As coworking and shared office space become a permanent fixture in the business world, investors who get in on the ground floor now will soon realize that it’s an opportunity that can pay dividends in the coming years and decades. A coworking space franchise like Venture X offers can help you achieve increased financial freedom by investing in a growing industry.
Experts predict that the global coworking space market is expected to jump from nearly $8 million in 2022 to over $24 million by 2030. In order to capitalize on a potentially lucrative opportunity, real estate options should be a top consideration.
Although a freestanding new construction offers full control of the property, many business investors find that the best way to enter the industry is through the conversion of an existing property or a lease option.
We Provide Conversion Support for Existing Coworking and Shared Space Owners
For owners of existing coworking spaces, our development team works closely with new franchisees to ensure consistency that adheres to Venture X brand characteristics. We come in and guide former independent operators toward Venture X by emphasizing subtle nuances like color palette, amenities, and product offerings, along with floor plans for dedicated use for work and networking.
This level of conversion can help franchisees maximize their revenue by increasing their memberships and generating positive revenue by leveraging our brand name and our vast network of global locations. We also work with existing coworking owners over time to help them make additional changes to add brand cohesiveness that provides a local feel, and local experience yet adheres to the familiar Venture X identity that cascades across all locations.
This includes everything from the concierge level of hospitality that is experienced from the moment our clients walk through doors to the furnishings, interior decor, and other accouterments that help create a unique experience. And we accomplish this in phases so that our franchise partners have time to understand the Venture X standard operating procedures.
By focusing on the product offering, value proposition, and Venture X experience, we can provide scalable solutions that can help grow your shared workspace franchise business. To maximize revenue per square foot, we can help convert your space to accommodate a certain amount of private offices, dedicated and shared desk banks, and interior shared spaces to help you maximize your opportunity to sell space to a diverse and growing audience.
Developers: Conversion Considerations for a Shared Office Space Franchise
Since 2020, many businesses have scaled back on real estate to help shore up their bottom line. And with the surge in remote employment, freelance workers, and small business ownership, 69% of US businesses have permanently closed offices or severely downsized their holdings in the last few years. The fact is, however, that many people want a place to work outside of their home, even on an ad hoc or hybrid basis, leaving open the door of opportunity to explore a shared office space franchise as a profitable investment.
Rather than simply offloading your property through a sale, building owners instead can convert their existing property into a Venture X coworking location. As working professionals value more flexibility in their careers, there’s also an appealing element to a hybrid work model that allows for personal interaction that can lead to networking and employment opportunities. Venture X coworking locations offer a wide variety of attractive products and services that attract a lucrative audience, including:
- Private offices
- Shared desks
- Virtual and community memberships
- Meeting rooms
- Event space
- Podcasting bays
- Mail services
Rather than selling for a small profit – or having to break even or experience a loss, property owners are in a unique position to shore up their existing real estate investment by partnering with Venture X, a leader in the coworking space. And along with guidance from parent company Starpoint Brands, the world’s leader in franchising with more than 1,600 franchisees in 60 countries around the world, property owners can enhance the value of their real estate. You’ve already got a great property – we’ll help you make the most of it with our stellar training and support and proven track record for success. We know how to take an empty building or part of a building, and turn it into a useful, productive, and revenue-generating business.
Convert to Our Franchise to Generate Revenue from Underutilized Business Space
Converting an empty or otherwise unused business space can be an effective and revenue-generating model that will flourish as a shared workspace franchise. And with traditional office space at a premium, thanks to large-scale corporate office closures, real estate divestment, and more, the opportunity to make a power play is now. A conversion opportunity with Venture X is cost-effective and allows for an existing real estate investment to transform into a growing business within a growing industry with a high upside.
Our proven and trusted operating model will help to cultivate your business and adapt it toward a successful enterprise. It doesn’t matter if this is your first franchise or if you’re adding to your portfolio. Our skilled, experienced franchise development team will be with you all along the way to provide you with resources, guidance, and ongoing support to help you navigate the ebb and flow of the initial investment and buildout process and within the industry.
What Kind of Real Estate Is Ripe for a Coworking Space Franchise Conversion?
Not sure if your unused or large real estate investment is right for this opportunity? Leveraging your existing, unused, or unfinished space is a great opportunity to bring a Venture X location into your community while keeping your financial investment in the black – or bringing it back to black! Lease options permit the creation of a Venture X location that is in an established facility with a history of commercial enterprise. Viable property options we know are feasible for this kind of conversion include:
- Office buildings: An increasing number of businesses are now shifting their hiring practices toward fully remote or hybrid requirements, reducing the need for a large real estate footprint. This has resulted in fewer clients for building owners who are facing occupancy challenges. A Venture X franchise allows for multiple businesses to have a more cost-effective real estate option while also appealing to freelance and small business owners.
- Freestanding locations: This option can provide enhanced visibility for those looking to market their business and avoid competition. By converting an existing building structure, our development will help you provide amenities such as cafes, grab-and-go stations, podcast bays, meeting rooms, and event space that can help attract new clientele and provide ancillary revenue.
- Commercial centers: Whether located in a strip mall or other commercial district, this option comes with built-in marketing appeal. Foot traffic can help to promote the Venture X brand alongside your franchise enterprise. With available space already in place, we can help with physical conversion that can be completed in months, allowing you to open your doors and promote your business more quickly to potential local clients.
- Hotels and hospitality operations: Converting unused or underused hotel workspace into a Venture X franchise location can help present an additional revenue stream for owners. It can attract local clients as well as those who are attending nearby conventions or on their own business travel. These spaces can be monetized with a long-term investment that increases revenues and benefits the hotel itself.
- Fitness centers and gyms: A gym business opportunity looks very similar to our shared office space franchise: With many fitness and gym memberships, there’s an up-front and recurring price point that customers – and owners understand. This is very similar to our coworking memberships, only without the need for negotiation and with no long-term contracts. In both industries, there’s a certain amount of fixed costs, including location, infrastructure, and other considerations like a new building versus a real estate conversion.
We Have Established the Business Model, Training, and Support to Bolster Rapid Success
With more than 120 locations opened or signed worldwide, Venture X has established business model frameworks that focus on creating a synergy between technology, collaborative workspaces, intelligent design, and concierge services that cater to the individual needs of business professionals.
As we help our franchise partners transition toward their own Venture X, we’ve developed a formula and template that can be implemented with guidance from our franchise development team. We work with new franchisees every step of the way to convert their property or space into a prosperous Venture X location, and we provide training, technology, marketing, and other resources that can place them on the road toward success.
We understand that for an independent operator, the business world can offer unexpected challenges. But by partnering with Venture X, you are making a smart choice to position yourself for success with a company that has become an industry leader with an established customer base in a short time. We know the coworking industry inside out – learning from the past, pivoting through change, and staying ahead of the future – and we can help guide you toward a successful coworking space franchise business.
Real Estate Experts Support and Guide Shared Workspace Franchise Investors
Conventional wisdom of the past focused primarily on large open-air spaces that focused on aesthetic appeal or tidy, quiet rows of closed-door offices with a throwaway bullpen of shared desks off to the side. However, both of these approaches failed to make the best use of the space or truly appeal to the way people today want to work – and network. Venture X has developed a proven and winning formula that combines aesthetics with practicality that is also responsive to the changing needs of how people work so that you and your members can experience the best of both worlds.
Customers today enjoy the collaborative nature of the spaces we offer, but they also appreciate the option of a professional private office environment. Our blueprint accounts for both elements as a means to maximize revenue. Specifically, we can help you convert your physical structure into a combination of private offices for individuals or teams, areas for shared desks, and meeting and conference rooms that are conducive to collaboration.
We leverage our team of dedicated real estate experts to conduct local property analysis, demographic research, and a host of other data to determine the viability of an existing location and the appropriate mix of offices, shared work and networking space, and amenities. The goal is to ensure that the space is designed and set up for success and will attract potential members who will be excited to see the features they’ve been looking for provided to them nearby. Conversion opportunities can be predicated on specific geographic areas to ensure profitability and the right product mix. For example:
- Downtown areas: Perhaps a team office is in more demand
- Suburban Markets: Smaller, more private offices may be in more demand
- Metro areas: Urban markets and stackable memberships may be more appealing
Maximizing Revenue through Innovation
Through technology and expert research, we’re able to pinpoint what clients in your community want to help you determine which amenities and add-on services can be built into your conversion franchise. With this level of data analytics, you can expertly predict which serviceable areas are more appealing to potential clients and give them the added features that they’re looking for.
At Venture X, we take a holistic approach to identifying the demand across markets. Converting a Venture X location is a strategic process that requires a methodical approach of insight and long-term planning that doesn’t waste resources and gets you from Point A (exploration) to Point B (profitability) through a managed and streamlined approach.
Now more than ever, coworking is an industry that offers a tremendous opportunity to savvy investors who are interested in converting an existing real estate asset or getting in on the ground floor – literally and figuratively – with an initial real estate investment along with their franchise. The industry represents an opportunity to generate revenue and build wealth by becoming a coworking space franchise owner.
