A key to becoming wealthy is to generate passive income, and one of the options you have is to own a business. When it comes to opportunities, you can find some in the co-working industry. For example, you can build a co-working space.
If it’s something you’re ready to explore, these basics can give you a head start:
1. You could buy a franchise.
Starting a co-working space – or any business, for that matter — is not for the faint of heart. Birth pains are real. In fact, by the fifth year, more than 30 percent of the startups do not survive.
While there’s no shortcut to growing a business, but it helps when you consider a franchise. It immediately gives you access to tools and other resources you need to succeed.
Nevertheless, it’s equally essential to know of a turnkey franchise opportunity or two. Find out how much you will likely spend for holding the franchise. Some of the expenses are the franchise fee, which is usually fixed, and the royalties.
2. The market is huge.
Co-working spaces are popular for a variety of reasons. One of these is its clientele. These offices are well-known among independent contractors, freelancers, and telecommuters.
According to Upwork, more than 57 million members of the workforce are already freelancers. By 2027, they will comprise the majority of the working population. Around this time, there will be no less than 80 million of them.
Many factors currently fuel the growth of the freelancing economy. These include mobility, especially cloud computing. These allow people to work anytime and anywhere. They don’t need to be tied down to a permanent workstation.
3. Liquid capital is essential.
If there’s one thing you need to know about franchising, it’s that these fees and royalties are not your only expenses. Others are more variable. These include staff wages, rental costs, and marketing.
Since it takes a while before you can claim a profit, businesses need to have a liquid capital. It is an investment you can access and spend whenever necessary. It will help you tide over until you can declare an income.
There are thousands of co-working spaces around the country. Trying to stay competitive can be difficult, especially if you’re new. With the right support and financial understanding, you’re in for a good start.