Flexspace-provider IWG paves the way with its first franchise partnership in Thailand
V-Sure Group is IWG’s first Thai franchisee, having recently signed a deal to develop an entire seven-floor 10,000m2 building in the heart of Bangkok.
For those in search of an exciting investment vehicle, the flexible workspace-provider IWG may well have the answer. In today’s uncertain global economic climate, becoming a flexspace franchise partner can provide a low-risk, stable return as the world makes the shift to a way of working that rewards flexibility and puts a better work/life balance at the top of the agenda. Thailand, where IWG has maintained a presence for 20 years, is a case in point: here, a Regus franchise has provided one company with a unique opportunity to open a tried and tested business model in an unsaturated, high-demand industry.
“I have three major reasons for joining IWG’s franchise partnership,” says V-Group’s general manager Tanawin Wanasukpunt. “Firstly, the flexible-workspace business will grow in the near future. After we studied this business sector, both from a local and global perspective, we are sure that being a franchise partner is key to V-Sure Group’s development plan. Secondly, IWG is the world’s leader in flexible workspace: we have confidence in their business model. Thirdly, the return on investment is crucial. The average profit per centre is interesting and a key factor for me to invest with IWG.”
According to Matthew James Kenley, IWG’s Head of Partnership Growth for APAC, it’s all about finding partners – like V-Group – who understand the local business climate: “What we need to do in Thailand is find the right local partners that have access to real estate, understand an international brand, understand how to operate a business,” he says. “They can range from being in districts in Bangkok right the way through to provinces and areas within Thailand.”
It’s a strategy that doesn’t just apply here but all over the world, as IWG looks to expand its offering from 3,400 locations today to 50,000 in the next 10 years. “The opportunity for franchising with us is really a revolutionary one,” he adds. “You don’t often get the opportunity to partner with the world’s number-one brand in any space.”
Alongside its number-one status, IWG also offers advice on the best locations to open flexspace; support finding new buildings in the local area; the structuring of floor plans to maximise revenues; IT and marketing services; and regular performance reviews to track progress. When it comes to making franchises a success, the company ensures that all bases are covered and that each partnership works for everyone.
As Lars Wittig, IWG Country Manager for Thailand, Philippines, Vietnam, Cambodia and South Korea, comments on the territory: “IWG is looking forward to significant growth.” For those keen to invest in flexspace – in Asia or elsewhere – it’s a sentiment that could be applied anywhere.