Co-working concept Venture X's franchising program, which was just launched early last year, is soaring, with 14 new franchise businesses in the development stages for Washington, D.C., and four other states. A team out of Sydney is also looking for locations in Australia and focusing on bringing the hot concept to the Middle East, Asia and Europe.
The company was founded by David Diamond, its current CEO, and his son Brett, who is the COO. Launched in 2012, the first location was a trendy 8,000-square-foot space in North Naples, Florida, which offered monthly memberships for its desks and offices. Now completely sold out, it's home to more than 120 businesses and has an active waiting list.
According to Brett Diamond, the shared office industry is experiencing incredible growth year over year, with more than one million members currently participating. Venture X is positioning itself at the forefront of this boom, looking to become a leader in the sector. CEO David Diamond added that this concept is not just limited to small businesses or part-time workers any more, as the North Naples location has mostly full-time workers and some larger companies looking to reduce employee costs as clients.
Currently, this rapidly-expanding brand has two franchises in Toronto, Canada, and San Antonio, Texas. The Diamonds also made an agreement with the United Franchise Group of West Palm Beach to grow their company, and the brand expects to have as many as 40 new locations in development by the end of the year as a result.
This concept has garnered a lot of interest, particularly among former hotel operators and owners. One such individual, Mani Patel, will be opening a new location in Texas. Patel discovered the franchise opportunity at an expo and said he was attracted to the idea of being part of a community and a brand. He was also impressed by the concept, which provides tenants with great flexibility thanks to its lease terms.
Venture X is still looking for the right candidates for its growing brand. The fee for this franchise opportunity is $79,500, and the initial investment ranges from $600,000 to $800,000.