What are the Costs to Start a Co-working Space
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Venture X FRANCHISING
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One of the most significant benefits of investing in a coworking business franchise, as opposed to starting a new business from scratch, is the comprehensive investment breakdown we’ve developed.
We’ve signed more than 70+ Venture X locations around the world, and we know exactly what it takes to get a new facility up and running. For our franchisees, this means fewer unexpected costs and a clear path to opening and growth! So, how much does it cost to start a coworking space? Below is an outline of some of the costs you can expect to incur while getting your Venture X franchise off the ground. For a complete breakdown, contact us and request a copy of our franchise disclosure document!
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INITIAL FRANCHISE FEE
Our initial franchise fee is a standard amount of $79,500, based on a number of factors. This fee is designed to cover the expenses associated with your training and onboarding. Venture X expends significant resources introducing you to our team, finding the right location to open your new business, showing you the ins and outs of our business model, and more.
Your initial franchise fee helps to offset some of these costs and ensures that you have a number of great resources (like our on-site assistance) to get your new business up and running smoothly. This includes flights, hotel and lodging for the owner during our one week in-house training. This also covers the flights, hotel and lodging for our three (3) weeks of in the field, on the job training we provide at your location.
TOTAL INVESTMENT
How much does it cost to start a coworking space? The exact answer to that question will depend on factors such as the size of your new business and its location. As a Venture X franchisee, you can expect to invest approximately $340k -$3.3 million, which does include your $79,500 franchise fee.
These costs cover a multitude of expenses such as remodeling, construction, furniture & fixtures, initial marketing launch, media equipment, rent deposit, insurance, initial staffing, memberships, and so forth. Venture X stands out because of the high-end look and feel of our facilities.
VENTURE X ROYALTIES
All Venture X franchisees will pay 6% of gross revenue towards royalties. This is a monthly, recurring expense for the life of your business, and helps us to provide you with strong support as your facility grows. For instance, your royalties help to cover the costs of research and development. As any business owner knows, it’s imperative to stay on top of changes and trends in your industry. For independent owners, investing time in research is difficult (or downright impossible) when they have a business to run. Venture X does this work for our franchisees, and we pass our findings along to them in the form of ongoing training, regular email communication, webinars, and conferences. This is just one of the reasons Venture X continues to grow our brand in a competitive industry.
MINIMUM NET WORTH & LIQUID CAPITAL
Like any new business, starting a coworking business requires a significant investment. We’re looking for franchisees who have the means to invest in a Venture X location without negatively impacting their quality of life. We’ve found that franchisees with a minimum net worth of $1 million are best prepared to nurture their new business during its early months while they are still recruiting a customer base. We expect that franchisees working with one of our financing partners will need to have at least $250,000 in working capital.
These are just a few of the key items associated with an investment in a Venture X franchise. To learn more about this exciting coworking business franchise opportunity or the investment profile, give us a call today at 561-578-2954.
