It’s an exciting time to be an entrepreneur. In the midst of a stable and growing economy, there’s an influx of savvy, business-minded people trying to find the next big thing. Fortunately, Venture X has taken the time searching out of the equation for you. Even better? The process of owning a Venture X franchise has never been easier.
Here’s an overview:
What Is Venture X?
Venture X is a coworking space franchise that offers franchisees the chance to provide a growing luxury to the local young minds that need a place to meet, work, and foster the foundations of business that will shape the future.
Coworking spaces are rapidly expanding and growing in popularity across the country as entrepreneurs, freelancers, and independent contractors look to get away from their homes and the local coffee shop and find a professional-but-casual space that can incubate their creativity in a comfortable environment.
Here’s a look at the process of owning a Venture X franchise and the steps you need to take to invest in a booming franchise industry.
Step 1: Pre-Req Check
We receive a large number of inquiries into franchise ownership, and both for this reason and to be sure that potential franchisees are able to make an investment, we require a few financial prerequisites.
When you contact us, we’ll likely ask you about these or there will be questions regarding them on a form you fill out.
For more on what those financial requirements are, please explore our investment page.
By reaching out to us or filling out a form, you’re already moving onto Step No. 2 if you qualify.
Step 2: Request More Information
We want you to know the answers to every critical question you have, so at this point, we’re going to send you a copy of the Franchise Disclosure Document (FDD).
Be sure to read and review the entire document carefully, as it’s sort of the insider guide to what a Venture X franchise opportunity looks like.
Step 3: Discovery Day
This is the feeling-out process for both parties and essentially is a laid back job interview. You’ll come to our headquarters and get to meet everyone at our corporate office face-to-face, as well as some current franchisees. You’ll get a feel for our culture, policies, and more.
Plus, we want to know more about you. What makes you tick, why would you excel at business ownership, and why are you interested in owning a Venture X franchise?
Furthermore, we’re going to give you the foundation of what you need to know during this process, including what to expect from us, what we’re going to expect and need from you, what and when the milestones and deadlines are between now and ownership (if you’re selected), and what it means to be a part of both the Venture X and United Franchise Group families.
Additionally, we’ll review the financial prerequisites and go over everything in detail, including what the investment dollars are going toward, why we have these qualifiers, when you need to have payments ready, and what types of financing is available.
After your Discovery Day, we’ll meet as a team and make a decision on whether we’d like you to continue in the franchising process. If so, we’ll send you the Franchise Agreement.
Step 4: Franchise Agreement
The Franchise Agreement is your contract, which lays out all of the terms and pricing and other important aspects of this mutual agreement, like your protection of territory, franchise fee, royalties and other fees, training and support, and more.
Carefully review the document, ask any questions you have, and we’ll connect you with other franchisees to give the opportunity to speak with as many of them as possible to get a better feel for what it’s like owning a Venture X franchise location.
Step 5: Financing
You’ll need to have a plan for financing before signing the Franchise Agreement. Chances are that even when you’re financially qualified, you’ll still be in need/in search of financing.
We can help you in this process, and fortunately for you, it’s typically easier to acquire financing when franchising opposed to starting a business on your own.
Step 6: Get Started
Get that Franchise Agreement signed so we can start planning your trip to headquarters for training, and plan what the rest of your onboarding schedule will look like! It’s official, you’re part of the Venture X family. The process of owning a Venture X is as simple as that.
To get started, contact us today to speak with a representative!