Don't Buy A Painting Business Franchise in Aurora IL

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

Should You Buy a Painting Business Franchise in Aurora IL ?

Don't Buy a Painting Business Franchise in Aurora IL

• 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 Business Franchise in Aurora IL
• 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
• Support
• 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 Business Franchise in Aurora IL

If you are considering purchasing a paint franchise, quit now.
I'm mosting likely to break down the essential problems with purchasing a painting franchise business, as well as the alternate options you need to begin a painting company.

This is based on my experience expanding a effective paint organisation where we thought about coming to be a franchise yet selected a partnership setup rather. I listen to the struggles of franchisee's regularly, and I really feel for them.



Painting Business Franchise in Aurora IL 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 Business Franchise in Aurora IL 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 Business Franchise in Aurora IL ?

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Is it better to start a painting business or buy a Painting Business Franchise in Aurora IL ?

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BR> I do not desire you to wind up in the exact same placement that many franchisees find themselves in.
There is a better method! We will start with the issues of a franchise, then we'll enter into solutions.

PROBLEM # 1: THE REAL COST OF A PAINTING FRANCHISE
CertaPro Painters, Five Star Painting, 360 Painting, and WOW-1-Day Painting are a few of the larger franchise business available.
These franchise business vary from $10,000-$ 40,000 in franchise business costs simply for the right to the franchise business in a minimal variety of postal code where you can run your franchise.
They also take 6-9% as an ongoing royalty ... for life.
If you stay in business for 10 years and you generate $5,000,000 in income, this franchise business ends up costing you upwards of $500,000. That's a high price to pay.
As well as certainly you get some assistance as well as company systems, but everything that a franchise offers can be obtained via other opportunities for much less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you acquire a Painting Business Franchise in Aurora IL you are purchasing the rights to that service in a set area. You are designated a handful of zip codes where you have the rights to the organisation.
This is a HUGE issue. The simplest means to grow and also broaden a painting organisation is by expanding geographically. Franchises remove this right.
Painter Choice is our marketing company. We function with franchisees all over the nation. I constantly really feel dreadful for these entrepreneur due to the fact that they have such a difficult time generating organisation.
A regular business in Atlanta, for example, can use our lead solution in North Atlanta to create 20-30 leads each month.
A franchisee in North Atlanta that just possesses the rights to 7-8 zip codes can just create 5-7 leads per month from our lead solution.
In other words, if those franchisees had their own company, they might right away enhance their organisation 3-5 times! In various other terms, that means an rise from $500,000 to $2,000,000. This is a substantial restriction on your potential service development.
As a franchisee, your only option is to buy even more region, or such it up as well as maintain your company small.
Yet if someone else already has the neighboring territory, you do not have that option.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Basically, franchisees and the franchisor have actually misaligned rewards. The franchisor intends to produce as much revenue as possible since they obtain paid a collection percent of profits.
However as business owner, your goal is to optimize revenue.
I'm a huge believer in lining up motivations, and in this instance, rewards are not lined up. They are playing a various video game than you are. They intend to maximize income in all of their territories, and also market as many franchises as they can.

ISSUE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're buying a job. Let me show you why.
As a result of royalties, your margins finish up being around 10% -12% after all organisation costs.
In order to make $100k/year you 'd need to have a $1,000,000 organisation.
You can not have a $1,000,000 organisation in the little area. As well as also if you can, you're stuck at a maximum of $100,000 on your own. You're paying $70k-$ 100k/year in nobilities wherefore?
That's a ludicrous quantity of money to pay your franchise business ... the very same company that has an agreement that they hold over your head not permitting you to grow your company geographically.
They've obtained you by the spheres.
Or, you can purchase one more territory to expand. Once again ... I would certainly rather not have to pay for the right to expand my organisation. That's absurd.
Most franchises finish up in the $500,000-$ 600,000 array. You can most likely make $80,000-$ 110,000, sure. However you likewise do not ever before have sufficient margin to employ other individuals to run the entire organisation, which is just one of the greatest benefits to constructing a firm.
You most likely aren't producing sufficient profits to also work with really strong staff members. In our firm, we pay regarding 5-6% to our production manager who supervises $1,000,000 in production. That's $50,000-$ 60,000 per year for the supervisor. But if you are only doing $500,000 a year in profits, you can pay 5% ($ 25,000) to your production supervisor, which is inadequate money for a strong staff member.
Your alternatives are to pay a greater percent (killing your revenue margin), or do the task yourself (killing your lifestyle). Both of which are not really appealing options.
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IN SUMMARY:
You pay a great deal of cash to restrict your growth, you don't get to build your very own thing, as well as if you desire to grow geographically you require to spend for the rights to do so ... assuming nobody else currently owns the legal rights to the territory you are shopping.
Due to your restrictions, and the high royalty cost, you are substantially limited in your ability to expand your income, build a strong team, and build a big company.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid service plan
# 2-- They do it for the support and also training supplied by the franchise
# 3-- They do it for the area of various other franchisees so they aren't alone
# 4-- They do it out of fear of failure
Now, allow's look at solutions. Exactly how can you obtain all the advantages without paying the high rate of a franchise?

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

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My program consists of training and support. When you begin with Painting Business Academy, you obtain accessibility to the entire business system and all of the training that accompanies that system.

BENEFIT # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you join Painting Business Academy, you also join our private members-only Facebook group. We have dozens of concerns asked on a daily basis from our participants.
Our community is extremely involved and active.
Individuals in our neighborhood also share their successes. Simply the other day a person shared a Facebook marketing method, word for word, that's eliminating it for their service.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more cash does not eliminate the worry of failing. With Painting Business Academy, you can get access to a solid service plan, organisation training, as well as all of the done-for-you types and also systems that are shown to build a million-dollar paint organisation.
You additionally get access to the impressive neighborhood of like-minded business owners doing the very same thing as you that we discussed previously. While you do pay 1/10th of the expense in advance (on the luxury), you have NO aristocracies to pay afterwards.
The likelihood of failure is the exact same whether you remain in a franchise or running your own business. When you buy a franchise business, you are taking a bigger threat, suggesting there's a bigger failure if you do stop working.

WHAT NOW?
Before you purchase a franchise business and throw countless dollars down the toilet for a tried and tested system, you might intend to look into Painting Business Academy.
Painting Business Academy is additionally a tried and tested system to develop a million-dollar paint firm, with a community of numerous others. Furthermore, there is no recurring aristocracy, and also no geographical restrictions to growth.
Obtain all of the advantages of a Painting Business Franchise in Aurora IL for a portion of the rate. Examine the training course out below and also contact me if you have any type of questions.
The paint business is a wonderful service to be in! I hope 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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