Coworking is a booming trend in Australia. Large franchises of coworking spaces which can hold more than 50 people dot densely populated urban areas. Even residential homes are opening up for freelancers and independent contractors. But what exactly are coworking spaces, and are they a profitable venture?
The Basics of Coworking and Shared Office Spaces
At its core, coworking is renting workspace in a shared office setting and doing your work remotely. Coworking spaces or shared office spaces are the locations that provide this service. Coworking spaces usually have a more laid back informal setting, and most coworkers have an output-based system of work. Coworking spaces are generally made up of several workstations, a conference room, and a few areas to de-stress and relax.
Coworking quickly gained popularity with freelancers, independent contractors, and entrepreneurs. Recently, small companies and large corporations have begun allocating part of their workforce into coworking spaces. Corporations will often rent several workstations to house whole teams together in one coworking spaces. Coworking has been found to raise worker efficiency, satisfaction, and overall happiness.
Turn Your House into an Office
If the kids are away and you have plenty of space in your home, you can easily dedicate a section of your house for coworking. Shared spaces usually have very informal settings, and residential properties are somewhat popular with freelancers. You’ll need a few workstations, but even a couch and a table can probably count for one or two.
Freelancers often choose residential coworking spaces to avoid the busy office atmosphere, so keep things homey and avoid becoming too office-like. You need to provide a high-speed internet connection, air-conditioning, and adequate lighting for your coworkers. You can stock your house with drinks and snacks and charge and charge your coworkers a little extra.
A few console games here and there can break the monotony of working, de-stressing your coworkers and energising them at the same time. Get your house listed on online coworking databases or in local community boards.
Go Big with a Franchise
If you want to rake in the big bucks, you need to invest a bit of capital — around $15,000 to $75,000 depending on how big a space you want. Expect to recoup your initial investment in one to two years, depending on the size and capacity of your shared office space. Larger office spaces that can house more than 40 coworkers at a time require more considerable investments but have a faster ROI.
Corporations will often choose to allocate their workers into large spaces run by established coworking brands. Partnering with a coworking brand also eliminates most of the headaches of running a coworking space. For a small cut, the coworking brand handles all the daily operations, wages, and pricing. You can let go of all responsibilities and count your earnings at the end of each month.
Coworking is at its infancy stages, but the demand for coworking spaces is already surpassing the projected growths. Now is the best time to invest in coworking as small companies and large corporations are beginning to allocate more of their employees into shared office spaces.