Houston-Based Coworking Company Looks To Expand Nationally Through Franchising
Houston-based The Work Lodge, an all-inclusive flexible workspace concept, is ready for national expansion. The company signed its first franchise agreement in Fort Worth.
The brand has opened two locations in Houston (one in Vintage Park and one at 25700 I-45 in The Woodlands) and has two under development: at 1500 Dragon St. in Dallas and at 710 South Main St. in Fort Worth. The Fort Worth location will open in March, owned and operated by Heather Carlile, the company's first franchisee.
The Work Lodge is looking for franchise partners in new markets and to further expand in markets where it is already established. The total initial investment to launch a Work Lodge location ranges from $300K to $1.5M.
The Work Lodge offers private and virtual offices, coworking spaces and conference rooms. It can accommodate teams from one to 100 people, and the offices have custom-made furniture, cul-de-sac hallway layouts and common areas.
"As entrepreneurs and corporations search for flexible workspaces, Work Lodge is able to provide our members with a holistic approach by removing the friction of facilities and growth, freeing entrepreneurs and businesses to focus on building their dreams," founder and CEO Mike Thakur said in a release.
"Our mission at Work Lodge is to build, maintain and grow reimagined workspaces for everyone — from the solopreneurs to Fortune 500 companies — while also giving back to the community."
The use of coworking spaces is expected to rise dramatically, according to a new survey conducted at the CoreNet Global Summit. The survey found that nearly one-fourth of the global workforce plan to regularly use a coworking space in the next five years.
One benefit of utilizing coworking spaces is the ability to increase or decrease the company's real estate footprint, the survey found. It can also reduce cost, attract and retain talent, communicate the company's brand and maximize efficiency.
The trend is also supported by nearly 65 million freelancers, contract workers and entrepreneurs across the nation.
