Considering A Painting Franchise in Ridgeland?

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Painting Franchise - PaintingBusinessAcademy.com ##generated-article-tags##

Should You Buy a Painting Franchise in Ridgeland ?

Don't Buy a Painting Franchise in Ridgeland

• An Important Note About Our Methodology
• Learn About Our Process
• Our Story
• Why Franchise
• The Process
• Your Investment
• Problem 1 The REAL Cost of a Painting Franchise in Ridgeland
• Problem 2 How Franchises Screw Your Ability to Grow Your Business
• Problems 3 Do They Really Care About What You Care About
• Problem 4 You re Buying a Job Not a Business
• With All These Problems Why do People do It
• So what now
• Understanding the Ranking
• Our Purpose
• Opportunity Guide
• Home Services Franchise Industry
• Top Painting News
• Franchise News Room
• News By Industry
• About
• Training Support
• Training
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• Full Support Complete Control

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• Learn How a $1,000,000 Painting Business Works
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• The franchise fee for a territory with a population of between 175,000 and 200,000 is $44,900. If the population of your territory exceeds 200,000, you must pay an additional $500 for each 1,000-population unit (or any portion of a 1,000-population unit) in excess of 200,000.

• For example, for a territory with a population of 201,135, the total franchise fee would be $45,900 .

• The initial franchise fee is fully earned and non-refundable upon receipt.

• During the first 24 months after you purchase your first franchise, you may be eligible for a 10% discount on the then-current initial franchise fee for each additional franchise that you purchase. To be eligible for this discount, you must pay the entire franchise fee at the time you sign the Franchise Agreement for the initial franchise and for each additional franchise.

• Fresh Coat is a member of the International Franchise Association and participates in the IFA’s Veterans Transition Franchise Initiative (“VetFran Program”), which encourages franchise ownership by offering financial incentives to honorably discharged veterans of the U.S. Armed Forces. Fresh Coat offers a $2,000 discount on the initial franchise fee to veterans who meet Fresh Coat’s requirements and those of the VetFran program.

2.  Deposit:  $5,000

• You can reserve a specific territory for up to 30 days by paying a $5,000 deposit and sending Fresh Coat a signed Deposit Remittance Form. The deposit is fully earned and non-refundable upon Fresh Coat’s receipt, in consideration of its reservation and removal from the market of your territory for 30 days, and will be applied toward your initial franchise fee.

3.  Website Fee:  $95

• You must pay an initial Website Fee of $95 to cover the cost and maintenance of website(s) you will use in the operation of the business.

4.  Right of First Refusal:  $3,000

• Your Franchise Agreement does not give you any option, right of first refusal, or similar right to acquire additional franchises, but you may purchase a right of first refusal to purchase an additional franchise territory. The price for a right of first refusal is $3,000, which would be credited toward the initial franchise fee if you exercise the right of first refusal.

• A right of first refusal would give you the right to purchase a specific territory first if another prospective purchaser shows an interest in purchasing the territory within 1 year after you purchase the right of first refusal.

• You would have 7 calendar days after notice by Fresh Coat to exercise the right. Fresh Coat must receive the entire balance of the then-current initial franchise fee for the territory by the seventh day after you receive the notice.

• A right of first refusal lasts for 1 year.

5.  Royalty Fee:  6% of Gross Revenues; $300 monthly minimum

• Due Date:  Payable by the fifth day of each month.

• Paid on Gross Revenues for preceding month ending on Friday.

6.  National Branding Fund:  2% of Gross Revenues; $350 monthly minimum

• Due Date:  Payable by the fifth day of each month.

7.  Local Cooperative Advertising:  up to 3% of your Gross Revenues unless a majority of the cooperative members agree on a higher contribution

• Due Date:  Monthly.

• If an advertising cooperative is established or operating in your area, you must contribute.

8.  Transfer Fee:  the greater of either $10,000 or 3% of the purchase price, plus legal and administrative costs

• Due Date:  Prior to consummation of transfer.

• Payable when you sell your franchise; no Transfer Fee is payable for transfers to a company you form for the convenience of ownership.

9.  Lead Referral Fee:  $10,000

• Due Date:  Upon a transfer of your franchise to a buyer who was already listed in Fresh Coat’s sales database at the time you and the buyer began discussing a sale.

• Intended to partially reimburse Fresh Coat for its costs in developing leads who then purchase from existing owners.

10.  Formation of Business Entity:  variable

• Due Date:  Within 90 days after signing the Franchise Agreement.

• If you sign the Franchise Agreement individually, then you must form a business entity (such as a corporation) and assign your individual rights in the franchise to the business entity.

11.  Grand Opening Promotion:  $3,000 to $4,000

• Due Date:  1-2 months before opening.

• Before opening, you must spend at least $3,000, as directed by Fresh Coat, on a grand opening promotion.

12.  Electronic Copies of Marketing Materials:  variable

• Due Date:  Upon order by you.

• Should you request electronic copies of marketing materials, you will need to reimburse the national branding fund for its costs in creating the materials.

13.  Technology/Software License Fee:  $95

• Due Date:  Monthly.

• You must pay a fee for technology/proprietary software that Fresh Coat licenses or makes available to you for use in the operation of the business.

14.  Website Fee:  $95

• Due Date:  Monthly.

• You must pay a fee to cover the cost and maintenance of website(s) and web hosting services Fresh Coat makes available for your use in the business.

15.  Franchisee Meetings:  $350 per person

• Due Date:  Prior to attending meeting.

• Fresh Coat may hold regional and/or national meetings with its support personnel and franchisees.

16.  Late Fee:  greater of $100 or 10% of royalty or branding fee; $50 for ACH payments returned for insufficient funds; $100 for late sales reports or other business records

• Due Date:  On demand.

• You must pay a late fee on any payment or sales report that Fresh Coat receives more than 5 days late.

17.  Interest:  18%

• Due Date:  On demand.

• In addition to the late fee above, any payments more than 30 days late accrue interest at the rate of 18% per year.

18.  Audit Fee:  cost of audit, plus 18% interest on underpayment

• Due Date:  On demand.

• Payable only if audit is prompted by your failure to maintain or submit records or audit shows an understatement of Gross Revenues of at least 3% for any week.

19.  Territory Amendment Fee:  $1,500

• Due Date:  Prior to amending territory.

• If Fresh Coat allows you to amend your franchise territory, you must pay a fee to compensate it for its costs.

20.  Sales/Use Taxes:  variable

• Due Date:  Payable with your royalty or national branding fee payments.

• You must pay any state or local sales or use tax that may be assessed on the royalties, advertising fees, or other fees you pay to Fresh Coat.

21.  Reimbursements:  amount of expense advanced, plus 18% interest

• Due Date:  On demand.

• You must reimburse Fresh Coat if it pays your expenses if you fail to so do, such as rent, taxes, customer refunds, or other liabilities.

22.  Legal Expenses:  amount of expense advanced, plus 18% interest

• Due Date:  On demand.

• You must pay any legal expenses Fresh Coat incurs, including attorney fees, to enforce your Franchise Agreement.

23.  Mapping Software Updates:  $200

• Due Date:  On demand.

• Fresh Coat may, from time-to-time, need to update its internal map-keeping software to reflect demographic and population changes in your territory; if Fresh Coat does so, it may charge you a reasonable fee, not to exceed $200, to compensate it for its costs.

24.  Indemnification:  amount of expense advanced, plus 18% interest

• Due Date:  On demand.

• You must reimburse Fresh Coat fully if it is held liable for claims arising from your business.

WHY YOU OUGHT TO NOT BUY A Painting Franchise in Ridgeland

If you are believing of getting a painting franchise, quit now.
I'm going to break down the basic troubles with getting a paint franchise, and the different options you have to begin a painting company.

This is based on my experience expanding a successful painting service where we took into consideration ending up being a franchise business yet went with a partnership setup rather. I listen to the battles of franchisee's regularly, and also I really feel for them.



Painting Franchise in Ridgeland FAQs
How much does it cost to open your own franchise?

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Are painting companies profitable?

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How much is a Five Star Painting Franchise?

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Is painting a good business to start?

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How much do painters make?

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How much money can you make owning a painting business?

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How can I start a painting business with no money?

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Is painting a good trade?

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Is a Painting Franchise in Ridgeland a good investment?

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Is it hard to start a painting business?

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How can I promote my painting business?

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How do I market my painting business?

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What are the disadvantages of a Painting Franchise in Ridgeland ?

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Is it better to start a painting business or buy a Painting Franchise in Ridgeland ?

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BR> I don't desire you to finish up in the exact same position that lots of franchisees find themselves in.
There is a far better way! We will begin with the issues of a franchise, then we'll get involved in solutions.

TROUBLE # 1: THE REAL COST OF A PAINTING FRANCHISE
CertaPro Painters, Five Star Painting, 360 Painting, and also WOW-1-Day Painting are a few of the larger franchises out there.
These franchise business range from $10,000-$ 40,000 in franchise fees just for the right to the franchise in a minimal number of postal code where you can run your franchise.
They likewise take 6-9% as an ongoing royalty ... for life.
If you stay in business for 10 years and also you generate $5,000,000 in income, this franchise business winds up costing you upwards of $500,000. That's a steep price to pay.
And certainly you obtain some assistance and also service systems, but every little thing that a franchise provides can be obtained via various other avenues for much less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you purchase a Painting Franchise in Ridgeland you are buying the rights to that company in a set region. You are appointed a little number of postal code where you have the rights to the service.
This is a HUGE problem. The most convenient way to grow and increase a painting business is by increasing geographically. Franchise business take away this.
Painter Choice is our advertising and marketing company. We work with franchisees throughout the country. I always really feel horrible for these local business owner because they have such a tough time generating service.
A typical business in Atlanta, as an example, can utilize our lead service in North Atlanta to generate 20-30 leads each month.
Yet a franchisee in North Atlanta who just possesses the civil liberties to 7-8 zip codes can only create 5-7 leads monthly from our lead service.
To put it simply, if those franchisees had their very own organisation, they might promptly enhance their company 3-5 times! In various other terms, that implies an increase from $500,000 to $2,000,000. This is a large restriction on your potential service growth.
As a franchisee, your only option is to purchase even more territory, or such it up as well as keep your service tiny.
If someone else currently owns the nearby region, you don't have that choice.

TROUBLES # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Fundamentally, franchisees and also the franchisor have actually misaligned incentives. The franchisor wants to generate as much revenue as possible due to the fact that they earn money a set percent of income.
As the service proprietor, your objective is to make the most of earnings.
I'm a huge believer in aligning incentives, as well as in this instance, rewards are not aligned. They are playing a different game than you are. They wish to make best use of earnings in all of their territories, as well as market as numerous franchise business as they can.

ISSUE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're acquiring a work. Allow me reveal you why.
As a result of aristocracies, your margins wind up being around 10% -12% nevertheless business expenses.
In order to make $100k/year you 'd have to have a $1,000,000 business.
You can not have a $1,000,000 company in the small area. And also if you can, you're stuck at a optimum of $100,000 for on your own. You're paying $70k-$ 100k/year in nobilities wherefore?
That's a ludicrous quantity of money to pay your franchise ... the very same business that has an agreement that they hold over your head not permitting you to grow your company geographically.
They've got you by the rounds.
Or, you can acquire an additional region to grow. Once more ... I 'd rather not have to pay for the right to expand my company. That's ridiculous.
A lot of franchises finish up in the $500,000-$ 600,000 range. You can possibly make $80,000-$ 110,000, sure. You additionally don't ever before have enough margin to hire other people to run the entire organisation, which is one of the best advantages to building a firm.
You possibly aren't producing adequate earnings to also work with truly solid staff members. In our business, we pay regarding 5-6% to our production supervisor who manages $1,000,000 in production. That's $50,000-$ 60,000 annually for the manager. If you are only doing $500,000 a year in income, you can pay 5% ($ 25,000) to your production manager, which is not adequate money for a solid staff member.
Your choices are to pay a higher portion (killing your earnings margin), or do the job yourself (killing your way of life). Both of which are not very eye-catching alternatives.
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IN SUMMARY:
You pay a great deal of money to limit your growth, you don't reach develop your own thing, and also if you wish to expand geographically you need to pay for the civil liberties to do so ... assuming nobody else currently has the rights to the region you are shopping.
As a result of your limitations, as well as the high royalty charge, you are significantly restricted in your capacity to grow your income, develop a solid group, and construct a large service.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid business plan
# 2-- They do it for the support and training supplied by the franchise business
# 3-- They do it for the community of various other franchisees so they aren't alone
# 4-- They do it out of fear of failing
Now, allow's look at options. Just how can you get all the benefits without paying the high cost of a franchise business?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the price of a franchise business, you can buy my organisation system. This is the exact business system we utilize and adhere to in our organisation, which corrected $3,000,000 in profits in 2016.

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My training course includes training and also support. When you obtain begun with Painting Business Academy, you obtain accessibility to the entire organisation system as well as all of the training that goes along with that system.

BENEFIT # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you sign up with Painting Business Academy, you additionally join our exclusive members-only Facebook team. We have lots of questions asked everyday from our members.
Our community is highly involved and energetic.
People in our area also share their successes. Simply recently a person shared a Facebook marketing approach, verbatim, that's killing it for their company.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying more cash does not remove the fear of failing. With Painting Business Academy, you can obtain accessibility to a solid business plan, organisation training, as well as all of the done-for-you types as well as systems that are shown to build a million-dollar paint company.
You also obtain accessibility to the fantastic area of similar business owners doing the exact same point as you that we spoke about earlier. While you do pay 1/10th of the price up front (on the high end), you have NO royalties to pay after that.
The chance of failing is the exact same whether you are in a franchise or running your very own organisation. When you purchase a franchise, you are taking a bigger danger, suggesting there's a bigger failing if you do fall short.

WHAT NOW?
Before you buy a franchise and also toss hundreds of bucks down the bathroom for a tested system, you might intend to have a look at Painting Business Academy.
Painting Business Academy is likewise a proven system to construct a million-dollar painting business, with a community of numerous others. Additionally, there is no recurring nobility, and no geographical constraints to development.
Obtain all of the benefits of a Painting Franchise in Ridgeland for a fraction of the price. Inspect the training course out here and contact me if you have any questions.
The painting business is a great business to be in! I wish you'll belong of it quickly.
Best of luck!

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You don't necessarily need a college degree, a bunch of money in the bank or even painting business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.
If you're here, odds are you already have the drive, but you might not know how to start building your painting empire.
That why we are here.
1. Evaluate yourself.
Let's start with the most basic question: Why do you want to start a painting business? Use this question to guide what kind of painting business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it's time to leave your 9-to-5 job and start something new.
Once you have the reason, start asking yourself even more questions to help you figure out the type of painting business you should start, and if you have what it takes.
What skills do you have?
Where does your passion lie?
Where is your area of expertise?
How much can you afford to spend, knowing that many painting businesses fail?
How much capital do you need?
What sort of lifestyle do you want to live?
Are you even ready to be an entrepreneur?
Be brutally honest with your answers. This will create a foundation for everything you do moving forward, so it's better to know the truth now than later.

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