We know that the remote working and coworking trends have only just begun to take off in this country, and these styles of living and working are set to continue growing quickly. Of the 29 million small businesses in the United States, 52 percent of those are run from home, and 22 million of them are sole proprietorships with only one employee! Obviously, those businesses represent millions of opportunities.

But in addition to those small businesses, many mid-sized and larger companies have switched to remote working and coworking models. So, whether you tap into the small business market, network with larger employers, or both, a wise entrepreneur will seize these trends and profit greatly from them over the next few years or more.

But as with any other business venture, customers will bring their expectations to the coworking space. Follow these five tips to build a successful coworking outlet for your local market.

Provide the right technology. A coworking space is only as effective as its technology, because employees and entrepreneurs working remotely depend upon it. Not only should you equip your space with the fastest available internet and audio-visual equipment; stay on top of emerging trends in technology so that you can always provide exactly what your customers require.

Provide flexible workspace. Pods for the self-employed or remote workers might serve as the bread and butter of your business model, but everyone from sole proprietors to managers of large businesses will sometimes require meeting spaces of various sizes – from small gathering spots to large conference rooms. Research your local market and be sure to include the necessary options in your business plan.

Start smaller, then scale up. Since the bulk of your business will probably come from independent contractors, focus on building a community for them. Leave open the option to scale up to larger endeavors as the need arises, so that you don’t over-commit in the beginning.

Focus on multiple streams of revenue. Coworking spaces often perform on a low-volume, low-margin basis and you may need to establish multiple streams of revenue within one space. Aside from basic memberships, consider upcharges for optional services, meeting room rentals, operating during the off-hours (very common for the independently employed), and of course, a stream of revenue from coffee and/or a cafe.

Choose the right location. As with all business endeavors, location is everything! This is most certainly true of a business whose primary purpose is to serve those who work outside of an office, often for the purpose of avoiding a commute – but still need to go somewhere to work. Your location should be centrally located to serve a high number of self-employed individuals, but also work well for those who work remotely for a larger company.

Succeeding in the coworking industry sounds like a lot of work… But luckily, we’ve done a lot of that work for you! We’ve conducted market research, figured out what works for our target demographic, and established a turn-key opportunity for investors who want to grab hold of the coworking trend. Contact us to learn more about our franchise opportunity, and we’ll show you how Parlay Cafe is poised to ride the coworking wave into the future.