The way we work has forever been changed as a direct result of the Covid-19 pandemic. Now, people want the option to work remotely or are driven to create their own (often online) business. This has created an interesting opportunity for a new franchise called Success Space.
Ted Laatz, President of Success Space, joins the Franchise Euphoria Podcast today to talk about the emerging coworking concept that is a subsidiary of EXP World Holdings. This unique concept allows people to use an office space without paying monthly rent or lease and has amenities that other shared office spaces do not offer, like a cafe and access to a full time Certified Success Coach. Ted also discusses and gives great advice for other brands looking to incorporate technology into their existing model.
Key Takeaways:
[3:34] - Welcome to the show, Ted! Ted shares his background in franchising.
[5:29] - Ted describes the usual coworking industry and how Success Space is different. The way we work has changed.
[7:10] - Success Space is larger and has multiple streams of revenue.
[9:03] - Franchisees will typically lease space and the sweet spot for the business is in shopping centers.
[10:22] - There are different types of offices and Success Space uses a bill by the minute model.
[12:10] - Rather than users renting a space by the month, they are only billed for the time they are actually in the office space.
[13:31] - In addition to the coworking space and cafe, Success Space has a Certified Success Coach within each location.
[15:14] - Ted explains how the idea started and how EXP companies use metaverse technology.
[16:42] - Success Space is a new franchise opportunity, but they are a subsidiary of a well established company.
[17:55] - Why did franchising make more sense for Success Space?
[19:01] - There are no plans for Success Space to have a company owned location.
[20:33] - Who is the ideal franchisee for Success Space?
[23:27] - Covid changed the way we work and Ted believes that we are settling into a hybrid model of working in the office and out.
[25:50] - Remote working is certainly being pushed by the up and coming generation. Coworking spaces and working from home are both types of remote working.
[27:32] - Some people work from public cafes like Starbucks, but Success Space gives a variety of spaces to work, eat, break, and collaborate with a coach.