The warm embrace of hybrid work models has led demand for flexible and coworking spaces to skyrocket.
According to the Global Coworking Spaces Market 2021-2025 report, the industry is anticipated to grow by $13.35 billion over the next five years. Unsurprisingly, this opens a huge opportunity for the industry and entrepreneurs.
Kurt Ullman, Director of Franchise Business Development at IWG, says that breaking into this industry relies on finding the best partners and relationships with franchisees. The company usually meets with interested parties, offers them a look into IWG and its vision, and then can determine whether the person is the perfect partner to enter into a franchise agreement with.
“Business experience, acumen and an appropriate level of capital — those are the basic entry points,” said Ullman. “But apart from them, what we’re looking for is someone who truly has a vision and can bring a level of entrepreneurial creativity. From our side, ideally, we want leaders who are aiming to grow a larger business over a period of time as a multi-unit franchise owner, or a territory.”