Don't Buy A Painting Business Franchise in Gaithersburg MD

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Should You Buy a Painting Business Franchise in Gaithersburg MD ?

Don't Buy a Painting Business Franchise in Gaithersburg MD

• 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 Gaithersburg MD
• 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 Gaithersburg MD

If you are thinking about getting a painting franchise business, quit today.
I'm mosting likely to break down the essential troubles with acquiring a paint franchise business, as well as the different choices you have to begin a paint firm.

This is based upon my experience growing a effective paint organisation where we thought about ending up being a franchise but chose a collaboration arrangement rather. I listen to the battles of franchisee's constantly, and also I feel for them.



Painting Business Franchise in Gaithersburg MD FAQs
How much does it cost to open your own franchise?

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How much is a Five Star Painting Franchise?

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Is a Painting Business Franchise in Gaithersburg MD a good investment?

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What are the disadvantages of a Painting Business Franchise in Gaithersburg MD ?

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Is it better to start a painting business or buy a Painting Business Franchise in Gaithersburg MD ?

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BR> I don't want you to wind up in the exact same placement that several franchisees locate themselves in.
There is a far better means! We will start with the problems of a franchise business, then we'll obtain right into solutions.

TROUBLE # 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 franchises available.
These franchises range from $10,000-$ 40,000 in franchise business charges just for the right to the franchise business in a limited variety of postal code where you can operate your franchise business.
They also take 6-9% as an recurring nobility ... forever.
If you are in business for 10 years and also you generate $5,000,000 in profits, this franchise business winds up costing you upwards of $500,000. That's a high rate to pay.
As well as of training course you obtain some assistance as well as service systems, but everything that a franchise gives can be obtained via various other methods for much less than $500,000.

TROUBLE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you get a Painting Business Franchise in Gaithersburg MD you are acquiring the rights to that company in a established area. You are designated a tiny number of postal code where you have the legal rights to the business.
This is a HUGE trouble. The most convenient method to expand and also expand a painting company is by expanding geographically. Franchises remove this right.
Painter Choice is our marketing business. We collaborate with franchisees all over the country. I constantly really feel terrible for these organisation proprietors because they have such a tough time creating company.
A regular firm in Atlanta, as an example, can use our lead solution in North Atlanta to produce 20-30 leads per month.
A franchisee in North Atlanta who only has the civil liberties to 7-8 zip codes can just generate 5-7 leads per month from our lead solution.
To put it simply, if those franchisees had their own company, they could instantly increase their business 3-5 times! In other terms, that means an increase from $500,000 to $2,000,000. This is a substantial limitation on your possible business growth.
As a franchisee, your only alternative is to buy more territory, or such it up and keep your business tiny.
Yet if somebody else already has the close-by region, you don't have that choice.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Basically, franchisees and the franchisor have actually misaligned motivations. The franchisor intends to produce as much earnings as possible because they get paid a collection percent of revenue.
However as the business proprietor, your objective is to make the most of profit.
I'm a large believer in aligning rewards, as well as in this situation, rewards are not straightened. They are playing a different game than you are. They intend to maximize income in all of their territories, and offer as several franchise business as they can.

PROBLEM # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're buying a work. Let me show you why.
Since of aristocracies, your margins wind up being around 10% -12% after all overhead.
In order to make $100k/year you would certainly need to have a $1,000,000 service.
You can not have a $1,000,000 company in the little area. As well as even if you can, you're stuck at a optimum of $100,000 on your own. You're paying $70k-$ 100k/year in royalties of what?
That's a crazy amount of cash to pay your franchise ... the very same company that has an agreement that they hold over your head not permitting you to grow your business geographically.
They've got you by the rounds.
Or, you can buy another area to grow. But again ... I 'd rather not have to spend for the right to expand my business. That's ridiculous.
The majority of franchises end up in the $500,000-$ 600,000 variety. You can most likely make $80,000-$ 110,000, sure. But you additionally don't ever before have sufficient margin to employ various other individuals to run the entire organisation, which is just one of the best benefits to building a firm.
You most likely aren't producing adequate earnings to even hire actually solid staff members. In our company, we pay about 5-6% to our production manager that supervises $1,000,000 in production. That's $50,000-$ 60,000 per year for the manager. If you are just doing $500,000 a year in profits, you can pay 5% ($ 25,000) to your production supervisor, which is not enough money for a solid worker.
Your choices are to pay a higher portion (killing your earnings margin), or get the job done yourself ( eliminating your way of living). 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 development, you don't get to develop your own point, as well as if you intend to grow geographically you require to spend for the rights to do so ... presuming no one else currently possesses the civil liberties to the area you are trying to purchase.
Because of your constraints, and also the high aristocracy fee, you are considerably limited in your capability to grow your revenue, construct a solid team, and construct a huge business.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong business plan
# 2-- They do it for the assistance as well as training given by the franchise
# 3-- They do it for the neighborhood of various other franchisees so they aren't alone
# 4-- They do it out of anxiety of failing
Now, allow's look at remedies. How can you obtain all the benefits without paying the high cost of a franchise?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the cost of a franchise, you can purchase my company system. This is the specific organisation system we use and follow in our service, which corrected $3,000,000 in earnings in 2016.

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My training course includes training as well as assistance. When you obtain begun with Painting Business Academy, you obtain accessibility to the whole service 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 additionally join our personal members-only Facebook group. We have loads of inquiries asked every day from our participants.
Our neighborhood is highly involved as well as active.
People in our neighborhood even share their successes. Simply the other day a person shared a Facebook advertising and marketing technique, word for word, that's eliminating it for their service.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying more cash does not eliminate the fear of failure. With Painting Business Academy, you can obtain access to a strong business strategy, business training, and all of the done-for-you forms as well as systems that are proven to construct a million-dollar paint company.
You likewise get accessibility to the incredible area of similar business owners doing the exact same point as you that we spoke around previously. While you do pay 1/10th of the cost in advance (on the high end), you have NO aristocracies to pay after that.
The possibility of failing is the very same whether you are in a franchise business or running your own business. When you get a franchise, you are taking a larger danger, meaning there's a bigger failing if you do fail.

WHAT NOW?
Prior to you spend in a franchise business as well as throw thousands of dollars down the bathroom for a tested system, you may wish to look into Painting Business Academy.
Painting Business Academy is likewise a tested system to develop a million-dollar paint firm, with a neighborhood of numerous others. Furthermore, there is no ongoing nobility, and no geographical limitations to growth.
Obtain every one of the benefits of a Painting Business Franchise in Gaithersburg MD for a portion of the cost. Examine the program out right here and call me if you have any type of inquiries.
The paint business is a fantastic business to be in! I wish you'll belong of it soon.
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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