Don't Buy A Painting Business Franchise in Honolulu HI

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Should You Buy a Painting Business Franchise in Honolulu HI ?

Don't Buy a Painting Business Franchise in Honolulu HI

• 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 Honolulu HI
• 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 Honolulu HI

If you are thinking of acquiring a painting franchise, quit right now.
I'm going to break down the essential problems with getting a painting franchise, and the different options you need to begin a painting company.

This is based upon my experience expanding a successful paint service where we thought about coming to be a franchise business yet went with a collaboration arrangement instead. I listen to the battles of franchisee's regularly, and I really feel for them.



Painting Business Franchise in Honolulu HI 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 Honolulu HI 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 Honolulu HI ?

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Is it better to start a painting business or buy a Painting Business Franchise in Honolulu HI ?

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BR> I do not desire you to finish up in the very same placement that several franchisees discover themselves in.
There is a better way! We will start with the problems of a franchise, after that we'll get involved in solutions.

PROBLEM # 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 around.
These franchise business vary from $10,000-$ 40,000 in franchise business costs simply for the right to the franchise in a restricted number of postal code where you can operate your franchise.
They likewise take 6-9% as an continuous aristocracy ... permanently.
If you are in business for 10 years as well as you create $5,000,000 in profits, this franchise business finishes up costing you upwards of $500,000. That's a steep price to pay.
As well as of course you get some support and organisation systems, but everything that a franchise business gives can be obtained with other avenues for a lot less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you buy a Painting Business Franchise in Honolulu HI you are purchasing the legal rights to that service in a established territory. You are assigned a small number of zip codes where you have the civil liberties to business.
This is a HUGE trouble. The most convenient means to grow and also increase a painting service is by broadening geographically. Franchises take away this.
Painter Choice is our marketing company. We function with franchisees throughout the country. I constantly feel terrible for these local business owner because they have such a tough time creating organisation.
A normal firm in Atlanta, for instance, can use our lead service in North Atlanta to generate 20-30 leads each month.
However a franchisee in North Atlanta that just has the legal rights to 7-8 postal code can just produce 5-7 leads each month from our lead solution.
In other words, if those franchisees had their own business, they could right away raise their organisation 3-5 times! In other terms, that means an rise from $500,000 to $2,000,000. This is a large limitation on your potential service development.
As a franchisee, your only option is to buy even more area, or such it up and maintain your organisation little.
If a person else currently owns the neighboring area, you don't have that choice.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees and the franchisor have actually misaligned incentives. The franchisor desires to create as much profits as feasible due to the fact that they make money a set percent of profits.
As the company proprietor, your goal is to optimize earnings.
I'm a huge believer in straightening motivations, and also in this instance, incentives are not lined up. They are playing a various game than you are. They desire to make best use of income in all of their areas, and also market as numerous franchise business as they can.

TROUBLE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're acquiring a job. Let me show you why.
As a result of royalties, your margins finish up being around 10% -12% after all overhead.
In order to make $100k/year you 'd have to have a $1,000,000 service.
You can not have a $1,000,000 business 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 aristocracies for what?
That's a ridiculous quantity of money to pay your franchise business ... the same company that has an agreement that they hold over your head not permitting you to grow your business geographically.
They've obtained you by the spheres.
Or, you can acquire an additional territory to grow. Once again ... I 'd instead not have to pay for the right to grow my organisation. That's unreasonable.
A lot of franchise business end up in the $500,000-$ 600,000 array. You can probably make $80,000-$ 110,000, sure. Yet you also don't ever before have enough margin to work with other individuals to run the entire company, which is among the best benefits to building a firm.
You possibly aren't generating enough profits to even employ truly strong workers. In our company, we pay regarding 5-6% to our manufacturing manager who supervises $1,000,000 in production. That's $50,000-$ 60,000 annually for the supervisor. If you are just doing $500,000 a year in revenue, you can pay 5% ($ 25,000) to your manufacturing manager, which is not enough cash for a solid worker.
Your alternatives are to pay a greater percentage (killing your revenue margin), or do the job yourself ( eliminating your way of life). Both of which are not extremely appealing options.
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IN SUMMARY:
You pay a great deal of money to limit your development, you don't reach develop your very own thing, and also if you intend to grow geographically you require to pay for the civil liberties to do so ... presuming nobody else already possesses the rights to the region you are shopping.
Because of your restrictions, as well as the high royalty charge, you are considerably restricted in your capability to grow your income, develop a solid team, and 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 support as well as training given 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
Now, allow's take a look at solutions. How can you get all the benefits without paying the steep price of a franchise?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the expense of a franchise business, you can acquire my service system. This is the exact service system we use and also comply with in our organisation, which did over $3,000,000 in earnings in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My course consists of training and support. When you obtain started with Painting Business Academy, you get accessibility to the whole organisation system and 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 join Painting Business Academy, you additionally join our private members-only Facebook team. We have dozens of questions asked daily from our members.
Our neighborhood is highly involved and active.
Individuals in our community also share their successes. Just the various other day somebody shared a Facebook advertising and marketing technique, word for word, that's eliminating it for their company.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more cash does not remove the worry of failing. With Painting Business Academy, you can get access to a solid company strategy, company training, as well as all of the done-for-you types and also systems that are verified to construct a million-dollar painting business.
You likewise obtain accessibility to the impressive neighborhood of similar business owners doing the exact same point as you that we spoke about previously. While you do pay 1/10th of the expense up front (on the high-end), you have NO nobilities to pay after that.
The possibility of failure coincides whether you remain in a franchise business or running your own company. When you buy a franchise, you are taking a larger risk, indicating there's a larger failure if you do fail.

SO WHAT NOW?
Prior to you spend in a franchise business as well as throw countless bucks down the bathroom for a tried and tested system, you might wish to have a look at Painting Business Academy.
Painting Business Academy is also a tried and tested system to develop a million-dollar paint business, with a area of numerous others. In addition, there is no ongoing royalty, as well as no geographical restrictions to growth.
Get all of the benefits of a Painting Business Franchise in Honolulu HI for a portion of the cost. Check the course out here and call me if you have any kind of concerns.
The painting business is a fantastic business to be in! I hope you'll belong of it soon.
Great 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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