High-level coworking space franchise brand Venture X just hit a milestone of over 100 franchise business sales. This achievement came on the heels of a prosperous first half of the year for the brand, which saw the signing of 46 agreements spanning five counties and nine states. All 46 agreements stem from new franchisees joining the franchise.
Two factors that appear to be driving the brand's growth are its multi-unit development deals and international expansion, both of which are currently focuses for the franchise. Just last month, this rapidly-growing brand closed a master license deal that will bring its shared workspaces to professionals across Ireland and the UK, and they also signed agreements in Western Australia, Toronto and Dubai, with pending deals in France, New Zealand and Brazil.
Domestic franchise opportunities have also played an important role in the brand's expansion. In 2019, the franchiser signed deals in business hubs across the US to grow its existing franchise network. These included a 14-location deal for Pennsylvania and deals in Texas, Virginia, South and North Carolina, New York, Florida, California and Massachusetts.
In the near future, the coworking space franchise is focusing on both international and domestic growth. Targeted markets include Melbourne and Sydney, Australia; Houston and Austin, Texas; Atlanta, Georgia; and San Diego and Los Angeles, California.
Brand President Jason Anderson said that the brand's growth has been incredible, as they were still describing what coworking spaces were to clients just a short time ago. With the landscape of workplace settings changing, entrepreneurs now understand what this brand can provide to today's professional.
Venture X offers a membership-based shared workspace model that blends modern office and boutique hotel styles in a professional, welcoming space with a community feel. The brand is also part of franchise industry titan the United Franchise Group.
Many franchisees with this brand have finance, hotel or real estate backgrounds or have been landlords. Currently, Venture X is looking for single-location franchises, with multi-unit deals a possibility in the future. The initial franchise fee for one of this brand's franchise opportunities is $79,500, and the initial investment ranges from $1.1 million to $3.4 million.