Alex West Steinman is the CEO and co-founder of The Coven, a Minneapolis-based coworking space that claims to be the city’s first women and black-owned coworking facility.
She created the company in 2017 and has already opened two stores, one in Minneapolis and one in St. Paul, which debuted right before the pandemic hit in 2020, according to the Business Journal.
The Coven, according to Steinman, was founded to encourage interactions in a welcoming environment. When people’s movements were restricted in America to prevent the virus from spreading, the corporation began giving digital memberships to further its goal of creating an inclusive society.
The organization takes pleasure in providing a safe space for women, transgender, and non-binary persons to grow as leaders.
As part of her plan to become a known national company, Steinman is opening a third site. The new site is on Lake Street and is a collaboration with Dogwood Coffee Company. According to Black Enterprise, it offers a smaller idea with allocated desks and private offices.
She revealed to Black Enterprise that she had raised $1.3 million to expand The Coven. She has also submitted Franchise Disclosure Documents, which will allow her to expand to Illinois, North Carolina, and California.
Steinman anticipates signing three franchisees this year and up to ten by 2024. The strategy aims to find underserved markets and neighborhoods and invest in communities around the country in a sustainable manner.
Since 2019. In its expansion campaign, the Coven has raised $2.9 million. Steinman hopes to expand her franchise model as companies increasingly choose for co-working facilities rather than renting office space.
The Coven is based on three assets: the capacity to create inclusive environments, a strong marketing background to build brands, and the ability to teach 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.”
According to the Business Journal, her franchising concept will also provide more support for ethnic communities. “What I’m really interested in is figuring out how we can give people more opportunities to succeed as entrepreneurs, particularly women and people of color who are interested in owning their own business,” she said.
The site also mentions a $50,000 upfront franchise charge with a 10% monthly royalty. Meanwhile, The Coven currently has 13 workers and 1,000 members throughout several venues, both digital and physical.