Frequently Asked Questions About Our Coworking Franchise
Inquire to Own an Office Evolution Franchise
What differentiates Office Evolution? How is the business model different from competitors?
The Office Evolution business model is perfect for any franchise owner who wants recurring revenue, the ability to work and live in the same area, a life outside of the office (you’ll work Monday to Friday, 8 a.m. to 5 p.m.), and to be in the company of like-minded, professional business people. The Office Evolution business model is set up specifically for franchise business owners who don’t want to work with hourly employees, food, cash, or expiring inventory! If the Office Evolution business model sounds like it’s right for you, let’s connect and discuss it further.
Why should I consider a coworking franchise?
Coworking is a booming category. According to a Jones Lang LaSalle report, coworking/flexible workspace currently represents 1.6% of all commercial real estate. The category is expected to grow to 30% by 2030! This growth is being driven by an increase in the solopreneur and small business growth, as well as an increased appetite from enterprises to put part of their property portfolio in flexible coworking space. Office Evolution Franchise Specialists are equipped and trained to provide you with insights into the coworking category and reasons why Office Evolution is a great choice for a coworking franchise.
What will my role be as a franchise owner?
As an Office Evolution franchise owner, you can decide for yourself how hands-on you’d like to be. Some of our franchise owners choose to purchase multiple locations at once and entrust day-to-day operations to their professional staff. Other franchisees prefer to be more hands-on and involved in the daily management of their facility. When first establishing your coworking space, you should expect to invest time and attention in your new business.
I'd like to know how to start a coworking space business within my budget.
One of the benefits of franchising with Office Evolution is that we’ve taken a lot of the guesswork out of the process. Investing in a coworking space franchise is an investment in your future and can help you grow your wealth.
To invest in our franchise opportunity, an initial franchise fee of $49,500 is required. Various factors affect your overall investment, but you can expect to spend anywhere from $400K to $1.3M, which includes the initial franchise fee. Prospective franchisees must be financially capable of absorbing the costs associated with building up their business while simultaneously marketing their location and services. We’ve determined that a partner with at least $175K in working capital represents a good financial fit.
During the franchising process, our in-house finance team will walk you through all your financing options and can assist you with finding financing from a third-party lender.
How much does a coworking franchise owner make?
A number of factors determine the answer to this question, such as the franchise location, the number of members, whether the franchise is new or an acquisition, etc. But we know it’s a vital question for potential franchisees, and Office Evolution has worked hard to make both costs and profits as transparent as possible. Start by looking at Article 19 in your Franchise Disclosure Document (FDD). (Item 19 is a financial performance representation, and it must comply with the federal franchise rule and state rules. However, it is optional, and you might notice that some other franchisors choose to leave this section blank.)
Item 19 is where you’ll find actual numbers (like revenue-to-rent ratio, set-up fees, royalties, etc.) provided by all franchise locations. Spend some quality time with Item 19 because it will give you a good idea of what you can expect to make, both in the first 12 months of your franchise and then down the road as your franchise ramps up. For those interested in owning an Office Evolution location, we’ll walk you through how Item 19 can project your earnings, based on your operation’s size, location, and membership.
Of course, we urge all new franchisees to sit down with existing franchisees to learn about their experiences, their challenges, and what works for them.
In what markets do you offer franchise opportunities?
We offer franchise opportunities all across the nation. An Office Evolution franchise is perfect for any suburban market where consultants, attorneys, accountants, architects, graphic designers, technology providers, professional services firms, and more live and work! Let us know where you would like to open a location. We’ll let you know if the territory is available and whether we think it’s a good fit.
What is a multi-unit franchise investment?
A multi-unit franchise investment offers franchise owners the opportunity to purchase the rights to own and operate a number of franchises of the same brand within a territory. For those who can afford to do so, there are advantages to scaling up.
One location in a stronger market, for example, can offset mediocre returns from another. Multiple locations mean you may be in a stronger position to weather economic downturns. A single marketing program can benefit all your locations; employees can rotate between locations, and there will likely be cost savings when you purchase equipment or supplies in bulk.
According to Forbes, a successful multi-unit franchisee is a professional with a solid income history who is comfortable developing a business and managing both people and finances. Unlike the single-unit owner, who spends considerable time in one location, the multi-unit building owner hires managers for each site, visiting each while keeping an eye on the big picture. Of course, franchise organizations like owners to scale up since they’ve proven themselves successful, know the brand, and have already made connections within their local markets.
Do you offer multi-unit franchise opportunities?
Yes, Office Evolution prides itself on making multi-unit opportunities available within a given market. Feel free to check out our Brochure to learn more about the opportunity for investors with bigger aspirations.
Is there any industry experience required to start an Office Evolution franchise?
Office Evolution features a comprehensive coworking space training program, so there is no requirement to come into the business with prior experience. Our team of experts is there for you every step of the way to provide guidance and support so you can get your location up and running quickly and efficiently while staying on the path to success. Whether you’re a new investor or a seasoned professional, we’re fully prepared to help you make the most of your investment with a fully cross-functional corporate support team.
I’m interested, but unsure if I’m ready to commit. What are the next steps?
If you’re interested in the Office Evolution opportunity, we encourage you to take some time to review our website. If you have any questions, simply reach out to us to set up a time to meet and allow us to get to know each other. We’re happy to provide you with a copy of our Brochure or our Franchise Disclosure Document to review.