordable Packages for Physical Space
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.
The Office Evolution Difference
With four franchise models, Office Evolution offers options for the investment that best suits franchisee needs:
- With the semi-absentee plan, you can develop a coworking space with an on-site manager for day-to-day operations. You can be as hands-on or hands-off as you desire.
- If you are already a property owner, the landlord model puts the coworking space in your existing location. Combine Office Evolution’s brand power with your property to take advantage of the rapidly expanding coworking office market.
- If you already have a coworking space but it’s not going as planned, Office Evolution’s conversion model is an excellent step forward. You’ll be backed by the world-class support of experienced and knowledgeable professionals from the U.S.’s leading shared office franchise company.
- With the pre-owned model, you can take ownership of an existing Office Evolutions franchise. You’re set for a faster launch with a faster ROI.
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.