Startup Business Idea # 6 Coworking & Living: The Trend of the Millenials
The introduction of technology has undoubtedly made the life of millennials more advanced than their predecessors. However, with the increase in population and sky-rocket real-estate costs, millennials face many problems when it comes to securing property for multiple reasons, especially offices for startups. In fact, getting a workplace is one of the top challenges entrepreneurs face.
This challenge has introduced a new trend known as remote working, also know as work-from-home, wherein employees can work from their houses. But, the same real-estate issue has even plagued the residential market.
To combine both of these challenges, we present another million-dollar idea that is not only intriguing for millennials but is also meeting a significant demand in the world. Tackling the real-estate problem, coworking & living spaces is the need of the hour.
The Market Potential
For a while now, millennials are changing the trends of how people live, eat and even work! The main focus for the dominant generation is all about convenience and making the most of every minute in the day. One such trend is remote working. According to a study published by Global Workplace Analytics, the number of people working from home has risen by 140% since 2005 around the globe.
Moreover, another study shows that entrepreneurs who have just launched their startup are more likely to hire remote workers. The main purpose of this is to save costs, as remote workers cost less, and they don’t need to invest in infrastructure cost of setting up an office. This trend has risen incredibly, so much so that experts have predicted that by 2028, 73% of all departments will have remote workers.
Hence, not only is there a need, but also immense market potential when it comes to remote working. However, the major problem when it comes to remote working is that the majority of remote workers work from home. This makes it challenging for them to set-up a proper working station, which includes a stable internet connection and video conferencing facilities, among other things.
When it comes to working, most employees have only two options; travel to the office and back home every day or work remotely. However, a lot of productive time is lost travelling to and fro from the office to home. On the other hand, while remote working is more efficient, setting up a proper working station is a huge challenge.
This is a considerable gap when it comes to efficient working, especially for a generation that needs to keep up with cut-throat competition and every second matter.
The solution to this challenge is simple. The idea is taking two popular trends; coliving and coworking.
Coworking is currently booming, wherein there are over 35,000 coworking spaces around the entire world, which compromises over 521 million square feet of space. Moreover, the global market value of coworking spaces was estimated to be nearly $26 billion in 2019.
Another interesting trend, coliving, is also on the rise. A study found that by 2023, the coliving market will reach INR 1 trillion in revenue with a penetration value of 8.3%.
While both these concepts are considered as two separate ideas, the concept they share is relatively the same; a group of people sharing the same space to conduct specific activities. That being said, if you combine both the concepts, you will be able to solve the biggest challenge of remote working.
Imagine having all the amenities required to work effectively at your household. Sounds amazing, doesn’t it? That’s exactly what the idea is all about.
Basically, you need to create a centre wherein tenants can live and set-up a workstation for them on the same premise as well. To increase the appeal, you can offer high-speed Wi-Fi options, along with ergonomic furniture. You could also dedicate quite rooms in case the tenant needs to take a conference call.
The reason why this idea has high probabilities of success is that not only does it solve a pressing issue faced by more than half of the population, it also makes use of two growing markets. After all, it’s all about finding great solutions in the simplest of things!
Consumers, Earning and investment input-