269. Exploring Relevant Coworking Models in a Post-Covid World
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Learn more about SUCCESS Space, a coworking franchise model with three revenue streams; recurring and on-demand revenue from coworking memberships, a full-service cafe, and Success Certified business coaching.
TRANSCRIPTION
269. Exploring Relevant Coworking Models in a Post-Covid World
00:00:03 Welcome to the Everything Coworking podcast, where every week I keep you updated on the latest trends and how-tos in Coworking. I owned and operated coworking spaces for eight years, and then served as the executive director of the global workspace association for five years. And today I work with hundreds of operators and community managers every month, allowing me to bring you thought-provoking operator,
00:00:29 case studies and inspirational interviews with industry thought leaders to help you confidently stay on top of what's important and what you can apply to your own role in the Coworking industry. Welcome to the Everything Coworking podcast. This is your host, Jamie Russo. I am glad that I don't do the intros on video. It is PM late PM. I wouldn't tell you what time I'm recording my intro and it is still 95 degrees outside in Northern California.
00:01:05 And what matters about that is that we do not have air conditioning in Northern California in our homes, because until recently we did not have this type of heat. So homes were just always built about air conditioning still are generally. So it is very, very hot and uncomfortable in my house. And I'm not very camera ready right now. So anyway, I'm glad you're here.
00:01:30 And it's odd. It's September, when this errors back to business, we had our Coworking academy calls last week and we have more coming up this week and everyone is feeling pretty positive about the volume of people back in the space and tours coming in and new members joining July is really slow month in Coworking. So if you're thinking about starting a space, expect that if you have a space in wonder if you are all alone in that generally,
00:02:00 although we've had folks in our Community Manager group report, that July was very busy for them, but in general is pretty quiet. So plan for that. It's very quiet in July in my business, too, in terms of new folks, joining programs, people are on vacation, doing stuff for their families. So I have decided I'm going to plan around that next year and have a little bit of downtime in July and not sit there and worry about where all the people are.
00:02:25 They kind of pack because they do come back. August was awesome. And here we are in September. So think about that in your business and what you might, what it might look like next year. Speaking of our Community Manager group, I have started a new column in my certification tracker so that I won't repeat shout outs, but I want to make sure I didn't miss anyone.
00:02:45 So Anneka Robinson from a WorkLodge is Coworking Community Manager certified. Sara Bair from Flywheel Coworking is Coworking Community Manager certified. And so is Emily Halbert from SuiteWorks in Canada. Congrats to the three of you. And if at the double mention, congrats again and we'll start the tracker so that we don't repeat our shoutouts. So I was poking around in the Facebook group over the weekend,
00:03:19 which I try not to do, but one of my startup school students had posted a layout in the Facebook group, and we try to keep those conversations to our slack group. But sometimes they spill over into the Facebook group and she posted a block fit for a space. And somebody commented and said, that looks very irrelevant. Basically post COVID. It looks like a pre-COVID layout and you should reconsider it essentially.
00:03:46 I don't can't remember if he called it boring, but people want community. And he kind of went on and on about what people want today. Well, to be fair to my student, this person who commented, did not ask who are you serving, which is the first question you ask, because what folks want post-COVID is very different based on their life situation,
00:04:06 their home situation, their work situation, what they do for work, what they need out of a space, like a coworking space. So who are we serving and how are we serving them? That is the first question you have to ask before you give anyone advice, please. And this is why I struggle with Facebook groups because people will say all sorts of things without having any context,
00:04:28 but there are over 2000 people in that Facebook group. So everybody wants to dive in there and get input. And I adored the Facebook group for all the people who jump in and try to help because there are a lot of people with a lot of experience in that group. But just be careful if you're taking advice, if people don't ask you, who are you serving and how are you serving them?
00:04:48 And then we'll talk about your block fit. But I will say about this gentleman that he's probably thinking in the right direction around what has changed and you know, let's push ourselves to think differently and make sure we're asking the right questions about who we're serving and what they want. So that frame of mind, that mindset is very relevant for the conversation that I had with Ted lats.
00:05:15 Ted is the president of Success space, which is a co-working franchise model with three revenue streams. And we walk through that. I won't spoiler alert. I won't talk about all that right now, but post-COVID that's pretty interesting, right? Because some coworking spaces are struggling to fill up and figure out how do they stay relevant? How do they pull people out of their homes?
00:05:39 They might be in an, you know, in a, in an area where people have really great home offices. So what can they provide? That's compelling. What's relevant to the folks that they want to serve today. And I think Success base has a lot going for it. You've heard them mentioned on the podcast. They are a partner of the podcast.
00:05:59 So we are sharing about their model and helping you learn a little bit more if you want to, you're interested in what Ted shares day. And do you want to dive deeper and talk to them live about what the model looks like, what it looks like to invest in, in their model, what their support looks like, all the questions you would have,
00:06:17 all the things, Karen, all the things you can go to success, co-work dot space to learn more. They also do conversions. So if you're interested in the model and you already have a space, you could also talk to them about what does it look like to add elements of their model, to your space, with their support. So without further ado,
00:06:39 be in the mindset of considering what is new and different and Ted shares, what the Success based model looks like. So enjoy our conversation and we will talk to you next week. Welcome. I am here with Ted Laatz, who's the president of Success Space and they are moving and groovin. We caught up, I'd have to look at what number our last interview was,
00:07:03 but Ted has been on the podcast before, because I'm totally fascinated by this model. And I messaged Ted because I wanted to check in and for anybody who didn't listen to our first episode, just to talk a little bit more because the model that they're working on is so on trend post-COVID. So Ted, thanks for joining me again. Well, thanks for having me back.
00:07:26 I appreciate it. And I think, yeah, I think it's probably been about a year, maybe so Probably yeah. A year in Coworking time is like three years. So, and Ted, where are you joining us from today? I am just outside of Tampa and beautiful Florida. Beautiful hot Florida. This time of year. I have to imagine.
00:07:45 I will take the heat over the snow any day. There you go. Totally. Okay. So we were just catching up. I don't want to share, I know there's lots of, I'm always really sensitive around franchising because I know there's lots of rules about what you talk about. So I'll give us kind of the, I'd love to have you just talk about kind of the concept and,
00:08:07 you know, kind of, what's exciting about the model today. I would have been excited about this model anytime, but definitely with the trends we're seeing post-COVID and then whatever updates you can talk about, you know, when we'll see some come live on the market, that would be great. Sure. So how about, can I give a 10,000-foot view?
00:08:27 Great. So the concept, you know, for those that maybe didn't hear before, you know, the standard Coworking, you know, the past has been maybe a 15, 20,000 square foot space. And I don't want to say that for everybody, but that's kind of, you know, the general sweet spot and tended to be more downtown, you know,
00:08:45 major MSA type of situation. And what we looked at in light of COVID is rather than be down town, that major MSA, we want them to out to where people are working from their house. And so, you know, Steve to be a great need, you know, whether they're dogs barking or their kids are yelling or whatever it might be,
00:09:04 right. How do I get out of the house and then go have my meetings or, or work or whatever it is. So our concept is to be what we call like on the on-ramp that they were going to versus getting off. We want to be right where their grocery store, their workout facility, their dry cleaner, we want to be in that strip center where Exactly,
00:09:29 exactly. And, you know, again, I've been in business for a long time in light of, you know, with COVID and some stuff I've just seen in the past. We said, all right, well, how do we do it with a smaller footprint, less overhead, right. Less risk. But at the same time, you know,
00:09:46 diversify and have multiple income streams versus maybe just that one income stream of co-workers. And so what we developed is this concept that's 5,000 square feet, the first 1500 square feet, Jamie is a cafe. So a picture of the Starbucks or Panera or whatever, it might be that, that first 1500 square feet that's someone said to me, once that Starbucks is a coworking facility,
00:10:09 they just do it one lot at a time. Right. I mean, anytime we go in there, we see, right. And so we used that concept and create a 1500 square foot cafe, three-part meals, you know, full days worth of meals and the, that is open to the public. And so if you think of it, in terms of a marketing concept,
00:10:29 that third is kind of a top of funnel for the public to come in. And then they see the glass doors that are between the cafe and the, the backspace is the 3,500 square feet. And that is Coworking facility. And then inside of that is an office for a coach. And so we have three main revenue streams with some other ancillary revenue streams,
00:10:53 but we have three main revenue streams with, again, a smaller footprint, so less overhead trying to mitigate risks, really what that does. So I'll stop there and then we can kind of dig from there as you think. Yeah. I mean, I feel like one of the things that's changed a little bit since we talked last is probably when we talked last,
00:11:14 we were very optimistic about how everyone would want to get out of the house and, you know, post-COVID everybody's sick of being at home. And I think it's turned out that a lot of people get used to being at home. And so like the bar has gone up to get people to leave home and work somewhere else, to some extent. I mean,
00:11:34 I totally hear you about the dogs and the, you know, all the distractions. And I think that's part of why I love your concept because it makes it really compelling to leave the home. You've got the cafe. So tell me, what's included, can I get lunch at the cafe? What am I getting from the cafe? If I work there?
00:11:51 Not just like open to the public. Yeah. So part of our goal is to capture someone for the entire day, right? So that's, that's different from, let's say your Starbucks or your Panera, right? It tends to be, you go in, you get your coffee, your pastry needs. Well, our goal is someone comes in and gets their coffee,
00:12:10 pastry breakfast sandwich, whatever it might be in the morning, whether they stay in the cafe and work, or whether they fail to go back into the coercion facility and work, they work for awhile. Maybe they have a lunch with a client. So during the afternoon, we're serving flatbread sandwiches, sodas, coffee, all of that. Again, maybe go back in and work for a while longer come four o'clock,
00:12:34 you know, along with the flatbreads and whatnot, we have chartreuse three trays of beer and wine. And so, you know, imagine wanting to wind down a little bit before you head home, you can have a glass of wine and a sharp tutory tray keep working and then head home book. Our goal is to capture someone for that full day in the,
00:12:51 in the cafe. And so, you know, and again, right, that cafe is serving as that funnel into the Coworking area. Hey, we'll be right back. I just want to share a couple of opportunities from our show sponsors as a co-working space owner, you are always looking to provide more resources and programming for your members, right? How about access to financial education and even investment opportunities?
00:13:28 Well, noumena is the number one community for freelancers and founders looking to grow their businesses. So noumena and coworking spaces go together like, you know, butter and jelly. We found that over 75% of our community already worked in or are seeking out a coworking space. We'd like to help our members connect with you and find your space anywhere in the world.
00:13:54 So join our coworking space directory to be featured in our community and give your members access to a whole library of entrepreneurial resources and financial education programming all at no cost to you, by the way, visit noumena.pro forward slash Coworking to fill out an interest form that's N O U M E N a.pro/ Coworking. We will include that link in the show notes for anybody who's walking around and doesn't have time to write it down.
00:14:31 You can find it in the show notes for this episode at Everything Coworking dot com, noumena financing. The future of work. The amount of opportunity in the Coworking industry is absolutely mindblowing. It's projected to grow by $13 billion in the next five years, just staggering numbers. Now you've probably seen Success magazine it's hugely popular and focuses on professional development, personal development and business coaching.
00:15:04 Well, they're branching out with their own franchised Coworking business called Success space. It's actually a brilliant franchise model with three revenue streams recurring and on-demand revenue from Coworking memberships, a full service cafe and Success certified business coaching for small business owners to executives to learn more about this exciting new Coworking business opportunity. Check it out at success. Co-work dot space. That's Success,
00:15:37 co-work dot space. We will link that up in the show notes as well. Yes. I mean the hospitality offering there, which is, I think the other piece that has become, I don't know if it's a post COVID thing or just like a people really want experience, you know? And so having that built in as, from a user perspective,
00:15:58 I love it. Okay. So from an owner perspective, I love the diversified revenue streams, but talk to me about the support. I'm a new business. I've maybe run a prob, I'd be curious what your typical sort of franchisee looks like. Maybe they have business experience, but they probably not run a co-working space before or a cafe before. So how do you help them through that process Before?
00:16:24 Right. Somebody always has an aversion to one of those, right? Whenever we're talking to potential franchisees, some are okay with one part of it and others are like, no, I'm not. It was a little overwhelming. So walk me through that. Right? So on our team, you know, our VP of ops came to us from the Duncan Baskin brand.
00:16:42 So has a long history of working in restaurants and cafes. Our director of ops was a multiunit subway franchise via at one point. So again, a lot of experience in that cafe section, we have a culinary consultant on hand that owns 22 Applebee's at one point. And so again, you know, a great cafe. So, you know, that's the kind of the,
00:17:06 the cafe team there to make sure that people, you know, have the support they need there. We have a gentleman named David Walker. You probably have run across David and your travel. He's been in the Coworking industry. I want to say from very early on, you know, had three Coworking facilities at one point. And so he's there to, to help people through the Coworking section.
00:17:27 And then we have a gentlemen named Don Hobbs. Who's been around the coaching industry since he was 18 years old. I don't know if you're familiar, know those in the personal development space might know Jim Roan and Don worked with Jim Rohn's starting when he was in. Yes, I I'm familiar with Jim. Wow, very cool. Yeah. And so Don is our of coaches.
00:17:50 And so each part of that to give you an example on that coaching, you know, Don job is to make sure that all the coaches throughout the organization are on the same page offering similar similar classes. So we just don't leave it to the franchisee to train the coach once. And then they'll say, good luck to you. It's, we're here To,
00:18:10 There's a program and support again, we have all the people on staff for that cafe. We don't just bring someone in for a one week orientation and say, good luck. We actually send someone to you for two weeks to help you get that cafe up and operational and make sure that it's running properly. And of course the Coworking, you know, David's available for all of that.
00:18:30 So that is kind of one of our, you know, I don't want to say claim to fame, but one thing that we're really passionate about is making sure that we're providing that kind of support because we understand that there are multiple revenue streams there. So I'm curious, kind of related to that when you talk to franchisees or just, you know, kind of from your own business perspective,
00:18:51 if somebody's thinking about, should I start my own space, should I, you know, look into franchise models? What's your sort of framework for helping people think through that and, you know, one model versus the other. Yeah. And so part of that for us is that we're so unique compared to other models. Right. And so mentioned any other models.
00:19:11 I don't want anybody to think I'm bad, mopping them. It's just very different approach. Right. It's totally unique. Right. And so for us, it's just explaining the difference of our model versus other models. Not necessarily any other brands out there. And again, if we really put a lot of weight on multiple revenue streams, lower startup costs,
00:19:31 lower build-out costs, those types of things. So, you know, we're starting to see more interest from multiunit franchisees to begin. We could buy one with a much larger square footage, or we could buy two or three with maybe some smaller square footage. So we're seeing that as well. So in terms of how your model works, do I buy licenses for market?
00:19:52 Or what does that look like? If I, yeah, So for each market we do a heat map. That's how we sell out a market is based on. So we provide protected area based on what that heat map says. It is a heat map based on like population or what is it, A whole bunch of different demographics that we've kind of,
00:20:12 you know, we've we profiled the, the expected clients and that's how we break the heat map. Got it. So you have, when will the first location be online? We have one coming up, we have three coming up fairly quickly. The first one will be in Houston. Let's call it, you know, by the end of the year and another one in San Antonio and another one near Dallas,
00:20:36 all following fairly quickly after that sold 11 franchises so far, you know, which we're happy with. We think that's great. And we're the interest is really starting pick up quite a bit more as the word gets out there, this unique model. So 20, 23, you know, 20, 24 as folks kind of get leases signed and build, that's done well, 11 we'll put you at already at one of the largest brands in the Coworking industry.
00:21:03 It's such a fragmented industry. Right. It's interesting. And so, yeah, I think also, you know, a built in community, you've got 11 folks already and more to come all the time, that'll be kind of connected and running a very similar business. Speaking of coming online, this is probably hard to answer because it depends on how long does it take to sign a lease and build out and whatnot.
00:21:26 How long typically if somebody comes and is interested in a franchise, does it take to, you know, from like I'm interested to I'm open. Yeah. And so that's an interesting question. If in some markets taking longer than we expected, it was harder to find a space than we expected And the right space is so critical. So I'm sure you spend a lot of time on that.
00:21:48 And that has to be okay. Right. Because you just have to be patient and, and find the location. That's the fit. Yeah, That's exactly right. And so, you know, some locations it's taking a little bit longer, other locations come moving faster, also depends on whether the franchisee wants to lease their space versus own their space on building,
00:22:10 you know, that type of thing. So all of those questions are coming into play. In fact, our, our VP of ops is in one of our markets today, I think for probably the second time or maybe even third looking with the franchise. So they support the, the location search. So we do our VP of ops flies in and talks through the various spaces,
00:22:34 the pluses and the minuses, so that the franchisees understand, you know, why we're suggesting one space versus another or whatever it might be. Yeah. Because you have some additional variables in order to be, be successful, especially I would guess with the cafe piece. And then you mentioned conversion. So is that a model you encourage or how do you think about the opportunity to convert?
00:22:59 So a conversion would be an existing space that ends up being a fit. I'm guessing you have sort of a criteria list, like got to work for the cafe, got to be kind of the right size of Coworking onboard with the coach. Yeah. Talk about that. Yeah. And I think so we've just started really flooring this, the concept in the last,
00:23:19 maybe last few months, Amy, and I think we'll probably end up as time goes on maybe 10% conversions and 90% fresh start, but basically yes, if someone has a Coworking facility already in place, we can look at that, you know, is a full blown cafe what's necessary in that facility. Or can we maybe do a different type of cafe in that facility that,
00:23:43 that helps with that conversion provides you the coaching revenue stream, the coworking revenue screen, and maybe a, a smaller cafe type screen versus a full-on cafe. So we're open to discussions with people because we've explored different models and looking at different revenue streams based on conversions and size and whatnot. So your operations team will kind of take a look and make some recommendations.
00:24:10 Yeah. I mean, I think that's a really interesting opportunity because it diversifies the revenue stream. Right. And for the size that you're talking about, you have to optimize that. And I also love your optimizing the day parts is the cafe open on the weekend. It is. Oh yeah. Yeah. And that cafe is open from six to nine during the week.
00:24:30 I mean, it's, you know, again, if we're serving beer and wine, a little wine, you know, to stop in is to have a nice glass of wine and relax. So most definitely. Yep. And you know, the other interesting part, which I really love about the model is the coach, because that coach, when you think about,
00:24:48 you know, being kind of ingrained into a community, that coach, when you think about, you know, in Florida here, we have lawn services, pool services, you know, and they might be one person operation or any other type of small business who do they really talk to about their business. Right. And that coach is there to not only coach entrepreneurs,
00:25:10 but it's also there to coach employees, corporate employees, corporate executives on personal development. And so you really have a person there that is getting out into the community and also bringing people in. And so where we look at the cafe as being a, kind of a top of funnel on a marketing funnel that coach in a way serves as another marketing funnel.
00:25:34 So when you think about this outside groups that will either want to tap into that coach or want to come into the space and have events, but maybe have that coach available for that event or whatever. There's a lot of, lot of neat things that coach brings to the model as well. Yeah. It and organically and in the space because they have the meeting room access.
00:25:56 And I hear a lot of operators talk about joining groups like BNI. It's an incredible investment in time and you know, it's outside of the space. So you hope you sort of bring leads in, but I feel like it feels very organic to have a coach internal to the space. Who's bringing folks in also, you know, sort of the great resignation.
00:26:18 There's a lot of folks who are like exploring, you know, what does it look like to do something entrepreneurial or right. How do I get more out of my corporate jobs? So not just entrepreneurs to your point, but even remote employees who might leverage that. And that's the part of the business that most people aren't really even familiar with the coaching concept.
00:26:39 Oh, that's interesting. You know, I think I remember having a coach and my coach has been on the podcast. I remember my girlfriend, I can picture us having coffee. And she, her telling me, I hired, like she called it a life coach. And I was like, what's that I, you know, this was probably 20,
00:26:59 maybe 2010 or 2011, like had never. And my coach was the one who introduced me to Success. I used to be a big success, but you have to tell me, what will the magazine ever come back? Oh, magazine back to heaven. Haven't gone away. It's still there. Wait, where do I find it? A success.com you can go.
00:27:17 I mean, it's in, it's in stores as well. But I mean, if you're just looking for a subscription, you can go to success.com. And that will be part of the decoration of the spaces will be a new and old magazine. So we went back and found magazine, you know, Success magazine has been around for 120 bucks. We went back,
00:27:35 We went back and found vintage covers. And so we'll have some of those in space along with the new cover as well. Hey, I just wanted to jump in really quickly before we continue with our discussion. If you're working on opening a coworking space, I want to invite you to join me for my free masterclass three behind the scenes secrets to opening a coworking space.
00:27:57 If you're working on opening a coworking space, I want to share the three decisions that I've seen successful operators make when they're creating their Coworking business. The masterclass is totally free. It's about an hour and includes some Q and a. If you'd like to join me, you can register at Everything Coworking dot com forward slash masterclass. If you already have a coworking space,
00:28:20 I want to make sure you know, about Community Manager, University, Community Manager, University is a training and development platform for community managers. And it can be for owner operators. It has content training resources, templates from day one to general manager. The platform includes many courses that cover the major buckets of the Community Manager role from community management, operations,
00:28:45 sales, and marketing, finance, and leadership. The content is laid out in a graduated learning path. So the Community Manager can identify what content is most relevant to them, depending on their experience and kind of jump in from there. We provide a live brand new training every single month for the Community Manager group. We also host a live Q and a call every single month so that the community managers can work through any challenges that they're having or opportunities get ideas from other community managers build their own peer network.
00:29:20 We also have a private slack group for the group. So if you're interested in learning more, you can go to Everything. Coworking dot com forward slash Community Manager. Okay, great. I have to renew my subscription. Yes. So anyway, life coach, she introduced me to Success magazine. So it's a big reader for a long time. And,
00:29:40 but to your point, like a lot of folks just, don't still, I guess it's still kind of a new concept, this idea that you would invest in somebody to see things that you don't see, your help, you kind of work through something, but it's a great fit for a coworking space because yeah. It just naturally, Right. Yeah.
00:29:57 Yeah. And so we just think it really comes together nicely. Remind me, is the coach on the payroll? How does that piece of the model work, Which is on the payroll, you bet. And so there's an opportunity there for the franchisee to earn the revenues that coach generates. So, you know, we look at maybe a, a salary plus commission model for that coach and then that revenue all comes into the franchisee.
00:30:22 Will there ever be multiple coaches or do you think it's just, there could be okay. There could be. Yeah. If you think about, you know, depending on demand, right. You could have multiple coaches in a space most definitely. And so again, that, that part really excites me because that's not limited by the space. You know,
00:30:39 that's not limited by that footprint that that business can grow beyond just the space. And you know, the other side of that, this part, you know, a little, I think about black Swan events, right. If you're familiar with the black Swan event, right. It's like a black SWAT. Like they didn't, they never used to think there were black swans until one day they found one,
00:30:57 right? The black Swan event is something that you just think won't happen or, you know, just disregard it. And all of a sudden it happens. Right. And I've been through a few of those, you know, one would be like a fire to your building, right. An event that you're like with right. With coaching, literally that building to disappear and that coaching revenue can continue on,
00:31:19 you know? And so that franchisee still has a revenue stream. Even if that building has a, an active flood fire, whatever it might be. So that's why I love that piece in the business as well. Yeah. I mean, it's interesting. Cause we talk a lot about offering like digital address services, you know, in virtual offices because it doesn't depend on the physical space and a lot of folks,
00:31:42 you know, that'll really be the thing that kind of, you know, jumpstarts, they're there and diversifies their revenue a little bit. So the coaching yeah. Really does that. Yeah. I'm picturing like group coaching night with glasses of wine and charcuterie plates and Well, you know, what's so funny about that. So part of our funnel really, you know,
00:32:02 again, we think about it, that marketing funnel. So part of it is, you know, two classes a month, one geared towards entrepreneurs, one geared towards personal development. And then from there, people can move down into group coaching and have the wine and charcuterie. And then from there, people can move down into individual coaching. And so again,
00:32:23 it kind of stacks right down in that funnel And get their Coworking membership or, Well, you also have to remember with us, we had that model and Coworking that it's not, everything's not by the month we have, you know, down to, by the minute on, on the coaching, the coworking space. And so imagine someone comes in, you know,
00:32:44 starts working in the cafe, needs to take a call or just wants to get into a little bit different environment. They can go into the back and get into that space by the minute, rather than having to get into a full month lease. And so please, and all of that as well. Okay. And you can do that, that model always makes you really anxious when you're relying only on Coworking revenue.
00:33:07 Do you know what I mean? Like no recurring. So if you have the cafe and the coach and the Coworking all running, then you can, or flexible about the commitment And we can rent out some office by the month, but then rent others by the minute at a premium per square foot. Right. So we're actually generating more revenue per square foot by doing that by the minute.
00:33:30 But to your point, we have the fallback of the, the other revenue streams as well. Yep. Got it. What have I not asked about that we should chat about? I mean, what excites you most about, about the model was we're starting to get close to having one in market. I, you know what, again, I'm very passionate about it because you know,
00:33:51 I I've been in business for a long time and I just love how the team, not me. The team has built a model that multiple revenue streams, smaller footprint that is really needed right now in time. Right. I mean, it really, the time really is right now for this model, you know, with the way people have changed working,
00:34:12 this just fits right into that beautifully. So that's what excites me so much. I, I'm just, I'm excited about the growth potential of this brand across the U S really Right place, right time, And being tied to 125 year old brand Success magazine, you know, to go out with having that in place. I think, you know, makes me even more excited.
00:34:35 Yeah. Good. Well, yeah. I can't wait to meet some of your franchisees when they get rolling and can, can share their stories about a group coaching and wine night. Well, we've started to do videos with some of our franchisees. So if you watch our YouTube channel, you'll start seeing videos every week too, with franchisees, just kind of a chat between myself and the franchisees on just like this,
00:34:59 what do they like? You know, what excites them, that type of thing. So you watch our YouTube channel. You'll see that come up. Okay. I'm so glad you mentioned that I will. What? I will tell it for anybody listening. What's the handle for the YouTube channel? Oh, you know, I, you put me on the spot on that one,
00:35:15 my POC panel in that one on our website as well. Yeah. Yep. I'll put it in the show notes also, so I will subscribe so I can check that out. Awesome. Good. Well, thank you for the update and we'll have to have you back early next year when you have some real life stories to share and can tell us how it's all playing out.
00:35:38 Yeah. I look forward to it. I appreciate the appreciate what you do here. So this has been a lot of fun. Yeah. Well, I mean like you just love the industry and I love all the new opportunities that are coming to the folks who are people get really passionate. I think they, you know, they'll maybe see their first coworking space or have an experience with one and then they want to do it,
00:35:59 but it's an overwhelming process. So yeah, it's exciting as the industry evolves that there are new opportunities coming for folks. So yeah, we'll put all the details. We'll put your link to your website and where people can find out more if they're interested in the brand and the franchise. And of course the YouTube channel as well. Awesome. Thanks Ted.
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