Harry Vinson was working as an independent consultant for private equity groups and manufacturers when he decided it was time for a change. As he began exploring opportunities, the Venture X coworking franchise stood out to him as a more interesting business than other options.
Drawn to the growth and profit potential of the shared workspace industry, our unique, premium brand and our industry-leading franchise experience, training and support, Harry invested in a Venture X franchise in Richmond, Va.
“This business has a lot of lift in it, it’s the wave of the future for office space, and this is the time to get into it,” said Harry. “It’s going to be fun to get in at the beginning of something instead of the end of something.”
Here are all the reasons Harry chose to enter the exciting coworking segment with a Venture X franchise:
1. Growing Demand for Coworking Spaces
Coworking space in the top 20 U.S. office markets increased by nearly 62 percent from 2017 to 2018, and the industry is showing no signs of slowing down. In fact, some might say we’re just getting started. The $1 billion coworking industry is forecasted to grow to more than 30,000 locations and 5.1 million members worldwide by 2022.
Harry saw the potential impact of coworking firsthand during his experience at a previous business where he was responsible for over $1.4 billion in revenue. He had more than 50 facilities throughout the U.S., Latin America and Asia, many of which were sales offices. Those sales offices were very expensive to open, and sometimes had to be shut down, which was costly. Harry said if he’d been able to run his sales offices from a coworking space like Venture X, it probably would have saved the company millions of dollars over the years.
2. Our Unique Market Strategy
Whereas most other shared workspace companies focus their business on dense urban areas, at Venture X we’re not limiting our growth to those markets. We have proven success in suburban or rural locations as well as cities. This was a selling point for Harry.
“I think Venture X is going to be unique because of the footprint it has. It’s going to be one of the larger coworking businesses out there,” Harry said. “It’s not going to be focused strictly on the large metropolitan areas, and I think that gives an advantage to all of your members.”
3. We’re a High Quality, Premium Brand
As Harry was doing his due diligence, he took the time to work at a few other shared workspaces to compare the brands. Venture X stood out from the others because of our commitment to offering a premium product and concierge-style support for our members.
“I saw huge differences in the levels of service and quality of the product. 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.”
4. Best-in-Class Training and Support
From real estate and construction to onsite training, Harry appreciated that he was supported every step of the way. Every Venture X franchisee receives one week of in-depth offsite training as well as two weeks of startup support at their location. Our franchisees are given all of the tools they need to successfully run their business through our extensive training process.
“The training has been great,” Harry said. “Everyone that’s come in has done a good job and kept us on schedule.”
5. We’re Backed by the Strength of United Franchise Group
The proven systems and expertise provided by the franchisor are among the key benefits of investing in a franchise. Venture X is one of United Franchise Group’s affiliated companies and brands. As such, our franchisees benefit from the expansive knowledge of a company with more 30 years of experience and over 1,400 franchise locations in nearly 80 countries around the world.
“They have a lot of experience in the franchising business and they’ve been around for a long time,” explained Harry. “That part of the business gives me a lot of comfort – knowing there’s experience there.”
Harry opened his Venture X location in Richmond, Va. in the historic district of Scott’s Addition in the spring of 2019. Scott’s Addition is a rising neighborhood in Richmond, and Harry is confident his coworking franchise will be a huge asset to the area’s budding business community.