As the coworking industry has grown exponentially over the past few years, the segment has caught the attention of hoteliers and hospitality professionals.
Many Venture X franchisees come from a hospitality background. For example, Tom Foster, Venture X Master Franchisee in the U.K. and Ireland said, “I really see coworking in general as a hospitality product. Coming from a hospitality background, I understand the power of the branded system and the power of the franchise system both in driving revenue and opening up financing opportunities, as a support network, and getting speed to market and getting recognition within that market.”
Here’s why hoteliers are attracted to coworking, and why a coworking franchise is a sound investment:
Similar Business Model
The skills hotel owners have gained from running their business are easily transferrable to operating a shared workspace. Similar to a hotel, rooms, offices and desks are available for reservation at coworking spaces. A background in booking and managing reservations and occupancy is a solid foundation for taking the leap into a coworking business.
Coworking franchises are easy to operate and the numbers are simple to manage. Expenses for a shared workspace franchise include facility rent, utilities, maintenance and staff, while income consists of membership rental payments and upsells.
Focus on Hospitality
While service is important for any coworking space, this is particularly true at Venture X, where we offer our members a boutique style and concierge-level support. We take pride in providing an inspiring, collaborative environment for our members by investing in high-quality design and furnishings.
Our focus on hospitality is unique in the coworking space, and is what drew Venture X franchise owner Harry Vinson to our brand. He said, “With Venture X you get much more value than you would at other places,” said Harry. “We’re a premium brand, and we’re going to focus on hospitality. That’s what will keep people in the facility – they’ll be happy being there every day.”
For those with experience in the hospitality business, a Venture X coworking franchise will be a perfect fit.
Exponential Growth of the Industry
It’s no secret that flexible workspace has drastically shifted the way workers and employers think about office space. The coworking industry has been growing at an average annual rate of 23 percent since 2010. Around the globe, the coworking industry is forecasted to include 30,432 spaces and 5.1 million members by 2022.
As an increasing number of workers take advantage of remote work opportunities and freelancing, and more large-scale enterprises invest in coworking, the expansion of the industry shows no signs of slowing down.
With rapid growth on the horizon, now is the time for experienced hospitality professionals to get involved in the shared workspace industry. And, with the skills necessary to run the business and provide top-notch service, hoteliers are poised for success in the segment.