Don't Buy A Painting Business Franchise in Farmington Hills MI

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Should You Buy a Painting Business Franchise in Farmington Hills MI ?

Don't Buy a Painting Business Franchise in Farmington Hills MI

• 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 Farmington Hills MI
• 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 Farmington Hills MI

If you are considering buying a painting franchise, stop right now.
I'm mosting likely to damage down the essential issues with buying a painting franchise, and also the alternate choices you need to start a painting firm.

This is based on my experience expanding a successful paint organisation where we thought about becoming a franchise yet went with a partnership arrangement instead. I listen to the struggles of franchisee's frequently, and also I feel for them.



Painting Business Franchise in Farmington Hills MI 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 Farmington Hills MI 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 Farmington Hills MI ?

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Is it better to start a painting business or buy a Painting Business Franchise in Farmington Hills MI ?

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BR> I don't want you to wind up in the same placement that numerous franchisees discover themselves in.
There is a far better means! We will start with the issues of a franchise business, then we'll enter into remedies.

ISSUE # 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 bigger franchises out there.
These franchises range from $10,000-$ 40,000 in franchise business costs just for the right to the franchise business in a restricted variety of postal code where you can operate your franchise business.
They likewise take 6-9% as an ongoing aristocracy ... forever.
If you are in service for 10 years as well as you create $5,000,000 in profits, this franchise finishes up costing you upwards of $500,000. That's a high cost to pay.
And also certainly you get some assistance and organisation systems, yet everything that a franchise offers can be gotten via various other avenues for a lot less than $500,000.

ISSUE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you purchase a Painting Business Franchise in Farmington Hills MI you are acquiring the civil liberties to that business in a set region. You are designated a little number of postal code where you have the rights to the service.
This is a HUGE problem. The simplest means to grow as well as increase a painting business is by expanding geographically. Franchise business take away this.
Painter Choice is our advertising business. We collaborate with franchisees all over the nation. I constantly really feel dreadful for these entrepreneur because they have such a difficult time creating service.
A common business in Atlanta, for instance, can utilize our lead solution in North Atlanta to produce 20-30 leads per month.
A franchisee in North Atlanta that just has the rights to 7-8 zip codes can only produce 5-7 leads per month from our lead service.
Simply put, if those franchisees had their very own business, they might immediately increase their business 3-5 times! In other terms, that indicates an rise from $500,000 to $2,000,000. This is a substantial limitation on your potential organisation growth.
As a franchisee, your only alternative is to buy even more region, or such it up and also maintain your business tiny.
Yet if somebody else already possesses the close-by territory, you do not have that option.

ISSUES # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Fundamentally, franchisees and also the franchisor have actually misaligned incentives. The franchisor wants to produce as much earnings as feasible due to the fact that they obtain paid a set percent of earnings.
Yet as the business proprietor, your objective is to make the most of revenue.
I'm a big follower in straightening motivations, as well as in this instance, motivations are not straightened. They are playing a different video game than you are. They intend to take full advantage of income in all of their areas, and also offer as numerous franchises as they can.

ISSUE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're acquiring a task. Allow me show you why.
As a result of aristocracies, your margins wind up being around 10% -12% nevertheless company expenses.
In order to make $100k/year you would certainly need to have a $1,000,000 company.
You can not have a $1,000,000 organisation in the small region. And also if you can, you're stuck at a maximum of $100,000 for on your own. You're paying $70k-$ 100k/year in royalties for what?
That's a crazy quantity of cash to pay your franchise business ... the exact same company that has an arrangement that they hold over your head not allowing you to grow your service geographically.
They've got you by the balls.
Or, you can purchase an additional territory to expand. Once again ... I would certainly rather not have to pay for the right to expand my business. That's silly.
Most franchises end up in the $500,000-$ 600,000 array. You can most likely make $80,000-$ 110,000, sure. However you also do not ever have adequate margin to work with other individuals to run the whole business, which is among the biggest benefits to constructing a firm.
You most likely aren't producing enough revenue to also work with really solid employees. In our firm, we pay regarding 5-6% to our manufacturing manager that oversees $1,000,000 in production. That's $50,000-$ 60,000 annually for the supervisor. If you are only doing $500,000 a year in profits, you can pay 5% ($ 25,000) to your production manager, which is not sufficient money for a solid employee.
Your alternatives are to pay a greater portion (killing your revenue margin), or get the job done on your own (killing your lifestyle). Both of which are not extremely attractive options.
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IN SUMMARY:
You pay a great deal of money to restrict your growth, you don't reach build your own point, as well as if you wish to expand geographically you need to spend for the civil liberties to do so ... thinking no one else already has the rights to the territory you are shopping.
Due to your limitations, as well as the high royalty cost, you are substantially restricted in your ability to expand your earnings, build a solid group, and also construct a huge company.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid business strategy
# 2-- They do it for the assistance as well as training given by the franchise business
# 3-- They do it for the neighborhood of various other franchisees so they aren't alone
# 4-- They do it out of fear of failure
Now, allow's take a look at solutions. Just how can you get all the advantages without paying the high rate 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 service system. This is the exact business system we use and also adhere to in our business, which did over $3,000,000 in profits in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My course includes training and also assistance. When you start with Painting Business Academy, you obtain accessibility to the entire company system and also all of the training that supports that system.

ADVANTAGE # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you sign up with Painting Business Academy, you likewise join our personal members-only Facebook team. We have lots of concerns asked everyday from our members.
Our area is very involved as well as active.
Individuals in our neighborhood even share their successes. Simply a few days ago a person shared a Facebook advertising approach, word for word, that's killing it for their business.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more money does not get rid of the anxiety of failure. With Painting Business Academy, you can obtain accessibility to a solid organisation strategy, company training, and all of the done-for-you types as well as systems that are confirmed to construct a million-dollar painting business.
You likewise obtain access to the amazing area of like-minded business owners doing the exact same point as you that we spoke around earlier. While you do pay 1/10th of the cost in advance (on the high end), you have NO aristocracies to pay after that.
The probability of failure is the exact same whether you are in a franchise or running your own service. When you buy a franchise business, you are taking a bigger risk, implying there's a bigger failing if you do fail.

WHAT NOW?
Before you spend in a franchise as well as throw thousands of bucks down the bathroom for a tested system, you could intend to have a look at Painting Business Academy.
Painting Business Academy is also a tested system to construct a million-dollar paint business, with a area of numerous others. Additionally, there is no continuous aristocracy, as well as no geographical constraints to development.
Obtain all of the advantages of a Painting Business Franchise in Farmington Hills MI for a fraction of the price. Inspect the course out right here and also contact me if you have any type of concerns.
The paint business is a terrific company to be in! I wish you'll be a part of it soon.
All the best!

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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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