Now is a great time to open a Venture X franchise. We’re always researching industry trends, and in this case, we caught up with The Workthere Flexmark, a comprehensive industry report. We’re happy to report that the forecast for 2020 looks bright. Here, we’ll update you on a few of the trends referenced in The Workthere Flexmark and show you why Venture X is just the franchisor to help you break into the industry.
Coworking Spaces Around the World are Turning a Profit
Nearly 80% of coworking locations around the world are profitable. Based on our years of experience starting new coworking spaces, it’s our assessment that a significant amount of the unprofitable locations are likely still ramping up – they’ve probably only been in business a short time.
This doesn’t come as a surprise to Venture X franchisees. Many of them are able to keep their locations profitable because our franchise coworking spaces offer multiple revenue streams. Not only do clients choose which flexible plan they’d like to subscribe to, they can purchase additional services as needed, including:
- Mailroom services
- Conference room and event space rental
- Additional technology solutions and services
Another reason coworking spaces continue to be profitable is that private office occupancy continues to increase. Overall, about 81% of private offices are occupied – up 5% from last year! These dedicated spaces account for a significant amount of coworking space income and they’re continuing to become more popular as corporate teams flock to Venture X franchises.
Location is a Deciding Factor Among Franchise Coworking Space Clients
Location is the number one reason members choose a coworking space, a consideration Venture X has always prioritized. The number two reason, cost, is not even a close second. This demonstrates that the site selection process is more important than ever. We work hand-in-hand with Venture X franchisees to help them find the perfect location at the right price. As we have always said, we need to focus on areas that have high demand from traditional office occupiers, making it easy for them to transition to our franchise coworking spaces.
Along these lines, it’s worth noting that 32% of coworking members come from brokers. However, the vast majority of coworking members find their coworking space on their own. Having a great location makes Venture X franchises more visible to the prospective customers we want to target. Another reason that our members continue to seek us out on their own is that our facilities go above and beyond what they can find at other coworking spaces or traditional offices. High-end office furnishings, state-of-the-art design, and cutting-edge technology make it a joy to come to work in our collaborative spaces. And we help our customers achieve all this by working closely with them throughout the startup process and beyond.
As you can see, 2020 holds a lot of potential for Venture X franchisees. Contact us today to learn more about what it takes to invest.