What are your business goals for the coming months? Could they involve broadening your horizons with the fast-evolving sector of flexspace?
The new year is about possibilities – with 12 fresh new months stretched out before you. New Year resolutions may come and go, but by harnessing the sense of renewal and motivation this time of year brings, it is possible to make new year goals stick – particularly if you implement a logical framework for moving forwards.
Perhaps you’ve already considered what your new year goals will be for the year ahead and set some smart objectives towards reaching new milestones for your enterprise. Maybe you’re waiting to see how the current economic situation plays out. Or perhaps you’re looking for inspiration for a new path, or a new way to expand your reach in 2020?
Diversifying your venture can unlock a whole new avenue for growth. This has certainly been the case for IWG’s leading flexible-office space brand Regus, which has seen tremendous success since introducing its franchise platform by allowing business people and franchisees all over the world to open serviced offices and coworking spaces under its name. “Regus has been running successful workspaces for over 30 years, ever since it founded the industry in 1989,” says Alan van der Westhuizen, Head of Partnership Growth for IWG in South Africa. “Part of IWG, the world’s leading global office space-provider, Regus has developed its business model through the various economic cycles, and boasts a proven operating model. Regus now wants to accelerate its global growth with franchise partners worldwide, and we can provide partners with a highly attractive return on their investment.”
At the dawn of 2020, the demand for flexible workspace continues to surge, and the sector is experiencing an estimated year-on-year growth of 24%. What’s more, it’s widely reported that 50% of all workers now work remotely half of the time – and, by 2022, the global mobile workforce will be made up of 1.87 billion people. A large proportion of the international workforce now needs access to high-quality, professional workspace, meeting rooms and on-demand office space that’s based outside of a single, central headquarters – and IWG is increasingly seeing large corporations explore how to incorporate flexspace into their company’s real-estate portfolio.
At a time when uncertainty lingers over the global economy, entrepreneurs may feel cautious about pushing ahead with new ventures. In reality, during times of recession, the flexspace industry provides solutions that come to the fore, as it lets companies lease workspace on a shorter-term basis, and easily upscale or downsize the amount of space they’re renting in line with their changing business outlook (unlike traditional office space, where companies are normally tied in to renting a fixed amount of space for a longer period of time). So, in tough economic times, flexspace helps struggling businesses lease office space in a more cost-efficient way.
What’s more, by partnering with IWG, franchisees can rest assured they are entering the sector under the direction of the world’s leading flexspace provider, with a proven track record for success, a sensible approach to growth, and the staying power to weather challenging economic times. “In an uncertain economic climate, there is lower risk of failure or loss of investments compared with if you were to start your own business from scratch,” says der Westhuizen. “It gives ambitious businesspeople an opportunity to own their own company with the guidance and support of a successful business enterprise, with the benefit of a recognised and proven business system, trademarks, proprietary information and designs.”
With its array of flexspace brands offering different working environments – including Regus and SPACES – IWG’s global network of 3,400 flexible offices and coworking is unmatched by its competitors. For Regus, the brand’s next phase of growth will be strongly driven by franchising to expand into new regions. It’s important for Regus to find the right local franchise partners to bring flexspace to under-served areas of the world, to cater for the influx of remote workers around the globe.
For those tempted to branch out and add flexspace to their business portfolio in 2020, there are several qualities that IWG franchisees should possess. “The ideal Regus franchisee should have good local-market knowledge, and in most cases be the local-business hero, with the ability to be a multi-unit business owner,” says der Westhuizen. “They should have some franchise brand experience, or know how to grow within a branded framework. They must have the financial and organisational capability to open multiple centres over a two- to three-year period. The ideal development plan would be five centres within three years but, understandably, some markets could accommodate more – and some would only sustain fewer centres.”
He adds: “IWG franchise partners should have experience in a fast-paced sales and customer service-oriented business. They must also be able to move quickly and decisively to secure deals with building owners and customers. The emphasis is on the partnership, and the ability of the franchisee to work together with the established IWG network to adopt the culture of the business.”
In return, IWG franchisees receive the support they need to launch and establish flexible workspace locations. Franchise partners receive full induction and training for their entire team, along with access to IWG customer-service centres, which give IT and operational support. IWG also provides a full framework for launching successful flexible working and coworking spaces, including regular performance reviews, project management methodology that’s tailored to opening new flexible working locations, and processes for setting up a website and app for the location.
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