As part of the Vast Coworking Group, Venture X provides the largest privately-owned affiliated franchise network of flexible, professional, and shared office space options on the planet, with an international network of 60 independently owned and operated locations, and more in the pipeline.
But this didn’t happen without a bold and innovative strategy, which went against the grain.
“When United Franchise Group™ (UFG) launched Venture X in 2016, we bucked convention in many ways – from our franchise model to our growth strategy,” said Jason Anderson, President of Vast Coworking. “What would be considered normal strategies today were then very risky and novel, going against the then-$40 billion-valuated behemoth that WeWork was at the time.”
Power of franchising
Unlike many competitors in its segment who own and operate all their coworking spaces directly, Vast Coworking takes a different approach. The company harnesses the power of franchising to allow passionate entrepreneurs and investors to join its network, leveraging its proven brands Venture X, Office Evolution and Intelligent Office to create thriving coworking communities in local areas.
“With Venture X and the other brands in our Vast network, we drew inspiration from some of the world’s most successful hotel chains like Marriott and Hilton, catering to business professionals, not just freelancers and coworkers,” explained Jason. “With Venture X, we scaled coworking space to only 10-15% of our floor plan with a greater focus on private offices. We took the best features of a traditional office and elevated them with an impeccable level of design, complete with hospitality-infused amenities and concierge-level member experiences.
“This approach benefited us post-pandemic where now shared workspaces are being utilized by businesses of all types, including large enterprises that traditionally held long-term leases in commercial office buildings.”
Recognized by Inc. as one of the best coworking spaces in the United States and crowned Best Emerging Franchise in the Global Franchise Awards 2024, the brand is firmly at the forefront of revolutionizing the coworking industry and a driving force in the future of office-based work.
Future of coworking
Being affiliated with United Franchise Group, Venture X has access to nearly 40 years of international franchising expertise, which gives the brand a significant advantage in seamlessly deploying international expansion. UFG-affiliated brands include over 1,600 franchises in more than 60 countries, so Venture X is part of a robust international network that is continuing to grow.
Venture X currently has operations in seven countries, including the United States (15 states), Canada, the United Kingdom, Costa Rica, the United Arab Emirates, India, and Spain. The brand is deepening its presence in countries like Canada and India, as well as expanding its global footprint to new countries Portugal.
Most of Venture X’s international expansion has been driven by agreements with master franchisees. Understanding the local market is one of the biggest challenges with international expansion for any brand, which makes developing a strong relationship with master franchisees so important. While Venture X has its finger on the pulse of the flex office customer and can advise on office layout, master franchisees advise on market-level specifics such as where locations should be planted, what customers in the market need, etc.
With international development being a significant driver in Venture X’s overall growth, the brand prioritizes relationships with its master franchisees. Jason and other Venture X corporate representatives place a strong emphasis on connection, frequently traveling to locations and events both domestically and abroad, so that franchise owners feel not only dialed in to the brand but also connected to the people behind the brand.
Focus on growth
There are many parallels between the relationships Venture X franchise owners have with their members and the relationship the Venture X corporate team has with franchise owners. Both have the same overarching mission: helping entrepreneurs and business owners succeed.
While Venture X strives to help its members grow their companies and exceed their business goals, the Venture X corporate team has the same mission for its franchise owners. Because of this shared ethos, there is an inherently strong relationship between franchisor and franchisee. Both recognize the importance of consistent communication and sharing timely and relevant news and trends that affect business owners at any scale.
“When it comes to our growth strategy, instead of focusing on hyper-growth central business districts such as New York City and San Francisco, we’ve zeroed in on underserved suburban markets,” said Jason. “With the rise of remote and hybrid work since the pandemic, demand outside city centers has continued to grow. There are millions fewer commuters on the road today than there were in 2019, and people appreciate having a professional and welcoming place to work close to their homes.
“As part of Vast Coworking Group, Venture X members have access to the third-largest global coworking network with over 2.4 million square feet of space in nine countries. We have a global booking platform so members of any of our three brands can work at our entire portfolio of spaces whenever they travel. For our franchise owners, as part of Vast and the United Franchise Group (UFG) family of brands, they have tremendous business development and collaboration opportunities. Some of UFG’s other brands, like Fully Promoted, utilize space in our locations and our franchise owners have utilized Graze Craze for catering when hosting events in their event space.
Finally, within our three brands – Venture X, Office Evolution, and Intelligent Office – we have developed a hub-and-spoke development model that allows our franchise owners to diversify their portfolios while gaining more market share. To give an example of how this works: Venture X, which caters to a member base found more in densely populated urban metros, acts as the hub, whereas Office Evolution, which caters to a more suburban member base, acts as a spoke. So, a franchise owner could open a Venture X in the Greater London area and then open Office Evolution in surrounding suburban areas. We have a few franchise owners leveraging the Vast network to its fullest potential in this way and we see this as an ongoing strategy to fuel our expansion.”
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