Don't Buy A Painting Business Franchise in Concord NC

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Should You Buy a Painting Business Franchise in Concord NC ?

Don't Buy a Painting Business Franchise in Concord NC

• 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 Concord NC
• 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 Concord NC

If you are considering buying a painting franchise, quit today.
I'm mosting likely to break down the fundamental issues with acquiring a painting franchise, and the alternate options you need to begin a painting firm.

This is based on my experience growing a effective painting organisation where we thought about becoming a franchise business but chose a partnership arrangement rather. I hear the battles of franchisee's constantly, and I feel for them.



Painting Business Franchise in Concord NC 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 Concord NC 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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What are the disadvantages of a Painting Business Franchise in Concord NC ?

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Is it better to start a painting business or buy a Painting Business Franchise in Concord NC ?

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BR> I do not desire you to end up in the exact same setting that numerous franchisees find themselves in.
There is a far better means! We will certainly begin with the problems of a franchise, after that we'll get involved in remedies.

PROBLEM # 1: THE REAL COST OF A PAINTING FRANCHISE
CertaPro Painters, Five Star Painting, 360 Painting, as well as WOW-1-Day Painting are a few of the bigger franchises available.
These franchises range from $10,000-$ 40,000 in franchise charges simply for the right to the franchise in a restricted number of postal code where you can operate your franchise business.
They also take 6-9% as an recurring royalty ... forever.
If you stay in business for 10 years as well as you produce $5,000,000 in income, this franchise ends up costing you upwards of $500,000. That's a steep price to pay.
And also obviously you obtain some support and also business systems, yet every little thing that a franchise gives can be gotten through various other avenues for a lot less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you purchase a Painting Business Franchise in Concord NC you are acquiring the legal rights to that business in a set region. You are assigned a small number of zip codes where you have the legal rights to the service.
This is a HUGE trouble. The easiest method to grow and broaden a paint business is by increasing geographically. Franchise business take away this.
Painter Choice is our marketing company. We deal with franchisees all over the nation. I always feel dreadful for these business owners due to the fact that they have such a tough time generating service.
A normal company in Atlanta, as an example, can use our lead solution in North Atlanta to create 20-30 leads per month.
Yet a franchisee in North Atlanta that just owns the legal rights to 7-8 zip codes can only produce 5-7 leads each month from our lead solution.
To put it simply, if those franchisees had their very own service, they can immediately increase their service 3-5 times! In various other terms, that suggests an rise from $500,000 to $2,000,000. This is a substantial limitation on your possible service growth.
As a franchisee, your only choice is to buy even more territory, or such it up and maintain your company tiny.
Yet if somebody else currently possesses the nearby territory, you do not have that choice.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Basically, franchisees and the franchisor have misaligned rewards. The franchisor wishes to create as much earnings as possible since they earn money a set percent of income.
As the service owner, your objective is to optimize revenue.
I'm a large follower in lining up rewards, and also in this situation, motivations are not straightened. They are playing a different game than you are. They intend to take full advantage of earnings in all of their regions, and also market as numerous franchises as they can.

PROBLEM # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're getting a task. Allow me show you why.
As a result of royalties, your margins wind up being around 10% -12% besides overhead.
In order to make $100k/year you 'd have to have a $1,000,000 company.
You can't have a $1,000,000 company in the little territory. 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 royalties for what?
That's a ludicrous quantity of cash to pay your franchise business ... the very same company that has an agreement that they hold over your head not allowing you to expand your organisation geographically.
They've got you by the spheres.
Or, you can buy another area to expand. However once again ... I 'd instead not have to spend for the right to grow my company. That's silly.
A lot of franchise business end up in the $500,000-$ 600,000 array. You can possibly make $80,000-$ 110,000, sure. But you likewise don't ever have adequate margin to hire other individuals to run the entire business, which is one of the biggest advantages to building a business.
You possibly aren't producing sufficient revenue to even hire truly strong staff members. In our company, we pay regarding 5-6% to our production supervisor that looks after $1,000,000 in manufacturing. That's $50,000-$ 60,000 each year for the supervisor. If you are just doing $500,000 a year in revenue, you can pay 5% ($ 25,000) to your production supervisor, which is not adequate cash for a strong employee.
Your alternatives are to pay a higher percent ( eliminating your revenue margin), or do the task yourself ( eliminating your lifestyle). Both of which are not very attractive alternatives.
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IN SUMMARY:
You pay a lot of cash to limit your development, you do not reach build your own thing, as well as if you intend to expand geographically you need to pay for the rights to do so ... assuming nobody else currently has the legal rights to the area you are attempting to buy.
Because of your constraints, and the high nobility fee, you are substantially limited in your capability to expand your profits, construct a strong group, and develop a huge organisation.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong company plan
# 2-- They do it for the support and training offered by the franchise business
# 3-- They do it for the area of other franchisees so they aren't alone
# 4-- They do it out of anxiety of failure
Currently, allow's consider solutions. Exactly how can you obtain all the advantages without paying the steep rate of a franchise?

ADVANTAGE # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the cost of a franchise, you can acquire my service system. This is the specific business system we utilize and also follow in our service, which corrected $3,000,000 in income in 2016.

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My course consists of training and assistance. When you obtain started with Painting Business Academy, you obtain access to the whole company system and also all of the training that supports that system.

BENEFIT # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you join Painting Business Academy, you additionally join our exclusive members-only Facebook group. We have loads of questions asked every day from our members.
Our neighborhood is very involved and active.
Individuals in our neighborhood also share their successes. Simply recently a person shared a Facebook advertising and marketing strategy, verbatim, that's eliminating it for their service.

ADVANTAGE # 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 access to a strong service strategy, service training, and all of the done-for-you types and systems that are confirmed to build a million-dollar painting company.
You also get access to the outstanding community of similar entrepreneurs doing the exact same point as you that we discussed previously. While you do pay 1/10th of the price up front (on the high end), you have NO aristocracies to pay afterwards.
The possibility of failing coincides whether you are in a franchise or running your very own organisation. Nevertheless, when you purchase a franchise business, you are taking a larger risk, implying there's a bigger failing if you do fall short.

SO WHAT NOW?
Before you purchase a franchise as well as toss thousands of dollars down the bathroom for a tried and tested system, you could wish to take a look at Painting Business Academy.
Painting Business Academy is additionally a tried and tested system to develop a million-dollar paint company, with a area of hundreds of others. Additionally, there is no continuous aristocracy, as well as no geographical restrictions to growth.
Get all of the benefits of a Painting Business Franchise in Concord NC for a fraction of the rate. Examine the course out here and also contact me if you have any inquiries.
The painting business is a fantastic service to be in! I hope you'll be a part of it quickly.
Good good 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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