Although a relatively new concept, the co-working space market is booming in Australia.
Just in 2017, co-working grew by 62% throughout the nation. Despite the number of global companies entering the market, the demand for flexible space continues to grow. In fact, some co-working space providers are now running waiting lists. So far, there are no signs of the boom letting up, yet.
With the growing demand and many global players introducing franchising models, those looking for new business ventures can consider starting a co-working space business.
The Drive Behind the Demand for Co-Working Spaces
More businesses and professionals are redefining work values and preferences. Some brands motivate employees to be more agile and not to be tied to their office desks. Likewise, some entrepreneurs and freelancers want neither the drab, traditional offices nor the boring home offices. They prefer to work in unconventional, leisure-centric work areas, like cafes or beaches to increase productivity and creativity.
All these changing work dimensions have created a great demand for co-working spaces. Co-working spaces simply provide the best of both worlds: the structure that traditional offices give and the flexibility that entrepreneurs, start-ups and freelancers require.
A Highly Profitable Business
All this demand spells profit for those who want to get into the co-working space business. If you’re considering this though, it’s important to conduct a market demand analysis in your target location. Although the flexible workspace market in Australia is growing the people and companies in your area might still prefer traditional workspaces.
For a preliminary analysis, which can also double as a marketing campaign, consider hosting a few events so you can assess and fan interest. Start by creating a Facebook group and inviting colleagues to join.
Do note that you can always start small if there’s not enough of a demand for a co-working space. From there, be conscious of how the market’s preference changes and adjust how it evolves. You can also take on a franchise to secure your credibility.
Co-working spaces are in demand today. Take advantage of this growing market and prepare for the profits.