Utah Co-Working Spaces: Will They Work?

Posted on Apr 25 2018 - 4:44pm by Business Day TV

A co-working spaceThe benefits of co-working spaces are vast. More than 68% said that they feel much healthier working there than in a traditional office. With its growing popularity and advantages, it makes you wonder if you can make a business out of it. The answer is yes. These FAQs will give you more ideas:

How do you start a co-working space in Utah?

One of the best reasons for the popularity of co-working spaces is its simple business model. You need to create the ideal environment for your clients, and that’s it. Your role is to provide the infrastructure to make working outdoors fun, easy, and convenient. These may include a fast, stable Internet connection and other business facilities, some free food or drinks, and nooks for collaboration or meetings.

The process of setting up one, however, can be challenging. There are many permits to pay and processes. You need to secure utilities, too. With the intense competition in the market, you run the risk of failure if you don’t know much about it. A good way to enter the industry is to make the most of a co-working office franchise.

Business team meetingHow big is the co-working space market?

In a 2017 survey, there are already more than 13,000 co-working spaces around the globe. No less than 1.1 million people have used it. The truth is it’s hard to quantify the growth rate of co-working spaces. Analysts, however, agree it has been steadily increasing over the years.

Is there a market for co-working spaces in Utah?

The business opportunities for co-working spaces in Utah are huge. For one, the tech industry in the Beehive State is booming. In fact, it’s now attracting skilled talent across the country.

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Many startups prefer co-working spaces due to the flexible costs and easy expansion. They can spend more money on products and tech than on rent and utilities. Globally, the number of entrepreneurs and contractors will grow 40% by 2020.

Co-working spaces are all the rage these days. Hundreds of people leave their homes with their laptops and other mobile devices to share desks with other freelancers or independent contractors. Small teams huddle in the corner, brainstorming and collaborating. As more desire flexibility and teamwork to grow, the demand for co-working spaces will never fade away.