Alex West Steinman is the CEO and co-founder of the Minneapolis-based coworking space, The Coven, which is said to be the first woman and black-owned co-working space in Minneapolis.
She founded the company in 2017 and has since launched two locations – first in Minneapolis, and a second in St. Paul, which opened just before the pandemic hit in 2020, the Business Journal reported.
According to Steinman, The Coven was established to foster connections in an inclusive space. When people’s movements were restricted in America to contain the spread of the virus, the company began offering digital memberships, to further its aim of building an inclusive society.
The company prides itself in offering community space to help women, transgender, and non-binary people become confident leaders.
Steinman is launching a third location as part of her agenda to become a recognized national company. The new location is along the Lake Street corridor and is in partnership with the Dogwood Coffee Company. It provides a smaller concept with designated desks and private offices, according to Black Enterprise.
In an interview with Black Enterprise, she shared that she has raised $1.3 million to expand The Coven. What is more, she has also submitted Franchise Disclosure Documents which will see her expand to locations like Illinois, North Carolina, and California.
Steinman is expecting to sign three franchisees this year and up to 10 by 2024. The plan is to identify less explored markets and neighborhoods and invest in communities nationwide, in a sustainable manner.
Since 2019. The Coven has raised $2.9 million in its expansion drive. Steinman is hopeful of growing her franchise model following the growing trend of companies opting for co-working spaces rather than hiring an office building.
The Coven is built on three assets, which include an ability to design inclusive spaces, a strong marketing background to build brands, and mentoring entrepreneurs.
“Those skill sets and capabilities allow us to support franchises and ensure they can thrive as business owners,” Steinman said. “We’re really excited to be at this stage and support more entrepreneurs.”
She also told the Business Journal that her franchise model will also provide greater support for minority groups. “What I’m really interested in is figuring out how we give people more opportunity to succeed as entrepreneurs, particularly women and particularly folks of color, who might be interested in owning their own business,” she noted.
The platform also notes that the initial franchise fee is $50,000, with a 10% monthly royalty. Meanwhile, The Coven currently has 13 employees across its locations and 1,000 members, at both digital and physical locations.
